Etoro broker review: real reviews about the global-scale social scam.
Social Trading by Etoro
Unlike traditional brokerage services, Etoro specializes in social trading, offering users a unique platform. What does this mean for modern individuals looking to earn online? In this review, we will explore the features of the CFD platform www.etoro.com, unveiling all the nuances of this attractive startup.
Etoro’s Innovative Concept
Similar to social networks, which have become the norm today, Etoro’s social trading of CFD broker is based on content created by users. Interaction between traders on the platform occurs naturally and voluntarily.
The official website www.etoro.com meets all the requirements of modern advertising: dynamic design, bright colors, and instant impression. These factors attract ultra-modern traders, who constitute the majority of Etoro platform users.
On the website’s main page, you will see information about the best traders with unique strategies that bring them high profits in various markets. But the most important information is hidden at the bottom of the page.
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One of the key aspects of social trading is that by copying the actions of other participants, you do not gain your own experience in trading with leverage. The company does not provide guarantees since the content is formed by non-professionals.
Cryptocurrency and CFD
In 2017, the Etoro broker entered the cryptocurrency market by adding CFD contracts for various types of digital currencies to its platform. Today, the platform offers 17 popular cryptocurrencies. Etoro actively promotes this type of trading.
The digital assets market is now discussed not only by professionals. Therefore, Etoro does not miss the opportunity to attract new clients with additional tools. And if offering leverage to traders copying others on CFD contracts constitutes 75% of the company’s turnover. Speculators place wagers on these percentages, but as a result, many of them lose their funds due to the peculiarities of margin trading. This information is provided on the official website.
The broker emphasizes the minimum spread from the point of view of cryptocurrency CFD trading. However, real user feedback reveals another side of the coin.
Restrictions to Keep in Mind
The company Etoro has several branches worldwide. Etoro Europe is registered in Cyprus and regulated by CySEC. Etoro UK is licensed by the FCA and operates in the UK.
Both firms comply with the MiFID directive of the European Union. There is also the Etoro Australia branch with an ASIC license, providing delegation of duties.
US citizens are not provided with securities exchange services. However, Etoro has a representation in the US offering various services.
Thus, the company offers a secure environment for trading and storing user assets from the European Union and other jurisdictions, as well as providing the option for delegation of authority.
However, clients from countries outside the EU may face issues frequently complained about in reviews: unauthorized debits, incorrect CFD trading operations, and withdrawal problems.
Broker Reviews
Many traders join Etoro, attracted by the ease of copying strategies. Bright advertising and enticing slogans cost the trusting traders dearly.
One of the clients from Russia:
Another client shares information about fees and commissions:
One trader points out inaccuracies in CFD commission payments:
And the last client, lacking experience in forex and other markets, expresses their opinion:
The review of www.etoro.com shows that even regulated exchanges can use manipulation to earn extra. Online reviews reveal the difference between the claimed benefits of social trading on Etoro and the actual trading conditions.
Summary
The goal of our analysis is to draw attention to the obvious aspects for Etoro users. The global reputation of the company does not guarantee that you will avoid financial losses. Reviews and overviews on the website provide an insight into the legal loopholes through which fund deductions occur.
As a reviewer, pay attention to the company’s customer support. According to reviews, specialists react with delay. Although round-the-clock support is claimed, clients have to wait a long time for responses to inquiries and complaints.
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Remember that new concepts of trading virtual assets, around which hype among traders is built, can become an easy income source for the Etoro company. For beginners, we recommend studying reviews and the platform www.etoro.com before investing!