79 reviews of eToro are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
Tooooo unclear fees... tooo many fees..
Please people from South Africa don't invest in Etoro because I have struggling to get back my money from them I have been a loyal customer but they just don't care about if your money is in there account they just don't care any more about sp please I have warned you
first they increased the cost of spread, then the price of trades, then minimum deposit. then they increased the minimum trade to $25 , this now makes it a dangerous site for newbies or small traders to trade. I was fuming, I met yoni(the ceo ) and his brother in london and they openly admitted, we do not want small traders,only rich ones, even when i reminded them, it was us small traders that got him where he is now, that built up etoro, that lots of affiliates are now losing sign ups, cause its too expensive.. He then lied to me and said he may drop the minimum trade to $10 , but , of course has not.. The man is greedy, arrogant and a liar .. Now he thinks his above all , because ooh we are sponsors of a football team,, we do not need small traders now.. never trust a company that only has itself in mind, and who has a liar for a ceo and stabs all small traders and new traders who helped built up his company, in the back.
Now they are just pure greed, no loyalty to the small traders , push them out and only want the rich ones...
I recently joined Etoro
deposited $1,000. no matter how well you seem to do copying traders (who know what they are doing), you seem to continually lose money every day.
the next day i could not log into my etoro account. the day after that i got in and initiated a withdrawal for the remaining 800 dollers. as i could see that i had no chance of winning money, only ever losing, so i wanted to minimise the damage
since then i have been blocked from my account. look around they internet you will find many, many stories of etoros shady pratices
got an email to say that they have to deduct their bonus out of the remaining funds (oh and not to mention they charge you 25 dollers every time you seek to take your money back)
easy to deposit to this company and they make you jump through hoops trying to withdraw money from them.
will update you in 4 days to confirm they sent me my remaining funds via paypal.
The trading interface is a bit complicated to use. It took me a month before I fully understand and navigate the platform.
very bad wen the trade i moving against you they refuse to stop your order whe you stop it but they requote you meanwhile when the market is favouring you reverse is the case i think they are frudsters
The main reason anyone would use etoro is their copy system. It's one of the easiest around and lets you copy with ridiculously small amounts. But its not without dangers. You have to take great care in choosing which traders to copy. What you see in stats area can be very misleading. Especially when the trader may be using an account with a tiny amount of capital and just seeking to attract copiers for commissions. Finding long term traders is the key and making sure they have a consistent profit history of a long period. There are some reports on forexop which tell you how to pick the better traders which I used. Etoro now shows a 3 year trade history so this makes it easier. Right now I only follow Aichen and one of his copiers and he comes across to be a low risk trader. Many of the other traders just lead you into big draw downs quickly so you have to cut the copy or risk more losses on your account.
+ easy and straightforward for beginners to use platform
+ proportional per trade margin lets you trade with very small accounts
+ social side is useful and provides a lot of insight into sentiment & trends
+ simple copying system
- spreads are v high compared to other brokers
- exit fees and exchange rates
- lack of accounts in multiple currencies
- lack of connectivity with other platforms like Metatrader
If you're a serious trader though there are better services out there than etoro I would say.
Their Webtrader software is useless and makes you lose a lot of money. I lost $240 with it.
I was about to change my stop loss for two positions.
I entered the value in the box and clicked ok when the system got frozen. Not my computer but only the page.
I couldn't click anywhere at that time. Everything was disabled.
It was delaying for like 5 seconds and at the moment
I see that my position reached the stop loss and lost my money.
It was very upsetting. I took image of the graph where one can see that the position's closing time was 2 minutes before than actual SL. So it's an evidence that their server is making delays and/or messing things up. I didn't get any refund because it was lot of money. They admit that having problems with their system. Take a look at the chat transcript:
It's another issue but there they admit their fault.
"Js Fs: I clicked History but it doesn't list the deposit I made the last several month
Sophie: It only shows within the lst 6 months
Js Fs: ok I see, but what does it mean Bonus on the list like Bonus 0.06 cents
Js Fs: Bonus 07/01/13 Credited 06.11 USD eToro Credits
Js Fs: things like that
Sophie: it means that you were refunded this amount
Sophie: for a technical error
Sophie: or something like this
Js Fs: I see. I didn't even know about it :-)
Sophie: It was a technical compensation for a trade that went wrong in a guru's account, I believe
Js Fs: ok thank you, nothing else"
Right where do i start? I trade in small amounts at a time, Back on May 21st 2013 at around 4pm GMT i had a Gold Selling trade worth 300$ at one point it was even positive around 35 - 40$ and then at 4pm The webtrader completely stopped working. I could not log in via Phone, Or PC ( to which i have connected via Wifi, Ethernet cable and 3g ) < So i dont have any connection issues.>
In the end my trade suffered a 100% loss as i was unable to move the stop loss.
And now Etoro are telling me that it was my fault and the webtrader was working fine. Even though it was not, not at all. All platforms were down.
All i ask is for my 300$ to be refunded as i dont see it fair that i should suffer due to THEIR fault. They even admited that there was a problem that day - that hour with the webtrader. But aparently my trade closed when it was fine.. IF IT WAS FINE ETORO I WOULD HAVE BEEN LOGGED IN TO MOVE THE STOP LOSS... how can they be so stupid, and lie to me and potentially many other customers.
Never depositing with eToro again.
And i will take this further up the Managers of etoro if it isnt sorted.
After seeing that I can't trade as I thought, as a newbie, I wanted to close my account. Opened ticket TWICE, proceeded as they told me, but my account still active and eToro spamming me with emails.
Also, I don't see where to know my account number. So weird.
I started to use the system, it seemed fine. Yet then the price of silver dropped 50 cents and took out all my stop loss, 30 cents bellow my stop loss. The price of silver only dropped in the ETORO system, it did not drop on reuters. I asked to have the trade removed, because of the error in their system. This was 4 days ago, they have still not responded to communications.
* 'eTORO' simple entry vehicle to Forex 'market'
* Easy to learn and use trading platform
* Learn by observing and/or copying others
- Expensive spreads by comparison to some other 'brokerages', and therefore higher risks when trading.
- Expensive Withdrawal fees
- Often slow, inaccurate and unreliable trading platform (but this may also be the case with other systems).
- Prejudicial trading hours, since the Forex will both continue to be actively trading after 'eToro' closes and before 'eToro' opens.
- Possible prejudicial "Verification" process. In my case 'eToro' decided to 'Verify' my a/c on a Friday evening. Accepted a CC deposit, but did NOT credit same. This left me with several open positions unfunded for roll-over the w-end! I was forced to sacrifice 3 positions in order to secure other more valuable ones, or lose ALL! Since 'eToro's' accounts dept and admin appears to be in Israel (something not mentioned in their data!), the 'Verification' process did not conclude until the following Tuesday, and after numerous contacts and phone calls (to Israel). I received an apology, but no compensation!
- Why does 'eToro' not 'Verify' new accounts immediately upon opening and thus avoid possibly severe risks of loss to traders? Why 'Verify' an account specifically on a Friday, when there is no hope to conclude such a procedure until the following week?
- A 'brokerage' has in my view an absolute obligation to deal with traders' interests in an efficient, transparent and honest manner, just like a Bank. I have not as yet 'withdrawn' funds from my trading account with 'eToro', but may do so soon. Hopefully there will be no 'issues' and hopefully someone there will address my legitimate request for compensation after being forced to sacrifice 3 positions due to their arbitrary 'Verification' procedure on a Friday p.m. and after having accepted funding but not crediting same.
People need to be totally aware of the extremely High Risk elements involved in trading the Forex as well as added risks run by using inefficient, unreliable online platforms and brokerage peculiarities such as trading hours and funding/withdrawal requirements.
Laura, in response to my own posting you answered with
"if you do not enjoy using the WebTrader we also provide the MT4 platform, all you have to do is get in touch with us and we will provide it to you."
This is simply not true and you should know that your response is false and misleading, as a chat with support proves
"Sharon: Please note that the minimum deposit for MT4 platform is 5000$"
I can get a free demo MT4 connection to Pepperstone, but eToro wants a 5000 deposit????
Thanks a lot for reading my case here, and I have emailed you all the details that you have asked for. I am happy to know that there are still honest and supportive people working in etoro, otherwise i was so much disappointed with your platform.
I would really like to have you support in this matter. Thanks a lot once again and I will again write a review here once i get my compensation, so that i would let people know that the case was resolved bu etoro and they played honest with me.
Thanks for earnforex.com to provide us this platform to spread awareness.
I've had a look at your post here and the correspondence you've posted and I believe that you are absolutely right to demand full compensation. I've talked it over with our support department and we've decided to reimburse you the full amount you lost due to the technical malfunction of our platform. I am sincerely sorry for the inconvenience you've suffered. The support representative that was in touch with you clearly did not understand your claim fully and I apologize for that. Please contact us at email@example.com with details of your account and the exact amount that is owed to you and we will make sure to reimburse you fully. Once again, please accept our humble apologies.
In regards to Marco's post about the WebTrader and CopyTRader, the WebTrader platform is designed to simplify the trading process for beginner traders, however it still contains all the advanced features experienced traders need. It allows you to edit stops on open positions manually so you can adjust your stops, however if you do not enjoy using the WebTrader we also provide the MT4 platform, all you have to do is get in touch with us and we will provide it to you.
As for CopyTrader, we are aware that we have high risk traders who get copiers, however the bonuses they get for their copiers do not make it worthwhile for them to gamble their money away frivolously. These traders still want to profit from their trades and operate with that premise in mind first and foremost. Furthermore, any trader wishing to copy them will see that this is a high risk trader from their personal profile, and in any case you can only use 20% of your account to copy any one trader, so even if they "blow all their money" your risk is significantly lower than theirs. Of course we cannot prevent these traders from trading with us, nor do we want to. They have a right to trade just like everyone else. The OpenBook social trading network is a free and democratic network where the traders decide for themselves what they want to do. We do not recommend copying high risk traders, but we certainly aren't going to prevent them from doing so.
I wish you all happy trading,
Laura, eToro Team
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