A recent problem of mine was only addressed once a Post thread I created began to receive lots of comments from people with similar problems. The customer service answer? File a ticket with Customer Support. I'm still waiting for a reply. I still wait for their answer. I have traded with eToro for 6 months but they have just shafted me for in excess of 12k. I went to 17 close trades totalling 3k profit. The market said "closed" at 8. Instead there was a pop up box asking me to check to confirm market exit order at market open next day.
I unchecked and contacted support. Account manager next day advised I opened a ticket. No advise given for days on what to do. Eventually etoro get back and said they cant investigate open positions. My trades closed out by stop loss and I sent etoro the 17 trade position I. D numbers for investigation. The first response from customer service was "you closed your trades at 9.
My account manager "didn't advise" me to close the positions and said it doesn't matter how they close but positions can only be investigated once closed.
I escalated the issue to a complaint whereby a "senior customer service rep" took over and did a "thorough investigation by himself and management". A week later, still gave the same answer; I closed my trades an hour after market closed. I didn't I have the data on my browser history what times I logged in and clicked close trades. Either the market WAS closed a few minutes too early on eToro, OR there was a technical issue on etoro mobile which prevented my close from executing.
I now have a Final Response email from etoro stating that I closed at 8. But after I and my account manager pointed out to the customer service rep that UK was in BST and market was closed at 9.
Yet the previous customers adviser said I had "cancelled exit orders" , which cannot be done unless you go to close the trades.
Every time I send evidence and screenshots it is ignored. I've been given conflicting advice, wrong information and the customer service reps are non compliant with procedures. Nobody knows what they are doing as repeatedly I asked for their complaints procedure and still to this day nobody has told me I've had to find out for myself. They refuse that there was an error but I know what time I saw when I went to close trades and the market was closed.
This is now my word against theirs. I am lodging the complaint with Cyprus Ombudsman seeking compensation but I don't trust etoro to play fair at all. Everytime down if Something big is happening on the Market. You can not sell or buy Position becouse you can not Login. The spreads are bigger than on other platforms, so it is very hard to make a win. I am very unhappy and would change , but I Have some opened position in minis and have to wait until the are positive than will I change the broker.
Etoro is probably not a scam, but their business practices are extremely bad, plain and simple. AFTER the initial deposit, customer service is just hell. I do believe that any good financial-related company should make withdrawals easy once account is verified. Don't pick this company if you value your hard-earned money. It looks like a good website until you want to withdraw your money and need the customer support for help.
I'am waiting a month now to get my money back, but it's still not on my account. I've made 5 withdrawals starting in 25th of April, I waited till 10th of May, nothing received! I told my account manager about that, then I've received email from etoro telling me that there was a technical issue and they solved it and I will receive my withdrawals in business days.
After 9 business days I still not received any thing, so, I sent to customer service about this. I don't understand how they told me in the 1st email that there was a technical issue delayed the transactions and in 2nd email they said that there wasn't a problem! After this, I post on etoro asking about how to complain about this, and I blocked. Also, to add to this, I didn't like the platform they had as I have been used to MT4! You are also forced to stay at that super low amount for months.
They also charge for withdrawals. And they limit the amount that people can invest in you. There is serious money made in people following professional investors. At etoro, the professional investor does not get it, the follower does not get it, so whos left?
I recall about 4 forex brokers closing and taking everyones money in recent memory, all were from isreal. This is the only broker I know of that is still operating If you choose to deposit your money with them, good luck. I'm surprised to see so many overwhelmingly negative reviews of eToro. It's now very "social" trading oriented and not like a professional Managed account.
It's not their fault if the traders are bad, but they obviously don't vet traders, which is unfortunate. Their support is also a bit dicey, but they do have some good traders and my portfolio is up overall.
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