Hello, does anyone know which method is best for Depositing & Withdrawing Funds?
I started getting into EToro about a month ago. Got myself verified and funded my account with $1,000 via Bank Transfer. Bought some shares and then topped up another $500 on the same day. Looking at my Online Transaction history got me feeling a bit uneasy. The first $1,000 appeared in my Bank Statement as a transaction to "YYT Co.". The second $500 appeared as a transaction to "PooPooPeePee".... Why is it like this ah? Should I be concerned? I havent tried Withdrawing yet. Kinda curious to see what company will be transferring me my Capital.

EDIT: I see that we can no longer use Direct Online Transfer to fund our EToro accounts. Have to do Wire Transfer from Bank. I really dont want to incur RM10 wire transfer charges just to Deposit and again to Withdraw. Maybe funding via Debit Card really is the way to go now?

This post has been edited by KappAmir: Apr 26 2021, 01:44 PM

So I tried withdrawing money from Etoro last week and the money finally came in this week (Thank God!). At least now I truly believe that the platform is legit. Anyway, I keep a note of all my transactions (MYR : USD at the time of deposit) and I see that I lose around RM200+ per $2,000 withdrawal.
i.e. Deposit $2,000 = RM8,380.65 ... Withdraw $2,000 = RM8,140.40 = RM240.25 Difference.

I thought it was the withdrawal fees, but they already deducted the $5 fee beforehand. I dont think Maybank charged me any fees for getting my money back from Etoro. If its the Exchange rate, then I cant believe the price of MYR:USD could drop so much within just 1 week.
Anybody know why its like this? I wanna keep using Etoro in the long run, but I need to find a way to mitigate this conversion loss. RM200 is like a months worth of McD already.


On a side note; I would like to give a shoutout to my Etoro Account Manager, S. With how frequent everyone says that Etoro has little to no customer support, i was scared that my withdrawal would be filled with problems after I sent in the request. I got a call from my Account Manager the next day and the dude really put me at ease. He told me how long the process would take, asked me about my trading/investing preferences, informed me of some Etoro webinar programmes that I could join, and even gave me some popular trader recommendations that suit my portfolio for me to copy. Thats a great customer service experience right there. I hope he's there to stay

This post has been edited by KappAmir: Apr 26 2021, 02:14 PM

Ah. So then the RM200 loss is simply from Exchange Rate, yes? I guess I should better time my withdrawals next time.