The online broker eToro has the most significant social trading community in Europe. Users can network with other users on the platform, exchange ideas, or copy other successful traders. eToro offers its Copy Trader function for this purpose. Furthermore, the deposits of the dealer accounts are insured by the statutory deposit insurance up to an amount of 20,000 euros per trader. In addition to its online platform, eToro also offers a trading app.
Broker choice: How to proceed
Anyone to chooses an online broker should compare different providers’ most important key points. User comments provide further orientation. Does the provider keep what it promises? Does everything work as expected? In the following paragraphs, COMPUTER BILD has summarized eToro’s experiences from various internet portals such as Trustpilot and the Apple and Google app stores. The editors have concentrated on the most frequently mentioned, recent comments and ratings – different individual opinions can be found on each provider but are not helpful for an overall picture. The situation is similar to outdated experiences that no longer do with today’s offerings.
eToro experiences: pros and cons
Opinions are divided on eToro: User comments vary greatly, ranging from harsh criticism to great praise. The following tendencies emerged.
Operation: Many users write that opening an account, buying, and selling it is quick and uncomplicated. You will find the watch list and portfolio clear and understandable. The handling of the platform is also easy for beginners.
Demo Account: Users mention that eToro offers a free demo account with virtual money that beginners can use to gain experience with the platform.
Copy-trading: Users also report positively about copy trading, which is easy and a great offer for customers with little experience.
Community: Users highlight the friendly community where members support each other. Users find the comments of other community members helpful and entertaining.
Costs for shares: There are no order fees, average spread, and no other costs when trading shares – this is well received by users. Many users also like the easy deposit via Paypal.
Costs for Bitcoin & Co.: Some users find the spreads opaque; others call them comparatively expensive. If you want to trade cryptocurrencies, find cheaper alternatives. Users also report that cryptocurrency withdrawals are cumbersome and not consistently error-free.
Wallet: Users report difficulties transferring cryptocurrencies to personal wallets or the eToro wallet.
Service: Opinions differ significantly here in particular, but critical voices predominate. While some users receive feedback within hours, others wait days, weeks or even in vain for feedback and are not satisfied with the quality of the answers.
Deposit and withdrawal: Many users complain of long waiting times for withdrawals. The eToro fees for the pay-out, which are currently 5 US dollars, are also criticized. In addition, there is a conversion fee for payments in euros.
Login: While some users praise the easy login, others report difficulties with video identification. Users write that they could not finish setting up their account and, as a result, have not been able to access their account. The advice of other users is accordingly: in any case, thoroughly verify the account initially; otherwise, there will be problems later.
Negative eToro experiences: That’s what the provider says
COMPUTER BILD asked eToro for a statement on the points of criticism. The following statements come from Dennis Austin, the eToro boss for Germany, Austria, and Switzerland.
Wallet: eToro’s on-chain crypto wallet supports a range of crypto assets. There are several wallets on the market, and there are known compatibility issues between different protocols. You can also check Bitcoin Code App for wallet information. Therefore, we urge our customers to ensure their wallets support smart contract integration before attempting to transfer from the eToro wallet or vice versa. We also recommend our users use our camera feature when making transfers from their eToro wallet to capture the correct wallet address.
Customer Support: We are sorry to hear that not all of our German-speaking customers have had a good customer service experience. eToro emphasizes customer service and has significantly expanded its teams over the past year, including hiring more German-speaking customer service representatives.
eToro has a global customer service team and a team dedicated to the DACH market, handling inquiries from our Platinum and Diamond Club members. Clients who have not been assigned an account manager can create a ticket with the global team through the eToro website or contact a customer service representative through our live chat feature.