Complaint by a Multi - etoro SCAM platform

gab-manca

Multi of Vanessa.P
Messages
25
Im experienced investor (over 15 years) and worked in finance in big tech companies. The stress and torture that etoro can impose on their clients made me write this review.
The only good thing on etoro is the easy to use platform, only when it comes to trading. The settings are very unclear and their stats/charts are not worth a thing.
They have a lot of problems, I will write the ones that are significantly worst than other platforms/exchanges Ive used.
1. Withdrawing your funds can be very tortures and stressful and take a lot of time, especially if you deposit and withdraw using your Revolut card/bank. In a nutshell, they had internal change of policy 6 months ago, and basically I couldnt withdraw my money. Etoro forces clients to add different (alternative) payment method than the one you deposited with (which Im pretty sure is againt CySEC regulations). They wont let you skip that step. If you deposited with Revolut card, their system wont accept your Revolut bank details as alternative method. So you cant withdraw your money! There is no other exchange/platform that forces you to add different payment method that you deposited with. 6 months ago (when I tried etoro for the 1st time) I spoke with my account manager and with support on chat. None of them were even aware of their internal problem. I have worked more than 10 years in the finance, so I could guess what was the issue. Told that to AM, she was arguing with me. 2 weeks later, after talking to her management, she admitted that is the issue. I left etoro over then due to lack of knowledge and understadning of AM of the internal policies and the bugs. Btw, I had to ask her to withdraw my money manually, which is a complete joke.
Recently I tried them again. Got a different account manager. The problem still wasnt fixed. So I basically have to withdraw every time manually, to send them email etc... which is a joke. With other platforms, the withdrawals usually approved immediatly. Not after days, and for sure dont need to be submitted manually.
And this time, these morons sent my money instead to my card I deposited with, to a paypal I dont use! and didnt ask to recieve money there. They force you to add alternative payment method, and tell you they are not gonna send your money there, and then mess up and send money where you didnt ask for. Im going to submit an official complaint about that incident to CYSEC.
2. On all exchanges/platforms you can be asked to provide bank statements and explanation about source of funds etc... Its normal. But, and this is a big but, with etoro this process is THE most unprofessional I have ever experienced. They ask exactly the same questions every time. I replied them over the phone, and then via emails. Later when I called to my AM to see whats up with that? Her answer is "Are you sure you wrote that in the email? Ive read but didnt... ohh Im looking at it now. Yes you wrote it hahahahha" What the hell is that??? What kind of amatuers are you?
Im familair very well with KYC and all this process where the companies ask you for more financial info etc... So I can assure you, that who ever works in etoro "finance" team have no idea what they are talking about. I sent them my bank statements, then they ask me questions which are literally in that statement. I kid you not. Its so ridiculous. And the account manager instead of explaining the basic to her finance team, she copy paste me the same questions from her team, without reading nor understanding what she asks. When I tell her over and over that its already in the documents I sent, and I already explained via email and phone.... she "ohh ok, I will tell them". Is that a joke, etoro?

I can go on and on with examples. But the bottom line is:
1. If you plan to deposit big amounts, then stay away from etoro, they will torture you and create an extreme stress. I never had similar problems on any other platform/exchange.
2. If you plan to use etoro (even small amounts) and using Revolut card/bank - avoid etoro. They will torture you untill you will be able to withdraw your money.
 

HeavenLeighRob

Master Sergeant
Messages
280
I'm glad I came across this because I have a friend that was just about to open an account with eToro. I felt like people have said good things here and there but wasn't aware of withdrawal problems. I'll be sure to warn him about this!
 

FxMaster

Lt. Colonel
Messages
11,233
Im experienced investor (over 15 years) and worked in finance in big tech companies. The stress and torture that etoro can impose on their clients made me write this review.
The only good thing on etoro is the easy to use platform, only when it comes to trading. The settings are very unclear and their stats/charts are not worth a thing.
They have a lot of problems, I will write the ones that are significantly worst than other platforms/exchanges Ive used.
1. Withdrawing your funds can be very tortures and stressful and take a lot of time, especially if you deposit and withdraw using your Revolut card/bank. In a nutshell, they had internal change of policy 6 months ago, and basically I couldnt withdraw my money. Etoro forces clients to add different (alternative) payment method than the one you deposited with (which Im pretty sure is againt CySEC regulations). They wont let you skip that step. If you deposited with Revolut card, their system wont accept your Revolut bank details as alternative method. So you cant withdraw your money! There is no other exchange/platform that forces you to add different payment method that you deposited with. 6 months ago (when I tried etoro for the 1st time) I spoke with my account manager and with support on chat. None of them were even aware of their internal problem. I have worked more than 10 years in the finance, so I could guess what was the issue. Told that to AM, she was arguing with me. 2 weeks later, after talking to her management, she admitted that is the issue. I left etoro over then due to lack of knowledge and understadning of AM of the internal policies and the bugs. Btw, I had to ask her to withdraw my money manually, which is a complete joke.
Recently I tried them again. Got a different account manager. The problem still wasnt fixed. So I basically have to withdraw every time manually, to send them email etc... which is a joke. With other platforms, the withdrawals usually approved immediatly. Not after days, and for sure dont need to be submitted manually.
And this time, these morons sent my money instead to my card I deposited with, to a paypal I dont use! and didnt ask to recieve money there. They force you to add alternative payment method, and tell you they are not gonna send your money there, and then mess up and send money where you didnt ask for. Im going to submit an official complaint about that incident to CYSEC.
2. On all exchanges/platforms you can be asked to provide bank statements and explanation about source of funds etc... Its normal. But, and this is a big but, with etoro this process is THE most unprofessional I have ever experienced. They ask exactly the same questions every time. I replied them over the phone, and then via emails. Later when I called to my AM to see whats up with that? Her answer is "Are you sure you wrote that in the email? Ive read but didnt... ohh Im looking at it now. Yes you wrote it hahahahha" What the hell is that??? What kind of amatuers are you?
Im familair very well with KYC and all this process where the companies ask you for more financial info etc... So I can assure you, that who ever works in etoro "finance" team have no idea what they are talking about. I sent them my bank statements, then they ask me questions which are literally in that statement. I kid you not. Its so ridiculous. And the account manager instead of explaining the basic to her finance team, she copy paste me the same questions from her team, without reading nor understanding what she asks. When I tell her over and over that its already in the documents I sent, and I already explained via email and phone.... she "ohh ok, I will tell them". Is that a joke, etoro?

I can go on and on with examples. But the bottom line is:
1. If you plan to deposit big amounts, then stay away from etoro, they will torture you and create an extreme stress. I never had similar problems on any other platform/exchange.
2. If you plan to use etoro (even small amounts) and using Revolut card/bank - avoid etoro. They will torture you untill you will be able to withdraw your money.
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread " Tutorial: How to Invite a company to your thread. " Will help you to find out.

Note 1: The invitation button will be enabled when your first post reaches 4 days old.
Note: 2 You need to make a second post in this thread to enable the official invitation option.
Note 3: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
Note 4: Make sure to follow the suggestions correctly, when you do it correctly you will get the below message in your thread automatically.

OP Screen shot.jpg
 

FxMaster

Lt. Colonel
Messages
11,233
Till then follow the below-suggested options to draw their attention on your issue

Invite them to join this thread via email (Send an email to every possible address).
Go to their website and invite them to here via Live Chat

You will find their email and address here https://www.etoro.com/en/customer-service/contact-us/

Also, share your story as a review here https://www.forexpeacearmy.com/forex-reviews/3731/www.etoro.com

You can also share your story on their social media pages mentioned below:
https://www.facebook.com/eToro

https://twitter.com/etoro

https://www.linkedin.com/company/167277/?trk=tyah

https://www.youtube.com/etoro

https://www.instagram.com/etoro_official/
 

gab-manca

Multi of Vanessa.P
Messages
25
Till then follow the below-suggested options to draw their attention on your issue

Invite them to join this thread via email (Send an email to every possible address).
Go to their website and invite them to here via Live Chat

You will find their email and address here https://www.etoro.com/en/customer-service/contact-us/

Also, share your story as a review here https://www.forexpeacearmy.com/forex-reviews/3731/www.etoro.com

You can also share your story on their social media pages mentioned below:
https://www.facebook.com/eToro

https://twitter.com/etoro

https://www.linkedin.com/company/167277/?trk=tyah

https://www.youtube.com/etoro

https://www.instagram.com/etoro_official/
thanks
 
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