The crypto markets are experiencing their worst day of 2021. When they tried to log on to eToro, the Israeli-based broker found themselves amid technical difficulties.
According to status updates on the official web page, it said:
"The root cause of the issue has been identified, and our developers are working to fix it. Additional information will be provided as soon as possible."
This is the second time that eToro is facing technical difficulties in a month. Yet, despite the constant messages saying, "We are continuing to work on a fix for this issue," the platform is still planning an initial public offering (IPO) next year. The value of 5 billion dollars remains, even though the traders cannot even log in.
The platform's been down since 3 PM UTC
The traders haven't been able to log in to their eToro accounts from a bit after 3 PM UTC. The first update on the website was created at 3:14 PM. The last one at 8:46 PM UTC.
A few minutes before 6 PM the platform asked the users to "close your open position."
In the last Twitter update, six hours after the website went down, the company wrote:
"We can assure our customers that our platform has not been compromised in any way."
After nine hours and numerous updates with no detailed information, the users are getting impatient.
The online brokerage firm ended 2020 with gross revenue of $600 million. The total trading volume was surging 40% to $1.5 trillion.
eToro Traders are outraged
Since there's nothing else they can do at the moment, the traders took their anger to Twitter.
There's no definite explanation, nor where the technical difficulties are being experienced, or how long eToro will stay down. The first response given to Finance Magnates stated:
"We are currently experiencing disrupted service. and we are working hard to resolve this as quickly as we can."
"We apologize to any clients impacted by this disrupted service."
After an update, a spokesperson for eToro claimed:
"Our backup trader (offline mode) is fully functional and a vital tool for people to see their positions and be reassured that the platform has not been compromised."
"We are working closely with senior executives at Microsoft to resolve the issue."