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Multi-asset financial services and brokerage firm eToro is once again facing technical difficulties that have led to the disruption of its trading platform since Tuesday, February 23.
As the cryptocurrency markets go through their worst day in 2021, traders found themselves unable to log into their accounts through eToro, and the platform was still inaccessible on Wednesday morning February 24.
According to the status update via https://status.etoro.com, the company states: The root cause of the problem has been identified and our developers are working to resolve it, and additional information is provided as soon as possible.
However, despite the constant flow of messages saying: We are continuing to work to resolve this issue, the popular trading platform which is planning a $ 5 billion IPO next year is still disabled, the traders being unable to log in, according to For the Arab technical news portal.
The company provided traders with the offline backup trading site https://offlinemode.etoro.com, but it was initially disabled, and this site allows people to know all trades and close open trades and reassure them that the platform has not been breached. .
The shutdown comes at a time when cryptocurrency prices are dropping as digital currencies have lost over $ 200 billion in market value in just 24 hours.
Almost all cryptocurrencies are still swimming in a sea of red with massive losses for Bitcoin, down 15%, Ethereum down 16%, Bitcoin Cash down 21% and XRP down over 23%.
However, this is not the first time that the eToro platform has shut down in extremely volatile market conditions, with eToro services severely disrupted at the end of January, while eToro and other applications Online trading companies have struggled to keep up with the growing demand from retail investors. .
As eToro continues to be suspended, a number of frustrated marketers have taken to Twitter to vent their anger, and eToro has offered no official explanation.
It is not known at this point how many accounts are affected, where they are experiencing technical difficulties, and how long eToro will be down.
The company said: We are currently facing an interrupted service, and we are working hard to resolve this issue as quickly as possible, and we apologize to all customers affected by this disrupted service, and we are working closely with them. senior Microsoft officials to resolve the problem.
The platform grew in popularity as users were able to trade cryptocurrencies and global stocks through a mobile phone.
EToro also has a trading copy feature, which allows investors to view and copy the strategies of top traders.
EToro’s user base grew by around a third in 2020, with $ 1.5 billion invested through the platform, up 400% from 2019.
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