eToro blocked your account? Guide on how to get that resolved.
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You receive the eToro notification to close your account and give you 72 hours to close your open positions. . You don’t know why?
In this article, we show you how to handle the above situation.
The reason why eToro blocked a customer’s account
eToro is a company subject to regulatory oversight. Therefore, they must prevent money laundering activities through the eToro trading platform. Otherwise, the FCA, ASIC, or CySEC withdraw the eToro company’s license to operate within their jurisdiction.
As a precaution, eToro needs users to be transparent about the source of their investment and personal information. Because of the ability to withdraw licenses, eToro blocks customers’ accounts it suspects are not transparent. They would rather close the wrong account than have money laundering on the eToro trading platform.
How to handle when receiving a notice to block an account
When you receive a notice from eToro about the closure of your account, stay calm and follow the steps below.
Step 1: Check the notifications from eToro in the ticket system at customer service or the email registered to your eToro account.
You may have missed a notice from eToro about providing information that resulted in overdue performance.
Step 2: Determine the cause of the lock yourself.
After checking, you can determine the original cause of the account lockout for yourself. Usually, errors related to investment funds or deposit problems:
- eToro sent a notice requesting to fill out the APU form (income information declaration form), but you have not done it by the deadline.
- The information to fill in the profile when opening an account is incorrect with the APU form you make later.
- Legal documents proving income and source of money invested in eToro are not valid.
- You declare career information as a freelance job, making it difficult to prove the source of investment money.
- You make your first deposit to your account using an e-wallet like PayPal or Neteller. eToro requires proof of income on deposits. Because eToro believes that when loading via e-wallets, the source of money is not strictly controlled.
- You invest over 500,000usd and are required to provide proof of money source. But you haven’t done it yet.
Step 3: Contact processing.
Once you identify the exact cause, contact eToro immediately to address the problem.
Ways to get in touch include using live chat or opening a support ticket.
eToro account from the Silver level or higher has its account support person. You contact the support person directly to get the problem resolved faster.
Step 4: Provide the requested information and documents.
Under the alteration and guidance of the facilitator, you provide the requested information and paper. You may have to re-fill eToro account information in the profile section in some cases.
Frequently asked questions about blocking eToro accounts.
1. What if I don’t have the correct legal documents?
Unfortunately, if you do not have the documents to provide, eToro closes your account.
2. eToro blocked my account. Can I reopen that account?
If your account is blocked by eToro, you can still reopen it if you can prove that the eToro legal team believes that you are transparent about the source of your investment.
3. If my account is closed by eToro, will I get the money in my account?
eToro gives you 72 hours to close open positions and actively withdraw money.
Past the time limit, you do not perform. eToro automatically closes your open positions. Then, refund the amount to one of the deposit methods you used.
4. I can’t open a support ticket because I can’t log into my eToro account?
If you cannot sign into the Customer Service Center as an Existing User, please click on Visitor and open a case using a different email address from the one used on your eToro account.
Above are instructions for handling when you receive a closing account notice from eToro. To avoid this, we recommend filling in the correct information from the moment you open your account.
In particular, you have legal documents available to provide in case of request. However, eToro does not check all accounts but is random.