Why does everybody hate etoro?

Guys, if you read to the end of my post, i recommended a broker…

I use Trader’s Way, FXCM and of late, Alpari - happy with the lot and it works for me. I should point out that there’s no “one size fits all” kind of a broker out there, every trader may prefer one broker or the other, depending on their preference. So make a list of what you are looking for in a broker and sort through the bucket list of brokers. Here’s a tip, aim for the ones with good reviews…

I doubt it eddy , as the providers are getting paid by the amount of followers , and those money are considered bonus money , which in etoro language means that in order to withdraw them you have to trade one mini lot per 1$ you want to withdraw or sth like that.

thanks for the fast reply!
you concluded my idea that truthfully it is not that much of a good system as it advertises itself to be. we are much better off with our zulutrade accounts.

Guys, for the broker you ask about consult this comparisson matrix:

Spreads | Myfxbook

I find it quite good, has them all. As for experience with them, suppose read onjectively forums comments.:33:

Hm I don’t get it… What do you mean with “in order to withdraw them you have to trade one mini lot per 1$…”?

Sorry, one mini lot per $? hope you can post more details on the same,
thnx

Below is an abstract taken from the Etoro Terms and Conditions
"General Bonus Policy – In the interest of fair trading, traders must buy or sell at least (10) Ten mini lots in real-money mode for each unit of $10 bonus granted by eToro before submitting any withdrawal requests. Each mini lot accounts for 10,000 currency units You choose to buy or sell. For Example: If You receive a bonus of $25 your trading requirement is 25 mini lots which equal 250,000 currency units".

They state that every 10$ you have to trade 10 mini lots , so its basically 1 mini lot per 1$

Yes but just if you get bonus money. I didn’t get

Bonus money = Commisions for signal providers.

Hi all,

As someone in this thread pointed out, we at eToro do follow trader opinions in forums around the web and I would like to address some of the important issues raised here.

The most important of these would be the nature of our brokers. eToro is an introducing broker (that means that we don’t process trades ourselves, they are executed by our partner brokers) for three brokers around the world: RetailFX in Europe, IC Markets in Australasia, and FX Solutions in the US. These brokers, like pretty much all online brokers, are market makers. Here is a quote from Wikipedia: “A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread”. The spread is considered as the payment for the risk the broker takes for holding an instrument in inventory. The reason that almost all online brokers are market makers is that this is the only way they can provide instant liquidity, otherwise trades would take a very long time to process. If a market maker was using their inventory to misquote market prices that would be considered fraudulent and their license would be revoked by their regulating body. eToro’s brokers do not have a dealing desk, so the trades are executed automatically at live market prices, and they are all highly regulated. The reason that we use three different brokers is in order to comply with the different regulations in each region. You can check out the Regulations and License page in the About Us section on our homepage to learn more.

Next we have the technical issues and Stop Loss misunderstandings. In the past we have had some traders complain about freezing problems, but we have since fixed them and the feedback has been almost entirely positive. Keep in mind that in times of volatility (especially after economic announcements) there can be a lack of liquidity in the market due to the high demand and in that case rates can be very jumpy and trades will take longer to execute. To answer one of the traders, eToro’s data has not been hacked, this was a false rumor spread by a blogger who happened to stumble upon the old data dump for our old news blog. It has nothing to do with trader data.
As for our Stop Loss requirements, we certainly do not force traders to put a 50% stop loss or 60% take profit order on their trades. Those are perhaps the default settings, but you can edit them to whatever you like when you place your trade order. The only time when there are special SL and TP conditions is when you want to carry your trade over the weekend, because the market closes over the weekend and there is extra risk involved.

Moving on to the eToro OpenBook. The OpenBook is an opportunity for less experienced traders to benefit from the know-how of more experienced traders on levels. You can choose to copy the top performing traders or just follow them, but ultimately the goal is of course to learn from their methods. When you copy a trader on OpenBook your activity remains absolutely transparent so you not only profit from the copied trades, you also learn the techniques that the Guru uses (when to open a trade, how to manage stop loss and take profit orders, how to choose leverage, when to close, etc.). The cold hard fact is that our traders’ average performance has gone up by 20% since the launch of OpenBook and CopyTrader, which is huge! Secondly, of course you could copy the first trader you see on OpenBook, which probably wouldn’t be a good idea, but we have tools with which you can find the top profiting traders on the network. You should also look over someone’s personal profile including stats, portfolio and trade history, before you decide to follow or copy them. The Gurus themselves don’t sell their signals per se, they are trading to profit from the market just like everyone else, but as a token of appreciation for their contribution we also give them a share of the spreads we earn from their copiers. They are paid in bonus money, but considering their huge trade turnover (they are after all very prolific traders) that money is pretty much withdrawable right away.

Last but not least, let’s talk about our platform. Some of the posts here complained about our charts. We have an advanced charting sweet integrated in our web platform, which you may not have been aware of because the old platform had simplified charts settings that you had to switch to advanced settings to access the advanced charts. Now you just have to click on the charts button top open the charting software, and it provides you with a plethora of automatic indicators, drawing tools and other options. As for the general look and functionality of our platform, most of our traders prefer it to the meta trader platform precisely because it is more simple to use, while retaining all the tools you need to trade. Just because it has a more intuitive interface, doesn’t make it childish. Keep in mind that we have changed our platform a lot from what it used to be, so some of the comments here may be referring to the old platform. On a side note, those who would really prefer to trade with MT can contact their account managers and they will set it up so you can trade with it.

I think that just about covers it :slight_smile: So I hope you will be able to make a more informed choice. And please remember that there will always be people saying bad things about any broker, that is just how the internet works. If you are satisfied with your broker, there is no reason for you to panic.

I hope this was helpful and if you still have any other questions, please feel free to contact us at <[email protected]>.

We wish you happy trading,
Laura, eToro Team

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I think it has to do mainly with the stability of the web trader platform etoro uses , now i cant even login it says platform performance issues…what happened???

maintenance during trading hours …?! a bit strange don’t you think?
just hope it is not hacking…

Yep, strange time for maintenence. plenty of time on the weekend

Oanda have exceptional spreads, very good customer support and a great platform. Just signed up with them earlier in the week. Very recommended.

etoro has a lot positive feed backs, I am using etoro and i don’t have any problem in them as for now…

Well, 5-10 minutes crash today on the platform. And i was unable to login several time this week. Frequent freeze on the platform… you click on close an order and the order is not closed… Same when you want to open a trade. And as said before by someone else the graphics are bugged.
Im looking for another broker now.

why don’t you try zulutrade…it is more or less the same, with the exceptions of no crashes and more profits pipping…
visit our thread to check out the discussions :wink:

Same problems here andrenn , very frequent crashes and freezing , i do not trade myself but a trader must feel like hell in there. I thought that their service would be more stable but unfortunately its far from that.

Yeah, that’s quite stressful sometimes. I guess I ll keep my current long term trades on the platform because i don t really care about freezing for these one and I prefer fixed spreads for long term. But I’m testing some other broker for short term trades.