Depressed because of Etoro withdrawal gone wrong

Hi guys,

I believe my story is unique because of the fact I lost all my money before I even started trading.

This story starts back in Monday. I decided to join a broker and ETORO seemed the easiest one to set up in my country Morocco.

Initially I funded it with 300$ in that same day after I got approved. The next day, while reading some reviews about the platform, I noticed a repetitive pattern about problems users face with withdrawals. I immediately decided to withdraw all my funds. I initiated this operation and the next day, I was informed by ETORO that the withdrawal (295$ because of the 5$ fee) was successful.

The shock came minutes later when I received an SMS explaning that a transaction was made from my account to ETORO Ltd for 295$.

I literaly lost 600$ instead of recovering my money!
After trying to join the support center without success and I am really depressed.
Another issue is I cannot find an official statement from ETORO about that bank transaction with enough details.
I worked hard for this money and it means a lot here in Africa.

To sum up, there was a mistake made by ETORO in the withdrawal phase, instead resulting in charging me again. Can you help me figure out a way

Thank you for your attention.

P.S: You can check the attachements for ETORO Dashboad :

In the Uk we have legal bodies that will deal with this. Basically you can make your claim to the appropriate government body (Financial conduct authority). They will then take the necessary actions to help you. As long as you have bank statements and proof you requested to withdraw.

I would suggest by first making a formal complaint to ETORO on email. (For evidence). Then you could try calling customer services. Find out what government regulators are available for you to use. (In the future just put a small amount in your account to test the withdrawal)

I dont know much so do your own research and get other peoples opinions.

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I absolutely made the mistake of risking all my capital. As for the regulators, I highly doubt there are any in Morocco so that will be really preblematic.

I might be simple but it looks to me like they have not done anything yet with your money.

The screenshot shows a withdrawal of $300, a cancelled reverse withdrawal of $30 and a deposit of $300. Doesn’t that mean your account still holds $300?

I have an important update!
After contacting my bank this morning, I understand that the root of my problem is my account that CANNOT RECEIVE MONEY. It’s a spend only kind of account. As for the 295$ operation, it’s pending and they will check it after the operation is fulfilled. I need now to figure out a way to send my money to paypal instead (paypal is my only option AND I already added it in alternative withdrawal options in ETORO).
How can I do so if the operation is already processed as you can see from the dashboard? Should I wait for few days? Will ETORO automatically switch to paypal if the withdrawal is not possible to my bank account?

Most brokers will only send money to the same account from which they received deposits. This is to avoid the possibility of money laundering.

I have never heard of an account which cannot receive funds as the funds must have been received into the account at some time.

However, it is possible to get the broker to send money into a different account (it happens sometimes if you close a bank account and move to another bank) and you would be asked to provide documentation to prove your identity and that this is a legal way to receive your money.

It’s okay to have bad trades. But that doesn’t mean a bad trading journey.