My online investing nightmare and how to avoid it. – Manila Bulletin

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ONE FOR THE ROAD

James deakin

By the end of August, I had nearly doubled my modest crypto investment on an exchange called Binance, while my eToro had lost a hundred dollars during roughly the same time. Now I know that four months is not long enough to judge the stock market, and I ended up making a very modest profit in the end, but after seeing how the Fed kept printing money. ‘money and debasing their currency, plus the type of tantrums that Wall Street throws every time they stop receiving that free money, it seemed silly to keep my equity tied up in there. Also, since everything was being charged to my credit card and the tuition and other big bills were starting to add up and income was going down, we decided to just cash it out and maybe pay it off. see another time. And that’s when the nightmare began.

It looks like eToro has no problem taking your money. They charged my credit card like a wounded bull when we were buying the stocks, but when it came time to pull out, that’s when the real pain started. Suddenly everything became a problem. It looked like the classic bait and switch.

I waited four to five days and nothing. So I wrote to eToro every day, sometimes twice a day. I quickly learned that it takes them an average of three days to answer any question, to which they always answer with another question, which adds another three days, then another, without really answering anything. it would be.

They finally responded and said they blocked my credit card because they found out that my son also had access to the account and a father and son could not share an account. I was like, eh? It didn’t seem like a problem when I opened it. But they smugly reminded me that it was stated in their terms and conditions, so I was punished for it.

No further explanation was given other than that the withdrawal was still under review. I spoke to three customer service agents from three different countries and they all gave me the same condescending speech about sharing an account with my son. I said, “Yes, we have established it, but we have also established that the funding source is mine and this is also the same method that is used to receive the withdrawal. So give me my money back and we can close the account. Problem solved.”

They then told me I had to send a selfie brandishing my ID card like a criminal, then show them all of my screenshots from my PayPal account, along with my email address and other details. This was after I had already verified my identity three times with their customer service agents. But I obeyed anyway. And then waited. And waited. And waited.

After a few days without a reversal, I woke up one morning and checked my eToro wallet where I could at least see my pending balance, and to my horror, there was nothing left in there either. So empty. He was totally devastated. 0.00 balance. All my money is gone and not a single word from eToro. I checked my credit card, PayPal, and emails and it was also empty – or in the case of my credit card, a lot of debt.

It took four days for someone to finally talk to me. It’s four days of unanswered emails and messages; four days without knowing where your money is, what to do, or no assurance that you will ever get it back; basically four days of pure torment and agony. And now I had to pay interest on this credit card debt.

In short, it turned out that they transferred the money to some sort of escrow account without notifying me, but as of this writing, and only after posting something on Twitter and Facebook, I was eventually contacted by one of the main facing clients responsible for their SEA regional offices and the money finally came back to my credit card after three more days.

So that’s my experience and my result in a nutshell. I really hate having to go public about things like this, but I only did it after feeling that I had already exhausted all channels internally and also because I felt compelled to warn new investors. process and pitfalls. Because, as I mentioned, while the money was finally paid back, it took two weeks and some social media pressure. And anyone who has ever lost money will know that two weeks in this situation are magnified; it was more like a decade of anxiety compressed into 14 days. So I’ll leave you some tips if you plan to invest in any online platform, especially Toro.

Never share an account. Even with your wife, husband, mom, dad or child.

Use a debit card, not a credit card. The eToro withdrawal rule is that you can only withdraw from the card that you first used to invest in eToro, unless you slip a note that says you will be using another card to receive the funds. They only allow funds withdrawn to be deposited on cards that you have used. Also, if you are using a credit card, just know that the money will come back as a credit card refund and not cash in your bank. So plan for that.

Make sure the card you are using has your name on it and not a joint account. Also, be aware that withdrawals typically take three days to process with eToro and an additional 5-20 days with the Philippine bank depending on which bank you use.

Finally, but perhaps most important, make small withdrawals so that you can test the withdrawal process and how long it will usually take so that you know the process of future withdrawals and can anticipate the speed of the payment. .

So the. Hope this has helped new investors and given eToro some advice on how to grab the bull by the horns and regain the trust of those still looking to enter this space.


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