Fact CheckedLast Updated on January 1, 2023 by Stephan Lindburg
eToro Review and Scam Broker Investigation
eToro is an established Forex and Cryptocurrency broker as well as a unique social trading platform. It is a global financial corporations operations in Cyprus, Israel, the United Kingdom, and various parts of Eastern Europe. Their UK address is 24th floor, One Canada Square Canary Wharf E14 5AB London, United Kingdom, and the on in Cyprus is located at KIBC Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus 4046.
eToro has multiple licenses. eToro (Europe) Ltd., a Financial Services Company authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) under the license # 109/10. And eToro (UK) Ltd, a Financial Services Company authorised and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263. Etoro can be contacted via their “contact us” page.
Official Website, Login Page, and Members Area: etoro.com
eToro Review – Recommended Broker?
eToro is probably the largest and most recognized social trading networks available online for both amateur as well as professional traders. This broker owns custom-made proprietary software with adjustable settings and a user-friendly Forex CFD trading platform. Investors are able to utilize three trading options or features after signing up and funding a real money trading account.
- Trade Markets allows you to independently execute trades by yourself using the in-house trading platform.
- Copy People allows you to search for successful investors and try to copy their strategy. This feature is adjustable and there are many filters on it so you can choose conservative traders or ones who choose to risk more.
- CopyFunds was just recently released and here you can join a group or groups of investors. Then follow them and invest similar you would in a mutual fund or ETF.
You can choose from hundreds of underlying assets available for Forex, Crypto, and CFD trading. These included but are not restricted to safe haven currency pairs such as USD/EUR, and USD/GBP. Cryptos such as USD/BTC, and BTC/ETH. Stock market indices such as S&P 500, and Dow Jones Industrial Average. And popular commodities such as Gold, Silver, and Oil. Exchange Ttrades Funds are also available and according to eToro corporate headquarters, US traders are now able to trade cryptocurrencies as well.
What is the Minimum Deposit Amount?
You will have to fund your trading account with at least $50 in order to get started.
Is Demo Mode Available?
Yes, you can check it out for yourself before investing.
Are There Any Problems Cashing Out?
We did receive various complaints in regards to withdrawals, but these were resolved as traders are always hyper-sensitive about their money and don’t bother reading the fine print. Sometimes a clarification and good communication saves the day, and that is what happened in our case.
Etoro Signals Alerts
Here you will see the signals we received to our cellphone. It’s worth nothing that their app is available both on Android as well as on iOs on iPhones and iMac. The signals arrive to your smartphone or device in a very clear and easy to understand way. You can choose to buy or sell the contract according to market rates, sentiment levels, or the popularity bar as seen here.
Opening An eToro Account
You will be required to enter your full name, email, address, and choose a password. After that you will be contacted via phone by an eToro representative and asked to validate or confirm your identity. You will be required to produce documentation such as a valid drivers license, utility bill, and/or bank statements.
eToro Cashier (Depositing and Withdrawing Options)
The are are various ways you can fund your account as well as cash out. The obvious is Debit/Credit cards such as Visa and Mastercard, and then we have wire transfers, Paypal which is a rare treat, Skrill (moneybookers), Neteller, and Webmoney.
Placing Orders
When you purchase a contract you have the optioning of using the stop/loss feature as well. The rest is self-explanatory, you just choose the contract at the appropriate market rate and select buy or sell.
eToro Complaints, Is eToro Scam or Legit?
This is where the plot thickens. We would not be posting this review if we believed eToro is a scam, and the reason why we have received complaints has to do with the fact that it has been around for the longest time and very big in terms of the customer database. To illustrate, if you compare Apple to a new and unknown Chinese Telecom company, you will find the unknown company has much less complaints and that has to do with fact that the Chinese company (regardless if it is good or bad) has little or no clients in the first place.
So obviously there are complaints and grievances when it comes to eToro, but our job is to transcend, look beyond the usual scope, and try to identify if there is any real value for traders using eToro. We truly believe (and we are not the only ones), that eToro provides a solid, fair, and trustworthy trading environment and we have reached this assertion after testing it and investing ourselves. Still, we are not recommending it because it is too complicated for our members who want a simpler solution.
eToro Review Conclusions and Recommendations – Recommended Social Trading App!
If you believe that the eToro can help you make a quick buck then you will be partially correct. It will take a bit more time and you will have to do a bit of trading with smaller amounts before doing the “big numbers”. So yes, Etoro is legit and we will NOT be blacklisting this trading platform today! In fact, we will be endorsing eToro for a variety of reasons. Firstly, it is totally regulated. Secondly, they are always keeping up to date and adding new features to their software. Finally, the overall experience is a positive one.
Additionally the trading interface, customer support, trade execution, and clarity of of information is up to par. As opposed to other systems we tried out, we do not feel as if we have been cheated out of our money. We feel that we have signed up for a premium service provider which does understand the nature of online trading and how to provide superior education and training material as well. But as we have mentioned, this is not a push money type of app so if you are looking for something like that you need to check out other systems.
We are advising our members and viewers to check it out because it is a legitimate and profitable trading platform. You may however require a bit of help from other expert traders, but we are convinced you have a very good chance of making significant ROI if you invest wisely. Don’t forget to check out our YouTube Channel, and Facebook Group
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