eToro (Europe) Ltd., a Financial Services Company authorized and regulated by the Cyprus
Securities Exchange Commission (CySEC) under the license # 109/10
Electronic Signatures and Agreement(s): You acknowledge and agree that by clicking the “I agree” button or similar buttons or links as may be designated by eToro to show Your approval of any foregoing texts, the use of the Services (as defined below), You are entering into a legally binding contract. You hereby agree to the use of electronic communication in order to enter into contracts, place orders and other records and to the electronic delivery of notices, policies and records of transactions initiated or completed through our websites and platforms. Furthermore, You hereby waive any rights or requirements under any laws or regulations in any jurisdiction which require an original (non-electronic) signature or delivery or retention of non-electronic records, to the extent permitted under applicable mandatory law.
1.1. Scope of Services. These Terms and Conditions covers the entire scope of Services provided by eToro including, but not limited to, the use of our website, the use of our trading Services, data collection and storage practices, downloadable material from our website, financial information published on our website (either by Us or by any affiliated party), electronic content, real time information about the exchange rate of some currencies, tools for executing transactions in the foreign exchange market on the internet, by phone or fax and any other features, content or services that We may add in the future. These Terms and Conditions cover any form of communication between Us and You including email, telephone, fax and more.
IMPORTANT NOTE - ETORO DOES NOT ACCEPT ANY TRADING FROM CUSTOMERS IN THE USA, JAPAN, CANADA, BRAZIL OR TURKEY.
ETORO RESERVES THE RIGHT TO IMPOSE ADDITIONAL REQUIREMENTS OR PRE-CONDITIONS TO ACCEPT CUSTOMERS RESIDING IN OR FROM SPECIFIC COUNTRIES IN ITS SOLE AND EXCLUSIVE DISCRETION.
Without limiting the foregoing, You understand that laws regarding financial instruments vary throughout the world, and it is Your obligation alone to ensure that You fully comply with any law, regulation or directive, relevant to Your country of residency with regards to the use of our Services. For avoidance of doubt, the ability to access Our Services does not necessarily mean that Our Services, and/or Your activities through it, are legal under the laws, regulations or directives relevant to Your country of residency. Our websites do not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized, or to any person to whom it is unlawful to make such an offer or solicitation. Access to Our websites, and the offering of financial instruments via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing our websites are required to inform themselves of, and to observe, such restrictions. We encourage traders from United States, Japan, Canada, Brazil, India and Turkey to check local regulations and consider it before deciding to trade with eToro.
1.4.1. General. We are obligated by law to confirm and verify the identity of each person who registers on our system and opens an account with Us. Therefore, You are required to provide Us with the following information when You register with Us: (1) name, (2) address, (3) date of birth, and any other personally identifiable information that We may ask for from time to time such as a copy of your Passport or other identifying documents. A user which shall not provide the required information and documentation shall not be serviced by eToro (Europe) Limited.
1.4.2 Death of Account Owner. Upon the death of an account owner and if the legal heirs of such account owner would like to withdraw the remaining balance in the account, to the extent there is any, such legal heirs should present to Us official legal documents from the applicable governmental authorities in the jurisdiction of the deceased to our satisfaction, and We, in our sole discretion and upon checking such documents, shall make the decision whether to allow such withdrawal.
1.5. Representations and Warranties
1.5.1. You represent, warrant, covenant, acknowledge and agree that:
- You are at least 18 years old, or the age of legal consent for engaging in financial investment activities under the laws of any jurisdiction that applies to you.
- You are not politically exposed person and You do not have any relationship (e.g., relative, associate etc.) with a person who holds or held during the last 12 months any public position. If the above statement is untrue or inaccurate with respect to You, please inform our customer support team at http://www.etoro.com/application/help/contact.aspx and eToro shall inform You if/how You may continue to use our Services.
- You shall be treated as a "Retail Client", unless eToro shall classify or reclassify You as a "Professional Client" or an "Eligible Counterparty", depending on the information that You shall provide when completing the registration process or thereafter. IF You desire to be re-classified or receive further information, You can find more information on http://www.etoro.com/trade/etoro-and-brokers.aspx.
- Please see information on safeguarding Clients rights under Regulatory Disclosures at http://www.etoro.com/trade/etoro-and-brokers.aspx#22
- You are of sound mind and You are capable of taking responsibility for your own actions.
- All the details that You have submitted to Us or any details given to Us when opening an account and making a deposit are true, accurate, complete and match the name on the payment card and/or payment accounts in which You intend to deposit or receive monies from your account.
- You have verified and determined that your use of the Service does not violate any laws or regulations of any jurisdiction that applies to You.
- From time to time You may be requested to provide Us with certain documents to verify the details of the credit card used by You to deposit monies to your account. Subject to our satisfaction from the above documentation checks, You may or may not be permitted to deposit further monies by recurring credit card or other means of payment.
- One of the penalties for providing untrue, inaccurate, misleading or otherwise incomplete information is your immediate breach of these Terms and Conditions. As such, We reserve the right to terminate your account promptly and to prevent You from using our Service.
- eToro may elect to provide You with these Terms and Conditions and/or any other documentation, information and communications in various languages. By accepting these Terms and Conditions (in any of these languages) You acknowledge and confirm that eToro's official language is the English language, and in the event of any discrepancy or inconsistency between any documentation, information and communications in any language other than the English language and the same in the English language, the English documentation, information and communications shall exclusively prevail.
- eToro reserves the right to communicate with You by telephone, facsimile, email, posts, newsletters issued by Us and/or any other mean of communications, whether such communication is personally addressed to You or generally addressed to all Our clients. Furthermore, reports, statements, notices, trade confirmations, and any other communications will be posted online in Your account and/or may be transmitted to such address as You may from time to time designate in a written or electronic communication to Us. You are responsible for alerting Ava Capital to any change in its e-mail address. By accepting these Terms and Conditions You acknowledge and confirm that all such means of communications are deemed acceptable and any reports, statements, notices, trade confirmations and/or other information or notification so provided shall be deemed to have been received by You and/or any transaction so executed shall be deemed final and binding on your part, regardless if You actually accessed such communications.
- You further acknowledges that should You grant trading authority or control over Your account to a third party whether on a discretionary or non-discretionary basis, We and our affiliates or agents shall in no way be responsible for reviewing Your choice of such third party nor making any recommendations with respect thereto. You understand that We make no warranties nor representations concerning such third party that and that We and our affiliates or agents shall not be responsible for any loss to You occasioned by the actions of such third party and that We do not, by implication or otherwise, endorse or approve of the operating methods of the third party. If You give a third party authority to exercise any of its rights over Your account(s), You understand that You do so at Your own risk. eToro reserves the right to reject the appointment of any third party/representative/power of attorney authorized to act in your account and may elect to dismiss and/or reject and transactions performed by such representative/power of attorney.
1.5.2. We shall not be responsible for any of the following situations:
- Unauthorized real money transactions.
- Unauthorized real money transactions conducted by unauthorized minors.
- Physical Verification that You possess the proper knowledge and/or experience to use our Services. We will not be responsible in any way (including for damages and losses caused by the use of our Services) if You use this website without the proper knowledge and We reserve the right to asses and reassess Your knowledge and experience to use our Services.
- US, Japanese, Canadian, Brazilian and Turkish residents may not use this website; however, they may register and Practice in the Demo system.
1.6. Limited License. Subject to the above registration and eligibility requirements, We hereby grant You a personal license (a "License") that is non-transferable, non-exclusive, limited to the terms of these Terms and Conditions and fully revocable to use our Service (including the use of our website and any associated downloadable software) subject to the terms of these Terms and Conditions. You will also be subject to the End User License Agreement of eToro Group Limited that is associated with downloading any software from our website and is attached herewith and forms a part of these Terms and Conditions.
1.7.1 You may deposit funds into your trading account at any time. Deposits will only be accepted by a payment method (e.g. bank account, e-wallets etc.) in the same name as yours. Under no circumstances will third party or anonymous payments be accepted.
1.7.2. We have the right to refuse payment by check if any payment given has not cleared on the first presentation.
1.7.3. If You give an instruction to withdraw funds from your trading account, We will reduce the requested funds immediately from your account balance and shall process the specified request within up to five (5) business days once the instruction has been accepted, if the following requirements are met:
(a) The withdrawal instruction includes all necessary information;
(b) The instruction is to make a payment through a payment method in your name (e.g. bank account, e-wallets etc.); and (c) You have provided full identification documents to support your request.
1.7.4. If We accept any payments to be made by a debit card, credit card or any other payment method that may charge processing fees, We reserve the right to levy a transfer charge.
1.7.10 All funds, securities, currencies, and other property of Customer which eToro or its affiliates may at any time be carrying for You (either individually, jointly with others, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by eToro as security and subject to a general lien and right of set-off for Your liabilities to eToro whether or not eToro has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts You may have with Us. We reserve the right in our discretion, at any time and from time to time, without notice to You, apply and/or transfer any or all Your funds or other property between any of Your accounts. You hereby also grant eToro the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other customers, to itself as broker or to others, any securities or other property held for your benefit by eToro as margin or security. eToro shall at no time be required to deliver to You the identical property delivered to or purchased by eToro for Your account. eToro is irrevocably appointed as attorney in-fact for You and is authorized, without notice to You, to execute and deliver any documents, give any notice and to take any actions on Your behalf, including the execution, delivery and filing of financing statements, that eToro deems necessary or desirable to evidence or to protect Its interest with respect to any collateral. In the event that the collateral deemed acceptable to eToro is at any time insufficient to satisfy Your indebtedness or other obligations to Us, including obligations to provide margin hereunder, You shall promptly pay upon demand the entire amount of such deficit.
1.7.11 You hereby confirm and acknowledge that any portion of Your funds used as margin to secure Your open position may be transferred by Us from your client’s accounts and may be utilized by us to secure our contingent obligations. Such portion of the funds will be considered as debt due by Us to You and shall not be considered as “clients’ funds”. All such funds shall be returned and repaid into the clients’ accounts upon the closing of the open positions. All funds not used by You as margin to secure your open positions may be withdrawn by You, subject to the remaining provisions of these Terms and Conditions, the availability of funds in your account and to any fees and commission You may owe Us.
1.8. Several Trading Accounts. In case a trader has more than one trading account, We reserve the right to treat all such accounts as if they were under one account and to limit the number of account maintained under a single household, at Our sole discretion.
1.9. Deposits and Withdrawals
1.10. Administration Fees for Dormant Account. In the event that no trading activity has been executed in your Account for a period of at least six months, We will regard your account to be dormant. An account shall be deemed as dormant from the first day following the last day of the sixth month in which no trading activity was executed. Once an Account is deemed dormant, any available trading bonuses shall be removed from the account and We shall deduct a monthly fee equal to the lower of $5 (Five Dollars) or 10% of the funds in the account on the date that it became dormant. Such monthly fees shall be deducted until the balance of the account has reached zero and dormant account with a zero balance will be closed. In the event that You execute at least one trade in your account following the date your Account became dormant, eToro will cease to deduct the monthly fee unless your Account shall become dormant again, but shall not refund any administration fees already deducted from the account prior to such trade.
- Orders to buy CFDs with respect to securities may be denominated only by requesting to acquire the relevant security in a specified dollar amount as shall be available on our Trading Platform. Orders to sell Securities CFDs may be denominated only by requesting to sell either the entire number of units purchased in a single transaction or the entire number of units held at such time.
- No short positions or leveraged trading are available with respect to Securities CFDs.
- eToro does not guarantee the execution of such orders and/or the execution of such orders at a specified price or amount.
- We do not offer real-time trading in Securities CFDs. Sell or buy orders shall be executed in one (or more intervals if elected by us) in each trading day at a single bid and ask price (or several prices, as applicable) applied to all the outstanding orders executed in such interval.
- We will make our best efforts to execute orders for securities CFDs with respect to in the following manner: (1) orders placed until 15.00 EST (on a day which is a trading day on the relevant exchange on which the underlying security is traded) shall be executed on the same United States trading day after the close of trading on such exchange; or (2) orders placed after 15.00EST shall be executed on next United States trading day. These times refer only to stocks traded in a US market. When we have European/Asian stocks the hours will be adjusted to reflect the trading hours of the applicable exchange.
- The execution price reported to You on the relevant confirmation of the buy or sell order shall reflect the prices made available to us from our liquidity providers at the time of execution to which our spreads and commissions shall be added or deducted, as the case may be. Such bid-ask prices shall not necessarily reflect the closing price for the underlying security as quoted on the relevant exchange in which the security is traded and/or the prices presented in charts and/or other market information made available by us. eToro disclaims any liability with respect to any such discrepancies.
- When entering into an order for securities CFD, You irrevocably and unconditionally agree to accept the security bid/ask prices in which the transaction shall be executed as shall be reflected on our trading platform as final and binding. Our prices may differ from the current prices on the relevant exchanges and you acknowledge that a transaction shall be effected even though the relevant security never traded at the level of your transaction.
- When effecting such transactions, eToro may or may not acquire or sell the underlying security for its own account to cover said orders. If a security is traded on several stock exchanges, We can elect to acquire such security at any relevant exchange.
- We may in accordance with our Order Execution Policy, aggregate your orders with our own orders, orders of any of our associates and/or persons connected with us including employees and other clients. Furthermore, we may split your orders when executing them. You accept that aggregation and split of your order may result in you obtaining a less favorable price than if your orders had been executed separately.
- Without derogating from the generality of the foregoing, We further reserves the right NOT to execute buy or sell orders for Securities CFDs in the following circumstances: (1) Your order violates exchange Rules or securities or commodities laws, regulations or Rules, or is intended to defraud or manipulate the market; (2) abnormal market conditions and/or a significant disruption in or premature close of trading in of the underlying security and/or the market on which the underlying security is traded; (3) force majeure, acts of God, war (declared or undeclared), terrorism, fire or action by an exchange, regulatory or governmental authority that disrupts trading in the relevant security; (4) in the event liquidity providers are unable to provide liquidity to Us.
1.12 Applicable Regulations
1.12.1. These Terms and Conditions and any orders or transactions placed or executed under it are subject to all applicable laws and regulations including, without limitation, the constitutions, articles, by-laws, rules, regulations, policies, procedures and interpretations (collectively, "Rules") of the exchanges, markets and clearing houses in which eToro may elects to hedge its activity; of the Cypriote Securities and Exchange Commission ("CYSEC"); and any other applicable Rules of a regulatory, self-regulatory or governmental authority ("Applicable Regulations"). IN NO EVENT SHALL ETORO OR ANY OF ITS AFFILIATES BE LIABLE TO YOU FOR ANY ACTION, INACTION, DECISION OR RULING OF ANY EXCHANGE, MARKET, CLEARING HOUSE OR REGULATORY OR SELF-REGULATORY AUTHORITY.
3.1.1 By acceptance of these Terms and Conditions, You agree and acknowledge that the following information and content shall be considered non-confidential and non-proprietary information (other than your personal data as described below, collectively, the "Content"): your username, your picture/avatar (if provided), your state of residency, gender, networks, list of users who follow You, users who copies You etc., list of users You follow or copy, and any network status/posts/blogs and any other content options that enable our users to interact amongst themselves, including without limitation content and information You post on the eToro OpenBook, comments, feedback, postings, blogs and/or all Information that You provide to Us via our website and/or by email, fax or telephone and in addition if you have elected to use one of our social networks applications (such as Facebook, Tweeter, G+ etc.), our application will access to your social network account general information which includes your name and username in such social network, profile picture, gender, networks, user ID, list of friends, and any other information You have shared with “everyone” on such social network. Additional information may be collected in specific social networks campaigns as shall be specified in the terms and conditions applicable to such campaign. All portfolio and trading information performance results shall be considered non-confidential and non-proprietary information and as eToro’s property. By providing such Content, You specifically grant Us a non-exclusive, irrevocable, transferable, sub-licensable, royalty-free, worldwide license to use, copy, duplicate store, present and/or publish all or any part of your Content, and We shall be free to use such Content in any manner or media whatsoever, on an unrestricted basis and without any attribution or royalties or other compensation to You, including without limitation, within or outside our website, advertisements, in printed media, newspapers.
3.1.3 By entering into these Terms and Conditions, You are consenting to the transmittal of your personal data (i.e. your personally identifiable information and your payment details) to other companies in the eToro group and to external companies to help Us to process and/or analyze it as part of the provision of Services to You whether within or outside the European Economic Area. Such personal data may also be used for marketing purposes, or to conduct market research for Us or other companies in our group that may use the personal data to bring to your attention products and services that may be of interest to You and also to assist in the efficient provision of the Services.
3.2 Communications within the eToro Community; Links to Third Party Websites, Newsletters etc.
3.2.6. Neither We, nor our officers, principals, employees or agents shall be liable to any person for any losses, damages, costs or expenses (including, but not limited to, loss of profits, loss of use, direct, indirect, incidental or consequential damages) resulting from any errors in, omissions of or alterations to any information and/or Content. The foregoing shall apply regardless of whether a claim arises in contract, tort, negligence, strict liability otherwise.
4.1. General Risk Statement
You understand that You are using our Services at your own risk. It for this reason that We condition the use of our services to those who can actually bear the loss of any money invested and who properly understand the associated risks that are inherent to trading contracts for differences in relation to foreign currencies, securities (including shares, stocks, bonds and/or other debt instruments, including government and public issues) commodities and indices. It is also important to have relevant experience when entering financial contracts and transactions. As You know, the forex, commodities, securities, indices market is a dynamic arena and their respective prices are often highly unpredictable and volatile. You should not deal in these products unless you understand their nature and the extent of your exposure to risk. You should also be satisfied that the product is suitable for you in light of your circumstances and financial position. In addition, use of our Services can never be considered a safe investment rather only an investment with a high risk of loss inherently associated with it. Furthermore, our own spread is added to online quotes which makes a trade on our websites even more volatile. We make sure that the maximum risk associated for any user shall not exceed the actual amount of money paid to Us and deposited in your account.
4.2. Accountability for Each Financial Transaction
By using our Services, You agree to be fully, independently and personally liable for each transaction and/or credit card transaction made on our System through your account. As such, You must make sure that You are the only person with access to your account at all times. You must make sure that no minors have access to your account. If You do not settle a transaction performed through your account You shall be liable to Us and must indemnify Us in the amount necessary to cover the entire cost, whether indirect or direct, of the transaction. In the unlikely event that a contract is entered to acquire or sell currency at a price that does not reflect the market price (such as an event where a technical error such as a bug or defect has caused a malfunction that has affected the price of the transaction), We reserve our right to terminate and cancel any such transaction. We will notify You of our decision to cancel the transaction and explain our reasons to You. On the other hand, You are required to inform Us of any such malfunction should You experience such a malfunction whilst trading on our system.
4.3. Restrictions on Financial Transactions
You understand that financial regulations, financial codes, financial ethics and contractual requirements vary worldwide. As such, You understand that ultimately it is your responsibility to make sure that You comply with any and all local regulations, directives, restrictions and laws in your local place of residence before using our Services. We strictly state that We do not permit the use of our Services by users from jurisdiction in which the use of our Services is not permitted. These Terms and Conditions is not offering or soliciting the use of our Services to any one located in a jurisdiction in which the specific use is not authorized or otherwise permitted by local laws. Please note that eToro shall apply its own spread to all transactions and trades made by using our Services which can increase the cost of the transactions and trades accordingly.
By using our Services, You declare that all the funds that You use and invest on our Services do not originate in any way from drug trafficking, abduction, terrorist activity or any other criminal activity that is unlawful or could be considered unlawful by any authority. In the event that We become suspicious that You may be engaging in or have engaged in fraudulent, unlawful or improper activity, including, without limitation, money laundering activities, or conduct otherwise in violation of these Terms and Conditions, your access to the Services may be terminated immediately and/or your account blocked. If your account is terminated or blocked in such circumstances, eToro is under no obligation to refund any funds that may be in your account, unless otherwise instructed by a relevant regulatory authority. In addition to terminating your access to the Service and/or blocking your account, We reserve the right to prevent You from accessing any of our other websites or servers, or accessing any other services offered by Us. We shall be entitled to inform the relevant authorities, other online service providers and banks, credit card companies, electronic payment providers or other financial institutions of your identity and of any suspected unlawful, fraudulent or improper activity and You will cooperate fully with Us to investigate any such activity.
4.4. Additional Risk Disclosures
It is important that You be fully aware of the following points:
- If You are trading over alternative trading platform (such as MT4) over a third party trading accounts, such trading activities shall be subject to the commissions and fees available to our clients over such platforms and to the terms and conditions applicable to such trading accounts in addition to any and all the terms set forth in these Terms and Conditions. eToro and its affiliates shall not be liable for any damage and/or loss resulting from and does not guarantee the execution of any order, the placing of stops, regardless of the entry or closing designation and/or that the trade will be filled at the order price and/or that the trading via such third party trading platform shall be error free, without delays.
- eToro reserves the right to close part, or all, of customers' open positions, in order to facilitate the charge of any fees or amounts due by You. Notwithstanding, You shall be liable for promptly paying such fee(s) to eToro even if You has had full loss of all margins deposited by him.
- eToro does not guarantee any order. Placing stops, regardless of the entry or closing designation, does not guarantee that the trade will be filled at the order price. All entry Stops and Stops will be filled, upon activation, at the first/best available market price that may or may not match the requested order price.
- In the event liquidity providers are unable to provide liquidity to Us your order may experience delays in execution or You may not be able to place orders entirely. The size of the order may also impede the speed at which the order is executed. Keep in mind that it is only necessary to enter any order once. Multiple entries for the same order may inadvertently open unwanted positions.
- While trading on our electronic trading system, You might encounter system errors that are resulted from hardware and/or software failures. The result of any system failure may be that your order is either not executed according to your instructions, executing with account balance errors and discrepancies or not executed at all. eToro will not be liable for the resulting errors in account balances. eToro reserves the right to make the necessary corrections or adjustments on the account involved.
- High leverage allows trading in CFDs transactions with respect to foreign currencies, securities, commodities and indices with relatively modest margins or guarantees in relation to the scope of the contract. The result of the above is that even a slight fluctuation of the market could mean substantial gains when these fluctuations are in your favor, but that could also mean considerable losses if the fluctuations are to your detriment.
- No system exists that could assure You that CFD transactions with respect to foreign currencies, commodities, securities and indices should bring You great benefits, nor is it possible to guarantee, that your transactions will yield favorable results.
- Even though the foreign currencies, commodities, securities and indices markets are liquid as compared with other financial and exchange markets, the market conditions might at times render the execution of an order or of a limit on an order (either stop loss or take profit) at a stipulated price impossible.
- Accordingly, even though the extent of the losses could be subjected to an agreed upon limit, the risk of incurring losses could be higher, and that loss could occur in a relatively short period of time.
- Since deposit of an additional guarantee is not obligatory in this case, eToro reserves the right to close the outstanding balances without your consent.
- Under abnormal market conditions, CFDs may fluctuate rapidly to reflect unforeseeable events that cannot be controlled either by Us or by You.
- It is important to make a distinction between indicative prices which are displayed on charts and dealable prices which are displayed on our Trading platform. Indicative quotes only give an indication of where the market is. Because the forex and derivatives products market are decentralized, meaning it lacks a single central exchange where all transactions are conducted, each market maker may quote slightly different prices. Therefore, any prices displayed on any chart made available by us or by a third party will only reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.
- The risk information presented here does not reflect all of the risks as well as other important aspects intrinsic to CFD transactions with respect to foreign currencies, commodities, securities and indices. Therefore, before starting to trade, You should learn the specifics of trading on such transactions in detail or seek further advice.
- Unless You have elected to carry a trade over the weekend, all trades will automatically close out in the real money mode when market closes at the end of the business week at the rates available on the end of the last trading day of the relevant week. All statements with respect to real money accounts will be open during the weekend and all traders are welcome to view their trading account info. eToro reserves the right not to offset contracts carried over the weekend shortly after markets are open. eToro will allow offsetting contracts carried over the weekend when market liquidity conditions are reasonable.
- There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity. Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Our mobile feature utilizes public communication network circuits for the transmission of messages. We shall not be liable for any and all circumstances in which You experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside our direct control, which include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between You and any internet service provider, phone service provider, or any other service provider. Please further note that some of the features available on the trading platform or our Social Trading Features may not be available on our mobile feature.
4.5. Risks Associated with Social Trading
eToro Group Ltd. and its affiliates are proud to provide You with the ability to interact, follow and copy other traders by using Information and/or social trading features provided and/or made available on our websites and/or trading platforms. Such social trading features include but are not limited to the eToro Open Book, "follow", "copy" and/or "copytrader" traders rankings, "featured users" and/or any advanced search options etc. (collectively, "Social Trading Features"). However, We note that Social Trading Features are associated with various risks and You are urged to carefully read and consider the following risks before utilizing either of our Social Trading Features:
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
4.6.6. Insolvency. If an issuer of a security which is the underlying asset of a securities CFD goes into insolvency or is otherwise dissolved, we shall close any such of your open transactions in the relevant CFD. The closing date shall be the date of insolvency.
6.1. Technical Requirements to Use Our Services
You must provide and maintain adequate technical means on which You install our software and access our Services. These technical means must include at least a personal computer, internet access by any means and telephone or other access line. Access to the internet is an essential feature and You shall be solely responsible for any fees necessary in order to connect to the internet. Furthermore, as You are using your personal computer in order to access our Services You are strictly and solely liable for the integrity and proper storage of any data associated with our Services. By using our Services, You represent and warrant to Us that You have installed and implemented appropriate means of protection relating to the security and integrity of your computer and that You have taken appropriate action to protect your system from computer viruses or other similar harmful or inappropriate materials, devices, information or data.
We will not be liable to You in the event that your computer system fails, damages, destroys and/or formats your records and data. Furthermore, if You incur delays and any other form of data integrity problems that are a result of your hardware configuration or mismanagement, We shall not be liable. You further undertake to protect Us from any wrongful transmissions of computer virus or other similarly harmful or inappropriate material or device to our system from your personal computer.
As a provider of technology, We remind You that in some circumstances the use of the internet can at times be unreliable and at times You may experience trouble connecting, although is now common practice that generally the use of the internet is now regarded to be very reliable. Notwithstanding, and recognizing the above, You hereby undertake that We will not be liable, and You will not hold or seek to hold Us or any of our officers, employees agents or service providers liable, for any technical problems, system failures and malfunctions, communication line failures, equipment or software failures or malfunctions, system access issues, system capacity issues, high internet traffic demand, security breaches and unauthorized access, and other similar computer problems and defects. We do not represent, warrant, guarantee or claim that You will be able to access or use our Service at all times and from any location. Neither do We represent, warrant, claim or guarantee that our Services will be uninterrupted and error-free at all times. Furthermore, We make no warranties for merchantability or fitness for a particular purpose.
If You are suddenly disconnected from our Services whilst actively trading online, We will keep your positions open until You can reestablish your connection or trading ceases.
We maintain our continuing right to shut down our operations and close our Services to our customers at any time. We may do so at any given time, without notice. If We do so, We maintain the right to close all open transactions (regardless of any ongoing positions and profit margins) and to conclude the transactions at fair and market value quotes so that our customers will not have any ongoing claims from Us. Furthermore, at any given time, at our sole discretion, We reserve the right to impose volume limits on customer accounts. Contract payouts shall be determined by eToro by reference to the daily values reported on this website relevant to the interbank trading data received by eToro for Forex or derivative products quotes, subject to the provision that eToro shall have the right to make corrections to such data in the event of mispriced or typographically incorrect data.
7.1. Circumvention & Reverse Engineering
You shall not unlawfully access or attempt to gain access, reverse engineer or otherwise circumvent any security measures that We have applied to our system. If, at our sole discretion, You are in breach of this clause, We may terminate your access to the Service immediately and/or have your account blocked, and eToro may inform Interested Third Parties of your breach of this clause. We have, and will continue to develop any tools necessary to identify fraudulent or unlawful use of our Service.
It is absolutely prohibited to use any software, at our sole discretion, which purpose is to apply any kind of artificial intelligence analysis to our system relating to the use of our Service. In the event that We determine, at our own discretion, that artificial intelligence software has been used We reserve our right to take action as We see fit, including completely blocking access to the Service and/or terminating the user account. eToro reserves the right to seize any profits and/or revenues generated directly or indirectly by exercising prohibit trading activity as described in this Section 7.
Internet, connectivity delays and price feed errors sometimes create a situation where the prices displayed on the eToro trading platforms do not actually reflect the market rates, either generally as a result of connectivity delays, upon the occurrence of a market event or an abnormal trading conditions. Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices, or taking advantage of these internet delays (such a scalping or sniping), cannot exist in an OTC market where the client is buying or selling directly from the market maker. Such trading strategies are not permissible on our trading platform. If We can reasonably demonstrate that you, based on your trading strategy or other behavior, deliberately and/or systematically exploited or attempted to exploit such errors in prices and/or off-market prices, we are entitled to take one or more of the following counter measures within 30 days as of the time We have identified such techniques: (i) adjust the price spreads available to you; (ii) restrict or delay your execution and/or your access to streaming, instantly tradable quotes, including by providing manual quotations only; (iii) reclaim from your account any historic trading profits that we can demonstrate have been gained through such abuse at any time; and/or (iv) terminate the account immediately by giving written notice. Any dispute arising from such quoting or execution errors will be resolved by eToro at its sole and absolute discretion.
8.1. You accept and confirm that a conflict of interests may arise when the interest of eToro Group Ltd. and its affiliates competes or may appear to compete with your interests under these Terms and Conditions.
8.2. Specifically you hereby acknowledge and confirm that:
You hereby acknowledge and understand that We do not collect any taxes for any government authority in any form or manner and You further understand that it is your own responsibility to calculate and pay all applicable taxes applicable in your country of residence arising as a result of your trading activity on our Services. Notwithstanding the above and without derogating in any way from your sole, exclusive and personal obligation to pay taxes in your local jurisdiction, You unequivocally agree that We may deduct any taxes due under applicable law and regulations that may arise from the results of your investment on our System. All amounts extracted from your account are "gross amounts", from which We may deduct any such taxes if necessary under the applicable law. In such an event, You shall have no claim towards eToro with regard to any such deductions.
We will not be liable to You under any circumstances for any damage or losses that You incur due to circumstances beyond our control legally referred to as Force Majeure including, but not limited to, pursuant to any action taken by any government or regulatory body, legal authority, technical delays, technological malfunction, loss of data and records or destruction of hardware. We will not be liable to You for any such extraordinary events known as Force Majeure which may occur that We could not foresee or otherwise prevent.
These Terms and Conditions shall be governed by and construed in accordance with the laws of Cyprus notwithstanding any principles of conflicts of law. By using our Services You agree to recognize all electronic and magnetic data and documentation as admissible evidence when settling a dispute regarding any trades and investments. The competent courts in Limassol, Cyprus shall have sole and exclusive jurisdiction regarding any dispute or claim arising hereunder.
By accepting any bonus from eToro You deem to accept all of the terms & conditions of applicable to our Bonus Policy as may be published by eToro from time to time. All promotions, bonuses or special promotions that We offer or will offer in the future are subject to specific promotional terms and conditions. All complimentary bonus money credited to your account must be strictly used under the specific promotion's terms and conditions. Coupons are not available in certain countries, as shall be determined by Us in our sole and absolute discretion. Such countries may initially include China, Indonesia, India, Bangladesh, Pakistan, Philippines and Sri Lanka. At all times, We reserve the right to retract and/or cancel any such promotion, bonus or special offer. If We suspect that a user has abused or attempted to abuse a bonus and/or other promotion or otherwise acted with a lack of good faith towards Us, then We reserve the right, at our sole discretion, to deny, withhold or withdraw from that user the bonus or promotion and if necessary to cancel any terms & conditions with respect to that user, either temporarily or permanently, or terminate that user's access to the service and/or block that user's account.
Any eligibility for a bonus will grant the bonus to be credited only once per account, person, household and/or any environment where computers are shared.
9.5. Termination of these Terms and Conditions
9.5.1 We reserve the right to terminate these Terms and Conditions and your account and registration (including your username and password) in the following cases:
- If for any reason We decide to discontinue to provide the Service, by providing at least a 3 (three) calendar days’ notice (which may be provided by email, facsimile etc.);
- If We believe that You have breached any of the terms of these Terms and Conditions, immediately without notice;
- If your use of the Service has been in any way improper or breaches the spirit of these Terms and Conditions; or
- an issuance if an application, order, resolution or other announcement in relation to the bankruptcy or winding-up proceedings in which You are involved, immediately without notice;
- the death of the user, immediately without notice
You may terminate these Terms and Conditions and your account and registration (including your username and password) at any time by sending an email to such termination to take effect upon eToro terminating your account and registration (including username and password), which shall occur within 7 calendar days after receipt of your email on our servers, provided that You shall remain responsible for any activity on your account between sending Us an email and the termination of your account by Us.
If these Terms and Conditions are terminated for any reason due to suspected misconduct by the user, eToro reserves the right to withhold any funds in the account until the matter is resolved. Any decision made by eToro regarding the matter will be final.
f any part of these Terms and Conditions is unlawful, void or determined to be unenforceable, that part will be deemed severable and will not affect the validity and enforceability of any remaining provisions.
9.7. Modifications to These Terms and Conditions
No provision of these Terms and Conditions can be amended by You, in any respect, except in a writing by an officer of eToro that has been confirmed by eToro’s secretary, and in entering into these Term and Conditions, You have not relied on, or been otherwise induced by, any matter not contained in such writing. For the avoidance of doubt, our customer support department employees are not authorized to amend or to waive the terms of these Terms and Conditions in any respect. We reserve the right to amend, revise, modify, and/or change these Terms and Conditions at any time.
Subject to applicable regulations, upon notice to You, eToro may assign these Terms and Conditions and/or any of our rights and/or obligation hereunder to another registered or authorized or unauthorized investment professional.
9.9. Contact details and customer support services
eToro is committed to provide the most professional customer support services: You are welcome to contact Us in any question and/or concern You may have in the following contact methods:
Our Address: eToro (Europe) Limited
7 Omirou St., 2nd Floor, 3095 Limassol, Cyprus
Phone: +35725030234 +35725030234
- Argentina 54-1152391459
- Panama 5078365039
- Russia 74955041099
- Ukraine 380445945748
- Australia 611800778072
- United Kingdom 448081201595
- Italy 390662207553
- Bahrain 97316199183
- Spain 91-1876409
- Germany 221-37050003
http://www.etoro.com/application/help/contact.aspx- Technical questions, troubleshooting
For more information on Complaint Handling please visit the Regulatory Disclosures at http://www.etoro.com/trade/etoro-and-brokers.aspx
PLEASE PRINT A COPY OF THESE TERMS AND CONDITIONS FOR YOUR RECORDS
ETORO GROUP LTD.
2.1. eToro hereby grants to you a non-exclusive and non-transferable license to use the Services. The Services may only be used for personal use. This does not include use on a computer network. ETORO GROUP LIMITED MAY TERMINATE THIS LICENSE, CANCEL THE USER’S PASSWORD AND/OR THE USER’S ACCOUNT (OR PART OF IT) IF YOU FAIL TO COMPLY WITH THE TERMS AND CONDITIONS SET FORTH ABOVE.
2.2. You may not: (i) modify, translate, reverse engineer, decompile, disassemble or create derivative works based on the Services and/or the Software; and/or (ii) loan, rent, lease, give, sub-license or otherwise transfer the Services and/or the Software (or any copy thereof) in whole or in part, to any other party; Copy, alter, translate, decompile or reverse engineer the software, including but not limited to, modify the Software in any way; (iii) remove, alter or cause not to be displayed, any trademarks, copyright notices or start-up messages contained in the programs and/or documentation.
5.1. You shall not use the Information for any unlawful or unauthorized purpose. The use and interpretation of the Services requires skill and judgment, and You shall at all times exercise Your own judgment in the use of the Services.
5.2. You agree not to use to the Services in order to:
5.3. Disturb or damage the Services or the servers or the networks connected to the Services. The User must not ignore conditions, policies and/or regulations of networks which are connected to the Services.
5.3.1. Violate deliberately or not deliberately any local, state, national or international law which applies to our software.
5.3.2. By using the Services You acknowledge that You are well informed that eToro Group Limited does not perform any prior filtering of the content and/or financial information made available through the Services by third parties. Notwithstanding the aforementioned, eToro Group Limited and/or its agents, shall have the right to remove any content which violates this license conditions or which arises opposition in any other way.
5.4. You agree that it is up to You to evaluate the risks involved with the use of the Service, including the reliance upon the accuracy, perfection and/or benefit of the content made available by the Service. And You agree that the risks with such use shall be on You.
5.5. Communications within the eToro Community; Links to Third Party Websites, Newsletters etc.
5.5.1. You acknowledge that You are responsible for any Content, information and material that You submit or transmit through any of our websites, applications and/or any network status/posts/blogs and any other communications and/or content options available by Us, including your responsibility as to the legality, reliability, appropriateness, originality and copyright of any such information or material. Additionally, You represent and warrant that: (i) You own all right title and interest in any Content provided by You, and (ii) the posting of your Content by Us (in any manner or media whatsoever, on an unrestricted basis) does not (and will not) violate the privacy rights, publicity rights, copyrights, contract rights or any other rights of any individual or make derogatory remarks regarding, defame or otherwise criticize any person or entity. You shall be solely liable for any damage resulting from any infringement or other violation of the copyrights, trademarks or other proprietary rights of any individual or entity, and for any other harm or losses resulting from any Content.
5.5.2. In our efforts to promote collegial, non-misleading and non-defamatory communications between the members of the eToro OpenBook community, You are strictly prohibited from:
(1) making statement as to your eligibility to provide investment advice, portfolio management and/or any other services and/or activity which may require a license, registration and/or notification in your state of residency and/or in the residency states of our users;
(2) making statement that eToro Group Ltd. and its affiliates endorse, maintain any control and/or guarantee the accuracy and/or completeness of the Content published, posted or shared by You with other users;
(3) making statements that are abusive, defamatory, harassing, and/or insulting statements to other users or otherwise;
(4) making statements that advertise or promote any other online entities and/or your and/or any services;
(5) making statements that contain sexually explicit content and/or any grossly offensive, including expressions of bigotry, racism, hatred or profanity or that is hateful, threatening or pornographic; incites violence or that contain nudity or graphic or gratuitous violence;
(6) sending or otherwise posting unauthorized commercial communications (such as spam) on our websites, applications and/or utilizing our services;
(7) collecting users’ content or information, or otherwise accessing our websites and/or Services, using automated means (such as harvesting bots, robots, spiders, or scrapers);
(8) engaging in unlawful multi-level marketing, such as a pyramid scheme, on our websites and/or using our Services;
(9) uploading viruses or other malicious code;
(10) soliciting personal information and/or login information or access an account belonging to someone else;
(11) using our websites and/or Services to do anything unlawful, misleading, malicious, or discriminatory;
(12) doing anything that could disable, overburden, or impair the proper working of eToro, such as a denial of service attack and/or facilitate or encourage any violations of these Terms and Conditions. All unsubstantiated performance claims may be removed from any of our websites. If You violate the above We shall have the right to terminate your account and registration on our Services. If your account and registration are terminated due to the above misuse We will refund any funds which may be in your account.
5.5.3. Leading traders may be subject to additional rules of conduct and restrictions relating to their Content or trading activity which may be imposed by Us from time to time either generally or as a part of specified promotions. If You have been qualified as a “Social Guru” or a leading trader please contact your account manager to receive further information with respect to any such restrictions which may be applicable to You.
5.5.4. We do not undertake to review and monitor all the Content and We do not in any manner endorse, support, sanction, encourage, verify or agree with any such Content. We reserve the right to review, monitor, revise and/or remove any such Content in any way We see fit in Our sole discretion. You acknowledge that We may report to government authorities any actions that may be considered illegal and/or which may be required by such authorities. When requested, We may cooperate with government authorities in any investigation of alleged illegal activity. You further confirm and acknowledge that We may also maintain records of all such Content.
5.5.5. At certain times, We may provide You with various analytical tools (such as market data, price quotes, exchange rates, news, headlines and graphs), links to other websites, circulate newsletter and/or provide You with third parties’ information for your convenience. By doing so, We are not endorsing, giving any representation, warranting, guaranteeing or sponsoring the accuracy, correctness, timeliness, completeness, suitability of such information for You and/or as to the effect or consequences of such information on You. Such information and tools are provided solely to assist You to make your own investment decisions and does not amount to investment advice or unsolicited financial promotions to You. It is important to make a distinction between indicative prices which are displayed on charts and dealable prices which are displayed on our trading platform. Indicative quotes only give an indication of where the market is. Because foreign exchange trading is decentralized, meaning it lacks a single central exchange where all transactions are conducted, each market maker may quote different prices. Therefore, any prices displayed on any chart made available by us or by a third party will only reflect “indicative” prices and not necessarily actual “dealing” prices where trades can be executed. You understand that We are not obligated to continue to provide the above mentioned tools and information and We may remove such informational tools from our website at any time. Furthermore, We are not obligated to update the information displayed on our website at any time and We will not be liable for the termination, interruption, delay or inaccuracy of any Market Information. The financial information We post on our website is provided by third parties for the benefit or our users and as such You undertake not to enable deep linking or any other form of redistribution or reuse of the information, to any non-authorized users. As such, We urge You to read and fully understand the terms and conditions and other policies of such websites, newsletters and information before using them. Any information or material placed on our websites by third parties reflects solely and exclusively the views, and are the responsibility of, those who post such information or material, and do not represent the views of eToro Group Ltd. and/or its affiliates. Such information is not to be considered as constituting a track record. Past performance is no guarantee of future results and We specifically advise clients and prospects to carefully review all claims and representations made by other traders, advisors, bloggers, money managers and system vendors before making an investment decision on the basis of any of the foregoing. IN NO EVENT SHALL ETORO GROUP LTD. AND/OR ITS AFFILIATES BE LIABLE, DIRECTLY OR INDIRECTLY, TO ANYONE FOR ANY DAMAGE OR LOSS ARISING FROM OR RELATING TO ANY USE, CONTINUED USE OR RELIANCE ON ANY SUCH TOOLS, WEBSITES, NEWSLETTERS AND/OR INFORMATION.
5.5.6. Neither We, nor our officers, principals, employees or agents shall be liable to any person for any losses, damages, costs or expenses (including, but not limited to, loss of profits, loss of use, direct, indirect, incidental or consequential damages) resulting from any errors in, omissions of or alterations to any information and/or Content. The foregoing shall apply regardless of whether a claim arises in contract, tort, negligence, strict liability otherwise.
5.5.7. Risks Associated with Social Trading: eToro Group Ltd. and its affiliates are proud to provide You with the ability to interact, follow and copy other traders by using Information and/or social trading features provided and/or made available on our websites and/or trading platforms. Such social trading features include but are not limited to the eToro Open Book, “follow”, “copy” and/or “copytrader” traders rankings, “featured users” and/or any advanced search options etc. (collectively, “Social Trading Features”). However, We note that Social Trading Features are associated with various risks and You are urged to carefully read and consider the following risks before utilizing either of our Social Trading Features:
5.5.8. Social Trading Features are provided by Us solely for informational purposes. Etoro Group Ltd. and its affiliates and their employees and agents are not investment or financial advisers. IF YOU MAKE INVESTMENT DECISIONS IN RELIANCE ON INFORMATION WHICH IS AVAILABLE ON OUR WEBSITES OR AS A RESULT OF THE USE OF THE SOCIAL TRADING FEATURES, YOU DO SO AT YOUR OWN RISK AND ETORO GROUP LTD. AND ITS AFFILIATES, THEIR EMPLOYEES AND ITS AGENTS WILL NOT BE LIABLE FOR ANY LOSSES THAT YOU MAY SUSTAIN. YOU SHOULD NOT MAKE ANY INVESTMENT DECISION WITHOUT FIRST CONDUCTING YOUR OWN RESEARCH. YOU ARE SOLELY AND EXCLUSIVELY RESPONSIBLE FOR DETERMINING WHETHER ANY INVESTMENT, OR STRATEGY, OR ANY OTHER PRODUCT OR SERVICE IS APPROPRIATE OR SUITABLE FOR YOU BASED ON YOUR INVESTMENT OBJECTIVES AND PERSONAL AND FINANCIAL SITUATION.
5.5.9. A copied trader’s positions (with respect to any of our financial instruments) shall be copied using the lower of either the minimum position amount or with the same proportional amounts and with the same leverage, to the maximum extent possible. All such positions shall be closed automatically if and when closed by the copied trader and/or if the copied trader’s positions were automatically closed by Us, for whatsoever reason, without providing any further notice and without any action on your part. You should be able and prepared to bear the loss of the entire investment You made in such a copied trader. You are fully responsible for any losses You may sustain as a result of our automatic execution of instructions generated as a result of the utilizing of any of the Social Trading Features.
5.5.10. If You place additional trades in your account or You modify or cancel an order generated by a Social Trading Feature You may achieve a materially different result than the user that You copied. Changing a copied position shall cause its disconnection from the original position. Such disconnected position shall not be automatically closed or changed when the original position is changed or closed.
5.5.11. Any past performance of our users indicated on our websites is not indicative of future results and should be considered as hypothetical as more fully described below. It is important to understand that historical performance is not a guarantee of future performance. When reviewing the Content, portfolio, financial performance information, opinions or advice of another registered user, You should not assume that the user is unbiased, independent or qualified to provide financial information or advice.
5.5.12. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS. NO REPRESENTATION OR GUARANTEE IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN AND MAY NOT TAKE INTO ACCOUNT FEES, SPREADS AND/OR TRADING COMMISSIONS THAT MAY BE CHARGED. THE ACTUAL PERCENTAGE GAINS/LOSSES EXPERIENCED BY INVESTORS WILL VARY DEPENDING ON MANY FACTORS, INCLUDING BUT NOT LIMITED TO: STARTING ACCOUNT BALANCES (DEPOSITS AND WITHDRAWALS), MARKET BEHAVIOR, THE INVESTOR’S ACCOUNT SETTINGS AND THE PERFORMANCE OF THE COPIED USER. BECAUSE OF THIS, ACTUAL PERCENTAGE GAINS/LOSSES EXPERIENCED BY INVESTORS MAY BE MATERIALLY DIFFERENT THAN THE PERCENTAGE GAINS/LOSSES AS PRESENTED ON THIS WEBSITE. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
5.5.13. NO ASPECT OF THE INFORMATION AND/OR SOCIAL TRADING FEATURE PROVIDED AND/OR MADE AVAILABLE ON OUR WEBSITES IS INTENDED TO PROVIDE, OR SHOULD BE CONSTRUED AS PROVIDING, ANY INVESTMENT, TAX OR OTHER FINANCIAL RELATED ADVICE OF ANY KIND. YOU SHOULD NOT CONSIDER ANY SUCH CONTENT AND/OR ANY SUCH FEATURE TO BE A SUBSTITUTE FOR PROFESSIONAL FINANCIAL ADVICE. IF YOU CHOOSE TO ENGAGE IN TRANSACTIONS BASED ON CONTENT ON THE WEBSITE AND/OR ELECT TO COPY SPECIFIC TRADERS AND/OR TRADES, THEN SUCH DECISION AND TRANSACTIONS AND ANY CONSEQUENCES FLOWING THEREFROM ARE YOUR SOLE RESPONSIBILITY. WHILE INDIVIDUAL PARTICIPANTS MAY OFFER INVESTMENT ADVICE OR OPINIONS AND/OR EFFECT A TRANSACTION WHICH MAY BE SUBSEQUENTLY COPIED BY OTHER TRADERS, SUCH ADVICE, OPINIONS OR TRADES AMOUNT TO NOTHING MORE THAN EXCHANGES BETWEEN PERSONS WHO MAY BE ANONYMOUS OR UNIDENTIFIABLE OR SIMPLY THE EXECUTION OF A TRADE BY SUCH TRADERS. ETORO GROUP LTD. AND ITS AFFILIATES DO NOT PROVIDE INVESTMENT ADVICE DIRECTLY, INDIRECTLY, IMPLICITLY, OR IN ANY MANNER WHATSOEVER BY MAKING SUCH INFORMATION AND/OR FEATURES AVAILABLE TO YOU. YOU SHOULD USE ANY INFORMATION GATHERED FROM HERE AND/OR UTILIZE THE SOCIAL TRADING FEATURES ONLY AS A STARTING POINT FOR YOUR OWN INDEPENDENT RESEARCH AND INVESTMENT DECISION MAKING.