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 
What you said is not true (at least in some sense). Etoro may not be a broker but they are owned by the broker I trade with (or at least was a couple years ago). Not only that if what you said was true then the CFTC would be all over them. They are a ok broker. What most people dont like about them is the open book that lets you copy trades as the “PROS”. The problem with that is you can open an account today an post trades. That does not make you a pro by any means. In return it has left a bad taste in peoples mouths about them. Kinda of the same situation Zulutrade is going through right now. If you trade yourself then you will be fine. I also know a couple years ago there spread were really high.
when you need to manage your trade the instruments are unavailable so you miss out on moves pretty regularly.
they force you to use a stoploss mechanism which requires you to have 60% profit before you can cover your risk.
their charts are garbage and the platform is like a poker machine.
theres more but thats all i can think of right now.
Actually i am really frightened, that etoro maybe manipulates the trades? Is this possible? Why isn’t etoro a broker?
They are a broker or you would not be able to trade with them. Market makers are brokers to. As far as manipulating trades no broker is perfect but I highly doubt it. They are regulated so they are watched somewhat. Brokers are not as bad as people lead you to believe. But if you are questioning there reputation then there are plenty of other brokers out there to choose from. Have you ever had any reason to doubt them. If yes then find another broker if no then I doubt you will find one.
Normally I have no reason to blame etoro, but I am asking me, why the company who owns etoro has 2 broker companies?
Take my advice, don’t trade with a market maker, is a waste of time, spare at least 500 usd you are willing to say goodbye and start with an STP broker, i’ve wasted four years of my life.
But what exactly is the difference between a “market maker” and a normal broker?
There are two basic types of brokers, Dealing Desk and Non Dealing Desk. NDD basically charge you a spread normally very tight, they normally don’t care your entry or exit point, they only make money when you trade wetter you gain or lose. Normally NDD such as an STP broker (Straight Trough Process) they pass your order to a liquidity provider in many cases a big bank. Another type of NDD broker is the ECN (Electronic Commerce Network) who besides a liquidity provider can pass your orders to another broker or in rare cases to another trader. STP normally charges you a very tight spread and in most cases a fixed spread too and ECN mostly they don’t have spreads but they charge you a fixed commission wich can be a beneffit if you trade bigger amounts. These does not come for nothing, with these brokers you cannot trade mini accounts and minimum deposits are unafordable for newbies. With NDD brokers you can scalp, you have no delays and ni requotes, at least not like market makers. They more you trade the more they make money. There is not a direct conflict of interests, the conflict they just pass it to someone else.
In the other hand you have DD brokers that can be STP and Market Makers. A DD can manipulate the price you get in case of stp the only interest is to charge you a bigger spread. But a Market Maker also manipulates the prices. You can receive endless requotes if not they put you a delay in your order so when it is finally accepted it might be useless for you and you might en up losing. Basicaly a MM is a closed enviroment, an artificial market where the broker earns what their clients loses, in other words there is a direct conflict of interests. It is hard to scalp with MM because orders are not filled quickly, spreads are wide and not fixed. The more you lose the more they win.
Basically that is the sort of sh*t you must learn to deal with. This is only for the tough, this is not for the innocent nor the misinformed. You are swiming in a sea full of sharks and the biggest shark is your broker. Remember “The Broker is not you Friend”.
Regards.
There have been quite a few bad reviews regarding Etoro but from what I can see, Zulu is a lot better than Etoro. And would have to agree that the charts posted on Etoro’s platform is garbage, just plain dumbness covered in gooey syrup!
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.
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?
Apparently they want to loose their money with them.
I had an account with it…it never earned more than 10 bucks per week 
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
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.
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
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.
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.
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?
Let me know the forex broker who is trust worthy. There are so many fraudelents brokers there. I am from india,
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?
Yes. I am also looking the same. All i need is an ECN broker who does not eat my money through wide spread pips