Etoro cost me money. Can anyone recommend a better site?
TL;DR: Etoro is crap and I need a better broker :P
I've been trading on Etoro for some time now. I'm a total newbie to day trading and am learning while taking some (expected) losses. And that's fine with me. You cannot learn how to trade forex etc. without doing some mistakes and learning from them. But there are acceptable losses (one's own mistake) and then there are unacceptable losses (someone else's mistake). And I've lost money today and yesterday because of Etoro. I have experienced:
Lags when trying to manually open a trade, realizing that it opens in a totally different price than it was when I pressed the final button. In the worst case scenario, it took almost 2 minutes to process.
Lags when trying to manually close trades with similar results as described above. At some trades I was in +10 USD when I hit the final button, but after a laggy execution process, I was in minus instead.
Stop losses and take profits not working. Yesterday I lost 90 USD because the system didn't process my stop loss. I had set it to a stop loss of 20% of the invested amount, but when I checked the trade later, it had closed due to a stop loss of 100%. I immediately resolved that it was my own mistake, but it happened again today, and at that particular trade I am 100% sure that I set the stop loss properly because of yesterday's mistake (which, I believe, turned out not to be MY mistake).
On top of that, I have no idea how my recent EUR/USD trade went. I tried to manually close the trade when I hit 50% profit, but after a minute of processing time, the order still wasn't closed and still appeared on the open orders (or what it's called) list. It reached the 100% stop loss later, but it still showed up. The chat wasn't working so I decided to logout and login again. I haven't been able to log in ever since. And that was about an hour ago.
So, can anyone recommend a better broker than etoro? I want to be able to trade forex, commodities and individual stocks if that is possible. I've tried to search on google, but the internet is flooded with brokersites, and I do not want to do the same mistake again.
Thank you for your time. This thread became a little longer than what I expected.
Last edited by VikingMerchant; 08-03-2012 at 10:41 AM.
I can recommend PaxForex to you. I have been with them for a while and can only report positively about this broker. Great customer service, full disclosure and some great bonuses. They also run their own forex blog and offer daily recommendations.
Sad story. Write a letter of complaint to the company explaining your situation. If you can prove it that it is their fault they might give back some of what you have lost. It once happened to me with Refco (it went bankrupt long time ago). But they compensated one specific trade that I had loss on, because I proved it was their fault (the stop did not work). So, you should try to do that too.
Oanda has been a good broker. At least for me. Might try trading with them. You can limit sizes of units you want to trade. It is important as the amount you are going to trade (250) is very small.