Hi guys, good day! Need your opinion on something horrifying that just happened to me on Etoro. I have escalated and will not let this matter go unheard. Despite persistent login issues with Etoro and many other negativity that surrounded the platform within the last couple of months, ive always thought Etoro is not too bad until recently. So let me give you a little background.
I first started trading with Etoro in August 2017. Back then we didnt have too much traders on Etoro because Crypoto have not grown to what it is today. And let me set this straight, i'm purely a forex trader.
When i first started with Etoro, things were very much simple and efficient. When you create an account, you submit your documents to verify your account. This verification basically is for you to make withdrawals and remove any deposit limitations. This is good because it protects the business as well. Verification was done really quickly. I was verified in September 2017. So i was trading with very few problems. The only ones that i can think of that really bugs traders is:
1) Withdrawal takes longer than usual (But you still receive your money at the end of the day)
2) Persistent login issues. At times, you will just get log out as Etoro faces network problems. They will occasionally update on their twitter to let members know that there is some problems with their network.
So just about a week and a half ago, i had really big positions opened for a few weeks. I received an email from Etoro suddenly stating that i needed to "Verify my account, proof of address missing". I opened a ticket with their customer service asking what is going on? I have been verified months back and have an email proof from Etoro stating "Dear Mr XXX, you have been verified, any deposit limitations have been removed".
I got a very template reply from the Customer Service stating that my document provided was insufficient. I wrote back to them asking not to give such vague information and requested them to clarify what is going on. The document i submitted months ago was accepted and i even received an email from them. And, im a "platinum" member with Etoro as i have deposited more than 20k with them. So about 4 days later, another representative replied again stating that the bill i submitted in the past was insufficient. Really? months later you're saying that i submitted the bill was insufficient. And to be precise, the bill which i submitted was a legitimate bill from my government and its not some unknown company in my country. It bears the government's logo.
So a day or 2 later, in order to prevent a Stop Loss from being activated, i wanted to deposit some funds to further extend my stop loss. To my horror, i received a notification from them that until i am verified, i can not deposit any funds. And verification takes up to 5 Business Days. This was an absolute disaster, i had to close my positions and some even reached my SL. What i can not accept is how can they reverse my verification status? Especially, when you are an active trader with big trades open. This will highly affect your trading experience. If it was a network issue, i have no choice but to accept because it happens not just to me but a whole bunch of people. I emailed Etoro on this matter letting them know this matter will not rest until i receive monetary compensation. The Account Manager called me and was puzzled too as to why my verification status was reversed for no reason and mentioned that even if it was to be reversed, usually it will be 6 months or more where they might request a new bill.
Customer service emailed me to apologise for the misinformation given previously. As you can see, this is highly unacceptable. The total lost i made for not being able to extend my SL was close to 20K USD.
I am still waiting for them to come up with a resolution as they escalated this to their manager. But guys, i want to know your thoughts. Please share and spread the word so everyone can be careful moving forward. I am really disappointed with Etoro. And i do not think i will be trading on their platform in future.
They were once really good, but probably due to their expanding customer based, they forgotten that every customer matters. Trust me, im very objective in analysing, but this is unacceptable. When you are verified, means you are ready to jump into the big pond.