eToro Systems Back Up After Login and Deposits Issues

Social investing platform eToro has just published an update saying that everything is fully operational and apologized to clients who experienced login issues over the last few hours.

It was not immediately clear what had caused the issues and how many users had been impacted. But the bug was apparently minor as few users complained about such technical issues, according to outage monitoring website Downdetector.com.

eToro first tweeted that users are experiencing an issue with making new deposits, as well as access to their accounts. The company then outlined that it identified what was causing the issue and fixed it.

Today, at 14:41 GMT, eToro last updated that the deposit incident was resolved, and functionality has been fully restored.

Earlier in September, eToro’s chief solutions officer, Tuval Chomut, assured clients that the company platforms can handle volumes at current activity levels, and they are working hard to minimize the risk of an issue like this from happening again. He added that they will continue to improve systems so that it can handle volumes up to 100x current levels as eToro continues to add more assets.

This clarification was important as outages at other platforms, such as Robinhood, was attributed to stress on the app’s infrastructure, high trading volumes and a record number of sign-ups.

Indeed, many retail platforms faced heavy scrutiny as there have been problems and outages in every month since March. US regulators received more than 700 complaints against major brokers in the first half of 2020.

Many of the complaints were regarding failure to provide a swift resolution, which resulted in some investors losing money after being unable to reach their accounts amid market routs and rallies.

eToro, which is gearing up for an eye-catching $5 billion IPO, is now competing with the likes of Robinhood, Vanguard, E-Trade in the US after it secured the membership of Financial Industry Regulatory Authority, Inc. (FINRA). Additionally, it allowed US customers to trade stocks at no cost in July, ramping up the intensity of the brokers’ fight to eliminate trading commissions.

In eToro’s existing markets, the company’s 17 million-plus users are able to trade and hold more than 1,500 different asset classes and markets, including stocks, bonds, cryptocurrencies, forex, commodities and more.

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