Why does everybody hate etoro?

[Haley12]

Some days ago eToro's data was hacked, since then traders have been lose confidence in eToro as well. There is security big issue with eToro. So, it may be one reason.

[saydokan]

But the spread on etoro is always 3 pips. And isn't it so, that the trader on the other side who wins and I loose, gets my money? When he sell and I buy and he wins, doesn't the winner trader get my money? I thought etoro just gets the spread?

And how manipulating? Isn't it illegal?

Can somebody please say why there are a lot of people on etoro? I might get out of etoro?

[EDDY MO]

Apparently they want to loose their money with them.
I had an account with it..it never earned more than 10 bucks per week

[dudest]

Hello to everybody,
I am a newbie forex trader and I trade on etoro. Etoro is actually the only broker I traded so far...

But in every forex board or blog, the people hate etoro and always recommend to other etoro user to change their platform. They say many bad things etc. about etoro.

But I am interested: Why is etoro a bad or the worst broker? Why are the other broker better?

Thanks 😏

Hi saydokan,
Just to add my voice to this conversation & provide an honest answer.
I started out with Etoro, and by the time i's leaving, vowed I'd never recommend it to anyone

1) Openbook/Copy Trader are good concepts, but still very much works-in-progress. I think rarely can anyone learn to trade on their own in Etoro, in the face of all that noise + advertising + "free" bonuses... Learning to trade on *your own* is what matters in the end.

2) Issues with trades & trading
-> Web platform: lots of issues related to logging in (would take ages + errors)
-> Not the best charts available + repaint issues
-> Issues with trades not being entered (when the guy you're copying makes a trade)
-> When setting entry orders, being FORCED to have a stop loss that was 50% of your trade amount (who does this!!??)
-> Inability to edit entry orders
=> Essentially: when i moved to MT4 on (other brokers), there was a WORLD of difference. Their platform just isn't mature, and at the trader's expense, coz you lose money on these quirks

3) Poor feedback/response on reported issues. Time and time again! traders would report bugs/improvement requests/issues with trades/withdrawals, and feedback was a long time coming from Etoro/Etoro support. I (and others) would be taken round in circles or just plain ignored.
=> There was an Etoro guy called Ira More who tried to mitigate this on his wall, but was too little, too late for me.
=> The last i saw, they re-arranged the web interface, more bells and whistles but not a drop of real added functionality


Granted, there are those who find Etoro a great platform and the social concept around it.
But IMO, you're better off honing your skills elsewhere...

NB: with regards to affordable ECN brokers, allow me to recommend these guys ( Minimum deposit: $200). They + their MT4 platform + charts (5-day, NY close) are leagues ahead of Etoro.

[stonecoldmichael]

Hopefully for their own sake, someone at Etoro will be paying attention to threads like this and listening to people. If they really are as bad as that they will lose customers like nothing on earth unless they improve.

[bigscud]

I think the problem with etoro is that it takes a more childish approach to forex than it should. I understand that they are trying to make forex easier for rookies and amateurs but i dont feel like they will atttract serious investors. You click on the providert to check his history and the data is insuffiecient to fully understand his performance.

[EDDY MO]

I think the problem with etoro is that it takes a more childish approach to forex than it should. I understand that they are trying to make forex easier for rookies and amateurs but i dont feel like they will atttract serious investors. You click on the providert to check his history and the data is insuffiecient to fully understand his performance.

well regardless there is quite traffic into it, if it is not followers profitablity, could it be gurus profitabilty? do you think they make a lot of money selling their signals on etoro?

[abash]

Let me know the forex broker who is trust worthy. There are so many fraudelents brokers there. I am from india,

[saydokan]

Yes guys, thanks for your opinions. But can you recommend me brokers to trade with? I am a total newbie, and I want to get started, but I want to learn for myself not copying.

A broker with tight spreads and which is also serious and honest AND technical good working?

[abash]

Yes. I am also looking the same. All i need is an ECN broker who does not eat my money through wide spread pips