Since the company was first established, its main goal was to always lead the way for new and innovative approaches in trading. That’s why eToro was one of the first platforms to include the social trading option in their business. But what they severely lack in, and continue to disappoint their traders with is a total lack of basic respect for the clients.
Namely, there are so many scamming activities going on this platform daily, that it was even hard for me to believe it, at first! However, this company is actually hiding behind this one invention that they implemented early on to continue their fraudulent practices for years to come.
Platform and Execution SCORE: 81%
What this trading platform fails to tell you is that they have one of the worst scores in the history of social trading platforms today. Namely, there is a huge warning risk sign on many review pages, that prove that eToro contributes to a loss in over 75% of trades in total. How is that for an unlucky streak?
And hey, I understand it all - trading is difficult and challenging. I’ve been on this rollercoaster ride for quite some time and used many platforms. However, eToro is one of the rare ones that made in almost impossible for me to gain even a single bit of profit. Each dime I ever spent on this platform went down the drain!
Withdrawal Speed SCORE: 93%
For a well-established company, eToro sure lacks some basic manners when it comes to withdrawing your money. The thing is, they practically make it impossible for you to make a withdrawal of any kind without paying quite expensive fees and filling out bunch of documents.
To make matters even worse - eToro charges you $5 fee for every withdrawal that you make, discouraging you from doing it at all. In addition, this platform allows you a chance to deposit funds in only one basic currency, which is disgraceful, to say the least. Maybe that’s how this company is profiting - by denying you your own money and stealing from you blindly.
Support and Assistance SCORE: 75%
There are many things lacking when it comes to eToro customer support. Not only they are unreachable over the weekends (even though the markets are open!), they also have a poor live-chat option.
Sure, they pride themselves with several channels that you can use to reach them at any time. However, when you actually attempt to speak to the eToro representative, you will mostly get a poor connection and a low-quality network. I’m even starting to believe that they are doing this on purpose - so they could avoid questions about their scams.
Education and Tools SCORE: 82%
Ah, what is left to say? For a platform that presents itself as an industry leader, they still have a few things to learn about respecting their clients and their time and money. The educational section of this broker is designed quite poorly and too simple to even make the clients engage further.
This is a shame since today we have more than enough educational tools, videos, tutorials, you name it. The problem with this broker is that it doesn’t offer a single educational tool or asset which you can use in your everyday trading. Namely, all of the available ones are vague, irrelevant or poorly explained.
Video tutorials are the tools that I admire and use the most in trading. They are fun and interactive, and they make studying new topics even more interesting. However, eToro is providing a very low-quality video library. This was quite hard for me to understand at first - I thought that my internet connection was down! But as it turned out - that was just a result of eToro’s lack of effort.