Etoro Withdrawal Problem - Stay Away From This Scam Broker

Dear All,

Have you ever faced a withdrawal problem at Etoro? It’s so much easier to deposit funds at Etoro, but it’s really hard to withdraw funds from Etoro. I think Etoro must be a scam broker. I invested money (small amount) at the Etoro even without a background check. Now I’m regretting about it. Let me explain my problem to you.

Last December 24th I withdrew funds from my trading account. I used the wire transfer method to withdraw money. But they have transferred my money into my debit card that I’m using to deposit funds into my trading account. I never entered my debit card no when I was withdrawing money. I entered only my bank account no. I have emailed them regarding this matter. They replied me they did that in order for safety purposes of their clients’ funds. They are thinking that I’m using a credit card, but it’s actually a debit card. There is no fund receiving facility in my debit card. They need to transfer funds into my personal bank account. But they can’t understand that simple theory. I complained this to etoro customer support and I have sent all my bank statements proving that funds were not received. Still Etro is unable solving my problem. I’m really tired of this:mad:. Just look at how careless they are. They don’t even know what type of card I’m using and they didn’t even confirm me that my funds are going transfer into my debit card instead of my bank account at the first place.

Now I’m hoping to complain this to Cyprus Securities and Exchange Commission. Have you ever faced a withdrawal problem at the Etoro, please suggest me how you solved it. However, sometimes I may be lucky. Because just think if this happened to me when I’m withdrawing $2000. Just think how much I’ll lose.

My advice is to stay away from this scam, casino broker. Etoro is creating gamblers not professional traders. That’s why they introduced copy trader feature. Any fool whether it’s a profit or loss can copy another trader. If he wins, we also win; if he loses, we also lose. That’s simply call gambling. Moreover, look at their platform; it’s takes 1 min login to the account and often lagging platform. Charts are extremely horrible and indicators are inaccurate.

I just created a demo account at the FXCM. It is far better than the Etoro. FXCM is enriches with everything that a professional trader needs such as professional platform, excellent charts, accurate indicators, lower spreads, chart base trading and many more. Now I’m going to invest $1000 at FXCM and start a successful trading career there.

[B]IF YOU WANT BE A PROFESSIONAL TRADER, STAY WITH THE FXCM.:57:
IF YOU LOVE YOUR MONEY, NEVER INVEST AT THE ETORO.:mad:[/B]
[/B]

1 Like

Hmm…are you using e-banking with your bank? Because I can move money from my debit cc account to any account I have in my bank. So not a problem if someone deposits something on my debit cc, that money is there on that account tied with that cc card and I can always move it to another account via e-banking…

There are several reasons why you’re payment could be delayed. An example is your bank. Some of them for some reason take a huge delay. Better to contact the support team and see what they can find here.

Their support team is so bad and completly incompetent it’s not the first time i see peoples saying they’ve got troubles withdrawing their money.

@jforexpro i recomend you to register and tell your story here http://truetoro.org

I never use Etoro but I think that Etoro is right; where you transfer is where you withdrawal for security reason and it’s a rule for my broker too. Anyway, you never lose the money, just like what miliardo said, just go to your bank and tell about it.

Etoro is garbage. That’s a fact. What made you choose them? Also the Cyprus SEC is completely useless. I’d suggest you try to talk to your bank. Maybe they have a solution.

PS. You can and should be able to withdraw the money to any account (regardless of how you transferred). You just have to prove that its your account under your name. That’s what the Anti Money Laundering legislation is all about. If Etoro tells you otherwise I can send you a copy of the latest AML directives.

1 Like

Finally, I got my money. Anyway, I’m not interested to trade with Etoro anymore. I opened a account at FXCM. It’s way better than Etoro.

Good to see it got sorted out. Etoro is based in Cyprus. There’s a reason for that. They have the most lax regulations in the EU.

Hi. I’m still on demo accounts. Out of them all I do like the FXCM Trading Station. I just want to know. How do you find FXCM since you moved from Etoro. Do you still have withdrawel issues?

Regards.

I think that this is just an issue rather than a scam. Correct me if I’m wrong but Etoro has been around for a while already.

Hi Theuns ,are you in South Africa? I am on FXCM and really like their trading station ,I upgraded to a micro and have found them most helpful

Etoro have been around for a while
I never understand why people open broker accounts without checking reviews or asking first

Hi Chip

Yes I’m in South Africa. Are you in South Africa too?

At the moment I’m still on FXCM trading station demo account. I’m busy with my second month on the demo and also watching a lot of videos and free internet courses on Forex. Once I feel I’m ready to go live I’m going to open an FXCM live account.

How long have you being trading now?

[QUOTE=“Theuns de Bruin;667609”] Hi Chip Yes I’m in South Africa. Are you in South Africa too? At the moment I’m still on FXCM trading station demo account. I’m busy with my second month on the demo and also watching a lot of videos and free internet courses on Forex. Once I feel I’m ready to go live I’m going to open an FXCM live account. How long have you being trading now?[/QUOTE]

Yes I am from Cape Town! Been interested in trading for a couple years now! Upgraded to a micro account and managed to keep it for over a year! I work full time so it’s been on and off! I would like to dedicate a good two months of solid trading so hopefully going to take some time off next year to trade and learn etc!

I am enjoying the school of pipsology!

How did you get into trading?

Hi Chip

My father mentioned it to me a while back, that I should have a look at Forex. Well I took one glance at first and thought no ways not for me. After about 2 months I decided let me have a proper look and see what its all about. Well I got very interested and since then I study a lot and demo trade. I got to grade 7 in school of pipsology. I decided to study other material instead as I want to use the school at a later stage as sort of a recap and then do the exams.

I watched a webinar last night from FXCM/Daily FX. That was very educational. I put their method into practice the whole day. I have 9 closed positions so far and out of the 9 I have 8 profit takes and 1 loss. The loss was due to a mistake I made. I forgot to tick the sell box. I quickly rectify my mistake and only lost 0.15c. The webinar is a 4 part series. I can send you the link if you so required. Well worth the watch.

I would really like to find out some info from you, if you don’t mind. As you all ready crossed that hurdle. [Removed for Forums Policy violation]

Regards

Theuns

Hey i want to ask that how did you get your money back i’m facing the same problem

Hi, I think the key to choosing a broker is by picking one that is regulated by a decent authority, I also looked at eToro because they seem to have some really innovative ideas about trading Forex but as soon as I saw they were regulated in Cyprus I steered well clear. I am now using metatrader 4 provided by a broker called Silicon markets, who are FCA regulated and they seem to be atleast somewhat competent. I think the key to choosing a broker is to make sure they are regulated either in UK or US.

Hi dear,
I had the same problem. The ge customer service told me that they have send the money but i didnt recieve it till to the date. I requested for withdrawl in may. They are not even replying to me. Did you find how to withdraw or please let me know how to complain against them. I am living in canada right now.
Thanx in advance

Please can you help me taking my money out from etoro.
I deposit high amount of money and i tried to withdraw funds from two days using paypal and its still under review.
I’m very scared that my money will not come back and i don’t know how much time should i wait to receive my money!!

I have same problem like you may I know get back the money already ?