eToro feedback and why I did not close my account
- On Saturday, may 16, 2020
- Comments (8)
- In 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.
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.
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Having withdrawn most of my funds from eToro made me think about my investment strategy and goals.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.