eToro Review

1.707 · 225 REVIEWS
Updated: Jan 19, 2021 · eToro.com  · Is this your company?

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro

Broker Details

Minimum Trade Size: 0.1
Maximum Leverage: 30:1
Minimum to Open Live: $200
Established: 2007
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, FCA #FRN 583263
Prohibited countries:
Trading platforms: WebTrader
Web Trading: Yes
Mobile Trading: Yes
Currencies: (45+)
Cryptocurrencies: (30+) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Other Precious Metals, Stocks, Oil, Other Commodities
EAs/Robots: No
Deposit Methods: Bank Wire, VISA, MasterCard, Giropay, Local Bank Deposits, Local Bank Transfers, Neteller, PayPal, Skrill, UnionPay, WebMoney, Yandex Money
Withdrawal Methods: Bank Wire, VISA, MasterCard, Giropay, Local Bank Transfers, Neteller, PayPal, Skrill, UnionPay, Yandex Money

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1.707 · 225 REVIEWS
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Traders Reviews

argentina, Argentina,
Jan 18, 2021,
Registered user

Cant Withdrawal

Service use: Live

Length of use: over 1 Year

Im investing in etoro since 2020, My account was verifyied and my deposits where accepted really fast. I made some investments and made some profit and made the first withrawal with no problems.

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.
 
Rome, Italy,
Jan 18, 2021,
Registered user

Service use: Live

Length of use: over 1 Year

I received on the 27 November an email ETORO where my etoro wallet was blocked, I was asked my relation with a specificif bitcoin address.

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

More. Community discussion of this issue >>

 
Sg, Singapore,
Jan 3, 2021,
Registered user

Terrible broker, manipulative of position & unable to withdraw when u profi

Service use: Live

Length of use: over 1 Year

Bad customer service and when u open ticket to enquire something, they will just reply standard Automatic reply (like no reply) And then close the ticket / mark it as solved. Very bad follow up and slow in reply.
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).
 
Netherlands, Netherlands,
Dec 30, 2020,
Registered user

Illegal practice

Service use: Live

Length of use: over 1 Year

From one day to another eToro announced it will cease its cryptotrading a month later for all Dutch users as they failed to acquire a permit on time. They blocked wallets, and dont allow for transfer of assets, and only allow us to sell our positions by the deadline date. Please stay away from this platform as they will throw their Clients under the bus due to their own incompetence
 
Ecuador, Ecuador,
Dec 15, 2020,
Registered user

Good experience overall

Service use: Live

Length of use: over 1 Year

Im not saying eToro is perfect, but Ive been trading forex for 3 years now and have never had any problem with positions getting closed. Now there is probably some people here that have lost their money with eToro and I appreciate their reviews, but most people here are just people that lost their money because of bad management.

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.
 
Bloemfontein, South Africa,
Dec 9, 2020,
Registered user

Bad Service

Service use: Live

Length of use: 0-3 Months

Opening account and depositing money is easy. Verifying account is impossible. I have sent color scan of all of my identity documents(ID, drivers licence etc.) and they reject it immediately. They have now closed all my open trades. I contacted client services but they take days to get back to you with vague/generic answers that don't help at all. So my money is now stuck and I cannot even trade it. Now they want me to deposit more money before I can trade again?! What kind of a scam is this?
Case Number: 01419843
 
tarragona, Spain,
Nov 6, 2020,
Registered user

Cant close a position

Service use: Live

You cant reach to the customer service or help...They should really take care of the customers or clients.
 
uruguay, Uruguay,
Sep 20, 2020,
Registered user

Bad

Service use: Live

Length of use: 0-3 Months

Stay away, they let you lose but not win.
It is designed to empty the pockets of newbies.
 
Victoria, Australia,
Aug 10, 2020,
Registered user

Price manioulation, taking money off your account when they made the mistak

Service use: Live

Length of use: 6-12 Months

Worst broker ever, never thought this was gonna happen with me. SPX 6000 pips off the mkt. Ignores my SL and also take money off when they made the mistake... Dont use this broker never...
  1 trader has found this review helpful
Melbourne, Australia,
Aug 8, 2020,
Registered user

Nice platform, but expensive

Service use: Live

Length of use: 0-3 Months

Etoro has a nice easy to use platform and is good for beginners. They have a lot of useful features and the option to copy trade other traders. Sounds great, but from my experience, the traders I copied were always inconsistent. They had huge withdrawal fees and restricted where I could place my TP and SL, which I didn't like.
It's not a bad platform, but I didn't stay there too long.

May 19, 2020 - 3 Stars I think this platform is good for newbies getting into trading as the platform is easy to use and it has lots of great features like professional trader opinions and copy trading. I did find it a little restrictive though with limits where I could place TP and SL and expensive fees.
 

Frequently Asked Questions

Is eToro legit?

eToro Group is regulated in 3 countries.

  • 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 Licensce 491139

eToro possesses a virtual currency license in the USA and is currently rolling out cryptocurrency trading across the USA.

In terms of financial services, eToro is not regulated with any USA financial authorities.

What is the minimum deposit for eToro?

eToro requires a minimum first-time deposit ranging from $50-$10,000 depending on your region and country regulations.

  • In general, the minimum first-time deposit is $200
  • For residents of Australia and 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

Can I deposit bitcoin to eToro?

Yes, eToro supports sending or receiving crytpo to and from other wallets, provided they are supported by the eToro Wallet and in line with the applicable Terms and Conditions.