Anyone using Etoro? Is a good broker? Can I trust it?
Tried using it. Here are the highlights:
Aggressive marketing. Extremely easy and fast with deposits (used PayPal, money were deposited within minutes). Responsive and acceptable charting and trading functionality. Reluctant with withdrawals. After an unfortunate experience with IQOption, decided to immediately test withdrawal, so ordered 30 EUR back to my PayPal account (important to note, the same I used to deposit funds). Etoro blocked 30 EUR from my account for “verification” (or some similarly formulated nonsense) and never made the transfer. Meanwhile, though, I received several emails in the spirit of “your money is better off with us, why withdraw?”. I had a pending address verification. A signed and stamped (and paid for) statement from my bank asserting my whereabouts that I managed to get without visiting a bank office was rejecting by Etoro, as well as my explanation that I pay all of my bills online and I have no paper bills. They insisted that, amid the COVID-19 lockdown, I have to go to the municipality and get an official statement from there, which I was reluctant to do until the official lockdown was over. Also important to note is that the bank statement was accepted by coinbase as a valid proof of residence.
What resolved the issue for me was an email stating that in 5 days if I don’t provide acceptable proof of residence my account will be limited and my funds will be transferred back where they came from (PayPal in this case), so I just waited. They charged me 5 EUR for the transfer (official fee for withdrawals with PayPal).
They have a fixed spread of 3 pips with EUR/USD, which is very high and is acceptable only with long-term positions. The transfer fees are also high.
The obvious eagerness of Etoro to get my money and their reluctance to give them back to me completely destroyed for me any confidence in this broker.
2 Likes
Hi. Hope this helps
i don recommend etoro at all , their platform close my transactions many times before hit my stop loss