class action lawsuit etoro

gbs55

Recruit
Messages
3
I opened an account with etoro last week and verified my id and address. Once verified by them and after receiving an email that my account is verified and I can begin trading after funding it, I funded the account the minimum allowed amount (170 euros = 200$) to test if the fees/service they advertise is accurate. I have an account with a “brick and mortar” broker for many years and wanted to check if I could purchase US stocks with “zero commission” on Etoro. Turns out I can’t test this because soon after I deposited my 200$ they remembered they need a ‘selfie’ photo of me and until then I can’t have access to my funds. I have send the selfie and I am waiting to see what will follow up. So far etoro has been unprofessional towards a potential client by blocking funds to a verified account for no apparent reason and I am curious to see if withdrawal of funds will “work” once they review the selfie or it’s a way to try keeping the funds from my account.
 

daavixd

Recruit
Messages
3
Well in their terms and conditions they clearly said that they can close any positions under special circumstances, such as death of the account holder, bankrup of the company, service withdrawal in a region, or changes in legislation. They are required to give you at least 14 days prior notice, which they had. This is a really awful situation for you, but I dont think you can file a lawsuit, they acted according to the terms and conditions you accepted. I fear something like this will happen to me at some point so Im trying to move to Europe as soon as I can since I doubt they will cease to operate there.
 

daavixd

Recruit
Messages
3
Well in their terms and conditions they clearly said that they can close any positions under special circumstances, such as death of the account holder, bankrup of the company, service withdrawal in a region, or changes in legislation. They are required to give you at least 14 days prior notice, which they had. This is a really awful situation for you, but I dont think you can file a lawsuit, they acted according to the terms and conditions you accepted. I fear something like this will happen to me at some point so Im trying to move to Europe as soon as I can since I doubt they will cease to operate there.
Also, they should compensate any loses you can prove this will mean to you if they simo,y stopped offering services with no regulatary change, if there is a regulatory change, then they are not forced to compasare anything, and being frank here if that was the case, this isnt even eToros fault as much as you can hate them, the problem here is your government.
 

galacoke

Recruit
Messages
5
Also, they should compensate any loses you can prove this will mean to you if they simo,y stopped offering services with no regulatary change, if there is a regulatory change, then they are not forced to compasare anything, and being frank here if that was the case, this isnt even eToros fault as much as you can hate them, the problem here is your government.
Well, we can't blame the government here because no information was given about the "regulatory change" that affected only etoro. It seems like etoro is using it as a reason to scam investors.
 

gbs55

Recruit
Messages
3
The problem in most cases is to prove an action caused an intentional loss to you. This will need a ruling in favor of you from the financial ombudsman and its not easy and its time consuming for Cyprus based brokers to achieve. Its not some obvious damaging reason that is self-provable and can be claimed for example under the 861/2007 small claims eu regulation. So in most cases the best defense if you don't fully trust a broker is not doing bussiness with them.
 

The Punisher

Master Sergeant
Messages
467
Well, we can't blame the government here because no information was given about the "regulatory change" that affected only etoro. It seems like etoro is using it as a reason to scam investors.
The government will give legitimate brokers sufficient time to notify all customers and will also make exceptions so that customers are not financially impacted. This company is scamming people and there is no proof that this "regulatory change" is even real!
 

oscarra

2nd Lieutenant
Messages
1,241
Hello house,
I received this email from etoro.
The email from etoro says they are going to close all the open postions in my portfolio. Consequently, I'll be recording a losing year as I'm a position trader.
Anyone having similar experience from etoro? Is there a possiblity of filling a class action lawsuit against etoro?

FxMaster asked you which country ? …… there must be a reason, no ?

…..mean time take a look with whom you are involved, wow EY doing the counting

https://find-and-update.company-information.service.gov.uk/company/07973792

Net profit for the year 519K MINUS HiHaaaa , definitly not me who will buy US Stocks with these guys o_O
 

Scam Reporters

Master Sergeant
Messages
444
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