RESOLVED - eToro

[Dales]

eToro Issue –

I have been trading with this broker for just over a year. When I signed up, I went through the usual step any other broker would make you go through to verify your ID with their Compliance Department.

In February, I made a number of bad trades and rather than cut my losses, I decided to add more funds and wait for the pair I was trading to turn around and put my trades back into the ‘green’. I added further funds, however when I went to do this a second time, I was unable to do so. The ability to deposit funds into my account was restricted.

I filed a ticket with the complaints department and with my Account Manager and was told that my account was not verified and I could not deposit further funds until this was done. This of course, was not the case. My account was verified in the first week of trading. See file containing the email trail attached.

While the broker was taking this stance, my account was liquidated. I have since made my position about the verification clear with not only my account manager but also with his management team. I have been told “…they reviewed all the facts. And decided not to compensate on this specific case.”

This was obviously a breakdown of internal communication on behalf of eToro and their Compliance Department, and I do not feel that I should be financially responsible for this breakdown.

I just wanted to let people know of this issue with eToro as well as their lack of effort in fairly resolving these types of issues. File attached for the email declaring the Issue Resolved.

 

[Forexismyworld]

Confusing case, the card is registered somewhere else your living somewhere else. etorro needs to take security steps but they are resolving your case i mean they are giving you 500 dollars for compensation right, so what is the problem you are now facing? i think this is not etorro's fault its you or the card sorry to say.

 

[Dales]

I do agree that eToro has to take security steps before allowing people to trade on their platform, but we went through this process and it was completed 12 months ago. It was cleared up then and the account re-activated 12 months prior to them unexpectedly restricting it again. Surely the account is only required to be verified once?

This second restriction then caused me to be unable to manage my account during a bad period, and cost me money. The $500 compensation does not even come close to covering the losses I sustained due to them not having effective communication with their Compliance Department. Had this occurred at the beginning of my time trading with them I would not have a case. The fact that it has been 12 months since the verification process was completed, as well as being able to use this card 4 times since that process, I don't believe the fault lies with me, or my card.

 

[PortFPA]

Hello Dales,

My name is Abby, I'm eToro's representative on FPA. Please be advised that I'm looking into your case with our customer support and compliance department and will have a response for you shortly, which I will post here in the interest of transparency. If we decide to take any further action as regarding your account you will of course be contacted by your Account Manager as well.

Thank you for your patience.

Kind regards,
Abby, eToro Team

 

[Dales]

Hi Abby,

Thanks for your interest and the update. I look forward to hearing from you.

Cheers.

 

[Forexismyworld]

thank you

Hello Dales,

My name is Abby, I'm eToro's representative on FPA. Please be advised that I'm looking into your case with our customer support and compliance department and will have a response for you shortly, which I will post here in the interest of transparency. If we decide to take any further action as regarding your account you will of course be contacted by your Account Manager as well.

Thank you for your patience.

Kind regards,
Abby, eToro Team

Kindly please take a look at the clients case, he made this thread with a valid reason, if the account is verified once,why does it have to be verified again, also his funds were liquidated which seems unfair because the client has been trading over a year now, please get to the bottom of this case, as i also have my account with etoro and i would like etoro to treat clients complain fairly and quickly thanks

 

[stevesmain]

Many, many, many of these companies truly have noooooooo idea of customer service!
No one should have to go through these types of hoops in matters like this.
The back office boys are bean often counters & need to take a course!

 

[Pharaoh]

If indeed this account had already been verified, asking for additional verification during an emergency deposit was way out of line and he's owed compensation.

I can understand the occasional need to re-verify for a withdrawal.


P.S. Dales, you really need to use hard stoplosses instead of letting your account get into dangerous drawdown.

 

[Dales]

If indeed this account had already been verified, asking for additional verification during an emergency deposit was way out of line and he's owed compensation.

I can understand the occasional need to re-verify for a withdrawal.


P.S. Dales, you really need to use hard stoplosses instead of letting your account get into dangerous drawdown.

Pharaoh, you're right! I am evolving my trading as I go along, but I am definitely needing to set up SLs and stick to them. I have now set up a number of rules for myself when trading and I think these will help to regulate the way I open, and close trades.
Thanks for your feedback.

 

[Dales]

Thanks to everyone for their interest so far. Just to keep everyone updated, I have now been contacted again by my account manager and he is re-opening the case in an attempt to obtain a better result.

I will keep everyone informed as things progress.