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eToro suffers outage as crypto, global equities turn volatile

Ralf Rivas

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eToro suffers outage as crypto, global equities turn volatile

Screenshot from eToro

(UPDATED) eToro, a multi-asset platform that gained popularity during the pandemic, is back online after a 17-hour outage

Multi-asset brokerage company eToro resumed its services on Wednesday, February 24, after over 17 hours of going offline due to technical glitches.

The Israeli-backed trading platform has apologized to investors for the incident, which left its 13 million users worldwide frustrated.

Short- and medium-term traders had been unable to monitor their portfolios since Tuesday, February 23, amid the volatility of cryptocurrencies and global equities.

“Our platform is back up and running and we want to reassure our clients that our systems were not compromised in any way. This was not a breach or an attack on our systems and we have not experienced any data loss of any kind,” eToro said.

It did not elaborate on what caused the outage, but noted that it “worked through the night to identify and resolve the issue.”

The platform has an offline mode tool, in case traders want to open positions or close trades should a similar incident occur again.

eToro has gained popularity, as users are able to trade cryptocurrencies and global stocks on a mobile phone.

It also has a copy trading feature, which allows investors to view and copy the strategies of top traders.

The outage came at a time when cryptocurrencies like Bitcoin and Ethereum tumbled after hitting record highs.

Meanwhile, global equities markets rebounded on Tuesday, with the S&P 500 and the Dow in the green. The Nasdaq was the only major US stock index to lose ground.

eToro grew its user base by around a third in 2020, with $1.5 billion invested on the platform, a 400% increase from 2019 as stuck-at-home punters splashed their cash during the pandemic. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.