Based on the content of the fxtoro.de website as well as the information and documents available to BaFin, there is a reasonable suspicion that the platform is being used without the necessary permission to process banking transactions and/or to provide financial services in Germany. The website contains references to licenses from foreign financial market supervisory authorities allegedly granted to the company. However, each of the licenses in question was granted to members of the eToro group. In addition, passages from the eToro (Europe) Ltd. website were illegally copied from the fxtoro.de website. This is therefore a case of identity theft against eToro (Europe) Ltd. and the eToro Group. eToro (Europe) Ltd., Limassol, Cyprus, is licensed to provide investment services in accordance with § 74 WpIG and is supervised by BaFin. I lost a lot of money today, but I don`t live in ten UK, so it won`t help me. Does anyone know how we in Germany can take legal action against etoro? Of course, there is a way, but I don`t know. Alternatives for etoro in the Philippines? I hate this app class action lawsuit that stems from a plot to deprive individual investors of the opportunity to invest in the open market amid an unprecedented stock rally, allowing defendants to hedge against significant losses due to their own high-risk short selling strategies. In February 2020, the price of Bitcoin, Ethereum, Litecoin and other cryptocurrencies increased compared to January 8. You lose profits and the legal team will help you get justice.
As a first step, we plan to file dozens of lawsuits in Germany, the Netherlands, Austria, Slovenia and other EU Member States. We will ask the courts to decide whether your Contracts for Difference (CFDs) are valid. If a small group of people take action against eToro, it will have a negative impact on a larger group of satisfied traders, who have also upset many people. In this letter, eToro admitted that the rise in the price of Bitcoin triggered its action. When crypto values rise, investors make profits in leveraged positions and eToro loses money. It appears that eToro has admitted to taking this step to protect itself at the expense of its clients. Thank you very much for that. I do not really see why we should do anything.
On January 8, 2021, eToro closed all European clients` leveraged positions on cryptocurrencies. The closing of leveraged crypto positions was a violation of clients` property rights. The law firm Vesenjak, led by attorney Slavko Vesenjak and law professor Yuri Toplak, an associate professor at Fordham Law School in New York, leads a global team of experts supporting victims of eToro`s action. “PLEASE NOTE that the plaintiffs, through their counsel, voluntarily dismiss the foregoing action against the defendant Etoro USA Securities, Inc., without prejudice to Rule 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure. The dismissal is not free of charge for any party and this notification may be submitted without further notice to the registry of the court. Does anyone have an etoro answer? I don`t care if they resumed trading, they deliberately restricted it to a crucial moment, which is essentially market manipulation. I`ll email them now, but I`m interested to see what kind of response I`m likely to prepare accordingly. The number of lawsuits filed by traders on shares of online trading companies during the recent spike in market volatility has risen to more than a hundred. Most of them, as FNG readers may have guessed, target Robinhood. Several lawsuits target dozens of companies, including brokers and clearing houses.
Nevertheless, in case that happens, Vesenjak said they are “exploring options for individual and class actions.” In addition, in accordance with European Union law, eToro users may choose to file individual claims in their home state or in the defendant`s state, Cyprus. According to their website, eToro Europe is regulated by the Cyprus Securities & Exchange Commission as well as the Financial Conduct Authority (FCA) in the UK. If you have lost money due to the way you trade while Etoro performs actions specified in the terms and conditions you have agreed, it is your fault. You are using a slow-growing investment platform incorrectly. According to a notice filed with the court on February 23, 2021, the lawsuit against eToro USA Inc. is dismissed. The dismissal does not give any reason for the dismissal. Vesenjak added that “a class action, on the other hand, is a powerful tool in Cyprus.
A class action lawsuit is cheaper or even free for victims, making it an attractive option. However, each victim must choose between one or the other. The same person may not bring an action in any case. If you`ve put your entire payroll into etoro, why trade money you can`t afford to lose? It`s the first thing you learn not to do. Traders argue that while the brokerage defendants have imposed restrictions on retail investors, no such restrictions have been imposed on institutional investors (i.e. fund defendants). As a result, the only companies allowed to buy the securities in question were institutional investors, many of whom were heavily “short” on the securities in question and had a vested interest in lowering the prices of the securities in question in order to hedge their short selling at a lower cost. Over the past few days, we`ve received hundreds of messages and testimonials from eToro customers.
