Investment platforms are a type of financial intermediary that provide individuals with the ability to invest their money, often through online tools. They act as a bridge between investors and investment opportunities. These platforms allow users to access different types of investments, such as stocks, mutual funds, ETFs, bonds, and other products. Investment platforms usually offer research tools, portfolio tracking, and account management features to help investors make informed decisions about their investments.

Why do many people say eToro is a scam?

With all these features available, it’s easy to see why Etoro has become one of the most popular online trading platforms today. Its comprehensive suite of services, educational resources, and research tools provide investors with the information they need to make wise decisions when investing in the markets. As such, it can be said that Etoro is an excellent choice for anyone looking for an online trading platform that provides them with expert advice and guidance on their investments. Regulated trading platforms cannot be scams since they act under strict supervision.

The fraudulent entity has beenfalsely claiming to be an authorized firm by the FCA, engaging in unauthorizedfinancial services activities. I have withdrawn money, literally dozens of times and the only issue I had was when they sent it to an expired card – gave them the new bank details and it was in my account 3 days later. The support team is available 24 hours a day on trading days. At the various Club Tier levels, you can be assigned an Account Manager. They can help address any issues you might be facing. Where a lot of new traders come unstuck is not reading the terms and conditions properly.

They will eventually get shut down for these “website breaking” scams and lots will lose money when the company gets shut down. As we have mentioned in several of our scam alerts, it is important to be wary of false advertisements when using social media, and what’s even more so is not to leave personal contact details. Social media such as Instagram is popular for scammers to defraud people, where fraudsters advertise bogus investment opportunities, or even directly contact people as supposed friends to encourage them to invest. People deposit or transfer money under false promises of huge returns, but end up empty-handed.

More than 1000 investors have been defrauded out of $51 million in Taiwan. Investors were promised a 335% ROI, but received 0% instead. The Taiwanese government have begun to implement changes to the Money Laundering Control Act, and the Terrorism Financing Prevention Act. We are not affilaited with eToro, But feel free ask questions and seek answers from fellow redditors. Get all the top financial news delivered straight to your inbox.

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• Trading CFDs and more specifically, CFDs with leverage is the number one reason people get upset with eToro as they don’t understand how it works.
• So whatever the movement is for that holding, multiply it by the leverage amount and it will tell you how volatile it could be.
• While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.
• These cheap companies like etoro, do not act as a clearing house, a neutral party in your trading.
• Clone firms often use deceptive tactics,including providing false contact details, email addresses, telephone numbers,and even postal addresses.
• EToro is a reputable company trusted by millions of users worldwide.

On eToro, clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption. EToro operates in accordance with FCA, CySEC and ASIC regulations, meaning that there are measures in place to protect investors. Our clients’ funds are kept secure in top-tier banks and all of their personal information is guarded under SSL encryption. The nature of the Internet, however, does require some extra caution whenever engaging online. In order to help you avoid falling prey to phishing attempts, investment scams, and other risks, we have put together this etoro guide. In addition, if you are ever in doubt as to whether a communication is from us or witness any other suspicious activity on the eToro platform, please do not hesitate to contact us.

The more pressing question should be “why did you pick Etoro in the first place”. These social ‘broker’ websites are a real red flag, in my view anyway. As I said before, I traded on etoro many instruments for 2 years before this happened, I did not send an exclusive deposit. On 19 June 2011, a fraudulent breach of the Mt. Gox cryptocurrency exchange, caused the price of BTC to drop to $0.01. A hacker allegedly used the credentials of a Mt. Gox auditor, to transfer a huge number of Bitcoin to himself.

• If you deposit Credit Card A , withdrawals will go back to Credit Card A. If that card is no longer valid/lost etc, you’ll need a letter from your financial institution stating that.
• EToro is a Cyprus-based social trading platform that offers both manual and copy trading.
• The eToro platform also has a comprehensive research center with up-to-date analysis of financial markets and individual stocks.
• Any form of trading, be it traditional stockbroker trading, or Contract for Difference (CFD) trading, involves risk.
• While ForexBrokers.org has some data verified by industry participants, it can vary from time to time.

Once Meant for Institutions, Retail Traders Can Now Analyse Liquidity with dxFeed and ATAS

If they are unsatisfied with the verification, they can limit your account until such time you can verify your identity. This is to help reduce the number of scammers/money launderers trying to outsmart the system. Some traders take advantage of scalping, which is banned by eToro. If these traders are caught, they can be punished by eToro (freeze accounts/removed from the platform). Many people citing eToro as a scam platform didn’t read the terms and conditions of them signing up. This leads them to be frustrated if their account is restricted due to violating the terms and conditions.

Just the worst Company to deal with

This ensures that all communication between users and servers is kept secure. Secondly, two-factor authentication is available for extra security. It requires users to enter an access code sent via text or email before they can log in. Finally, Etoro also monitors user accounts for any suspicious activity and will take action if necessary.

The platform takes a number of measures to ensure this, including the use of sophisticated encryption technology and a robust security policy. EToro is a Cyprus-based social trading platform that offers both manual and copy trading. Its main feature is its copy trading system, which allows traders to automatically copy other traders’ trades on their own accounts in real time. This makes it easier for new traders to gain experience without having to make all the trades themselves. When it comes to cryptocurrency trading, there is also no fee for opening an account with Etoro but there is a spread included in each trade which can range from 0.75% to 4%.

It managed to recover 200,000, but the missing 650,000 caused the market to become destabilized. The ultimate result was that Mt. Gox was forced to declare bankruptcy and liquidate in April 2014. German review sites are full of scammed people commenting the same issue regarding etoro and there is also people not getting paid their money out. I am glad I could make some profits despite of all, but would urge to stay away. They have liquidity problems nowadays and may lose a licence for the European market.

How Much Does Etoro Charge For Its Services?

In addition, eToro is committed to transparency and customer service. The broker regularly publishes reports on its performance (such as monthly trading volumes) as well as customer service ratings. It also offers 24/7 customer support via phone, email or live chat. Overall, these measures show that eToro is a reliable broker that takes care of its customers.

It’s important for investors to do their own research before choosing an investment platform that meets their individual needs. Etoro might just freeze your account, take your money and you’ll not hear from the company with a real explanation or response again unless you sue them.This is how they acted in this case. I sent them a full report.Im also planning on publishing on FPA forums where they have a chance to reply with a solid explanation or a democratic voting from the forum users will get etoro labeled as scammers. BTC market is full of inefficiencies and price lags that’s why I wouldn’t recommend to trade on it with any FX broker. A ponzi scheme targeting investors new to cryptocurrency exchanges was uncovered in South Korea.

The company also has a number of measures in place to ensure that its platform is secure. The platform also provides access to a wide range of markets including cryptocurrencies, stocks, commodities, indices, ETFs, and currencies. Additionally, users can invest in pre-built portfolios or create their own portfolio using the platform’s automated portfolio builder tool. The platform also provides educational resources such as market analysis tools and tutorials to help users understand investing better. Went through the verification process – was told I was verified so I put money into my account via my bank. So they knew my name, email address, phone number, NI number, geographical address, bank details, etc.