I have emailed eToro about my concerns. They reserve the right to do whatever the fuck they want to do with my positions whenever the fuck they want to do it. They of course assured me that they would close any position without my consent only under "extraordinary circumstances" but they refused to specify what does "extraordinary circumstances" mean even though I specifically asked multiple times. We all know what that means. They have already removed the buy button once, they will sell at the point of no return and fuck me again.
I don't really see any other way but to sell what I have, buy on IBKR, and move to Computershare. I will sell the positions that are in the green and start the process. If anybody has a better idea, please tell me. I live in Europe.
I will provide the emails to the mods if it is needed.
Buy, hold, DRS. Dig in. This is a war of attrition.
I made a call today to Computershares new hotline ( + 800 3823 3823).
My main objective was simply to find out what can be done to transfer my shares from eToro to Computershare, or if there is a workaround to eToros bullshit refusal to allow share transfers.
The representative I spoke to told me that this was a subject that had come up several times today already, and that they are working on it. She was very nice and professional. But when asked about why I simply didnt DRS, I told her about eToro and their TOS. She told me flat out that "Not allowing you to DRS by citing their TOS rings massive alarm bells with us."
Furthermore, I asked about allowing international apes (I am from Norway, specifically) to setup a CS account directly, so that we can do a sorta/kinda workaround by selling our shares on eToro, withdrawing funds, and deposist and re-buy our shares in the shortest amount of time possible.
Now, this idea is not new, and as many people have pointed out, selling your shares to re-buy them on another broker is not a good idea. And I must agree; I will run the risk of missing the moass during that time window. But here is the thing; I dont think eToro has my shares. I think they will fuck me anyway.
Every time they have been pressed on the issue they have given a non-answer. They "Cant DRS because TOS". But that TOS breaks. the. law**.** Why would they not relent on this after all the pressure they have been getting? Because they cant. They dont have the shares, and it is waaaaay to costly to start buying em now. They also removed the buy button in January, just like RH did.
The CS representative told me they would call me up later in regards to seting up an account, so now we know they are at least working on a solution to allow us to do that, wich is great news for us euroapes.
I'll update if I get any more interesting info.
mods, just update the flair if this one doesnt fit.
Edit: as of evening 9th of Decemeber; I aint heard shit. Gonna call em again when I get the chance
After many months of deliberations and waiting for full Computershare access, I have decided to start 'selling' my etoro shares and buying back into CS.
I put selling in inverted commas, because I am of the opinion that any share held at eToro holds no weight, isn't real and does not affect the market one way or the other. Holding xx shares there that can't be drs'd has pained me for a while now. I want my hard earned money and shares to mean something, to contribute to the overall goal of locking down the float. This is my way of taking action.
My overall position in GME will only increase with this process. Seeing as eToro never actually owned my shares, there is technically not going to be any shares being sold back to the SHFs.
Buying and Holding (at least through eToro) isn't enough. DRS is the way.
Happy 2022 y'all. Power to the Players!
APES, don’t immediately downvote: Please read and know that eToro doesn’t allow transferring shares.
Tl;dr — Sold my “shares” on eToro. Used that money to buy real shares on IBKR. DRSed 100%
This may be a bit of a controversial opinion, or a controversial course of action, but I never felt safe with eToro.
From the so-called proxy voting to the fact that they refuse for your shares to be directly registered, and lest we forget they “accidentally” closed positions in February — I simply don’t trust them.
I distrust them so much, that I decided to take the jump back when GME hit the 160-something mark. I went against common advice that one never should close or sell: I sold all of my shares.
I immediately bought back the very same quantity and then some at IBKR. The moment my shares were settled I initiated the process to transfer them all to Computershare. In other words, I had my shares direct registered.
Not only are my shares now truly mine, I also rest assured knowing that they have been withdrawn from DTCC, and that’s just a handful of shares the hedgies cannot fuck with.
While I cannot give you financial nor legal advice, and this is a decision only you get to make, I will say this:
If I still had shares with eToro or any other broker that I wouldn’t trust, I don’t think I need to name any other names, I will do it all again especially now that the stock is at a discount.
I personally wouldn’t want my shares to be with a broker that I can’t trust. There is nothing more secure and more reliable than having your shares directly registered in your very own name.
Again, not financial nor legal advice.
Tl;dr — Sold my “shares” on eToro. Used that money to buy real shares on IBKR. DRSed 100%
PS for those of you who already migrated from one broker to IBKR, here’s a handy manual I made on how to DRS your shares to Computershare all by yourself — for Apes from all corners of the world 🌎 🌍 🌏
https://www.reddit.com/r/Superstonk/comments/raz5uv/drs_your_shares_all_by_yourself_from_anywhere_in/
Asked 4 times with Etoro for their compliance person, each time given a copy and paste response without the info of their legal/compliance person. Obviously this is about DRSing shares.
Here's what I wrote the 3rd time when they said they were escalating to mgmt and they asked me to let then know what specific resolution would best suit me:
"The specific resolution that would satisfy my request is to be able to transfer my shares. However, failing this as a resolution, I would like the name and details of your responsible compliance person so I can submit a formal complaint to both them and the EU ombudsman.
Thank you for keeping me updated and I look forward to receiving a response."
Here is their template response for the 4th time:
"I am sorry to hear about your frustration. Please let me explain further: Please note that when purchasing shares on eToro, all clients do so via one of our regulated entities.
When you opened your account with us and completed the account verification, your account was placed under our eToro EU entity which is regulated by CySEC. This means that when you purchase stocks, they are purchased on your behalf by eToro EU and these are ultimately held in our segregated omnibus account until you decide to close the trade. It's important to note that all of our entities are subject to regulatory rules and conduct requirements, which are strictly monitored - especially when it comes to custody agreements (i.e. holding of clients assets, including segregated pooled custody facilities and user's funds). Your account statement shows all historical actions in your account including current real assets being held. You can access this information at the following link: https://www.etoro.com/documents/accountstatement
I would like to clarify that all of our entities are subject to regulatory rules and conduct requirements, which are strictly monitored - especially when it comes to custody agreements (i.e. holding of client’s assets, including segregated pooled custody facilities and user's funds). We are required to reconcile all assets (stocks and cash) held on behalf of clients, and to submit all of this information to our various regulators periodically. When a user decides to purchase a stock, this is done in line with our Terms and Conditions. When a user purchases (BUY) non-leveraged shares on our investment platform, those shares are purchased as the underlying asset. The eToro regulated entity for your particular
... keep reading on reddit ➡
One again buy buttons were taken away from retail investors. If they are doing this now just wait and see how badly the fcuk over everyone during #MOASS. Etoro will be the next Robbinhood.
PS. Ken Griffin is a financial terrorist and lied under oath.
There has been much discussion, lately, regarding the situation that many apes of all natures are in with eToro. As a broker it does not currently allow directly registering shares to CS, or allowing transfers to a broker that allows DRS. It has also been somewhat dodgy in relation to proving that its investors actually own the underlying asset.
A lot of the discussion centers around whether or not it is better to sell your eToro MOASS tickets and re-purchase them on another broker, such as IBKR or Fidelity. The purpose of this post isn't to break down the arguments on their validity. Rather, it is here to inspire a fresh line of thinking, although the subject matter of DRS remains the same.
As many eToro apes can recall, after consistently grabbing the attention of eToro they granted us the ability to vote at the AGM. What is to say that with the same pressure applied, we cannot get them to set up a manner through which to DRS our shares to Computershare? If this does not work, then a push towards transferring shares to another share ownership. And if that fails, then pushing for solid, definitive proof that the shares we hold are not CFDS, but real, tangible, diamonds-wrapped-in-gold GME shares?
I think that it would be wiser to first apply public pressure on eToro - and other brokers that fall into the same category too! - than to immediately debate the validity of selling on one broker to re-buy on another. It is my personal view that it should be a last-ditch effort, not out first port to call.
What do you guys think?
*Cross posting from DDintoGME for u/StarscreamOnIrish/*
edit:
Adding from lickybum " Etoro has changed their TOS so that they can close your positions in the event of excessive changes in price"
Sorry for editing poorly, don't know how to leave spaces in the quote edit
Hello, apes.
Just talked with a person from ESMA about eToro not providing me any proof that my shares were really bought for a month. They told me to write a letter to info@esma.europa.eu for an official complaint that they will forward to their legal team and respond within a week or so.
So I did it:
>Dear Sir/Madam,
>
>I want to file an official complain with the financial services company eToro (Europe) Ltd.
For almost a month I was in touch with the customer support of the mentioned company with an inquiry to receive a proof that my underlying securities, that I currently hold on their platform, were purchased by them. As they state in their Terms and Conditions, and as they've repeatedly stated in their response letters:
>
>"When a user purchases (BUY) non-leveraged stocks on our investment platform, it is purchased as the underlying asset. The eToro regulated entity for your particular account will purchase the stock on your behalf and will hold it in custody for you.."
I was also assured that when user purchases an underlying asset, it's not a CFD, but a real asset (since they have an option for both of those, I just wanted to clarify this case.)
"First and foremost, we would like to emphasize that when purchasing stocks on eToro, all users do so via one of our regulated entities. The same applies to other regulated assets, including ETFs and CFDs."
It was also confirmed by them that it comes with all the social benefits, and dividends:
>
>"The user becomes the beneficial owner and remains so until the position in question is closed. This ownership comes with all economic benefits of owning the stock, including receiving dividend payments."
Now, for the whole month I only had one inquiry for them: to provide me with any sort of the proof that my securities, that I currently have open positions on their platform, were really purchased by them and it's not just a CFD, which would be a violation of their terms and conditions together with deceiving their customers. For the whole month they couldn't provide any proof to me that my shares were really purchased at the time (+2 days for settlement as regulated) when I opened positions. They only could include information where I could check proof for my closed positions only, which only increased my suspicion that the company
Is anyone else having issues with Etoro this morning?
Both AMC and GME are showing market closed.
THis is the same on both of my PCs and my Phone App.
Not going to get all sappy about the upvotes and attention it got. I'm more happier with the discussions it sparked in the comments; that's what we need these days, discussions. Educated, informed and civil.
Anyway, I was scrolling through my eToro feed and apparently they changed their Terms and Conditions. Decided to look through it and they added something fresh to the 'Exceptional Events' category where they can close a position or your entire account.
Yeah, no. I'm out; fuck that shit.
'excessive changes to the price' is more or less in line with what the MOASS may bring. Constant upswings, constant downswings. Mad gains, mad drops, even more mad gains. You know how it'll be; there's plenty of DD over the year that has been created to explain it.
I would say that my confidence from the first post has already evaporated at reading this. I don't think pushing for their attention on their social medias is a viable option anymore. I, as an individual investor, would see it most prudent to get your shares out of eToro ASAP and move them to a broker where you can DRS. IBKR would be that for most Euroapes. Fidelity for the Americapes.
The ape community has been conditioned to hold through all the bullshit. But if eToro might even slightly consider denying you the tendies you deserve, I do not think it is worth your time in continuing to provide them service. It would be my belief that holding ten real shares is better than holding twenty synthetics or fakes. And we don't even know if eToro really does buy our shares; CS is the only way of guaranteeing them.
And yeah, my viewpoint has changed majorly since yesterday and especially since reading the new addition to their Terms and Conditions. But I'm no longer willing to risk being fucked over by another shitty broker.
What do you guys think?
will i be shit out of luck when the MOASS happens if i keep gme shares in eToro? or will i be able to close my positions whenever I want? (when it reaches a figure im happy with) because ive read etoro can close your open positions during times of uncertain market conditions or something. Ive been holding for 8+ months so I want to know it's all been worth it or will i get fucked when it really matters
Any suggestions? or advice?
search offers for etorofill out info and create an accountdeposit $200 (no trading necessary)your 11500swagbucks should arrive within minutes.as soon as the money transfer clears your bank, you can withdraw the $200 back into the account it came from.
ridiculously easy.
Edit: app didn't want to let me deposit from my paypal. had to use an actual bank account through Plaid.
There has been much discussion, lately, regarding the situation that many apes of all natures are in with eToro. As a broker it does not currently allow directly registering shares to CS, or allowing transfers to a broker that allows DRS. It has also been somewhat dodgy in relation to proving that its investors actually own the underlying asset.
A lot of the discussion centers around whether or not it is better to sell your eToro MOASS tickets and re-purchase them on another broker, such as IBKR or Fidelity. The purpose of this post isn't to break down the arguments on their validity. Rather, it is here to inspire a fresh line of thinking, although the subject matter of DRS remains the same.
As many eToro apes can recall, after consistently grabbing the attention of eToro they granted us the ability to vote at the AGM. What is to say that with the same pressure applied, we cannot get them to set up a manner through which to DRS our shares to Computershare? If this does not work, then a push towards transferring shares to another share ownership. And if that fails, then pushing for solid, definitive proof that the shares we hold are not CFDS, but real, tangible, diamonds-wrapped-in-gold GME shares?
I think that it would be wiser to first apply public pressure on eToro - and other brokers that fall into the same category too! - than to immediately debate the validity of selling on one broker to re-buy on another. It is my personal view that it should be a last-ditch effort, not out first port to call.
What do you guys think?
