Do Brokers Engage in Manipulative Trading Practices? A Case Against eToro

Introduction

Recently, I have been involved in a lawsuit against eToro for unfair and unethical practices. This includes the unauthorized deletion of legitimate trades and the unjust manipulation of market conditions to favor their own interests over their clients'.

The Case Against eToro

Following a series of consecutive trades that processed successfully, I withdrew funds through my trading app. However, the fourth verification attempt was denied due to a lack of available funds to open further trades. Despite the significant potential for profit on the pending trade, which was anticipated to return up to several million EUR within days, eToro simply deleted the trade and restored the original funds to my account, citing 'market volatility'. This is unheard of, as normal trading procedures prevent such incidents from occurring. The volatility of the market does not typically interfere with traders' losses but only serves to prevent potential profits.

Furthermore, eToro's profile seems to indicate that I was a prime target, as they had built a profile suggesting that I would not oppose their actions and would be an easy target. This raises serious concerns about their business model, which appears to prioritize the preservation of client profits, not their stability.

Manipulative Tactics and Ethical Concerns

Moreover, eToro has been documented to employ various manipulative tactics in their trading operations. For instance, they excessively alter and introduce exceptionally high spreads at critical market open and close times. This manipulation is done to force trades to close via stop losses, ultimately benefiting the broker while harming the client. Such behavior is not acceptable in the financial industry, especially not at an institution dealing with institutional investors.

Their actions appear to be part of a criminal enterprise, with a team fully versed in methods to wear down clients and discourage them from pursuing legal claims. The representatives handling these cases are often described as engaging in a 'Balkan-style hustle', making up excuses and resorting to any means necessary to evade responsibility. They often justify unethical practices by asserting that shorting is 'morally bad' or similar contradictions about services they promote.

Those who have experienced similar situations are encouraged to come forward and share their evidence. This practice must be stopped. eToro's latest statement, claiming they do not profit from their clients' losses, is a blatant lie. They use obscure terms and conditions as lame excuses, which are often insufficient to protect their unethical behavior.

Legal Consequences and Consumer Protection

In the European Union, many abusive companies and industries face severe legal repercussions. This is because EU consumer protection laws are not a 'blank check' to scam consumers. Such tactics often end in legal troubles, and consumers do have the power to hold such companies accountable.

Any support, including comments and data pointing to eToro's abuse and lies, is appreciated. Only through accountability can such practices be curbed. The actions of brokers like eToro are not only unethical but are significantly harming individuals' lives and dreams daily.