Researchers filmed 37 men and women and compared readings on five different devices with the activity actually done.
The results, published in the Public Library of Science journal PLOS One, showed the £20 Jawbone UP device registered a false positive - counting a step when there isn't one - up to 25 per cent of the time, and the £70 Fitbit One about ten per cent of the time.
They noted: "All monitors registered a significant number of false positives."
Sales of fitness trackers have soared in recent years. In 2015, British consumers bought an estimated three million monitors and smart watches - more than double the previous year.
Professor Ian Swaine, head of sports science at Greenwich University, said that even though technology is improving, fitness trackers can only ever give an estimate. But he added that they still encourage exercise.
Fitbit said its trackers "are not intended to be scientific or medical devices" but monitor "overall health and fitness trends" to help users get in shape.