Topic: Etoro seems like a huge Scam site. (Read 734 times)

First, why you had bumped out almost 3 years inactive thread? Arent you aware on  forum rules about necroposting or bumping? No point on telling about etoro shadiness because
if we do try to look and check out into their current state then they do still have lots in terms of user base into their platform or service which means they can be trusted by
many even though there might be some issues in the past but doesnt mean that they are already not been used.Etoro is a bit known when it comes to copy
or follow trades by those known traders which i dont see for it to be worth on dealing with that.

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This. It seems that they are legit because I have seen a lot of advertisement from them. But I didn't bite on it until I encounter this thread. Thank you OP for giving us a warning about this site. I'm so sorry that you have lost your funds in their. All I can say is that you need to have a lot of patience in making a follow up and maybe their is a chance that they will reply and resolved your issues.

I have to be honest after a while they did send me almost all the money. I did overreact at first but In conclusion, Etoro is shady place to be.
1. The prices has significant difference compared to overall situation in market
2. Even tough they make money on every trade and have FEES on your position per 24h period
3. The withdrawal fee is 25$
4. The withdrawal process is very unpleasant since they sent the money in different fractions and in different ways (1/3 with SEPA and 2/3 To credit card with two transactions! )
5. Additional 10$ were lost somewhere from trader to my accounts.

Never again.

apart from the high fees they are generally OK and they seem to care about their reputation
Is your etoro account verified? (the green tick in your profile)
if not that might be the case they could have put some limits on your withdrawals

I supposed that they are legit due to strong advertising they do everywhere, but according to a research, they charge too high fees and held user's funds even they made a loss. There are also tons of bugs with the web trading and they show the price with a significant delay.
Watch out for a phone number or live chat, that might helps your issue.

Sorry to hear that. Have they provided any reason why they only sent you a fraction of your actual withdrawal amount?
I always had the impression that they were somewhat shady, because of the huge amount of ads they have all over the web
(even in very shady areas of the web). Besides, they didn´t see to be a real market-maker, which creates an obvious
conflict of interest (i.e. trading against their own clients).

Nevertheless, I hope that this situation gets resolved and you get the money that you are owed!

I see the site.The thing who do have problem here is the site why they do give insufficient amounts and thinking of 420 usd withdrawal just only got $80 is bullshit. Where did those other amount go? If we say they deduct some fee then its insane.If i were you dont engage on this site anymore.You are wasting your time.Instead of letting them to trade for you its much better to trade on your own with your own money.Even if you loss its still worth it.

To be completely clear.
Site is www.etoro.com
I put on money on this trader, made trades myself ( chose which currencies to buy and when to sell them). Did profit from these trades and then withdrew the money .
I withdrew all of my balance in amount of 420 dollars but received only 80 dollars.

May i know whats the full name of the site? Since you are mentioning about a trader on here then i suppose you are giving your money to them and they are the ones who do make trades on you?Am i right? Since you didnt elaborate what kind of site is this which i do make some assumptions. If they did give only 65 usd back to you instead of a complete withdrawal with less fees then you would really recieved even more amounts. This is really quiet suspicious movement from them.

I did not do the research, i regret it now.
On other hand, it is such a big company and based in Europian Union which made me think that it cant be a scam.

You should have done a lot of extensive research about this company first. They have a lot of issues just like yours with other users. A simple google search really wouldn't hurt. I doubt you'd be getting your money back. I remember a guy lost $7500 to this, just this year I think.

I am shocked by this company.

They were the first "trader" which i decided to use everything was great until i had to withdraw money.

I originally put in about 250 Euros, which BTW is close to minimal opening position there.
After a while I decided that it is time to change Traders and withdrew ~400Euros.

First surprise was that i had to pay 25$ withdrawal fee. Ok, I swallowed it and was happy that my money is on he way. I used SEPA.
I thought that it was the end of this burglary  but No, after a while I received only 66 EUROS! I couldn't believe my eyes, how it is possible.

Now, i have contacted the support . But while I was searching , I saw that the contact methods are not made to resolve problems quickly  but to stall the process.
Also I am starting to have a feeling that this is their business - to scam people. The more I think about it, it seems the perfect way, because no trader can prove their positions if they do not keep separate logs.
The only thing one could prove is the money which went inside the trader, thus in the case of dispute ,they could fabricate your trades ( this is speculation for now) .

I started to research the legal means, and it does not seem promising. Cyprus basically has no official way to resolve this without  going to court. One can leave an official complaint or go trough private mediator this is crazy since it is EU and it should be much more regulated.