eToro
Is This Your Business?4.6
4.6
eToro is an online cryptocurrency platform, based in Israel, serving customers internationally. Founded 14 years ago, the company is headquartered in Tel Aviv with additional offices in Australia, the United Kingdom, and the United States, and valued at nearly $1 billion, an impressive accomplishment for such a short period of time.
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The Good
- Intuitive, Easy-to-Navigate Platform
- Copy Trading Feature
- Easy to Start
Intuitive, Easy-to-Use Platform
eToro’s platform is intuitive and easy to navigate. Even the beginner trader can find a way to get started and begin making transactions. However, the platform is also set up to accommodate more serious traders who know what they’re doing and need a more comprehensive trading toolset.
Copy Trading Feature
A unique feature eToro is known for is copy trading, which allows anyone to copy another trader, especially those who are successful. This is unspeakably beneficial, especially to novice traders who need mentorship and modeling to understand the best moves to get the most from their money. The platform is designed to be social, for traders to interact with one another. This is distinctively different from other platforms who offer the ability to trade, but lack the social edge.
Easy to Start
Most likely due to its origins in Israel, which hails a robust software development and mobile technologies industry, eToro is well developed as a platform and provides straightforward user experience, making it easy to get started and use the system. Other platforms, like TradeStation, have a lengthier and more complex registration process, putting eToro ahead in this arena.
The Bad
- Poor Customer Service
- Limited Services in the United States
- Service Issues
Poor Customer Service
Many customers have complained of not being able to reach customer service after several attempts. Others complained that their situation was not resolved by customer service representatives when they were able to reach them. Unfortunately this can be common in financial services, where long wait times and impersonal e-platforms like Zendesk do the lion’s share of customer interactions.
Limited Services in the United States
eToro was only able to allow U.S. customers starting in 2019 and does not have a presence in all 50 states yet. Also, only certain services are available — the social platform and wallet being the main ones. For an established technology that has been operating for well over a decade, and with the United States being generally considered as a financial epicenter, this does not serve eToro well in one of the biggest markets in the industry.
Service Issues
Customers have reported that the site has been down more than once or that they are unable to login to their accounts for periods of time. For the technology industry, there is no faster way to lose the trust and interest — and revenue — of customers, than to have infrastructure issues and down time.
The Bottom Line
eToro has many attractive elements; especially for traders residing or working outside of the United States. Give this platform a try, and determine if its capabilities and limitations can work for you. For novice traders who may need more extensive support, another option may be more favorable, like Kraken, Coinbase or others.
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J B Sandy, UT
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