eToro bad reviews! Is eToro safe & legit? [warnings & complaints]

eToro bad reviews? Safe or scam? Beginners warning!

Why eToro has so many bad reviews?

eToro bad reviews are often written by users who don’t read the terms page. I wanted to know more about these eToro negative experiences, so here is my study.

Last year I read again some negative feedback about eToro, so much so that I decided to re-test the tool to shed light

▶︎ After one year of testing, I’m here to say my truth

Where is “the eToro scam”?

Where do negative opinions about eToro come from? Let’s see who writes it, and if they are right

Let’s see if eToro is safe and legit and if there is a lack of competence of those who complain

 

Why so much talk about eToro?

eToro is enjoying a huge boom, evidently has become one of the least complicated means to invest in cryptocurrencies such as Bitcoins.

The real downside of eToro is the minimum deposit of 200 Usd (different from country to country).

In practice, those who register now, need at least 200 Usd  to invest.

Of course it’s your money to invest, the service remains free. If you don’t have 200 Usd you can sign up, do simulations, spy on others, but you can’t do real operations.

Indeed eToro wins easy these days because, who is preparing to buy Bitcoin, Ripple and similar on the “traditional” e-wallets, normally find it easier to do it on eToro than on real portfolios.

Many of these portfolios are not user friendly and hard to understand for new investors who do not know how to pick one.

It must be admitted that eToro solves part of the problem, because it allows you to invest in cryptocurrency WITHOUT complexity.

To buy Bitcoin on the dedicated wallets users have to store long passwords that are very long, fight against attacks and security issues, high commissions and all the discomforts related to some real cripto portfolios.

eToro may be a good and fast way to buy Bitcoin without the hassle offered by many crypto wallets.

Is buying Bitcoin on eToro free?

No. Why should it be free?

It will cost you 0,5% of the invested money.

If you cannot judge yourself, I can tell you that 0.5% commission is not much to buy cryptos.

Is eToro bad? First: see it with your eyes

Risk warning: 67% of retail investor accounts lose money

e-Toro ma be suitable for those who want to have some cryptocurrencies or Bitcoins “in their pocket” without being engaged in any trading activity. Simply waiting a few months (or years) and see what happens.

71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


Video eToro reviews on YouTube

Here is a video on the reason why people lose money on eToro and then leave bed reviews:

eToro - Why 65% Lose Their Money / eToro broker review

In this video on eToro is also explained how to search the traders to copy based on past performance in the long term. Most newby only go for the maximum performance and this is a mistake.

Go to eToro and find out if it is bad or not

Risk warning: 67% of retail investor accounts lose money


Is eToro safe?

The big question is: “how safe is eToro?”

Is eToro safe

eToro is a company registered in Cyprus and it has been authorized to operate in several countries including many the US states.

eToro is NOT a new broker.

It is one of the oldest since it is operating since 2007.

eToro is available and authorized also in most US states since 2020.

It is hard to say how safe it is, I guess safety comes mostly by the wise use of the tool. To be clear, eToro has 14 million users and it is a very old and popular broker.

In my opinion eToro has no safety issues but since it is a broker it may be used for good or not.

eToro is safe as a platform, I’ve never had any doubt about safety.

Second question is: is eToro legit?

eToro is legit, as far as I know and it is regulated by the FCA in the UK, the CySec in Cyprus and by the ASIC in Australia.

is etoro legit regulated UK

Above the screenshot from the UK FCA authority official website where eToro is registered with number: 583263

Being a regulated, legit and authorized broker does not mean that there is no risk of investing and losing money.

Warning: CFDs are complex instruments and bring a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

etoro how it work infografic
eToro, how it works for beginners. The new user can take advantage of the knowledge of other traders. Now there are  no costs to copy and also to invest in ETFs and stocks.

If I use eToro to buy single stocks like Amazon without any idea of what I am doing I can say that it is not eToro to be unsafe, it’s my behavior that is not appropriate.

Go to eToro website

Risk warning: 67% of retail investor accounts lose money trading CFDs with this broker


eToro rewiews on Trustpilot

How are the opinions about eToro on Trustpilot?

I went to the most popular review platform to find out who are the people behind the worst eToro reviews and what are their reasons to complain about the broker.

Here is one of the most significant review I’ve spotted:

trustpilot etoro opinion

In this review the user is asking why so many users try some DIY investing/trading if they can easily copy the best traders out there (for free).

I agree.

In many cases we may think that stock trading is easy, but it’s not.

It is much safer to copy other experts and only later maybe try some DIY.

So, what about the other negative reviews?

Well, most of the negative reviews seem to be written by users who have only left one single review on Trustpilot, and it is a negative review.

Some users are angry because of the slow customer service.

It seems that in some periods eToro receives so many new customers that they have difficulty in servicing all requests. Most complaints about eToro are often written all on the same day or week.

I’ve never had any problems with this, but I may have been lucky.

Some other nervous customers complain because they deposited money into their account using a bank that is not in the name of the user registered on eToro. This is prohibited by law in the sense that eToro could never accept accounts being funded from different sources. If you ever register with this broker remember to use your real name and details and only use your bank account to transfer money.

etoro-5usd-withdrawal-fee

Recently eToro removed or reduced many of the most unpopular fees brokers use to apply. The best move was to offer free ETFs and stocks trading and also reducing to 5USD (from 25USD) the withdrawal fee.

I suggest anyone to read the bad eToro reviews. Let’s learn from the mistakes of other users, save on fees and privilege the free copy trading service.

Other review websites:

eToro has 4,7 points out of 5 on the popular “brokerchooser” website:

best-broker-online-class

They say it is good for cryptos.

I’d say the best service is copy trading. It is possible to copy crypto traders.


The broker at a glance

Of course there are advantages and disadvantages with eToro.

To summarize, I would say that if you are looking for a quick tool to buy Bitcoins and cryptocurrencies for investment purposes, then eToro could be enough.

If you are approaching trading now, maybe join the free demo, start looking at the other traders, wait and study.

The best thing to do on eToro is to copy other traders, especially if you are not an expert.

The advantage with eToro is that if you are able to put your sixth-sense, your above-average-skills and your huge pride aside, just limiting yourself to copy strong traders, then you may have some chances Click To Tweet

Otherwise you are likely do lose money like the majority of new traders.

If you want to make many trades and above all, cash out every time you earn just 100€ then eToro is NOT for you.

If you are serious about learning and investing than eToro may be good. The best part is that one can invest and understand the reason behind some investment choices. Every time you copy a trader he will explain why he is doing what he is doing and so the users that are copying can learn.

One day I’ve stumbled upon this statement on Quora that made me think about my life living off trading. I believe it is good to know before starting a serious trading activity:

“Trading will ruin you”

eToro bad reviews! Is eToro safe & legit? [warnings & complaints] Click To Tweet

Go to eToro and find out if it is bad or good

Risk warning: 67% of retail investor accounts lose money


Do you have a question? Write your experience in the comments!

This blog has purely informative and educational purposes (disclaimer)

Note: Remember that trading involves risks. Only invest what you’re ready to lose. Past performance is no guarantee of future results. This Article is for information purposes only and should not be considered as investment advice.

CFDs are leveraged products. Trading CFDs in currencies, commodities, indices and others, carries a high level of risk and can result in the loss of all of your investments.

NOTE: The indications contained in this analysis are to be considered mere information tools and do not intend to constitute in any way financial advice, solicitation to the public savings, suggest or promote any form of investment. 


eToro on Reddit (reviews)

I went to Reddit to see what Redditors say about eToro broker.

I have analyzed all the latest eToro reviews on Reddit.

I read thousands or Reddit posts and comments on eToro and tried to summarize it all here.

etoro reddit
Here are the Reddit comments, post and opinions about eToro

Opinions on eToro on Reddit are very mixed.

Searching for eToro on Reddit I’ve found threads and subreddit with titles like:

“eToro is a scam avoid it at all cost” or ” I’m new to shares and online trading, I stupidly joined a website called eToro and bought $50 worth of Google shares” or “What do you guys think about eToro?”.

Reading those titles one should be scared, right?

But diving deep into the comments it’s easy to see that who is complaining about eToro is often someone that knows nothing about investing and that it is trying  some DIY to become rich overnight.

Reddit answers to those threads from expert eToro users (there are many)  are very useful to read.

Most of them point out that the only safe way to use eToro for a beginner is to test some copy trading.

After some time copying other traders it is ok to start with DIY investing.

Lately on the popular Reddit community Wallstreetbets there were a lot of talks about eToro.

Another issue that is often mentioned on Reddit about eToro is “etoro withdrawal problem“.

Most new users just don’t know that invested money are (obviously) not available for withdrawal and that the minimum amount to be withdraw is 30 USD.


Can I pay ransom with eToro BTC?

It also appeals to those who want to approach trading but don’t want to do it alone. Having crypto-currency in your portfolio or CFD is essentially the same if for investment purposes. If you count on using cryptocurrency to pay for services or goods as it was meant to be, well e-Toro is absolutely not for you.


Attention, eToro is also not suitable to pay ransom for computer blocked by ransomware virus

eToro - Get serious about investing

Average Joe just want to park (let’s say) 500€ in Bitcoin and wait to see what happens, who did this a few years ago was award-winning.

There are no guarantees for the future, (I mean zero guarantees) so beware of scam “get rich” schemes with fake promises.

Nobody can forecast cryptos exchange rates. Neither you. Click To Tweet

Etoro is actually almost embarrassing in its ease of use, this is nice.

Don’t rush to sign up to eToro if you just want to pay the ransom and have the infected PC attacked by hakers.

You need Bitcoin to transfer in that case, if you own CFDs it won’t work. I would still advise you NOT to pay and read this before doing anything.


eToro monthly returns?

In the web you will find incredible ads that promise astronomical performance rates.

eToro cannot guarantee 10% per month or similar nonsense! I advise you to stay away from those who promise guaranteed returns on eToro, because this is not possible. eToro is an instrument for investing, does not guarantee returns and is not a “Ponzi scheme”.

eToro offers less variety of products to trade on compared to other similar platforms but ETFs and stocks are free.

CopyTrading is free.

CFDs are not free.

Don’t listen to the opinions about eToro…

Go to eToro & find out if it is bad

Risk warning: 67% of retail investor accounts lose money


eToro complaints

Why do people complain about eToro broker?

It is true, some investors and some traders do complain about eToro.

As I said before, many of them are not expert and commit very trivial mistakes.

eToro complaints

The most common mistakes on eToro that trigger complaints is to invest in very volatile assets (like some cryptocurrencies) and try to exit the investment immediately. In these cases the amount available to withdraw fro eToro may be less than the original one, since the asset we have invested in may be less valuable than before.

There is no money guarantee on eToro, so it is possible to lose money if we invest in the wrong asset or we just invest at the wrong time.

Some eToro complaints also mention the level of assistance received by the platform.

Are eToro users right to complain about slow customer service?

At certain times eToro receives thousands of requests for assistance.
This happens regularly when many thousands of new and novice investors sign up to the platform.
Obviously those who have just registered are likely to ask for something, it is logical.
Peak periods in support requests now happen with some regularity and coincide with price spikes in Bitcoin or even other highly coveted assets (Amazon shares, Tesla, etc).

Another reason that triggers some complaints on eToro is the commission to pay to cash out the money.

eToro is quite transparent about their prices and there is a page dedicated to withdrawal fees.

It is also very simple: 5 USD for every withdrawal.

So, less small withdrawals will lead to less commission to pay on eToro.

One more thing to know is that eToro functions with US dollars, so every time I make a deposit my money will be converted in US dollars.

This operation may be convenient or less convenient depending on your currency and a fixed fee applies to the conversion.

What is the safest way to use eToro?

Investing cannot be safe 100%. Period.

So if you are new to investing and you think you will feel bad losing money or to see you investments go up and down, just don’t start.

The safest way to invest is not investing money we can’t afford to lose.

Investing is a process, not a one-shot action.

In my opinion the safest way to use eToro for beginners is to rely on the copy trading service.

Using the copy trading is free but I will still pay the commissions of buying and selling the assets of course.

If I do copy trading on eToro I just need to pick one or more traders to “copy” and let the system do he job for me.

Yes, it is as easy as this.

Easy does not mean 100% success.

I focus my energies on choosing a good and reliable trader before starting to copy him.

Still curious? Find out yourself

Risk warning: 67% of retail investor accounts lose money

Risk disclosure: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

eToro

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30 thoughts on “eToro bad reviews! Is eToro safe & legit? [warnings & complaints]

  1. cole says:

    HEY MATE! Thanks for writing this, I didn’t know your blog.
    That tweet on “survive trading” you wrote above is just amazing.
    “If by grace of god you survive trading….”
    ✅ I’ve tweeted it to all my friends and signed up to your newsletter right now

    • True from Revenue Land says:

      Hi Pascal! Safety is a relative concept. eToro itself can be used in different ways. I love online trading but I’ve found direct loans investing a great way to lower my exposition to the ups and downs of my stock market portfolio. More loans + less stocks and bonds = my balance

    • Sal from Revenue Land says:

      Most people do not get the power behind social trading because they suspect a scam.
      ⭕️ I signed up on eToro first to check what other traders were doing (free), then to copy some of their moves.
      My first deposit was just 500€.
      I’ve learned a lot, while I was studying tecnical analysis.

  2. carlosorts says:

    Some people cannot use eToro, others make lots of money every month. It is always the same old story.

    • Sal from Revenue Land says:

      ⭕️ If I were a beginner I’d definitely register to do some copytrading.
      I’d not dare to start out with do-it-yourself.
      There are good traders to copy out there, way not to take advantage of it?
      If I copy a good trader I have more chances to eran money from my investment compared to DIY without knowledge.

  3. Mark says:

    A new point of view. Thanks, I’ve just started on eToro and it is actually very easy to navigate. I’ll write you I private

    • Sal from Revenue Land says:

      ⭕️ Not everything is good on this platform. It’s all written above in the article.
      I’ve tried to write an honest bad review dirette especially to those who are starting with online trading and have little knowledge.

  4. rodriguez says:

    avoid etoro, high exit commission. I am checking this P2P Lending you talk about. How do I get more details?

  5. margaret says:

    i’m a living testimony he changed my financial life and today i earn $1,000 on a weekly basis

  6. Death says:

    Thank you for sharing your info. I truly appreciate your efforts and I am
    waiting for your further post thanks once again.

  7. Bogdan says:

    Hello Sal,

    Great work, I get a lot of useful information from your site!
    I was wondering if you can recommend any online resource on how to make good use of eToro?

    Many thanks,
    Bogdan

    • Sal from Revenue Land says:

      Hi Bogdan, happy you find my website useful.
      The best resource is you when looking for information. Trust yourself first.
      For me the best way to use eToro is to copy other traders.
      I can tell you what I did when I wanted to find the best trader on eToro.
      I go to “people”, I set “last 2 years”, I set “risk score 1 to 4”.
      Traders like “Myhungetoro” for example have a risk score of 3 and shows a simple but cheap portfolio. It is not the only one, don’t trust me, there are dozen of good traders.
      I’d prefer to copy people who trade ETF and stocks.
      The investment to make a test is reasonable and there is a chance to learn a lot because they normally explain the moves.
      Enjoy it.

  8. Bogdan says:

    Hey Sal,

    Thanks a lot for your website and newsletter, I get a lot of useful information from these!
    I was wondering if you could recommend a good online resource for making good use of eToro?
    As you guessed I’m a beginner in investing and I would not want to make stupid mistakes.

  9. Mat says:

    I am copytrading now and it works like a charm.
    When i first started I bought random stocks. Needlesss to say, I did not know what I was doing.
    eToro will push you to buy CFD and cripto. Not sure if it is a good idea.
    Now is fine. I copy the full portfolios and some good top trader in ETF

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