Facing Multi-asset financial services and brokerage firm eToro once again technical difficulties have led to the disruption of its trading platform since Tuesday 23 February.
As the cryptocurrency markets go through their worst day in 2021, traders found themselves unable to log into their accounts via eToro, and the platform was still inaccessible as of Wednesday morning, February 24th.
According to the status update via https://status.etoro.com, the company says: The root cause of the problem has been identified and our developers are working to fix it, and additional information is provided as soon as possible.
However, despite the constant flow of messages saying: We are continuing to work on fixing this issue, the popular trading platform that is planning an IPO next year worth $ 5 billion, remains discontinued, with traders unable to log in.
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 the trades and close open trades and reassure them that the platform has not been breached.
The halt comes at a time when cryptocurrency prices are declining, as digital currencies have lost more than $ 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 percent, Ethereum down 16 percent, Bitcoin Cash down 21 percent, and XRP down by more than 23 percent.
However, this is not the first time that the eToro platform has suffered a halt in extremely volatile market conditions with eToro services severely disrupted at the end of January, as eToro and other online trading apps struggled to cope with the growing demand from retail investors.
As eToro continues to be discontinued, a number of frustrated traders have turned to Twitter to vent their anger, and eToro has offered no official explanation.
It is not clear at this point how many accounts affected, where the technical difficulties are facing, and how long eToro will be disrupted.
The company said: We are currently facing a broken service, and we are working hard to resolve this issue as soon as possible, and we apologize for any customers affected by this disrupted service, and we are working closely with senior executives at Microsoft to solve the problem.
The platform gained popularity, as users were able to trade cryptocurrencies and global stocks via a mobile phone.
EToro also has a copy trading feature, which allows investors to view and copy the strategies of the top traders.
The eToro user base grew by about a third in 2020, with $ 1.5 billion invested through the platform, up 400% from 2019.
The eToro platform is currently experiencing disrupted service. Our technical teams are working to fix this.
If you’re unable to login to manage your positions please use https://t.co/ydRIghscm7
Keep updated on our status here: https://t.co/ieIcXAjuOr
– eToroService (@eToroService) February 23, 2021