Home -
Original -
Main body -

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
D prime

A Italian Trader's Withdrawal Declined by Etoro

WikiFX | 2023-02-14 08:24

Abstract:Forex trading is often associated with lucrative returns, and that's true when done carefully.

01fb123a2f0f5245a428ee92e31254f2.jpeg

However, the market is also known for its miseries typically linked to the conduct of forex brokers and exchanges. While brokers get reported for various other problems, eToro often receives critics for its withdrawal issues.

Traders Account Blocked and Withdrawal Declined by Etoro

Here is a case reported on a forum and it says a member “DavideItaly” claimed to be scammed by eToro for €72043. While explaining the issue, the client who who is Italy and now lives in Spain disclosed that eToro blocked his access to the platform on account of suspecting illegal deposits. However, after receiving all the supporting documents and confirmation of the fund's resources, the company still seemed unwilling to unblock his account or process refunds.

Davideitaly further stated that he had complied with all the rules and regulations of the company and completed all the necessary steps required for identity verification. While depositing funds with the company, he provided a copy of his grandmother's cheque in his name, confirming both the transference of the amount and the source of funds. The firm didn't raise any concerns initially, but they launched an investigation after six months which seemed to be coming out of nowhere.

Based on his nationality, other forum members suggested that he should file his case with Commissione Nazionale per le Società e la Borsa (Consob) - the regulatory authority responsible for overseeing intermediaries operational inside Italy. However, CONBOS confirmed him that eToro doesn't fall under their territory after his resort. He was advised he can only try to escalate the issue to the major regulators across Europe and the UK, such as ESMA, CySEC and FCA. As of April 09, 2022, the client got back €24000 out of €72043. However, he wanted to have his all money refunded.

Summarizing the scenario discussed above, it is evident that eToro didn't act justifiably. If the company had suspected the client's source of investment, they shouldn't have accepted the deposits at first. Secondly, what's the point of launching an investigation after six months of registration? Third, if the company had to restrict the client's access, the client should have been asked well in advance to close off opened positions, so he doesn't suffer losses from adverse market movements. We believe had the broker been based in Italy, it could have lost its license to operate amid the validation of such accusation.

Hence, it is worth mentioning that it is not always the illegal company behind every scam, but well-regulated entities like eToro could also play unfair.

How Can You Avoid These Situations?

First of all, clients should prefer signing up with a company having regulations in their home country. For instance, if you're residing in Europe, you should always register with a company regulated by European Securities and Markets Authority (ESMA) or the Cyprus Securities and Exchange Commission (CySEC). Likewise, UK-based clients should opt for FCA regulated entities. These are the most reputable regulatory bodies across Europe & UK and can make things easier to prosecute if their regulated company breaches the code of conduct.

Secondly, clients should get their accounts verified before depositing any funds. Also, defining stop-loss for all of your positions is crucial. So even if the broker restricts your access,

your positions get automatically closed after reaching a certain level.

Lastly, read the terms and conditions carefully and understand the withdrawal policy thoroughly before signing up with any broker. If you know how the business works, you'll have fewer troubles with things like withdrawals.

WikiFX Downloads.png

LongShortSlippageLeverageIndicatorQuoted currencyRoll-OverUS Non-farm PayrollsBrokerClearingCommissionCurrency PairDealerFutureInflationArbitrageSpot MarketSpot PriceContractInterestNet PositionDevaluationBOEPBOCVolumeLiquidityMarginknowledgeLearn basic forexForex tradingForex marginForex ChartForex indicatorsupport and resistanceForex BrokerForex strategyForex Currency pairForex AnalysisForex newsleverage in forexforex pipsBasic forex knowledgeforex marketforex beginnersFSCAmonetary policy mortgage-backed securities interest rates inflationaryNon-farm payrolls RamadanStock Scam AlertFraud AlertCryptocurrencyBlockchainBitcoinEthereumCFDsindicescommoditiesdemo accountsMT4MT5cTraderWebTrader

Related broker

No Regulation
eToro
Company name:eToro
Score
1.42
Website:https://www.xdaltmgwpm.com/index/index/index/token/0d82fe34e0716d352bbfec79a36d5a75.html
2-5 years | Suspicious Regulatory License | Suspicious biz area | High potential risk
Score
1.42

Read more

What is Equity in Forex Trading - An In-depth Guide Awaits You!

Wondering what does equity mean in forex trading? You are at the right place! It simply indicates the traders the capital they have currently to trade. Equity is arrived at after adding current profits to the trading balance. In case the trade witnesses losses, they will be subtracted from the trading balance. Upon the closure of all trades, your trading balance is your equity.

Original 2025-08-29 18:08

Scam Brokers of this Week" Exposed! Check Out the List & Beware

ATTENTION ALL INVESTORS AND TRADERS! This week's Fraud Brokers Alert List is here and you need to see it before you make your next move. If you really value your investments, don't ignore this list. One wrong click could cost you everything. Check the names NOW before it’s too late!

Original 2025-08-29 18:03

The Interview Series Featuring Europe’s Premium Service Provider of the Year – Dynamic Works Syntell

WikiFX, as a globally leading Forex ecological service platform, has grown into a technology leader in the field of Forex investment security.

Original 2025-08-29 18:02

VT Markets Secures UAE SCA Category 5 License

VT Markets secures UAE SCA Category 5 license in Dubai, enabling introduction and promotion services as it advances compliant expansion plans.

Original 2025-08-29 17:52

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
D prime

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
TMGM

TMGM

Regulated
STARTRADER

STARTRADER

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
TMGM

TMGM

Regulated
STARTRADER

STARTRADER

Regulated

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
TMGM

TMGM

Regulated
STARTRADER

STARTRADER

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
TMGM

TMGM

Regulated
STARTRADER

STARTRADER

Regulated

Latest News

Will MultiBank Become the Next TriumphFX?

WikiFX
2025-08-27 11:33

Forex Margin Trading Explained

WikiFX
2025-08-27 16:17

Alchemy Launches Secure Copy Trading App

WikiFX
2025-08-27 16:15

WikiFX Report: MultiBank Group’s Footsteps in the Philippines

WikiFX
2025-08-27 16:36

High Impact News Forex Today: Interest Rate Watch

WikiFX
2025-08-27 17:19

Real Stories, Real Scam: How WikiFX Turns Evidence into Exposure

WikiFX
2025-08-27 18:04

Asia Beware: MultiBank Group Faces Warnings Across the Globe

WikiFX
2025-08-27 18:10

FCA Issues Warnings Against Five Unauthorised Firms Targeting UK Investors

WikiFX
2025-08-27 23:57

ASIC Targets Scam Websites and Social Media Ads

WikiFX
2025-08-27 23:55

Top Reasons Why You Should Not Partner with Tradovate for Forex Trading

WikiFX
2025-08-28 20:05

Rate Calc

USD
CNY
Current Rate: 0

Amount

USD

Available

CNY
Calculate

You may also like

Nexus Trade Markets

Nexus Trade Markets

EQUITY TS

EQUITY TS

aoncefxx

aoncefxx

WESTLINE FINANCIAL

WESTLINE FINANCIAL

BFF Investment Holdings

BFF Investment Holdings

Brokeon

Brokeon

AURUM GROUP

AURUM GROUP

Flow Exchange

Flow Exchange

KizzCapital

KizzCapital

Autobot Asset

Autobot Asset