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eToro is a so-called social trading broker platform that serves clients in the UK. (ASIC). However, these claimed regulations don’t seem to stop their unacceptable fraudulent activities and make us ask, is eToro safe in any way? eToro is a so-called social trading broker platform that serves clients in the UK. (ASIC). However, these claimed regulations don’t seem to stop their unacceptable fraudulent activities and make us ask, is eToro safe in any way?
There are several ways to make money online, and using an online broker is highly common and sometimes imperative. Unfortunately, not all online brokers are trustworthy or have a good reputation. This condition makes it hard for many people to choose a reliable broker.
As a trader or a prospective one, how can you figure out if a broker is a scam? Most importantly, you’ll be knowing if eToro is a scam or a legitimate platform for trading.
|Regulation||Yes – Multiple|
|Product Types||Forex, CFDs, Currencies and Indices|
|Products Offered||More than 200 products to Trade|
eToro is a so-called social trading broker platform that serves clients in the UK. Also, the platform claims to be regulated under the Financial Conduct Authority and also the Australian Securities and Investment Commission (ASIC). However, these claimed regulations don’t seem to stop their unacceptable fraudulent activities and make us ask, is eToro safe in any way?
There are several negative reviews about the eToro legit status. Unfortunately, these reviews both apply to them being a social trading platform and a broker. Online reviews show that the platform has an unresponsive customer support team. So, if you have complaints or clarifications to make, you will not get an early response.
Several individuals spend weeks trying to contact customer service regarding withdrawal issues, and there’s always a problem in dealing with these complications. It’s unclear how the site gets its legalization from the UK financial watchdog, as it’s evident that they have a poor relationship with traders.
Moreover, several individuals complain seriously about the spread of the platform. Some traders claim to have opened a buy position and dropped down the chart even without any significant market movement.
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There are several questions online that answers the questions whether eToro is a scam or a legit platform for traders. If you search online, you will see negative reviews from people who had a first-hand experience using the platform. One of the noticeable things about eToro is their customer service. Several individuals experienced terrible customer support when they had severe complaints.
One of the long lists of negative reviews about their site is shared from an account on Trustpilot. The individual claims to have experienced a liquidated account. After this was realized, the individual spends three weeks to know what steps to take. Unfortunately, this was to no gain as the account remains liquidated.
Alessandro Di Bari, an individual with direct experience using eToro, also gives a negative review of the platform. He claims to have wanted to close his account for weeks, and withdraw funds. Unfortunately, this was not possible as he kept getting directed to contact the customer service team. This act indicates the holding of funds for an extended period, which can be regarded as a fraudulent activity.
A significant instance of withholding funds is seen in Nader Dayerlzadeh’s experience. He spent more than four weeks making a withdrawal. The complaints are around the validity of the bank account. Nader’s bank account was initially used to make deposits, so it’s illogical to have that same account held responsible for invalidity.
Nader Daverlzadeh’s account was blocked, similar to how several individuals have experienced blocking after attempting to withdraw funds. Also, it appears he was redirected to different departments several times, which revealed a lack of appropriate structure.
Aside from the negative reviews about the platform, there are specific positive ratings as well. However, it is evident that most of the positive reviews are fake and created to individuals a false idea of what the site provides.
Several expert traders with previous experiences with the site have provided certain reviews and warning signs about the eToro fraud activities. The platform’s fraudulent practices are unacceptable, and traders are advised to steer clear of making deposits on the site.
One review showed how the platform might have shady sides to their claims. For instance, “Mocro Stacker” says that the 0% commission that the site defends is false information. He had a personal experience of making a withdrawal of a certain amount of money and getting something much less. He also gave signs of how they regularly withhold funds for no apparent or significant reason.
There have been complaints about the intermittent crashes that occur on the site. A good number of traders have lost money due to these unexpected crashes that appear on the platform.
A previous trader in eToro named Michelle made a significant deposit and had a severe problem getting back to the account using the same password. She tried getting a new password to recover the account, but it was never mailed to her. This experience shows the vulnerability of a trader’s finances on the site.
From one of the reviews, it appears that traders should always understand the requirements of the platform before depositing under them. However, since eToro doesn’t make the requirements clear to comprehend before traders make deposits, it can’t be well trusted. For instance, a trader named Daniel Owen had issues providing the proof of address, but his deposit was accepted, which is inappropriate. He complains and warns about the unorganized customer support.
Most of the expert traders and previous users of the platform have complaints that majorly deal with customer service responsiveness and organization. Many people also have issues with how the site withholds funds and gives intangible excuses about releasing the trader’s funds.
It’s a common saying that CFDs are complex and come with a high risk of losing money because of leverage. While this is true, the platform uses this to its advantage. Please steer away from this broker to avoid being a victim of their fraudulent acts.
There are some crucial red flags to look out for when dealing with a fraudulent platform like eToro. Here are some of them:
Getting scammed causes a great deal of pain and regret, especially when it’s your hard-earned money. Fortunately, you can get help through the situation. Fund Recall and their team of legal professionals can assist. You can request a free consultation today or file a report on a broker to get in contact with their legal professionals.
Fund Recall has marked this broker as a very dangerous scam, with no significant positive review, since they all result in an ultimate scam. Etoro is a scam that lures people in with claims of having 0% commission and free insurance.
All the significant categories used by Fund Recall sets eToro score low and establishes it as a scam. This company doesn’t have a profile on the Better Business Bureau. The site also seems to have intermittent crashes that affect trader withdrawals, misleading marketing, suspicious terms and conditions, general warnings for questionable content, and poorly organized customer service. This site is 100% a scam.
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