Etoro: Difference between revisions - Consumer_Action

Line 8:

| Official Website =https://www.etoro.com

| Logo =Etoro_logo.svg.png

}}'''[[wikipedia:EToro#Controversies|eToro]]''' is a social trading and multi-asset investment company focused on providing financial services. In 2023, the company valuation was $3.5 billion.<ref>https://www.reuters.com/markets/deals/israels-etoro-valued-35-bln-funding-round-months-after-ending-spac-deal-2023-03-21/</ref> At the beginning of 2025, the company filed for Nasdaq.<ref>https://investingintheweb.com/brokers/etoro-statistics/</ref> In September 2024, eToro had 38 million registered users,<ref>https://www.techinasia.com/news/etoro-acquires-australian-investing-app-55m</ref> and over 3.2 million funded accounts.{{Placeholder box|An introductory paragraph starting with "'''{{PAGENAME}}''' is a ...<ref name":0">ref goes here</ref>"}}

}}'''[[wikipedia:EToro#Controversies|eToro]]''' is a social trading and multi-asset investment company focused on providing financial services. In 2023, the company valuation was $3.5 billion.<ref>{{Cite web |date=21 Mar 2023 |title=Israel's eToro valued at $3.5 bln in funding round, months after ending SPAC deal |url=https://www.reuters.com/markets/deals/israels-etoro-valued-35-bln-funding-round-months-after-ending-spac-deal-2023-03-21/ |url-status=live |access-date=15 Mar 2025 |website=[[Reuters]]}}</ref> At the beginning of 2025, the company filed for Nasdaq.<ref>{{Cite web |last=Nasr |first=Tony |date=5 Jan 2025 |title=eToro statistics 2025: assets under management (AUM), number of users, revenue, & more |url=https://investingintheweb.com/brokers/etoro-statistics/ |url-status=live |access-date=15 Mar 2025 |website=[[Investing the Web]]}}</ref> In September 2024, eToro had 38 million registered users,<ref>{{Cite web |date=27 Sep 2024 |title=eToro acquires Australian investing app for $55m |url=https://www.techinasia.com/news/etoro-acquires-australian-investing-app-55m |url-status=live |access-date=15 Mar 2025 |website=[[TechInAsia]]}}</ref> and over 3.2 million funded accounts.{{Placeholder box|An introductory paragraph starting with "'''{{PAGENAME}}''' is a ...<ref name":0">ref goes here</ref>"}}

$1

Line 23:

This is a list of all consumer protection incidents this company is involved in. Any incidents not mentioned here can be found in the [[:Category:{{FULLPAGENAME}}|{{PAGENAME}} category]].

*'''Leveraged crypto position closures''': On 8 January 2021, eToro notified its European customers that "due to exceptional market volatility within the crypto markets", margin positions for all leveraged crypto positions must be closed and turned into non-leveraged. Customers were cautioned that non-compliance would result in position closures within four hours.<ref>https://www.wsj.com/articles/online-platform-etoro-called-in-leveraged-crypto-trades-when-bitcoin-price-peaked-11610389892</ref>

*'''Leveraged crypto position closures''': On 8 January 2021, eToro notified its European customers that "due to exceptional market volatility within the crypto markets", margin positions for all leveraged crypto positions must be closed and turned into non-leveraged. Customers were cautioned that non-compliance would result in position closures within four hours.<ref>{{Cite web |last=Hirtenstein |first=Anna |date=11 Jan 2021 |title=Online Platform eToro Called in Leveraged Crypto Trades When Bitcoin Price Peaked |url=https://www.wsj.com/articles/online-platform-etoro-called-in-leveraged-crypto-trades-when-bitcoin-price-peaked-11610389892 |url-status=live |access-date=15 Mar 2025 |website=[[The Wall Street Journal]]}}</ref>

*'''Closure of customer positions in Magnit shares''': On 2 March 2022, eToro closed customers' positions in Magnit shares at $0.01 a share, paying out customers. Before the Russian invasion of Ukraine in February 2022, Magnit shares were worth $14.20 a share.<ref>https://www.bloomberg.com/news/articles/2022-03-05/russia-stock-market-controversy-etoro-blindsides-traders-with-magnit-sale</ref><ref>https://www.forbes.com/sites/javierpaz/2022/03/04/etoro-clients-up-in-arms-over-forced-exit-from-russian-investments/?sh=59053f2d1f8b</ref>

*'''Closure of customer positions in Magnit shares''': On 2 March 2022, eToro closed customers' positions in Magnit shares at $0.01 a share, paying out customers. Before the Russian invasion of Ukraine in February 2022, Magnit shares were worth $14.20 a share.<ref>{{Cite web |last=Wells |first=Charlie |last2=Gyftopoulou |first2=Loukia |date=5 March 2022 |title=Russian Stock Dumped for 1 Cent Shocks Retail Investors on EToro |url=https://www.bloomberg.com/news/articles/2022-03-05/russia-stock-market-controversy-etoro-blindsides-traders-with-magnit-sale |url-status=live |access-date=15 Mar 2025 |website=[[Bloomberg]]}}</ref><ref>{{Cite web |last=Paz |first=Javier |date=4 Mar 2022 |title=EToro Clients Up In Arms Over Forced Exit From Russian Investments |url=https://www.forbes.com/sites/javierpaz/2022/03/04/etoro-clients-up-in-arms-over-forced-exit-from-russian-investments/?sh=59053f2d1f8b |url-status=live |access-date=15 Mar 2025 |website=[[Forbes]]}}</ref>

*'''False advertising in Italy''': In 2023, the Italian Competition Authority imposed a fine of €1.3 million on eToro for misleading advertising. The Authority concluded that eToro's Italian website promoted zero-commission share trading and did not disclose multiple costs and financial risks, including currency exchange rate fluctuations and functional limits on clients' rights. Such nondisclosures induced customers to act in ways they would not have acted, in violation of Articles 20, 21, and 22 of the Italian Consumer Code.<ref>https://en.agcm.it/en/media/press-releases/2023/7/PS12313</ref><ref>https://www.reuters.com/business/italy-antitrust-body-fines-etoro-misleading-consumers-2023-07-17/</ref>

*'''False advertising in Italy''': In 2023, the Italian Competition Authority imposed a fine of €1.3 million on eToro for misleading advertising. The Authority concluded that eToro's Italian website promoted zero-commission share trading and did not disclose multiple costs and financial risks, including currency exchange rate fluctuations and functional limits on clients' rights. Such nondisclosures induced customers to act in ways they would not have acted, in violation of Articles 20, 21, and 22 of the Italian Consumer Code.<ref>{{Cite web |date=17 Jul 2023 |title=PS12313 - Italian Competition Authority: eToro fined 1.3 million euro for misleading advertising |url=https://en.agcm.it/en/media/press-releases/2023/7/PS12313 |url-status=live |access-date=15 Mar 2025 |website=[[AGCM]]}}</ref><ref>{{Cite web |date=17 Jul 2023 |title=Italy antitrust body fines eToro for misleading consumers |url=https://www.reuters.com/business/italy-antitrust-body-fines-etoro-misleading-consumers-2023-07-17/ |url-status=live |access-date=15 Mar 2025 |website=[[Reuters]]}}</ref>

==Products==

@@ Line 8: / Line 8: @@
 | Official Website =https://www.etoro.com
 | Logo =Etoro_logo.svg.png
-}}'''[[wikipedia:EToro#Controversies|eToro]]''' is a social trading and multi-asset investment company focused on providing financial services. In 2023, the company valuation was $3.5 billion.<ref>https://www.reuters.com/markets/deals/israels-etoro-valued-35-bln-funding-round-months-after-ending-spac-deal-2023-03-21/</ref> At the beginning of 2025, the company filed for Nasdaq.<ref>https://investingintheweb.com/brokers/etoro-statistics/</ref> In September 2024, eToro had 38 million registered users,<ref>https://www.techinasia.com/news/etoro-acquires-australian-investing-app-55m</ref> and over 3.2 million funded accounts.{{Placeholder box|An introductory paragraph starting with "'''{{PAGENAME}}''' is a ...<ref name":0">ref goes here</ref>"}}
+}}'''[[wikipedia:EToro#Controversies|eToro]]''' is a social trading and multi-asset investment company focused on providing financial services. In 2023, the company valuation was $3.5 billion.<ref>{{Cite web |date=21 Mar 2023 |title=Israel's eToro valued at $3.5 bln in funding round, months after ending SPAC deal |url=https://www.reuters.com/markets/deals/israels-etoro-valued-35-bln-funding-round-months-after-ending-spac-deal-2023-03-21/ |url-status=live |access-date=15 Mar 2025 |website=[[Reuters]]}}</ref> At the beginning of 2025, the company filed for Nasdaq.<ref>{{Cite web |last=Nasr |first=Tony |date=5 Jan 2025 |title=eToro statistics 2025: assets under management (AUM), number of users, revenue, & more |url=https://investingintheweb.com/brokers/etoro-statistics/ |url-status=live |access-date=15 Mar 2025 |website=[[Investing the Web]]}}</ref> In September 2024, eToro had 38 million registered users,<ref>{{Cite web |date=27 Sep 2024 |title=eToro acquires Australian investing app for $55m |url=https://www.techinasia.com/news/etoro-acquires-australian-investing-app-55m |url-status=live |access-date=15 Mar 2025 |website=[[TechInAsia]]}}</ref> and over 3.2 million funded accounts.{{Placeholder box|An introductory paragraph starting with "'''{{PAGENAME}}''' is a ...<ref name":0">ref goes here</ref>"}}
 $1
@@ Line 23: / Line 23: @@
 This is a list of all consumer protection incidents this company is involved in. Any incidents not mentioned here can be found in the [[:Category:{{FULLPAGENAME}}|{{PAGENAME}} category]].
-*'''Leveraged crypto position closures''': On 8 January 2021, eToro notified its European customers that "due to exceptional market volatility within the crypto markets", margin positions for all leveraged crypto positions must be closed and turned into non-leveraged. Customers were cautioned that non-compliance would result in position closures within four hours.<ref>https://www.wsj.com/articles/online-platform-etoro-called-in-leveraged-crypto-trades-when-bitcoin-price-peaked-11610389892</ref>
+*'''Leveraged crypto position closures''': On 8 January 2021, eToro notified its European customers that "due to exceptional market volatility within the crypto markets", margin positions for all leveraged crypto positions must be closed and turned into non-leveraged. Customers were cautioned that non-compliance would result in position closures within four hours.<ref>{{Cite web |last=Hirtenstein |first=Anna |date=11 Jan 2021 |title=Online Platform eToro Called in Leveraged Crypto Trades When Bitcoin Price Peaked |url=https://www.wsj.com/articles/online-platform-etoro-called-in-leveraged-crypto-trades-when-bitcoin-price-peaked-11610389892 |url-status=live |access-date=15 Mar 2025 |website=[[The Wall Street Journal]]}}</ref>
-*'''Closure of customer positions in Magnit shares''': On 2 March 2022, eToro closed customers' positions in Magnit shares at $0.01 a share, paying out customers. Before the Russian invasion of Ukraine in February 2022, Magnit shares were worth $14.20 a share.<ref>https://www.bloomberg.com/news/articles/2022-03-05/russia-stock-market-controversy-etoro-blindsides-traders-with-magnit-sale</ref><ref>https://www.forbes.com/sites/javierpaz/2022/03/04/etoro-clients-up-in-arms-over-forced-exit-from-russian-investments/?sh=59053f2d1f8b</ref>
+*'''Closure of customer positions in Magnit shares''': On 2 March 2022, eToro closed customers' positions in Magnit shares at $0.01 a share, paying out customers. Before the Russian invasion of Ukraine in February 2022, Magnit shares were worth $14.20 a share.<ref>{{Cite web |last=Wells |first=Charlie |last2=Gyftopoulou |first2=Loukia |date=5 March 2022 |title=Russian Stock Dumped for 1 Cent Shocks Retail Investors on EToro |url=https://www.bloomberg.com/news/articles/2022-03-05/russia-stock-market-controversy-etoro-blindsides-traders-with-magnit-sale |url-status=live |access-date=15 Mar 2025 |website=[[Bloomberg]]}}</ref><ref>{{Cite web |last=Paz |first=Javier |date=4 Mar 2022 |title=EToro Clients Up In Arms Over Forced Exit From Russian Investments |url=https://www.forbes.com/sites/javierpaz/2022/03/04/etoro-clients-up-in-arms-over-forced-exit-from-russian-investments/?sh=59053f2d1f8b |url-status=live |access-date=15 Mar 2025 |website=[[Forbes]]}}</ref>
-*'''False advertising in Italy''': In 2023, the Italian Competition Authority imposed a fine of €1.3 million on eToro for misleading advertising. The Authority concluded that eToro's Italian website promoted zero-commission share trading and did not disclose multiple costs and financial risks, including currency exchange rate fluctuations and functional limits on clients' rights. Such nondisclosures induced customers to act in ways they would not have acted, in violation of Articles 20, 21, and 22 of the Italian Consumer Code.<ref>https://en.agcm.it/en/media/press-releases/2023/7/PS12313</ref><ref>https://www.reuters.com/business/italy-antitrust-body-fines-etoro-misleading-consumers-2023-07-17/</ref>
+*'''False advertising in Italy''': In 2023, the Italian Competition Authority imposed a fine of €1.3 million on eToro for misleading advertising. The Authority concluded that eToro's Italian website promoted zero-commission share trading and did not disclose multiple costs and financial risks, including currency exchange rate fluctuations and functional limits on clients' rights. Such nondisclosures induced customers to act in ways they would not have acted, in violation of Articles 20, 21, and 22 of the Italian Consumer Code.<ref>{{Cite web |date=17 Jul 2023 |title=PS12313 - Italian Competition Authority: eToro fined 1.3 million euro for misleading advertising |url=https://en.agcm.it/en/media/press-releases/2023/7/PS12313 |url-status=live |access-date=15 Mar 2025 |website=[[AGCM]]}}</ref><ref>{{Cite web |date=17 Jul 2023 |title=Italy antitrust body fines eToro for misleading consumers |url=https://www.reuters.com/business/italy-antitrust-body-fines-etoro-misleading-consumers-2023-07-17/ |url-status=live |access-date=15 Mar 2025 |website=[[Reuters]]}}</ref>
 ==Products==