Receive the eToro notification to close your account and give you 72 hours to close your open positions. Don’t know why? In this article, we show you how to handle the situation.
The reason why eToro blocked a client’s account
eToro is a company subject to regulatory oversight. Therefore, they must prevent money laundering activities through the eToro trading platform. Otherwise, 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. Due to the ability to withdraw licenses, eToro blocks customer accounts that it suspects are not transparent. They would rather close the wrong account than have money laundering on the eToro trading platform.
How to manage when you receive an alert to block an account
When you receive an alert from eToro about closing your account, keep calm and follow the steps below.
Step 1: Check the eToro notifications in the ticket system to customer service or the email registered on your eToro account.
You may have missed a notice from eToro about providing information that led to expired performance.
Step 2: Determine the cause of the blockage yourself.
After checking, you can determine for yourself the original cause of the account lockout. Usually, errors related to investment funds or deposit problems:
- eToro sent a notice asking you to fill out the APU form (income information return form), but you didn’t do so by the deadline.
- The information to fill out the profile when you open an account is incorrect with the APU form that you create later.
- Legal documents proving the income and source of money invested in eToro are invalid.
- You declare career information as a freelance job, making it difficult to prove the source of the investment money.
- Make your first deposit into your account using an e-wallet such as PayPal or Neteller. eToro requires proof of income on deposits. Because eToro believes that when uploading via e-wallets, the source of money is not strictly controlled.
- You invest over 500,000 usd and are required to provide proof of the source of money. But you haven’t done it yet.
Step 3: Process your contacts.
Once the exact cause is identified, contact eToro immediately to resolve the issue.
Ways to get in touch include using live chat or opening a support ticket.
The eToro account from silver level or higher has its own account support person. You contact your support person directly to resolve the issue faster.
Step 4: Provide the required information and documents.
Under the editing and guidance of the facilitator, provide the required information and card. In some cases you may need to re-enter your eToro account information in the profile section.
Frequently asked questions about blocking eToro accounts.
1. What happens if I don’t have the correct legal documents?
Unfortunately, if you don’t have the documents to provide, eToro closes your account.
2. eToro has 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 eToro’s legal team believes that you are transparent about the source of your investment.
3. If my account is closed by eToro, will I receive the money in my account?
eToro gives you 72 hours to close open positions and actively withdraw money.
Once the time limit is exceeded, you do not execute. eToro automatically closes your open positions. Then, refund the amount on one of the deposit methods you used.
4. I can’t open a support ticket because I can’t access my eToro account?
If you are unable to access the Customer Support Center as an existing user, click Visitor and open a dispute using a different email address than the one used on your eToro account.
Below are the management instructions when you receive an account closure alert from eToro. To avoid this, we recommend that you enter the correct information from the moment you open your account.
In particular, you have legal documents to provide in the event of a request. However, eToro does not check all accounts but is random.