eToro is an online forex broker. eToro offers the OpenBook and WebTrader trading currency platforms. eToro.com offers currency pairs, gold, silver, and oil for your personal investment and trading options.
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- Not guilty0
Not a Scam, but a very bad company overall
Etoro is probably not a scam, but their business practices are extremely bad, plain and simple.
-Super nice customer service BEFORE a deposit is made. AFTER the initial deposit, customer service is just hell.
-Complicated process to verify account.
-Extremely difficult to WITHDRAW money. I do believe that any good financial-related company should make withdrawals easy once account is verified. eToro is just horrible in this area.
-BEING REGISTERED IN CYPRUS IS THE SAME THING AS NOT BEING REGISTERED.
Don't pick this company if you value your hard-earned money.
Don't TRUST the positive reviews (written by eToro employees).
It looks like a good website until you want to withdraw your money and need the customer support for help. I'am waiting a month now to get my money back, but it's still not on my account.
I've made 5 withdrawals starting in 25th of April, I waited till 10th of May, nothing received!
I told my account manager about that, then I've received email from etoro telling me that there was a technical issue and they solved it and I will receive my withdrawals in 5-8 business days.
After 9 business days I still not received any thing, so, I sent to customer service about this.
they told me that your withdrawals have been processed successfully in the 1st date that you made the withdrawal!
I don't understand how they told me in the 1st email that there was a technical issue delayed the transactions and in 2nd email they said that there wasn't a problem!
After this, I post on etoro asking about how to complain about this, and I blocked.
Etoro, not a broker that I would recommend!!
I didn't stay with Etoro very long as I only took it out to join a signal provider, which is another story, however I decided to withdraw all my funds from Etoro, but found it very difficult to find how to withdraw funds, I ended up having to email support, after a few days they refunded my deposit, less €10 as a fee, this is the only broker I have come across that takes €10 fee on a Visa card withdrawal, not a recommended broker from my point of view!!
Also, to add to this, I didn't like the platform they had as I have been used to MT4!
They keep almost all the profit
I know this company is in ISREAL but damn they really really are cheap!!! PAMM accounts usually pay around 12% of gains to master investors, etoro refuses to use a percentage, and instead uses very very very low dollar amounts. You are also forced to stay at that super low amount for months. They offer you 50% rebate AFTER 6 MONTHS, you can get up to 50% rebate right away just by signing up and using cashbackforex and many brokers!!!!!
They also charge for withdrawals. And they limit the amount that people can invest in you. There is serious money made in people following professional investors. At etoro, the professional investor does not get it, the follower does not get it, so whos left? eToro!
P.S. I recall about 4 forex brokers closing and taking everyones money in recent memory, all were from isreal. This is the only broker I know of that is still operating.....for now.
If you choose to deposit your money with them, good luck.
I'm surprised to see so many overwhelmingly negative reviews of eToro.
One thing I agree on is their OLD platform was MUCH better. It's now very "social" trading oriented and not like a professional Managed account.
However, you can still find SOME Good traders on there. It's not their fault if the traders are bad, but they obviously don't vet traders, which is unfortunate. Their support is also a bit dicey, but they do have some good traders and my portfolio is up overall.
Withdrawals also processed successfully two times, it does generally take 2-3 business days.
I'm glad I withdrawn my invested money and the remaining I have is just bonus
i used to be good some years ago, but it obviously started to decline using the philosofy of "always improving" they destroyed the webtrader and openbook melting them in the html5 sh**t they offer now,, I'm glad to be able to use "old webtrader" until now, but for sure it will be removed soon.. regarding the spread stuff they are too high and before the smallest gust of volatility spread grows 100%,, not to say the new slippage stuff that now is available as the footprint you leave on "openbook" can be modified on realtime, you are no longer able to set a Take profit rate that could men a gain above 100 percent of your invested amount, (it doesn´t matter if you planned for a year), and yo can't place an order with a high leverage but a distant SL so you won't be able to re-utilize your money when your position goes green,, all this cheats are for you not to be able to benefit from the money you borrow (but you still pay very high daily fees),, everything has been set to refrain you from gaining and make you loose money for everything that happens
eToro Scam - cancelled withdrawal
username: @justsohail ,,
Etoro Cancel my withdrawal of $1283 saying that they have terms of promotion that if you withdraw initial deposit we will cancel profits and bonus as well. there is no such term is still available in etoro promotion terms.
Received reply from etoro representative 'Anastasia' during chat.
''As stated in our terms and conditions, once you start trading, you are first investing your real funds. Once the real funds are either used up or invested into position, you start trading with the credits. According to our finance department, you have withdrawn the initial deposit which was associated with promotional credits, therefore we have deducted the credits and the profit as well'', Does this make sense? if I have withdrawan initial deposit etoro have a right to cancel any bonus related to initial deposit but not to cancel profits as well.
Once you join up they sell your personal details to other companies. You'll be pestered forever by cold callers trying to sell you investments and other s***. The site itself is ok as a learning area for beginners nothing more which is why I give 2 stars.
Etoro stole money
Etoro was a nice platform some time ago. I have recently discovered they stole my money. A friend of mine who was stolen too told me that the bonus money they gave us for recruiting people was taken for etoro. The first thing I thought was: How could they know which money is actually a bonus and what money is from my own? Total disaster. Soon I will post about the withdrawal of the money I have on etoro yet. I hope that the rest of my money can be recovered. Some advice about all this? Thanks,