Is eToro Safe or Legit? Reddit’s Answers.

When doing some research concerning trading or investing platforms, or anything at all, sometimes we like to take a look at people’s opinions on Reddit.

So, just to make it easier for you, because some Reddit threads can sometimes be filled with bland replies without any explanation at all, we compiled some decent responses from multiple Reddit threads instead!

And yes, we compiled both positive and negative responses to give you a more realistic idea of eToro.

Reddit’s Answers

1. u/philosophunc

etoro fucking sucks… trading all fine.. when it comes to the brass tax of withdrawing it’ll be like putting a screwdriver in your ear… waited 8 days for a 6k withdraw and only received 4k with only autresponses sent to every query. FUCK ETORO

2. u/casiokvik

Never had any problems withdrawing money. Takes 2-3 business days though. Only trouble I know off was a few years back, were people thought that the eToro Bonus credits was real money .

3. [deleted]

its legit up to the point its customers lose money then it gets called a scam.

4. u/thefonz22

I have been using etoro for a year now. It appeals to me because its very easy to use for a newbie like me.

5. u/BroccoBaba

technical analysis is a scam, not etoro.

6. u/Olimenterprises

Etoro isn’t a scam in the traditional sense. But it’s so shitty and expensive it might as well be one..

7. u/Snxwe

Hey, so I’ve used eToro a lot in the past. With real money and demo money.

The platform itself is not bad to use; the charts are quite nice. The spreads are a little wide compared to other platforms but I don’t mind.

I read that article mikoul posted (dated 2009 btw) and it makes a good point. However, the writer’s problem has got nothing to do with the platform. Nowhere on the internet will they let you invest 50 bucks with no leverage; it’s just not worth the broker’s time. His reasoning for buying gold was pretty… pathetic and just a complete gamble. Would he have complained had his trade gone the right way? And to be honest, a little deeper reading into the FAQs and whatnot would have explained to him everything.

I’d say the platform is great for holding small 1-12 month investments, but make sure you manage your Stop Loss and Take Profit levels properly. It’s very easy to access and it’s all very straight forward.

I’ve deposited and withdrawn money from etoro many times without any problems.

8. u/StockJock-e

Im not sure many people here know what Etoro is.

We are mostly US based here.

Regarding the trades, if you are trying to trade with very fast executions, I do not think Etoro is probably the right place to be.

If you are placing market orders, then you risk being filled anywhere. There is no guarantee you will get the price you want. It also greatly depends on the stock, and obviously the broker.

So is it a scam? I have no idea, we dont know anything about Etoro, but if you are getting ripped off with market orders, stop placing market orders with them.

9. u/decent-nz

I am not sure about how legit they but getting verified seems to be taking ages – I have been waiting over 2 weeks so at the very least their backoffice is struggling. You’d think they would at least invest in the portion of their business that brings in customers.

Without verification, you can only deposit 2k, which is pretty meaningless.

10. u/Wayrethos

It’s perfectly fine and legit. I prefer do my own trades, but you can devote some of your investment to copy others too.

Final Thoughts

There you go. Though we wished we could’ve picked more than 20 responses, unfortunately, there are a lot of old and outdated opinions concerning eToro, mostly concerning the expensive withdrawal fees(used to be $25, but now at only $5 per withdrawal). That, and eToro’s slow withdrawals at the end of 2017. Both being outdated(come on, that was 3 years ago), and both being temporary issues with the platform.

If you want to take a look at a deep dive on eToro’s legitimacy, check out our short research article: Is eToro a Scam? or Legit? Our Research.

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