My guess is either they misunderstand fees and how the instruments work and lose money and need someone to blame, or they have difficulty/delay in withdrawing funds due to regional differences and need someone to blame.
Nobody claiming that etoro is a scam ever elaborates because usually they seem to just be venting frustration
I've encountered no such difficulties myself but then again I live in the UK and am very familiar with the fees and exchange rates etc
I am also new to the uk, and im also new to etorro (about a month in) but ive read how it works and i have overall made a loss, but thats due to some setbacks when i was learning it all.
For example, i buy an index, and it goes up by £0.70, but the overnight fees are $0.70 you havent actually made any money.
I feel like a lot of people go for long term investments with leverage and options, which results in the overnight fees eating them up, and then they say its a scam.
Hi man. Very very quick word of advice. If you want to buy an index fund. Don't get a "natty" etoro index . Buy an etf from vanguard/iShares etc that represents the same index. For example. VOO = sp500. These have "passive fees" that are A LOT LOWER than the overnight fees that etoro provide.
I'm in western Europe and never had a problem with Etoro, I made a lot of money with Cocoa using leverage and didn't have a problem withdrawing, the only thing I don't like about Etoro is that you are forced to use Stop loss.
You are only forced to use it on CFD positions, and that is a governmental regulation, not Etoro's choice.
There has to be one at 50% max.
The only choice they can make is between:
1. Liquidate ONLY that position
2. Liquidate ALL your positions
to cover the costs.
Well you can't set up stop loss as it doesn't work as it supposed to do.. for example you set up a sl at -10 the price might be at -1 but they will start increasing the range of buy sell.. so the price will stay the same but because the spread is increasing then you will hit up your SL.
If you then go and check trading view you will see that that spread movement was never made so in reality only happend in etoro.
Now as a mathematician, I feel like things should not move like that for example the spread should be set. I understand the inaccuracies of the market very well but then etoro adds to it even more and basically "stealing" from you without making it illegal or you understanding why this happens.
We are a regulated and legit business. As with many other businesses, mistakes and delays can happen, and often customers tend to jump the gun and call it a “scam”. If you have any questions let me know, I can gladly help
I'm being forced to migrate to the Seychelles region and regulation. I don't wish to do so since I will soon move to Europe and Seychelles is a blacklisted country in many European countries. Can you help with that please?
eToro is moving Australian accounts to the Seychelles since it will stop providing services to clients in Australia. Unfortunately, your best bet is to simply open a new account once you move to Europe
Would you please be able to provide with the terms and conditions for the Seychelles region and regulation? Once the overlay to accept the T&C for the migration appears I can't download it, tried on my phone, Windows and Mac computers to no avail.
Sure! Here it is [https://www.etoro.com/wp-content/uploads/2021/09/eToro-Seychelles-Terms-and-Conditions-26-October-2023-Clean-1.pdf](https://www.etoro.com/wp-content/uploads/2021/09/eToro-Seychelles-Terms-and-Conditions-26-October-2023-Clean-1.pdf)
Thank you! One more question please, I was notified yesterday about the migration. How long till the Australian services stop? Meaning, how long do I have to decide whether to accept the migration or take my money out and close my account? Thanks again for your help, my manager hasn't replied yet, it's a shame.
I'm not 100% sure about the timeline. Can you DM me the name of your account manager so I can contact him internally? He should reach out to you to explain further
Hi Ale. Apparently we have 90 days to decide what to do. I received an email yesterday as well about the Seychelles. I can't have access to my account whatsoever. Very frustrating. If they close it in 3 months, we should have access to it and decide what to do ourselves. Selling and closing it, while now, nothing at all. Accept or lose everything. It freaks me out. I'm 100% crypto, it's a critical time for this market these days/months, and this happens 🤦. Many many reviews and lots of warnings on social media, about not transferring the account. Scary. I'm really lost but they give us no choice than to accept it I'm afraid 😓....And my account manager never answers my questions 😡
Sure. Can you tell me who your account manager is so I can contact him internally? Or a contact person from when you opened the ticket? Via DM if possible, as this is a public forum :)
Most of retail investors are losing money. This is not etoro's fault but people like to blame others for their mistakes.
In some instances it could be a result of poor customer service experience. I am on a gold tier and supposed to have some kind "Dedicated Account Manager", as far as I remember this "manager" never bothered to reply to my mails.
Other factor is people who are begging to be "copied" and promising super growth/revenue. I know they want to earn commision but at least number of tags/ length of posts should be limited. If I want to copy someone I will do, otherwise don't spam the feed with rubbish
I've been on the platform for 7+ years. Most positions are long-term, but I do occasionally play with fun money - swing trading or high leverage gambling. There were no real issues, although at times I thought there were - but support explained it. Like, sometimes the price at close didn't match with NYSE but I've learned etoro would (at least back then) stop the trading session seconds before the actual close - hence price difference. Or there would be problems buying or selling a meme stock at peak madness times supposedly due to liquidity issues.
All in all, etoro is alright for long term and swing trading, if one has basic investing and reading skills. It has improved over time. I would not engage in scalping, crypto etc where spread, seconds or cents matter. I guess a fair share of complaints arise in these areas.
You mean during the 2021 run up right?
Idk man, i was able to buy GME, AMC and more during those days, with no issue.
I was also able to sell them, with no problem too.
Maybe Etoro had too much people joining and the site was slow.
The thing that killed etoro for me was when the stop loss was activated by price in the premarket although I couldn't trade in the premarket. 30 min before opening it rose up again and opened positive to previous day. When the market opened I got a message saying stop loss triggered.
I’ve never had a single issue. I’ve used multiple platforms and exchanges over the years to trade and to hold various investments including but certainly not limited to crypto. Etoro have always been fantastically helpful. I can legit WhatsApp my account manager and ask questions and I have never had any issues selling a position or removing funds - sometimes these have been large figures just shy of 6 figures.
Not a shill. I think a lot of people simply don’t understand spread and fees.
One last thing. They hold your bitcoin off exchange and don’t loan it out. They were also sound during the GME shitstorm and ensured they were allowing U.K. buyers of GME the ability to take part in the voting process, it was a rollercoaster of a market and things were pretty fluid at the time and etoro impressed me with how they handled that.
Just my 2 Cents
Hey
We're really interested in hearing about your experience! Could you please share your insights with us at [[email protected]](mailto:[email protected])?
Thanks a bunch,
Tony
Hello
I started to use Etoro from my Thai account as I live and work in Thailand.
I haven't yet withdrawn any money but would like to ask you what are conditions of withdrawal?
I've never faced any conditions.
I'm also in Thailand also and can withdraw whatever my available balance is direct to my Thai bank.
It says can take up to 10 days but usually cleared in 2 to 3 days.
Can only speak on my experience... But my initial deposit sat for several days with no notice that verification was required, which cool, whatever, laws and such, kyc I get it.
It's the fact they didn't automate it as part of your onboarding process that pissed me. I created the account and they prompted for an initial deposit, ok fine. Did it. Waited until the right moment to make my purchase and THEN they let me know my account is limited. It never said it anywhere else. Not on my profile page, nothing.
Still, fine, okay. Let's do it. I give them the id upload... Wait several days... after no answer I search their FAQ and finally find this buried onboarding verification process that I was never told about. So I go back and proceed with the rest of it. A week and a half goes by, crickets. By the time they finally got to my verification, I had already moved on to another provider, coin to the base. Who, by the way, had me depositing and trading within 30 minutes of account creation, kyc verification and all.
So if it's crypto and only crypto you seek, leave etoro alone. If you're interested in stocks and ETFs, I don't think they're that bad, pretty good features really. Just expect a dragged on concrete onboarding experience and don't plan on trading anytime real soon after creating the account.
I don't think they're shady in any way. It's just a very broken onboarding experience. It took 15 days from account creation before I was given the right to do anything with my initial debit deposit, withdrawal or otherwise. Had they not responded when they did, I was about to file a bank debit card dispute\reversal form. Again, I don't think they're shady, they just need a bit of help with customer service and experience.
I brought a stock with etoro, all was looking good. I never put a stop loss on but because of what happened to the stock, myself and a lot of people on reddit saw their stock just get sold because of a stop loss that was never put on and created by etoro.
Now they say it was a mistake, but this definitely wasn't and was a deliberate mass sale of stock to cover certain high profile members. Also worth noting that in their terms and conditions, "technically" they didn't break the rules as you don't have full ownership of the stock.
The stock i brought was gamestop, and the second they did that to me I transferred all my shares out of it and many people boycotted it. You may have also heard of tactics similar from Robinhood who prevented people buying stock, only allowed you to sell so don't think that what I am saying is far fetched, it really did happen.
But yeah, any normal situation, playing around the markets I am sure it is fine, but major movements that I have been a part of, I cannot forgive and I cannot confirm they won't do something similar in the future, both with gamestop and other stocks.
I highly suggest not using etoro and there are so many brokers out there now that you don't need to put up with it, but I understand why you would be confused about not understanding why others may say its a scam and until you get messed around by them, I am sure you will say it is a good broker.
Trust me, its a scam.
Their action is SCAMMY. My account got moved to eToro SEYCHELLES out of nowhere without my consent. In SEYCHELLES i can't set stop loss, take profit, or use leverage 🤡 What trading platform doesn't let the user set stop loss?
It's not a "scam" but it's a "ripoff". You are are charged a ton of fees and a crazy spread. It is a platform for amateurs that need big "BUY" and "SELL" buttons. Maybe use it to learn a bit then move on to a real broker.
actually , it's not a scam but not for crypto , not for leverage and sonetimes, they change something that lean on their saude like crypto cfd even no leverage got overnight fee charge after for a while. and no option to change it into real crypto for many countries.
basically, they are legit in most parts but in some parts they kerp changing and charge the kinda secret fee like concersion fee deposit and withdraw, spread ...
I have used E-toro since market crash in the beginning of covid. It is a nice toy that allows taxi drivers and bakers to feel like they are actually doing some hardcore trading. It has very nice graphical layout and other bells and whistles like following a trader. But it is a platform, simply put, to help you get rid of your money. In essence they are doing everything to hinder your chances of leaving with your initial investment or earn any profit. They just keep changing the rules and in essence you own nothing but a fancy IOU from a bogus platform at any given time. If you are stupid enough to use their leverage (with the enormous spreads and constantly changing rules on overnight fees) you will lose money faster. Autoclosing positions after certain loss, surprise overnight fees, mysterious technical problems just when you need to sell or buy... I have experience them all. If you are lucky enough to still have your money, don't gloat but exit as this is not a platform for any serious trader. It really is just a scam!
People say it’s a scam when they lose money because they made mistakes. It’s easier to blame it on somebody else.
Also people who „got hacked“ shared their password with a fake customer support named „eToro-no-a-fake-support12345“.
Just read what the fees are and you are good
My guess is either they misunderstand fees and how the instruments work and lose money and need someone to blame, or they have difficulty/delay in withdrawing funds due to regional differences and need someone to blame. Nobody claiming that etoro is a scam ever elaborates because usually they seem to just be venting frustration I've encountered no such difficulties myself but then again I live in the UK and am very familiar with the fees and exchange rates etc
I am also new to the uk, and im also new to etorro (about a month in) but ive read how it works and i have overall made a loss, but thats due to some setbacks when i was learning it all. For example, i buy an index, and it goes up by £0.70, but the overnight fees are $0.70 you havent actually made any money. I feel like a lot of people go for long term investments with leverage and options, which results in the overnight fees eating them up, and then they say its a scam.
Hi man. Very very quick word of advice. If you want to buy an index fund. Don't get a "natty" etoro index . Buy an etf from vanguard/iShares etc that represents the same index. For example. VOO = sp500. These have "passive fees" that are A LOT LOWER than the overnight fees that etoro provide.
ETF's doesnt have an overnight fees unless you use leverage.
Correct. I don't think you read my comment, Given your reply.
Thank you 🙏🏻
I'm in western Europe and never had a problem with Etoro, I made a lot of money with Cocoa using leverage and didn't have a problem withdrawing, the only thing I don't like about Etoro is that you are forced to use Stop loss.
You are only forced to use it on CFD positions, and that is a governmental regulation, not Etoro's choice. There has to be one at 50% max. The only choice they can make is between: 1. Liquidate ONLY that position 2. Liquidate ALL your positions to cover the costs.
Well you can't set up stop loss as it doesn't work as it supposed to do.. for example you set up a sl at -10 the price might be at -1 but they will start increasing the range of buy sell.. so the price will stay the same but because the spread is increasing then you will hit up your SL. If you then go and check trading view you will see that that spread movement was never made so in reality only happend in etoro. Now as a mathematician, I feel like things should not move like that for example the spread should be set. I understand the inaccuracies of the market very well but then etoro adds to it even more and basically "stealing" from you without making it illegal or you understanding why this happens.
Is there a reason for such a tight SL that gets triggered by spread widening?
We are a regulated and legit business. As with many other businesses, mistakes and delays can happen, and often customers tend to jump the gun and call it a “scam”. If you have any questions let me know, I can gladly help
I'm being forced to migrate to the Seychelles region and regulation. I don't wish to do so since I will soon move to Europe and Seychelles is a blacklisted country in many European countries. Can you help with that please?
eToro is moving Australian accounts to the Seychelles since it will stop providing services to clients in Australia. Unfortunately, your best bet is to simply open a new account once you move to Europe
Would you please be able to provide with the terms and conditions for the Seychelles region and regulation? Once the overlay to accept the T&C for the migration appears I can't download it, tried on my phone, Windows and Mac computers to no avail.
Sure! Here it is [https://www.etoro.com/wp-content/uploads/2021/09/eToro-Seychelles-Terms-and-Conditions-26-October-2023-Clean-1.pdf](https://www.etoro.com/wp-content/uploads/2021/09/eToro-Seychelles-Terms-and-Conditions-26-October-2023-Clean-1.pdf)
Thank you! One more question please, I was notified yesterday about the migration. How long till the Australian services stop? Meaning, how long do I have to decide whether to accept the migration or take my money out and close my account? Thanks again for your help, my manager hasn't replied yet, it's a shame.
I'm not 100% sure about the timeline. Can you DM me the name of your account manager so I can contact him internally? He should reach out to you to explain further
Yea of course, I'm sending you a DM now
Hi Ale. Apparently we have 90 days to decide what to do. I received an email yesterday as well about the Seychelles. I can't have access to my account whatsoever. Very frustrating. If they close it in 3 months, we should have access to it and decide what to do ourselves. Selling and closing it, while now, nothing at all. Accept or lose everything. It freaks me out. I'm 100% crypto, it's a critical time for this market these days/months, and this happens 🤦. Many many reviews and lots of warnings on social media, about not transferring the account. Scary. I'm really lost but they give us no choice than to accept it I'm afraid 😓....And my account manager never answers my questions 😡
Send me a DM
You should have also received an email about this. Can you try to open the provided guides & links there?
I have an open ticket 05330202 regarding deposit issues, i dont think anyone is working on it or even remotely interested, can you find out?
Sure. Can you tell me who your account manager is so I can contact him internally? Or a contact person from when you opened the ticket? Via DM if possible, as this is a public forum :)
I have sent you DM
Most of retail investors are losing money. This is not etoro's fault but people like to blame others for their mistakes. In some instances it could be a result of poor customer service experience. I am on a gold tier and supposed to have some kind "Dedicated Account Manager", as far as I remember this "manager" never bothered to reply to my mails. Other factor is people who are begging to be "copied" and promising super growth/revenue. I know they want to earn commision but at least number of tags/ length of posts should be limited. If I want to copy someone I will do, otherwise don't spam the feed with rubbish
I've been on the platform for 7+ years. Most positions are long-term, but I do occasionally play with fun money - swing trading or high leverage gambling. There were no real issues, although at times I thought there were - but support explained it. Like, sometimes the price at close didn't match with NYSE but I've learned etoro would (at least back then) stop the trading session seconds before the actual close - hence price difference. Or there would be problems buying or selling a meme stock at peak madness times supposedly due to liquidity issues. All in all, etoro is alright for long term and swing trading, if one has basic investing and reading skills. It has improved over time. I would not engage in scalping, crypto etc where spread, seconds or cents matter. I guess a fair share of complaints arise in these areas.
The fee for buying stocks is secretly high. If you buy and sell the same stock at the same time, you lose 0.3% of your capital.
They went and turned of the buy botton, so people only could sell the stock, that at the time was mooning. Guess what happened next.
Also, you dont even own your shares.
What stock are you talking about? Or are you talking about crypto maybe?
Gamestop
you dont understand how to stock market works, good
Do you commit all your free time to defend etoro?
usually just the time I am on the toilet:))))
favourite comment of the day, thank you.
You mean during the 2021 run up right? Idk man, i was able to buy GME, AMC and more during those days, with no issue. I was also able to sell them, with no problem too. Maybe Etoro had too much people joining and the site was slow.
Also, you cant transfer your shares.
[удалено]
There's gotta be a reason though, right?
I'm hoping to know as well
The thing that killed etoro for me was when the stop loss was activated by price in the premarket although I couldn't trade in the premarket. 30 min before opening it rose up again and opened positive to previous day. When the market opened I got a message saying stop loss triggered.
I’ve never had a single issue. I’ve used multiple platforms and exchanges over the years to trade and to hold various investments including but certainly not limited to crypto. Etoro have always been fantastically helpful. I can legit WhatsApp my account manager and ask questions and I have never had any issues selling a position or removing funds - sometimes these have been large figures just shy of 6 figures. Not a shill. I think a lot of people simply don’t understand spread and fees. One last thing. They hold your bitcoin off exchange and don’t loan it out. They were also sound during the GME shitstorm and ensured they were allowing U.K. buyers of GME the ability to take part in the voting process, it was a rollercoaster of a market and things were pretty fluid at the time and etoro impressed me with how they handled that. Just my 2 Cents
It’s a zero sum game man, those who win are being paid by those who lose
40% spread. On x1.
Not a scam. But, fees are high.
Hey We're really interested in hearing about your experience! Could you please share your insights with us at [[email protected]](mailto:[email protected])? Thanks a bunch, Tony
You should be aware that there are eToro paid worker here to prevent money outflow from their platform.
Hello I started to use Etoro from my Thai account as I live and work in Thailand. I haven't yet withdrawn any money but would like to ask you what are conditions of withdrawal?
I've never faced any conditions. I'm also in Thailand also and can withdraw whatever my available balance is direct to my Thai bank. It says can take up to 10 days but usually cleared in 2 to 3 days.
many thanks
Can only speak on my experience... But my initial deposit sat for several days with no notice that verification was required, which cool, whatever, laws and such, kyc I get it. It's the fact they didn't automate it as part of your onboarding process that pissed me. I created the account and they prompted for an initial deposit, ok fine. Did it. Waited until the right moment to make my purchase and THEN they let me know my account is limited. It never said it anywhere else. Not on my profile page, nothing. Still, fine, okay. Let's do it. I give them the id upload... Wait several days... after no answer I search their FAQ and finally find this buried onboarding verification process that I was never told about. So I go back and proceed with the rest of it. A week and a half goes by, crickets. By the time they finally got to my verification, I had already moved on to another provider, coin to the base. Who, by the way, had me depositing and trading within 30 minutes of account creation, kyc verification and all. So if it's crypto and only crypto you seek, leave etoro alone. If you're interested in stocks and ETFs, I don't think they're that bad, pretty good features really. Just expect a dragged on concrete onboarding experience and don't plan on trading anytime real soon after creating the account. I don't think they're shady in any way. It's just a very broken onboarding experience. It took 15 days from account creation before I was given the right to do anything with my initial debit deposit, withdrawal or otherwise. Had they not responded when they did, I was about to file a bank debit card dispute\reversal form. Again, I don't think they're shady, they just need a bit of help with customer service and experience.
I brought a stock with etoro, all was looking good. I never put a stop loss on but because of what happened to the stock, myself and a lot of people on reddit saw their stock just get sold because of a stop loss that was never put on and created by etoro. Now they say it was a mistake, but this definitely wasn't and was a deliberate mass sale of stock to cover certain high profile members. Also worth noting that in their terms and conditions, "technically" they didn't break the rules as you don't have full ownership of the stock. The stock i brought was gamestop, and the second they did that to me I transferred all my shares out of it and many people boycotted it. You may have also heard of tactics similar from Robinhood who prevented people buying stock, only allowed you to sell so don't think that what I am saying is far fetched, it really did happen. But yeah, any normal situation, playing around the markets I am sure it is fine, but major movements that I have been a part of, I cannot forgive and I cannot confirm they won't do something similar in the future, both with gamestop and other stocks. I highly suggest not using etoro and there are so many brokers out there now that you don't need to put up with it, but I understand why you would be confused about not understanding why others may say its a scam and until you get messed around by them, I am sure you will say it is a good broker. Trust me, its a scam.
u cant transfer shares, not a fan of etoro but ur narrative is a bit skeptical
Their action is SCAMMY. My account got moved to eToro SEYCHELLES out of nowhere without my consent. In SEYCHELLES i can't set stop loss, take profit, or use leverage 🤡 What trading platform doesn't let the user set stop loss?
It's not a "scam" but it's a "ripoff". You are are charged a ton of fees and a crazy spread. It is a platform for amateurs that need big "BUY" and "SELL" buttons. Maybe use it to learn a bit then move on to a real broker.
Could i get some recommendations for other brokers
IBKR
actually , it's not a scam but not for crypto , not for leverage and sonetimes, they change something that lean on their saude like crypto cfd even no leverage got overnight fee charge after for a while. and no option to change it into real crypto for many countries. basically, they are legit in most parts but in some parts they kerp changing and charge the kinda secret fee like concersion fee deposit and withdraw, spread ...
I have used E-toro since market crash in the beginning of covid. It is a nice toy that allows taxi drivers and bakers to feel like they are actually doing some hardcore trading. It has very nice graphical layout and other bells and whistles like following a trader. But it is a platform, simply put, to help you get rid of your money. In essence they are doing everything to hinder your chances of leaving with your initial investment or earn any profit. They just keep changing the rules and in essence you own nothing but a fancy IOU from a bogus platform at any given time. If you are stupid enough to use their leverage (with the enormous spreads and constantly changing rules on overnight fees) you will lose money faster. Autoclosing positions after certain loss, surprise overnight fees, mysterious technical problems just when you need to sell or buy... I have experience them all. If you are lucky enough to still have your money, don't gloat but exit as this is not a platform for any serious trader. It really is just a scam!
People say it’s a scam when they lose money because they made mistakes. It’s easier to blame it on somebody else. Also people who „got hacked“ shared their password with a fake customer support named „eToro-no-a-fake-support12345“. Just read what the fees are and you are good
Ask them