One wouldn’t argue that the primary goal of every forex trader is to withdraw profit. Hence, the reason for many complaints about various brokers regarding withdrawal problems in the industry.
Etoro is one of those platforms faced with withdrawal complaints. However, such complaints are inevitable in the industry. You shouldn’t be surprised to see many customer’s complaints about the Etoro withdrawal process, as it is a leading company in the industry. Thus, you can easily find several blog articles, reports, or forums concerning the topic over the years.
According to researchers across various online platforms, many Etoro customers lodge withdrawal complaints regularly. This, however, doesn’t justify that all complaints are valid. Customers often want to claim their right to complain regardless of the situation, believing that ‘customers are always right,’ which is not always the case.
Below are some images of Etoro customers’ withdrawal complaints.
As you can see from the various customer complaints above, some complaints are due to the ignorance and violation of the company’s withdrawal terms and conditions, error from the customer’s bank, provision of incorrect details by the users, while some are due to few malfunctions on the company’s end that can quickly be resolved.
However, some other customers give excellent reviews about the company, as shown below.
By now, you must wonder if you should worry about this problem. From the pictures above, you would notice that the company consistently provides quality services to its customers despite the few withdrawal challenges the company is facing.
Moreover, the negativity all over the web results from the fact that only people who face withdrawal problems post it online, whereas people who do not remain quiet. Come to think of it, will a company with over 12 years of existence and rated by finances online as one of the best brokers in the industry choose to frustrate its customers deliberately?
Or instead, strive to please its users and outsmart its competitors by providing a better platform with improved user experience? The company will do the latter to defend its reputation and even make more money while ensuring customer satisfaction. Although some inconveniences can’t be avoided, it only requires patience and understanding from the customers. So, you shouldn’t worry about this problem since it’s a general issue that you can even avoid or solve quickly.
Read: Etoro review
Some Common Withdrawal Problems
Based on the images above, withdrawal problems that lead to funds not getting to your account include:
1. Limited Withdrawal with Debit Card
Most bank cards can’t receive funds more than the initial deposit. To withdraw more than your deposit, you’ll have to provide another payment method to obtain the balance of your money. Take, for instance, your initial deposit is $150, and you make a profit of $50 on your trade, making $200. You may only withdraw $150 with your debit card; you can then withdraw the remaining $50 via any other payment method such as PayPal or bank transfer.
2. Withdrawal Taking Longer Than Expected
After requesting a withdrawal with accurate information, it usually takes the company one business day to process. However, an important thing to note is that Etoro handles the withdrawal processing while your payment service provider handles the rest. Thus, your waiting period to receive the money into your account lies in the mode of payment used.
3. Your Money Doesn’t Reflect In Your Account
Note that when you place a withdrawal, Etoro can only send your funds to the initial payment method that you used to fund your account. So your money wouldn’t reflect in your account if you make a request with a different payment method, say bank transfer, while you deposited with another, say bank card.
4. Documents Submission for Funds Approval
The company might ask you to provide some personal documents for specific security reasons. Know that such requirements are needed to verify that you initiated the withdrawal.
5. Rejection of Withdrawal Request Associated With Suspicious Activities
Etoro may deny your withdrawal request if your account is associated with any suspicious activities in compliance with Anti-money laundering laws (AML) and regulations. For example, a user who uses the platform with a private network (VPN) to place a withdrawal will have their request rejected as such request will be seen as various users’ requests, which may show that your account has been compromised.
What Should You Do To Avoid The Above Scenarios?
The first thing to do to reduce or avoid the scenarios above is to ensure that you read and understand the company’s terms and conditions and withdrawal policy in detail. This will equip you with the company’s mode of operation and consequently minimise several issues, including withdrawal problems.
As a user, expect specific challenges while using the platform as there’s no glitch-free process anywhere. The firm can only reduce it. As the company keeps striving to improve user experience on the platform, you should also exercise patience and understanding before and while the problem is solved.
What If Nothing Seems To work?
When all hope seems to be lost on the customer service wall via the platform, you can take recourse by reaching out through the live chat with a customer service representative. The department works 24/5.
Here, you can explain your problem and get the necessary feedback from the representative. Another option is opening a ticket via this page, where you have the opportunity to send direct mail to the support team by opening a new key.
It might take up to 48 business hours to reply; however, if you receive an email saying “we are working on your case,” it means they’ve started handling it.