Etoro-failure to pay out after months

just to let you know that I have an account with eToro in the US and in Cyprus. Since May we have been trying to withdraw money to the eToro card ( which is offered through Payoneer ) and we have had absolutely no success. The amount we have invested in eToro is substantial and it is unthinkable that sometimes weeks can go by before they even answer a question. Clearly something is wrong here and I would like to hear from traders using this platform that have similar - of even different experiences since this is beginning to leave the taste of a REAL SCAM in my mouth. I have accumulated a lot of evidence of the correspondence but am not sure where I should go with it as I am at the point of considering legal action.

 

Let eToro know that you've complained here. A lot of companies will suddenly remember to process withdrawals when they face bad publicity.

 

I think you should give us all information on all efforts you have adopted to get your money as the information you presented is inadequate,that is not to say that you do not have a good case but note that if you are explicit and in dept in your analysis,it gives us a clearer picture of your problem and better way to deal with it.

 

Thanks for these comments - I have provided my laywers with a substantial number of emails and last night reviewed the evidence again. I have come accross at least 4-5 emails where they even confirmed that the transfers were made only to discover than no transfers were made.Considering the large amounts involved - and the much larger holding of my investments they still hold in their accounts I am a little terrified to reveal my identity publicly on this forum. Could someone provide me with a contact person at SEC or a legal person based in the US that have dealt successfully with similar cases. The evidence is substantial but if my suspicion is proved correct then I do have to concern myself for the safety of my family.

 

Hi Wolwe,

First let me apologize for the unfortunate experience you mentioned in your initial post.
For your information eToro is definitely not a scam, quite the opposite, it is one of the most thoroughly regulated and transparent Forex services around.

We find that scam accusations usually come either from traders who have misunderstood eToro’s policy or from traders who on the contrary have understood it and tried to abuse it.

In the interest of transparency and to avoid any confusion we would like to receive detailed information about your issue to eddiesmith@eToro.com in order to resolve it as soon as possible.
Please also include the eToro user name in your description.We truly appreciate your cooperation.

Best Regards,
Eddie, eToro.

 

so what is resolution, what happened next? is everything ok?
stay safe

 

I have a feeling that this is hopeless, but I will try it:
I am referring to both, Etoro representative and wolwe and I kindly ask them to update us how this case proceeded.
FPA is happy to help investors solve their problems between them and their brokers, but on the other hand they have an ethical obligation to update all other members interested in their case about the happenings of their case.

 

My account manager also doesn't respond to my emails after I've complained about their new ACT platform. They used to be very active before I deposit fund and promised excellent customer service.

 

Since etoro is regulated under CYSEC and MIFID, you dont really have a problem for your next course of action if you reside in the European Union. If you reside elsewhere, it might be another channel.

Anyway, if you are in Europe, your money is insured up to an amount of 30 000 euros even in case of bankruptcy by etoro.

If you are a US client, they are regulated by the CFTC through FX Solutions. They partnered with FX Solutions in Sept 09 in order to accept US clients.

I understand that clients might live a frustrating experience even with regulated brokers, but using a word like " scam " is a bit premature here.

Maybe you can explain better what is that mysterious " etoro card " and why you insist on withdrawing money with it if doesn t seem to be working. Maybe your problem could be solved if you chose another method of withdrawal ? If you are in the US, I think I can guess some possible problem here with the new US regulations. Those " prepaid debit cards " are seen with suspicion by the US authorities.