Complaint by a Multi - ETORO set prices to ensure you lose your money

michael.rom

Multi of Vanessa.P
Messages
7
I’ve used the site for around 12 months and everything seemed to be as it should be. I recently speculated on the Turkish Lira situation and opened a trade buying USD/TUR. It went well but my mistake I didn’t adjust the Take Profit and Stop Loss settings and the position closed, in profit, when I would have rather it continued. I reinvested having missed a big gain and this time set the TP and SL. The Stop Loss was set at $1600, about 50% of investment but when the price fell rapidly my position closed at a loss of $2600. The price fell quickly so I just assumed EToro closed as quick as possible and accepted the loss. I then opened a Sell position to take advantage of the falling price. This started to go well and the price dropped quickly potentially giving me a big profit. When I checked my portfolio the position didn’t show. My history showed the position had again been closed at a loss. eToro’s explanation is that although the sell price and their own charts show everything in my favour, they closed my position at the buy price which I have no way of checking. They claim that the spread was over 5 times the normal spread and although the sell prices was rapidly dropping the buy price must have been rising at 5 times the rate. I have yet to try to withdraw funds but am currently closing all my positions and will provide an update if I have any difficulties. My advice is, do not use this site if you plan to set stop losses to reduce your risk. They dictate prices to close your positions at a loss. If you say you don’t want to lose more than $1,000 you will lose guaranteed.

I note there is still no explanation as to how the buy and sell prices can move in completely opposite directions. The chat on the eToro site also complains about the same thing so obviously happens to a lot of people.
 

FxMaster

Lt. Colonel
Messages
11,170
I’ve used the site for around 12 months and everything seemed to be as it should be. I recently speculated on the Turkish Lira situation and opened a trade buying USD/TUR. It went well but my mistake I didn’t adjust the Take Profit and Stop Loss settings and the position closed, in profit, when I would have rather it continued. I reinvested having missed a big gain and this time set the TP and SL. The Stop Loss was set at $1600, about 50% of investment but when the price fell rapidly my position closed at a loss of $2600. The price fell quickly so I just assumed EToro closed as quick as possible and accepted the loss. I then opened a Sell position to take advantage of the falling price. This started to go well and the price dropped quickly potentially giving me a big profit. When I checked my portfolio the position didn’t show. My history showed the position had again been closed at a loss. eToro’s explanation is that although the sell price and their own charts show everything in my favour, they closed my position at the buy price which I have no way of checking. They claim that the spread was over 5 times the normal spread and although the sell prices was rapidly dropping the buy price must have been rising at 5 times the rate. I have yet to try to withdraw funds but am currently closing all my positions and will provide an update if I have any difficulties. My advice is, do not use this site if you plan to set stop losses to reduce your risk. They dictate prices to close your positions at a loss. If you say you don’t want to lose more than $1,000 you will lose guaranteed.

I note there is still no explanation as to how the buy and sell prices can move in completely opposite directions. The chat on the eToro site also complains about the same thing so obviously happens to a lot of people.
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread " Tutorial: How to Invite a company to your thread. " Will help you to find out.

Note 1: The invitation button will be enabled when your first post reaches 4 days old.
Note: 2 You need to make a second post in this thread to enable the official invitation option.
Note 3: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
Note 4: Make sure to follow the suggestions correctly, when you do it correctly you will get the below message in your thread automatically.

OP Screen shot.jpg
 

FxMaster

Lt. Colonel
Messages
11,170
Till then follow the below-suggested options to draw their attention on your issue

Invite them to join this thread via email (Send an email to every possible address).
Go to their website and invite them to here via Live Chat

You will find their email and address here https://www.etoro.com/en/customer-service/contact-us/

Also, share your story as a review here https://www.forexpeacearmy.com/forex-reviews/3731/www.etoro.com

You can also share your story on their social media pages mentioned below:
https://www.facebook.com/eToro

https://twitter.com/etoro

https://www.linkedin.com/company/167277/?trk=tyah

https://www.youtube.com/etoro

https://www.instagram.com/etoro_official/
 
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