Ok so I have tried the Etoro demo account and enjoy it. I have recently opened a micro account with them but just days after came across Forex Saviors post about how Etoro is bad news. Can I get some more opinions on this? Im worried about my investment.
Hi Presswood, 1st thing; you will find ****e written about every broker under the sun…all for 1 reason or another.
2nd, when I got maself into fx I went to eToro, I am not with them now so there is no reason for me to write this, but this is what I lived personally. It was easy to view the platform and so simplified the whole learning thing. I then went live with them. I had no problem getting money back. The reason I left was I outgrew them, their currency pairs were limited and their spreads weren’t exactly the best mate.
I moved to FXsol through eToro (they were an IB for them) but they were not great at all though must admit I liked their choice of various leverages.
I then moved to ACM, a “grown ups” broker if ya want and have remained there for over a year now. But as far as dissatisfaction with eToro, I had none. You need to venture out and see for yourself.
Thanks etoro will be my first broker.
I agree that you need to go and try them, I will take an educated guess and claim you will not stay there for too long. Again, don’t take anyone’s comments and try them. Maybe they will offer you what you seek.
Yep, agreed.
Don’t worry about it at all. Everything will be fine.
Hi Presswood, if you opened a demo account with them and enjoyed it, why think twice about opening a live account? A demo account can give you a very good feel for how your broker will perform, except for trade execution (slipping and re-quotes if your broker is a market maker). As others pointed out, you’ll find negative and positive reviews for every broker out there.
Good luck!
I believe eToro is more focused on “social trading”, meaning that there is a whole platform to follow other people trades, something like a PAMM account but much more diversified. At the same time, if you want to learn by yourself how to trading, with technical analysis for example, then maybe etoro is not the most suited broker.
Yes, that is very much the case. etoro is not for forex traders, it is for forex followers who have no intention to trade. They do not want to trade and for those who have no interest in forex trading etoro may be the right platform.
Don’t believe in anything that that is given to you. A broker cannot please everybody. You yourself can verify that since you are using a micro account. But start with small bets first just to be on the safe side. 
I for one, dont believe in social trading.
As good as it sounded to me when i 1st heard it, results tell by itself.
I did some research on “good performing” traders, and also asked the etoro team for advice on people to copy.
I copied them and let it run on demo for over 6 months.
Im in the -2k now.
So simple as it is, it doesnt work. =)
Sorry to burst some bubbles.
1 thing i notice, people are holding their losses and cashing out their profits.
Success rates can be very high, like 80% to 90% win rate.
But when you see the numbers, it is not attractive at all.
If each time you win its only $3 or $5 and when you lose is $80 - $100+.
You can have 90% win rate but still be in the reds.
This is what i observe many people do, just to have a very nice win rate ratio.
For me Etoro is a nice simple setup with web trader and openbook.
I was advised by other traders on the site never to take market advice from others there (e.g “tomorrow EUR/GBP will reach x target level”). For anyone considering copy trading on the site, I would strongly advise the following:
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Be wary of short-term performance charts. View the trader’s one year history instead. This will give you some idea of what to expect. If a trader has done only 3 months on Etoro with trading history don’t copy them through a real account just yet. They need more time to see how they develop.
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Always copy a trader through the demo account first and allocate them a realistic budget, this will allow you to get a reasonable idea of the typical trade sizes in your real account.
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Never copy a trader with the whole 20% max allocation, even if you think they are a great trader. I initially made this mistake with someone who had been on site for no more than a few months, but had a high percentage trading performance. Luckily while still in profit I cut down the allocation for one so-called top performing trader to 3% before they ended up burning that remaining amount shortly after doing so. I’m not sure how they are still trading, but chart suggests they are still in profit.
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Not all, but you will find many traders will leave their trades to float around while still in red and probably have no real SL strategy. By looking at “open trades” on trader’s profile, this will give you an idea on whether the trader has a tendency to leave his/her trades open for 3+ months while deep in red.
I probably make Etoro sound worse than what it is. In my opinion, for a complete novice like me I think it works. Copy trading sounds like a great idea, but I’ve seen some “good” traders who I’ve copied in demo crashing out to -100%, so caution certainly needs to be applied. I’m going to scale back my copy trading soon.
There are some good, sensible traders on the site that show good money management and do have a good long-term trading performance, but at the same time there are some who aren’t afraid to take 50%-80% of their balance and place it on one trade.
What I do like about Etoro is that it is a very easy site to learn trading as a newbie. Once you find a genuinely good trader, you can copy that individual in your demo account, follow their trades and get an understanding of how they trade. I have done this with a few of the traders I have then moved and copied into my real account. In my opinion the simplicity of the site, the ability to potentially learn from successful traders and seeing others crash (reminding me of the possibilities of trading), makes Etoro a possible learning tool for newbie traders even if the demo account is only used.
I also like the idea of helping others to make money through my trades. Something I would like to do, but only if I develop through learning and practice.
Hi there,
I do agree with you in theory.
And those are good advice. =)
BUT, however, it doesnt work as simple as that.
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By copying trades, your “business” or income is base on something or someone else.
And if one day they wake up and decide to do something else, or trade somewhere else with some other broker without this copy trade, you are gone! -
You’re process of finding good traders is right. I was doing all of them.
Finding people who profit decently but constantly over long period like 1-5 years.
checking their open trades to see if they are holding their losses etc.
But somehow, once i started copying them, they start to be on the losing streak.
Not 1, not 2, but 10 of which i have copied !
And if you are gonna say, copy 50-100, and spread your money with all of them.
Then let me bring you to point 3.
- Have you heard of the saying, only 1-5% of retail traders make money. ??
Now would an institute trader or some big firms simply trade with etoro? or let you copy them?
So now, imagine with me, 1-5% of the world retail traders, how many of them are in etoro, how many of them choose to let you copy them???
How many?
I doubt you can even find 10 decent traders with trade history of 3 years in etoro.
Even if hypothetically you can, that brings us back to point 1.
Now lastly, we can debate or argue all we want.
But what matters is the proof, the numbers.
Tell us, how many good traders have you found?
Share with us their accound ID, so we all can profit together.
You can copy them, and we copy you, that way you earn form us copying u by sharing with us.
If i understand correctly, etoro pay the traders $10 per month on each person that is copying you.
And also share with us your stats so far by doing this, how long have u been copying them and how much have you made?
=)
Some traders have over 20K copiers so etoro pay them over 200K per months ? whoooo i think that can motivate them to share their trading and stay on etoro. And when you have over 20K in your account you can trade with MT4 so a real trader can just get a free extra income by sharing his trading by just linking his MT4 account to etoro.
People who lose money loose because of they copy crazy traders and don’t watch correctly the stats (those can be manipalated easily or don’t show the reallity), the copiers who have good stats are the ones who copy serious traders and don’t switch them every weeks, every time i see a copier with bad stats (well there is so many i don’t watch them all) i try to understand why and i always finf out why =>they copy crazy traders who got insane stupid profit for the last month taking crazy risks (those trader loose 1 day or an other but they’ve made a withdrawall to save their money but etoro doesn’t show that so the copier loose all including the previous profits) or switch traders every time they get a little drawdown and copier traders with only 50$ that’s not enough to copy someone because with this little amount you miss many trades for not having enought funds.
How can you see over 1 year of a trader history ? 1years is the maximum i can see i’d love to be able to see over 1years, but only few are trading on etoro since over 6months most have just 3months of history.
I only started a week ago but if this is really serious with a good risk management and a good analysis of the stats and what the stats are hiden it can be easy to twice you account every month, sound unrealistic on the long term right ? well i’ll see and i’ll be happy if i only get 50% every month. I figured out why some “good” copiers are “only” getting 30%/month for the last 6months, so i’m sure i’ll do way better.
See you in a month for a first review. Send me an MP if i forget to come back.
Doesnt work that easily as you describe.
Take it from someone who already tested it.
My copy account is in the 6th month and its -2k. Meaning, it loss 2k.
But stil positive in balance.
And yes they do pay $10 per person who copy you.
But go try it yourself.
Come back in a month and every month there after.
And show ur results.
Minimum for me is to see profits every month for at least 6th months, if you can do that, i’ll copy you and give you that $10 gladly.
So i know its not gonna happen, part of me want to wait for the moment where i say "i told you so"
Part of me want you to succeed too, so prove me wrong.
Im glad to copy you then.
And yes they do pay $10 per person who copy you.
Just to clarify, they pay you $10 regardless you win or loose right?
[QUOTE=“peleus;502204”]
Just to clarify, they pay you $10 regardless you win or loose right? [/QUOTE]
Etoro only give you money If you signed up as a guru, Got atleast 10 copiers, and they only pay you for The ones that copy you with over 100$
But their copy system is flawed as hell (they say they are working on it), and their trading platform freezes when rates are volitile after Big news…
thanks for the detailed info ZeppDK, yes they pay you $10 per trader who copy you with real money whether u win or lose, but of cos as what zepp said, u have to fulfil those criteria.
As for the system, i dont know, cos i dont focus or observe their platform, i just do the research, copy people, and check once a week.
So i dont follow their platform.
Thanks for the info though!
There are some reasonable traders on there, but I’m not going to name them merely because I don’t want people copying a trader who I have namedropped and then has a bad set of trades 
To be honest, one trader I copied recently went crazy and copied a profile who was merely copying him. Next thing I know I’ve got a number of trades duplicated. Those trades were going very much into red, the same trader then copies this other profile again so I end up with more of the same trades. I decided to stop copying him and it has given me a rethink. I’m not going to continue copying others, I’m simply trading in demo to see how I do.
I was up in recent days to 3% (blue line) and have been as high as 25%, but I closed copied trades early not realising they would bounce back. Not sure if my stats have updated, but I closed all of my copied trades most in red, so expect to be about -1% or -3%. Did have 3 positive trades around 35% - which is good for me as I closed my past manual trades mostly around 8%.
I totally agree with you. Most traders close thier profits fast and hold their losses longer. The result is many profitable deals and some very big losses. The win rate is high but the long term result is negative.
Hello Forex friends,
eToro is not an ordinary forex broker. Its investment network. You open an account, copy some social gurus and thats all.
The condition for manual trading are very bad. High spread, for EUR/USD fixed 3 pips. There is MT4 platform only for VIP account.