The largest trading platform in Europe fell, causing losses to small investors. There have been threats of lawsuits

One of the largest trading platforms actions and cryptocurrencies in the world have fallen, causing financial losses to the hundreds of thousands or millions of users it has. Yesterday, the eToro platform could not be accessed from 17.00 until today at 10.30-11.00, causing panic and nervousness among users who use its services.

right Downdetector.com, the problems of the platform were not reported only in Romania, but in almost all European countries. According to users, every time it falls market of cryptocurrencies or other such major movements in the capital market, eToro “fails” or limits certain services that would help investors make financial decisions related to their portfolios.

Users of the Reddit social platform blame the eToro issue on the recent migration from the RobinHood platform, which prevented its investors from putting money into certain stocks that were growing (they forced a short squeeze on GME shares) because its shareholders were betting on its decline. which cost him billions of dollars.

Migration from RobinHood creates eToro problems

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Since then, investors have been looking for other platforms from which to trade and have transferred their funds to other platforms. Among those was eToro. It seems that the huge number of users has created more and more problems for the platform.

Some of the users of the platform threaten eToro mass import lawsuits, others accuse that their funds have disappeared, but related to the problem of yesterday and today, most have complained that they cannot access their accounts, or if they can access them. , cannot trade from them.

Today, after lunch, the eToro platform sent a message to all users trying to reassure them about the latest failures it has suffered.

“We would like to apologize for the serious interruption of the service on the eToro platform at 15:00 (17:00 Romanian time), Tuesday, February 23. Our platform is up and running again and we want to assure our customers that our systems were not “This was not a breach or an attack on our systems and we did not experience any data loss of any kind,” said platform officials.

According to them, the reason for the interruption of the service was a technical problem that affected the database Microsoft and were forced to move the platform to maintenance mode.

“We worked hand in hand with senior engineers at Microsoft to identify and solve the problem, but this took longer than any of us would have wanted. As soon as we entered maintenance mode, we implemented our Trader Tool. offline, which can be accessed via the login screen on the platform or at https://offlinemode.etoro.com “, also said the head of operations of eToro, Tuval Chomut.

This tool is a key element of the eToro continuity infrastructure
activity, because it allows customers to view all open positions and request the closing of open transactions even when the main platform is not available.

eToro has made several changes

“We have decided to introduce a number of temporary changes to the platform, given the huge demand we see for our services. These changes will help us ensure that we can provide the best possible service to all our customers – both us and “We will raise the minimum amount of the first deposit for the first time to $ 1,000 effective immediately and increase the minimum copy value of the portfolio to $ 500,” the company announced.

Until now, the initial deposit was at least $ 200, and eToro decided to increase the amount 5 times to limit the influx of half investors.

It will also temporarily remove the option to request future market entry orders.

“These are unprecedented times in terms of both market conditions and the growth of eToro. We have more and more new users on the platform every day, a huge increase in trading volumes and a strong increase in our users’ engagement with the feed. and other aspects of our social investment community, “said eToro representatives.

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