fbpx
Connect with us

CryptoSpace

eToro: Stellar company or a scam? CryptoTapas enquires

Published

on

It’s either a love or hate relation, there is no middle ground, when it comes to eToro. If you read the reviews from Broker Chooser it’s an absolute love affair while Trust Pilot portrays a different story.

Google search as of Sep 1, 2019, Broker Chooser gives eToro 4.5 out of 5 stars. That’s a stellar rating in our opinion.

eToro-Review

Customer reviews on Trustpilot show a measly 3.8 out of 10 stars!

eToro-Review-02

And then the reviews on eToro’s platform paints a different picture.

Who do you trust? 

We are discussing eToro because it offers Crypto Trading with the ability to copy other successful traders.  This sounds like an amazing idea, and it is on paper, but how good is it in reality?

CryptoTapas goes straight to the company to find out.

CryptoTapas: Why are the fees higher on eToro to trade cryptocurrencies compared to other platforms like Binance (.1%)| Bittrex (.25%)| Cex.io (.25%) | KuCoin(.1%)? What features justify the higher fees?

eToro: eToro USA aims to be the easiest, most trusted fiat-to-crypto platform in the U.S. with unique social features not available on any other platform. Our fees are transparent and in-line with, and at times lower than, similar U.S. competitors that offer a “buy at this price” service, which is different from order book platforms that operate on maker-taker spreads.



CryptoTapas: There is some outrage about the amount of time it takes to withdraw the funds from eToro. Is it true that eToro asks for ‘reason for withdrawal’?  If you do, why?  It is investors’ own money. Can you please elaborate the reasons that contribute to the delays?

eToro: We allow users in good standing to withdraw their funds off the platform at any point. For some users, we credit users’ eToro accounts ahead of their deposits reaching our bank account so they don’t have to miss out on trades. When that happens, we have to wait until the funds are transferred before the user can withdraw.

As we grow in the U.S. market, we are exploring ways to provide the best trading experience for our customers, while mitigating risk for eToro. Part of this is exploring how to shorten the hold time before customers are able to withdraw. Currently, all new deposits are subject to a 7 day holding period before they can be withdrawn. After the 7 day period, there is a 3-5 business day withdrawal processing period: this is broken down  to one day for eToro to process the withdrawal and 2-4 days for customer’s banks to process the withdrawal.

CryptoTapas: How fast does your customer care revert back to customer grievances? Most reviews allude to the fact that the customer care does not address the issue head on and seems to provide generic responses, thus wasting customers’ time?  Can you please elaborate on average response time and what could contribute to delays in addressing customers’ queries?

eToro: We have invested time and resources in adding new staff and tools for managing our customer support requests. In the US, over 94% of cases are handled within a few hours with above a 3.1 customer satisfaction score. Since the eToro product is new in the U.S., some customer inquiries require slightly longer to research and accurately handle. The customer service team strives to keep customers informed each step of the way, and educate customers on where to find future answers on their own.

CryptoTapas: Why do you guys charge fees for inactivity? What happens if something unfortunate happens with the customer – is it theoretically possible that eToro will withdraw $10 a month until and even after account has reached negative balance?  (I am copying the email from Trustpilot).

eToro: We do not charge inactivity fees in the U.S.
eToro-inactivity-free

CryptoTapas: There are complaints about how long verification takes, both when opening the account and when trying to withdraw the funds. Can you please elaborate on the reasons that could contribute to these delays?

eToro: As a regulated company, we are required to establish the identity of our users. That said, we have invested significantly in our verification technology and onboarding process such that most accounts are verified immediately if they’ve provided the correct information. We collect documents from our users as needed but are committed to providing same-day ID verification.



CryptoTapas: There were few complaints about eToro closing someone’s position without their consent. Customer representative seems to indicate that this is a technical error on the platform.  Did any such errors take place during 2019 calendar year?   If so, what measures has eToro taken to ensure this doesn’t happen and if it does happen what kind of recourse do the investors have?

eToro:  This has not happened with the US product. As a global trading platform, we are always improving our platform stability and uptime to make sure all of our features work as intended.Reply-from-eToro

CryptoTapas: Is it possible that fees could change after a transaction has been placed? And why are spreads on eToro higher than other platforms?

eToro: Fees on eToro can change based on market fluctuations, so while it is possible for spreads to change after a transaction has been placed, the transaction would honor the spreads at the time the trade was opened. Our fees are transparent and in-line with, and at times lower than, similar U.S. competitors that offer a “buy at this price” service, which is different from order book platforms that operate on maker-taker spreads.

CryptoTapas: When something goes wrong (for instance, someone uses business account to deposit money into eToro) – instead of sending a warning or notice to the client asking them to resolve the issue – why does eToro resort to closing the account? Are there any specific provisions in the law that REQUIRE eToro to take this step without giving an opportunity to client to take corrective measures?

eToro: If a customer creates a deposit using a business payment method the deposit is sent back to the account it was created with. The user is given the opportunity to redeposit funds from a personal account, but if they refuse to redeposit, the eToro account may be closed. That said, support for business accounts is on our roadmap.

eToro-Customer-ServiceCryptoTapas: Looks like you may have to introduce tier system for withdrawal, are there specific issues that prevent you from introducing a tiered fees approach? It is counterintuitive that $50 and $50000 will cost the same money to withdraw?

eToro: In the United States there are no withdrawal fees, so users do not have to pay any amount to initiate a withdrawal.

eToro-withdrawal

CryptoTapas: What exchange rate source do you use when someone deposits or withdraws money?

eToro: In the US, all deposits and withdrawals are created from USD to USD. As such, there is no third party exchange rate source affecting the amount of funds going to and from your bank account. If you deposit $100 from your bank account to eToro, you have $100 on eToro to trade with.

eToro-Deposits-High Fee

CryptoTapas: If someone buys crypto on your platform that has a staking feature (for instance, NEO which gives GAS to its holders), does eToro deposit this into investors’ account?

eToro: We do not offer staking at this time.



CryptoTapas: Is there a stop loss provision for crypto trades on eToro?

eToro: Yes, users can currently set stop orders on eToro. We are working on making this feature more intuitive to customers.

CryptoTapas: What is your average up time for eToro platform? There were several complaints about network issues with eToro.

eToro: As with any online service, there are periodic issues. However, we have sufficient uptime to support a trading platform that cleared $1T in global trades last year.

CryptoTapas: How do you select the ‘Pro traders’ for others to copy? Can anyone become a pro-trader or is there a criteria?

eToro: Our Popular Investor program is invite-only once we vet them as potential candidates. However, any user is free to copy any other user on the global platform. We will be rolling out this feature to the US shortly.

CryptoTapas: Customers feel that eToro sends too many promotional emails. What is your comment? Is this because you offer many products and have something to share about each of these products? If so, how do you balance keeping customers in the know without inundating them with too many emails?

eToro: We aim to send out educational content and daily market updates along with mandatory email notices to do with trade confirmations, deposits, and so on. Given how fast markets can move, we’re sharing our proprietary research and commentary with our users at no cost so that they can make informed decisions. That said, users always have the ability to opt out, we respect that right.

CryptoTapas: To eToro’s credit, the company has increased its efforts to reach out to unhappy customers.   On Trust Pilot, you can see eToro’s team responding to the reviews (both positive and negative).

eToro-Scam-no-trust

Source: Trustpilot

There you have it folks, direct response from eToro itself. Probably, this review from Gabriel Moreti on Trustpilot summarizes the vast discrepancies in the reviews from various sources.
eToro-You-decide



Thank you for reading this article.

Cover Image source:
"Lupe über dem Etoro-Logo auf dem Bildschirm"by marcoverch is licensed under CC BY 2.0

Binance now allows Lending with interest rates of up to 15%.  Open your Binance account.

Consider subscribing to get ONE email per week with all the important curated information, tax alerts and free eBooks.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
Subscribe-top5-long-term-cryptocurrencies
IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

Read more about the author here.



 

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

CryptoSpace

Lessons from the Veteran HODLERS to the Newbies!

Published

on

Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

Trending