eToro feedback and why I did not close my account

  • By
  • On Saturday, may 16, 2020
  • Comments (8)
  • In eToro

Feedback etoro

Following my recent article on eToro, I would like to bring some new information that I obtained during a meeting with eToro personnel.

Several points were discussed during this meeting concerning my experience on eToro. As I mentioned in my previous article, I consider eToro as a good platform and this is also why I did not close my account.

 

Let's start with the protection of funds on eToro

eToro is currently looking for a solution to increase the amount of protection for our assets. As a reminder, our money is completely separate from that of eToro (Omnibus account) and we are covered up to € 20,000 for customers under CySec regulation and £ 85,000 under FCA regulation.

Become a real shareholder of the company we buy

eToro wishes to put in place, as soon as possible, the fact that we could be a real shareholder of the company we buy on the platform, so we would have the invitation to the general meeting as well as the right to vote in the company.

Dividend improvement

Being the biggest problem for me on the platform, improvements to dividends are underway, but I couldn't get more details on which exactly and especially when it will be implemented, but they are working on it.

I think it will take some time before we can have a page on the dividend platform, which will allow us to track exactly who paid us and when.

In the meantime, you can use my dividend tracker for eToro. I am aware of some errors and I will make the necessary improvements as soon as possible. I must first finish updating my site.


The most important thing for me regarding the dividends was that I had no information on the withholding taxes that I had already paid, and therefore I could not get reimbursed.
This problem is now resolved because eToro was able to provide me with a document detailing exactly the gross amount of the dividends, the amount of taxes levied, the percentage applied, and the net amount paid by eToro concerning the dividends that I received for the year 2019. It will be enough for me to reapply each year.

Conclusion

I am delighted to have had this meeting with eToro. It proves that they are listening to customers and that they are aware of the problems that we may encounter on the platform and I think that they are doing their best to improve the situation as quickly as possible.

Having withdrawn most of my funds from eToro made me think about my investment strategy and goals. This is why I will keep the 2 portfolios: a wallet at eToro and a wallet at Interactive Brokers, because I think that like stocks, we should not put all our eggs in one basket. I will soon tell you more about my new investment strategy.

Something else important, I should point out that this article is not sponsored, and I have not received any compensation or benefit from eToro for writing this article.

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Comments (8)

Zine
  • 1. Zine | Thursday, february 04, 2021
Hi Nicolas,

My journey in eToro started similar to yours and I am still giving them the benefit of the doubt, so I am still there although I see a lot of complaints everyday.
A question I had for you is about filling your tax declaration when you are copying traders: do you have to fill in every stock/crypto they are investing in?
another one is if the tax authorities will consider you a professional trader judging by the activity of the traders you copy? Will this mean I will be taxed on capital gains?
many thanks for your help
trading-actu
  • trading-actu | Sunday, february 28, 2021
Hello Zine Thank you for your comment. I unfortunately couldn't answer your question since I never copied someone to eToro, sorry I couldn't help you.
Maciej
  • 2. Maciej | Friday, january 01, 2021
Hi!
Thanks for a very good overview of etoro (I'm also referring to your previous article). Can you please tell us how do we find the document which indicates how the dividends were taxed on etoro for our accounts?
Cheers!
trading-actu
  • trading-actu | Sunday, february 28, 2021
Hello Maciej Thanks for your question. You must ask eToro for the document -- Dividend Tax Report -- for your account
Esther
  • 3. Esther | Sunday, december 20, 2020
Thank you so much for this article (and the one before)!
As I understand from their website, your second point hasn't changed yet. You're still not a real shareholder when buying stock on eToro?
trading-actu
  • trading-actu | Sunday, february 28, 2021
Hello Esther I don't think that has changed yet unfortunately
Joaquim
  • 4. Joaquim | Saturday, december 05, 2020
Hi,

Congrats on your site! It has a lot of useful information. I live in CH and I just opened an account in eToro. I am trying to understand what is the cheapest way of funding the account. I want to fund it with 5.500USD. How do you fund your account?

Thanks,
Joaquim
trading-actu
  • trading-actu | Thursday, december 10, 2020
Hi Joaquim, Thank you for your comment, No matter your payment method, the most important is to deposit directly in USD otherwise you will pay exchange fees on eToro

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