eToro went down during yesterday’s cryptocurrency market crash.
Yesterday, Bitcoin lost 20%, dragging the rest of the sector down, and this sent trading volumes soaring. It is likely that this massive increase in users trading may have sent the platform into a tailspin.
The eToro team has now restored the service and explained what happened in a series of tweets, apologizing to users.
While eToro was not working, users were invited to use the Offline Trader Tool. This is a tool that allows just to see open positions, open and close positions, which replaced the platform in the moment of absence.
eToro only became fully operational again today. eToroService explained:
“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.
The reason for the service disruption was a technical issue that affected our Microsoft database & we were forced to move the platform into maintenance mode”.
Although eToro and Microsoft worked closely together to resolve the issue, it took longer than they would have liked.
eToro down, what happens now
There followed an apology from Tuval Chomut, Chief Solutions Officer at eToro. However, what happened will also lead to changes. Tuval Chomut explains that the minimum limit of the first deposit will be raised to $1,000, effective immediately, while the minimum value of each operation of CopyTrader rises to $500. The option to place market entry orders will also be temporarily removed:
“We will be raising the minimum first time deposit amount to $1,000 effective immediately and increasing the minimum copy value to $500. We will also be temporarily removing the option to request future market entry orders”.
Tuval Chomut adds:
“These are unprecedented times both in terms of the market conditions and eToro’s growth. We have more and more new users coming to the platform each day, a huge increase in trading volumes and strong growth in our users’ engagement with the feed and other aspects of our social investment community.
This means that when things go wrong more people are affected and we take this responsibility very seriously. We want to assure you that providing a frictionless trading and investing experience is our highest priority”.
Unfortunately, however, the platform crash at such a turbulent time in the market could not fail to leave consequences. On the web, and on Twitter in particular, comments from users who have been “victims” of the malfunctioning platform have gone wild.
The platform’s customer service department is in contact to try to resolve the problems that have arisen.
To prevent such incidents again, eToro says:
“We will continue to invest heavily in our systems and our support teams”.