77 reviews of eToro are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
Dear etoro team,
Not sure, how much training you got and how much you know about forex?? But lemme explain it to you the difference between market maker(dealing desk), STP and ECN ( Non dealing desk).
STP: Means straight trough processing and their spreads can not be fixed, since market( the bank or fund) your clients are trading against decides the spread and it varies from market to market. When etoro has a fixed spread all year long, it can not be a STP, thats market maker, And for STP its impossible for any broker to put through trades worth 1$ for 3-5 pips every 5 min, and thats for one trader, if you have thousand traders than your system will be jammed. So STP applies to clients thats trading with minimum account size of atleast 10,000$ or up and it has to be atleast 2 standard size lot for the broker to put through to the bank, and there is no forex market for small traders, they are trading against a bank or the broker itself, so with etoro where most clients are trading with a balance in $100-$1000 range, they are not even trading against a bank or fund its etoro they are trading against so etoro is definitely a Market Maker.
ECN: If eToro claims to be ECN thats more believe able than STP. So with ECN a broker pair all the long and short trades and traders are trading against each other. And in a situation where 20% trades are long and 80% short, there is 60% more short than long, ECN brokers put it through to the bank or they trade against it, So even ECN brokers has to be STP/ECN or MM/ECN. There is no such thing as just ECN.
Market Maker: Thats where Etoro comes and nothing wrong with being a market maker, there are many big reliable forex brokers that claims to be market makers, since they are honest. And etoro is denying the fact that it is market maker, so how can some one trust everything else that you are saying, when the foundation is based on a big lie.
So the conclusion is i experienced etoro myself and it was brutal, and for everyone else, u should know what any broker letting you trade with $10k or less and has fix spreads, they cant be STP.
And rest of the games etoro plays i already explained in detail in my previous post, but i acknowledge/appreciate etoro's bravery to challenge their ex-clients on an open forum
Thank you for sharing your experience with our platform. I am sorry that you’ve had technical problems with our platform and that you found our support services sometimes ineffective. As I have said earlier in this thread, we have just released a new version of the eToro WebTrader that has been designed to solve all the technical problems. As for the support staff, I urge you to write to us at firstname.lastname@example.org and give us the name of your account manager or the support representatives that you’ve talked to. We make great efforts to keep a high standard of support and would really like your help in doing so.
However, as for your claims about eToro practices and the eToro OpenBook, they have no basis in reality. We have absolutely no interest in treating long term successful clients poorly, in fact the opposite is true. As an introducing broker service we make profits exclusively from spreads, and thus it is in fact in our interest that every trader make profits so that they can open more trades, thus earning us more spreads. I am truly sorry that you were lead to believe that eToro was betting against you once you became profitable, but this belief is based on an unfortunate coincidence alone.
Secondly, when it comes to eToro OpenBook, none of the OpenBook Gurus are eToro staff. They are simply successful professional traders from around the world who have accumulated a lot of followers thanks to their consistent results. Of course we at eToro give them some encouragement by enabling them to earn a share of the spread profits brought in by their followers as part of our Guru program, but that’s as far as our association goes. Since they are trading for themselves they have absolutely no interest to make their copiers lose money. Also, the amount you can dedicate to copying any one trader is limited to 20% precisely to prevent traders from risking too much of their capital on a single trader.
The fact is that since the launch of CopyTrader our traders’ performance has gone up by 20%!
It is also untrue that most of our traders lose their money, if you look at the eToro rankings you will see lots of consistently profitable traders from all over the world.
I truly hope that you will give eToro and especially OpenBook another chance. You seem like a serious trader, and a potential candidate for the Guru program which could earn you a lot of extra profits. If you’re interested please contact us via the email provided above.
Thank you for your time and input.
Rafael, eToro Team
This company is a bigg scam, i joined them 2 months ago, the first month the support was nice and i was getting all the help i needed, but as my profit got bigger, they really started to play dirty when i tripled my account balance, and i was mostly trading gold and oil. So here is the tricks they play
1) When you are in profit and needs to close your trade in profit you get a message that " Current instruments are not trade able " at the moment.
2) They stop giving you live support help to complain, it transfers you to a page where you can submit your issue and some one will get back to you, I had to contact them as a new client, and when i do get hold of them, i get a response that from certain GMT - certain GMT you can not trade certain instruments, then i look in the openbook ( stupid feature to see what other traders are doing) i see other traders are buying gold and oil no problem, apparently this restriction was only for me.
3) You would hardly see a good trader with consistent profit trading with them more than 6 months, and openbook is wide open for anyone to check, since they wont let a good trader, trade that long, I started seeing these dirty games after 2 months, so it all depends on how good you are. The only way you can survive with them is to loose.
4)The biggest scam is their copy trades, and most of the so called guru's that you can follow are etoro's staff, and its all programmed to ruin you in the long run. What happens a guru makes one trade, regular traders opens the same trade with 50% of their account some times more. So sooner or later that will max out your account.
5) And the worst part of the platform is, it let you trade 100% of your account, regardless of what leverage you use, which in itself will fail you sooner or later.
So they made it almost impossible for me to trade and forgot to mention not letting me get into my account and they have bugs in their system, eating your balance in cents consistently without even you noticing. So stay as far away as you can from these scammers.
Thank you for using our platform and sharing your experience with others. I’m very sorry to hear that you’ve had problems with the CopyTrader feature. We are aware of the problem you speak of, and although it is rare among our traders as far as we know, we are doing our best to resolve it. In fact we have just released new versions of the eToro WebTrader and OpenBook applications. The login problem that you’ve mentioned has definitely been fixed in the new version, and we seem to be getting good feedback on the CopyTrader issue as well.
Please, if you continue having further problems with the CopyTrader, contact us at email@example.com with the details. We would really like to look at specific examples of the kind of bugs that you mention so we can be more efficient at fixing them.
Thank you, and please accept our sincere apologies for any inconvenience you’ve experienced with our platform.
Rafael, eToro Team
I am still new here and working as a practice trader with the eToro platform. Looks good. But disconnection is really great problem though I use 512 kbps internet connection.
I am interested to start real within few days and I hope to share new problems as soon as possible.
More than one month ago I posted here about a software bug that displayed an incorrect account balance. This has not been fixed, and even more serious bugs have appeared that also do not get fixed. eToro's main selling point is that users can set their account to copy the trades of other users. But this has stopped working properly some time ago, and after a few weeks is still not fixed. The bug works this way: the user you are copying opens up a trade and the exact same trade opens in your account. Later, when the original user decides to close the transaction very often the transaction stays open in the copier's account, resulting in a loss for the copier and the copier must then deal with eToro for compensation.
Regarding spread as soond we buy the money comes out of our account so we get charged strait way then if we make money fine if not etoro did so there is a charge as soons we buy and confusing as they show you profits you are not on profits because bthey had taken money from your account
I have been using eToro for some time, and the software platform has glaring bugs that never seem to get fixed.
The first it that logging in can be nearly impossible at times, so if you have a position that needs to be closed you can be dead in the water. By the time you can finally get online the market has turned against you and you lose money instead of making money.
When you copy another trader and the trader closes the position the screen fails to be updated properly and shows an incorrect account balance. I contacted support about this and after support denying that there was bug they finally admitted that there was, but claimed that I just needed to help the software to update itself by logging out and then logging in again. Seriously, you have a financial services website that cannot maintain account balances??? So I have to log out and PRAY that I can log back in??? How about this crazy idea, assign someone to fix the bug??? Just to ad that I have been a professional software developer for 30 years and this is not quality work.
Disconnects are also a big problem.
Live chat support can be totally inept and if you challenge them that they did not answer the question they often claim that they did with sarcastic remarks and then disconnect the chat.
There is a real problem with how they rate their top traders. You can look up a top trader on the site but when you look at the trader's details you discover that the person has been actually losing money.
I am highly satisfied with etoro. I was very new to forex but etoros trading platform and demo account gave me nice experience.
I am extremely sorry that you were subjected to rudeness on behalf of your account manager. I urge you contact us at firstname.lastname@example.org with details of your username and account manager so we can see what can be done about it, and so we can take a look at your claim.
On a more general note, if you have ongoing problems with the eToro platform it is probably caused by connectivity problems, such as an unstable router, a weak wifi connection etc. It is extremely improtant to have a good internet connection when trading because it can seriously affect the execution of your trading orders. I strongly advise that you get in touch with your internet provider and check the quality of your connection.
Also, if you're trading with our downloadable software, please don't forget that we also have a web-based platform, the eToro WebTrader, which will often work better with slower internet connections.
Once again, please accept our sincere apology and we hope to hear from you soon.
Laura, eToro Team
I have been trading with this broker for couples of months, on and off. Sometime I was happy with their services but not always. It is of course good that they did compensation when there were problems with our trades and ultimately this had caused the lost. However, it could really take a long time to resolve a problem, without any reasons. I had my account manager gave me a hand to resolve the problems most of the time. I have currently a case problem and was told not to be able to get compensation. I contacted my account manager and he however ended up to request me to close my account if I was not satisfied with etoro. I found this is kind of rude. He just did it without discussing with me. He asked me to pull out all my trades and my account will be closed within 24 hours. If he is unhappy with me, I will be more than happy to change an account manager. I was not told what has happened but just to close my account. Could anyone please tell me whether he is doing the right thing? Or the etoro is just avoiding to make me compensation?
Thank you for taking part of our investment community and for taking the time to review our platform. I’d like to address the issue you raised here about your eToro practice account. The kind of incident you described could only have happened on the weekend during historical rates mode.
Allow me to explain. During the week, when the markets are open, our demo mode operates with the same rates as our real trading platform, i.e. live market rates. However, over the weekend the markets are closed, and since we want to provide our traders with the opportunity to practice over the weekend, the demo mode switches to historical rates. When you log into the platform on the weekend, this is clearly indicated. Historical rates means that the rates you’re trading on are real rates from the past, and therefore they might not correspond to the current market rates.
If you want to avoid this rates shift in the future, I would suggest that you close your open trades when the markets close and open new trades over the weekend.
I hope this clears things up and I wish you happy trading,
Laura, eToro Team
I've been using etoro for about 2 months, now. When I have lost money, it was because of my inexperience and because of being a beginner at the forex/commodities trading game. In that time I have learnt a lot, though, and am pleased with the progress I have made.
So how does etoro stack up? Pretty well, so far. I do appreciate how etoro have gone out of their way to simplify something that is actually very complicated. Well done to them, on that score. But, as a direct consequence of their success in simplifying things, they do attract beginners, such as myself, and other people who don’t know the first thing about what they are getting themselves into - many of the complaints I see here seem to be from people who don't know what they are doing and are looking for someone to blame.
I do not only have good things to say about etoro, however. While the “REAL” trading account I have with them has worked as it should for me, the “PRACTICE” account has some serious issues. And they are issues that give me cause for concern.
I started my practice account with them at 10,000USD (if I remember correctly). One short week later I was up to 75,000USD. Pretty good, huh? No. I had a look at my trading history and noticed that I had won huge amounts of money on four consecutive trades when etoro had said the price of the commodities I was trading had gone to ridiculously low levels and I had, as a result, made huge profits on the trade. Allow me to elaborate.
Here are the details of one of the trades (the others were similarly ridiculous):
On 21/06/2011 I opened a Silver SELL position at 36.18. I bought $1,000 worth, and leveraged it at 50X. That’s 1,000 units. Etoro automatically closed my SELL position, a day later, at a rate of 20.62 for a profit of $15,610 and a gain of 1,561%. For anyone out there who has been watching the Silver prices for the last few months, that rate of 20.62 is clearly ridiculous. It also is absolutely false. It didn’t happen. Go and look for yourself when last Silver was priced at that level. I bet you anything that that kind of error in my favour would not happen on my REAL account. I wish it would.
So, my question is this: Why would etoro allow me to believe I had made such huge profits, within my first week of trading, with my PRACTICE account? Is it to make a silly beginner, like me and many/most of the people using etoro, believe they’re naturals and to then deposit large amounts of money and start trading for real? Looks like it to me. The other option is it was a bug. And who wants a bug messing with their real money when they’re doing real trades. Not me.
I would have uploaded a screenshot if I could have. I have the proof and it looks really dodgy to me. Anyway, an official response from etoro would be nice. That seems to happen on this review site. I’ll check back in a few days. Thanks.
There seems to be a misunderstanding because eToro definitely doesn’t charge spreads twice.
The spread is the difference between the buy and sell prices, so you don’t actually get “charged” a spread, it simply occurs because of the differences between the price at which you buy the pair and the price at which you sell it when you close the trade (or vice versa).
To take your example, if you buy a pair at 1.4445 this is the eToro buy price, there’s no difference between “eToro rate” and “user rate”. If there’s a spread of 5 pips on this particular currency pair then the sell price at the moment you bought it will be 1.4440. Now, if the price goes up by 5 pips then you’ve covered the spread, if it goes up by 10 pips to 1.4450 then you’re in the profit by 5 pips (the actual profit depends on the amount of lots you have bought).
I think your mistake is derived from assuming that we charge any kind of spread when you open the trade. The fact is that the spread is only “charged” at the end when you close the trade because it is only then that you’ve completed the buy and sell transactions and the spread is therefore realized.
If you go back and make another trade at eToro, I’m sure you’ll see that this is the case. You can also talk to our other traders through the eToro chat to confirm that this is how it works. And of course, you’re welcome to contact our support team at any time.
We wish you happy trading,
The eToro Team
Etoro is a low quality broker that is extremely greedy on its spreads. It claims to have low spreads however after you apply the hidden charges you can lose alot of money very quickly than other more professional brokers.
The way etoro's trading plaform works as a revenue generator is by applying a spread to each trade.
buy 1.50 User
Buy 1.45 Etoro
Users sells at a profit of 1.55
Etoro sells at 1.55
You would have thought that the $5.00 spread that is explained at the start of the trade would be enough for etoro. But unfortunately its not they not only apply a spread at the start of the trade but also on the exit
the system works for the user buy to buy price minus sell price.
so if a user enters a trade at 1.50 and leaves at 1.55 with a $5 gain the user then has to cough up the sell charge which loses him his profits and in turn makes etoro very rich.
Its a shame that the customer service staff lie buy telling you that they only charge a spread once. However this is not the case.
Avoid Etoro and use a professional and more trustworthy broker.
Cyprus the home of money laundering!
Profiteering at its worst.
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