eToro review- Social investing platform pros and cons and traders ratings.
Unstable, Unfriendly, Paranoid 1 star eToro review by binarybehemoth, Malaysia
I can't remember how many times clients have complained that their customer service tickets have not been solved but have been marked as 'resolved'. I doubt they ever read your tickets.
If you ever publicly complain about their service, they may block your right to post permanently, and told you it is a technical problem they are trying to fix. If you try to introduce others to another platform, they will just flag your comment as spam and then remove it.
What is eToro?
eToro is a forex and crypto broker known for its advanced proprietary social investing and copy trading platform. Unlike other similar services, eToro does not support any automated trading and requires stop-loss and take-profit levels set with every trade. (These restrictions may be considered both as pros or cons based on your investment objectives and strategy.)
eToro holds FCA(UK), ASIC(Australia), CySEC(Cyprus) regulatory licenses, and also registered with FINRA, SEC, and SIPC (US) as a money service business (not a full broker-dealer). eToro is also present on NASDAQ with FTCV (FinTech Acquisition Corp) ticker.
The range of eToro trading instruments is constantly increasing. In addition to Forex and CFD products eToro offers non-CFD Cryptocurrency trading, non-CFD US Stocks trading, and non-CFD International Stocks trading, over 3,000 symbols altogether.
For traders who allow other investors to copy their trades eToro has the Popular Investor Program with the compensation ranging from Cadet to Elite level (2% of Assets Under Copy annualized). For passive investors eToro offers CopyPortfolios - ready made bundles of assets based on the predetermined strategies and rebalanced regularly.
eToro had a comprehensive trading education and market news and analysis. But notable features are the the twitter-like feed of collective commentary for each trading instrument and also the sentiment data that is only based on the top eToro traders.
Please read eToro Reviews below and share live trading experiences with this social trading broker.
Broker Details
Minimum Trade Size: | 0.1 |
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Maximum Leverage: | 30:1 * |
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Minimum to Open Live: | $50 |
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Established: | 2007 |
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Address: | 24th floor, One Canada Square Canary Wharf E14 5AB London, E14 5AB, United Kingdom |
Contact: | info@etoro.com.au, +44-866-350-0881 |
Regional offices: | |
Regulators: | ASIC #491139, CySEC #109/10, FSA-S #SD076, FCA #FRN 583263, FINRA #CRD#: 298361, SEC #8-70212, SIPC # |
Prohibited countries: | Show all >> |
Trading platforms: | eToro trading platform |
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Web Trading: | ✅ Yes |
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Mobile Trading: | ✅ Yes |
Currencies: | (45+) |
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Cryptocurrencies: | (55+) Bitcoin, Litecoin, Ethereum |
CFD: | (2815+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities |
Trading Conditions |
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EAs/Robots: | ❌ No |
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Copy Trading: | ✅ Yes |
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Deposit Methods: | Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Giropay, Local Bank Deposits, Local Bank Transfers, Neteller, PayPal, Skrill, UnionPay, WebMoney, Yandex Money |
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Withdrawal Methods: | Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Giropay, Local Bank Transfers, Neteller, PayPal, Skrill, UnionPay, Yandex Money |
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Recent User Reviews of eToro
Etoro investigated by Europol: Anti Laundry Policy and Misappropriations
This is my experience:
I sign up on July 2021, eToro verified my account and position (they accepted I am temporarily unemployed as I am taking care of my father and to invest family money) and suddenly, when market started to fall eToro notified me on 14th January 2022 an "important verification on your account" message. After 3 months, after 9 months after the registration, eToro told me that my account has to be closed as my money provenance is illegal and as I cannot be a client and refund me just a 40% of my money, refusing to transfer my stock shares to another financial institute or bank.
Indeed, their Argentinian agent Tali Salomon proposed me to rest eToro client (with supposed illegal money) for a maximum term of 3 weeks more, but I refused to sign any scam agreement that would have increased all my risks, because my investment contract never contained a term, decided by eToro. I had to denounce all these happenings to CYSEC, CONSOB, CNMV, ESMA and Police.
Many victims are contacting me because of the 2eToro scheme of anti laundry policy".
PEOPLE REALLY TAKE CARE!
Total Thevies
Waiting for refund
Unstable, Unfriendly, Paranoid
I can't remember how many times clients have complained that their customer service tickets have not been solved but have been marked as 'resolved'. I doubt they ever read your tickets.
If you ever publicly complain about their service, they may block your right to post permanently, and told you it is a technical problem they are trying to fix. If you try to introduce others to another platform, they will just flag your comment as spam and then remove it.
Cant Withdrawal
Now im trying to witrhawal all the money and they had processed the payment but never received on my bank account, even asked the Bank manager and nothing pending. There is a ticket Nr 01519927 since 30 days and im not having any reply and still waiting my funds. Dont really understand why they take so long and no response.
What should I do ? Any help is welcome.
I sent 200euros less or more of BTC, for the purchase of an iPad, which was regularly listed on an second had website, the seller, convinced me to pay via BTC, and I was stupid enough to let me scam, because I never received any item.
After some days, I received another email saying that ETORO were no longer able to offer me any service, that all my position would be closed automatically after 72hour.
Now this countdown is gone, my positions are still there, I sent part of the requested documentation asking details to give ETORO more, I sent something like 7 messages trying to settle the situation because I HAVE DONE NOTHING OF WRONG, I'm not a criminal!
BEWARE FROM ETORO
Terrible broker, manipulative of position & unable to withdraw when u profi
When u made profit, they will try to block you to withdraw your money even if your account is verified. I’m unable to withdraw my USD330,000.
Let’s file a dispute with ombudsman and see how to recover my fund.
They do manipulate trading data and close your trade when it is profitable.
I suspect they will just pocket all the deposit since 75% user are making losses with them.
All your investment in etoro will not go through any exchange when u traded. They just pocket all the money. So when u make money, u can’t withdraw. (You May withdraw only if ur sum is small).
Illegal practice
Good experience overall
Like a position closing because a spread opened 50 pips, that is what all traders that use spreads do when there is a difference between askers and bidders, and if 50 pips closed your position maybe you were already very deep in red or should use less leverage.
Others say that they manipulate the prices to trigger stop losses, I have never seen this once, and I trade on 3 different platforms, eToro never varied significantly compared to other platforms. Prices can have huge volatility, the biggest record Ive seen is 200 pips in 5 minutes on the GBP/USD, and you have to prepare for such movement before opening positions.
I have never had a single problem with withdrawals, deposits or verification either, though it is quite annoying that they ask for so much information and their customer service is very slow if you dont deposit at least $10,000.
With that said, let me point the problems I had with eToro, that in no way mean they are scam. They have a very slow support team, although they usually solve your issues with no problem. No scalping allowed. They have a minimum $25 investing, which limit how I can invest my money. They also had a minimum 4000 units position but it has now been reduced to 1000 as standard by other brokers. They close the market 30 minutes early on Friday, not allowing for extra investment. You can only have your money in one currency, I usually keep it between AUD USD and GBP with other brokers, to avoid depreciation. They force you to put a stop loss at 50% the position and a take profit sometimes limited too during high volatility, like oil earlier this year. This makes it very hard to use 400x leverage and avoid doing unintentional scalping or having the position close too early. Withdrawals are sent to the last payment method used by default, and I cannot send it directly back to my bank to avoid fees. Their website and app lags a lot. The social feature is very lacking
With that said, my experience has been overall good with them, but I can only speak about forex and their copy trading system. If you are planning investing like that, I recommend the broker.
Bad Service
Case Number: 01419843
Frequently Asked Questions
Is eToro legit?
- eToro (Europe) Ltd. is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) under the license # 109/10.
- eToro (UK) Ltd. is authorised and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
- eToro AUS Capital Pty Ltd. is authorised by the Australian Securities and Investments Commission (ASIC) under Australian Financial Services License 491139
- eToro (Seychelles) Ltd. is licenced by the Financial Services Authority Seychelles ("FSAS") under License #SD076
- eToro USA Securities, Inc. is a broker dealer registered with the Securities and Exchange Commission (SEC) and a member of Financial Industry Regulatory Authority (FINRA) under License #CRD#: 298361.
- eToro USA is operated by eToro USA LLC, which is registered with FinCEN as a Money Services Business.
Is eToro legal in USA?
- eToro USA Securities Inc, offering Securities trading, is a broker dealer registered with the Securities and Exchange Commission (SEC), and a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).
- eToro USA LLC, offering Copy Trading, is registered with FinCEN as a Money Services Business, not a member of FINRA or SIPC.
What is the minimum deposit for eToro?
- In general, the minimum first-time deposit is $200
- For residents of the USA, the minimum first-time deposit is $50
- Funding your account via Wire Transfer, the minimum first-time deposit is $500.
- For residents of Israel, the minimum first-time deposit is $10,000
- For a corporate account, a minimum first-time deposit of $10,000 is required