Is eToro a Scam? Let me explain. eToro is one of the biggest social trading platforms when it comes to trading online which is why it has come under a lot of criticism regarding its overall legitimacy. Over 5 million people worldwide take to eToro to invest in stocks and try to make a profit. Unfortunately, though, not a lot are successful and sometimes lose a lot of money which they don’t think is fair. Those people often take to the internet to write negative reviews of the eToro platform, and some of them do feel cheated.
Regardless of if eToro website is a scam or not, the only way you can really tell is if you set up your own account and start trading with your own money. The problem is, who is going to do that when it has the markings of being on the negative side. This honest review is solely based on personal experiences on this trading platform that I personally think is not worth trying.
Why Do Members Think eToro is a Scam?
As stated above, a lot of the negative reviews come to light because people do not like losing money on trades. This review is not to encourage people to try and tell that eToro is a good platform in the trading world, as again, people better stay away from this investment scheme. This review is more of a way to warn people against this social trading platform, and not to invest on it.
One other reason why members are suspicious of the platform is that the previous history of investments is not so transparent. You can only view trades that go back a year, and you will not be able to download a longer history of any other investments. This is a good reason to be suspicious and a very valid one.
eToro operates with OpenBook capabilities which again makes potential new members suspicious of depositing money. The social trading feature wouldn’t be anything without the OpenBook feature as you will then not be able to follow any of the popular traders or their information on investments. This makes new users wary in the sense these popular traders might not be real people as there are no means to tell if they are real and not just made up by eToro themselves.
What Reasons are there to Prove eToro is Legit?
With the thousands of negative reviews that members have brought to the internet, you should remember that millions of users try to take advantage of the eToro platform. While you can find many negative reviews relating to their operation, the platform has few positive reviews from so called successful traders that use the platform. All businesses will have negative reviews regarding their practices no matter what industry they are serving, so sometimes you must take both negative and positive reviews with a pinch of salt.
Some reasons below could give you the opinion that eToro might be legit:
- eToro was founded in 2006 which means they have been established for more than ten years.
- eToro is a fully licensed company in Cyprus where the business is based. It is fully regulated by the Cyprus Securities Exchange Commission.
- The social trading platform has many negative reviews but has a few positive reviews.
- eToro claimed it has real members that can be followed socially both on and off the eToro platform. This means that prices aren’t necessarily inflated because the so-called real members are truly making money from the platform. So they claim.
While none of the above guarantees that eToro is legit, and there’s a lot more convincing needed to give you peace of mind to try the system. Remember that thousands of users slate eToro just because they have lost their own money and are not happy about the platform.
What Evidence is There That eToro is a Scam?
While eToro does have many negative reviews from members that have used the social trading platform, there has been substantial evidence presented to suggest the system has a flaw. Of course, eToro is in the business to make money, but they are making more than enough money from commission, so they have no reason to operate illegally.
There have been many members of the platform that have come up with their own conspiracies that suggest eToro is a complete scam. Seeing the unconfirmed claims hundreds of thousands of so-called legit traders that are supposed to be earning thousands from the platform because of their social trading knowledge – would suggest that eToro could not be as legit as any social trading platform comes.
Questions to Answer that Might Makeup Somebody’s Mind.
If you really want to know if eToro is a scam or not, you will need to answer the following questions:
- Have you tried out the eToro platform with your own money?
- What evidence have you found to suggest the platform is a scam?
The above questions are applicable only to those that have tried out the system and learned something from their experience. Those that haven’t tried it are better off not trying at all as it might give you the result that you do not want in the first place.
Conclusion
If you look at eToro reviews online, it’s easy enough to be put off from using their social trading services. In conclusion, it’s easy to be suspicious of any business operating in the social trading industry, let alone from some platform that has so many negative reviews.
There are so many reasons to avoid it, which is understandable, so I think it is safe for you just to research and try my recommendation which is online affiliate marketing. Get the necessary training to get the skill required, build your website and be an affiliate with large companies like Amazon. You can never go wrong. You just have to work for it to be successful.
Feel free to ask questions, post comments or subscribe to my email list to be the first to get the updates and offers. You may also visit me so I can answer your questions directly at Wealthy Affiliate (link to my profile page)
I am Den and I am the owner of this Website. I finally quit my job in Aviation to do my online business full-time.
I love doing this online business as I love to help people quit their day jobs to do the things they really love. You will mostly find me hanging out at the coolest site to learn online business.
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I remember this from many many years ago. I used to tinker with it eToro thinking I really knew what I was doing. For the most part, I will say that it is a fun platform with the different characters running a foot race against each other however I don’t see how anyone can take it seriously with real money. To me for forex is the hottest way to trade right now. I prefer making Forex trades over trading in the regular stock market simply because for me, it’s a lot easier to organize and understand. There are only about under 20 different currencies that you have to worry about as opposed to the many many hundreds of stocks to keep up with. I can appreciate your candid opinion on this toy of a product. Thanks for sharing.
Hi Taquee,
eToro has a lot of complains from its that is why it is better to stay with from it. It is nice to hear that you have experienced it yourself.
Thanks for the comments,
Den
I’ve always been interested in investing my money but I have never really understood or cared to understand this form of trading.
Although I have heard of eToro before, and reading this post makes me even more cautious about it. Great information! Thank you!
Hi Ian,
eToro is not a good place to invest your money. There are so many red flags that indicates that you may lose your money.
Thanks for the comments,
Den
I don’t understand why people join the trading companies. To me it seems like a risky business. I mean investments are great if you know exactly where and how to invest. Personally, I’d rather invest through a particular banking institution in Canada that doesn’t involve me sitting there every day and trading on my own.
Have you participated in the eToro platform yourself or maybe your friend who has? It’s great that you share this information with the others, so that people know which traps they shouldn’t fall into and seek other ways to make money online.
Hi Zarina,
A lot of friends have tried this and the results are not good. There is no point for me to try as there are so many red flags on this website.
Thanks for the comments,
Den
This is really something special that I have landed on your website and reading this article. I can’t tell how many online trading offers are there online. I haven’t heard eToro yet, but it’s good that I have read your review about this company.
It’s seem like one of those too good to be true investments, and I’m glad you have brought this awareness to viewers who are thinking about investing funds in eToro. Thanks again.
Hi Anthony,
eToro has shown so many red flags that it is better to stay away from this website. People should learn the skills needed to be successful online and start from there.
Thanks for the comments,
Den
I am very thankful for coming to your site. I didn’t know that companies like this exist. I have always wanted to get into online trading. I will definitely be doing more research on companies like this. Your review was very helpful. I still may go to these site and check them out just to get an idea of whats out there but probably definitely will not be joining. Thanks again
Hi Earnest,
It is up to you if you want to spend your precious time on websites like this. I have already pointed you the red flags but of course it is your choice.
Thanks for the comments,
Den
Hi Den,
As the saying goes nothing good comes easy. People should be careful not to waste their hard earning money. Money is not something you can get within a second. That’s the reason why you have to learn, plan and co-ordinate your self, and money will start coming in for you to enjoy the fruits of your hard labor.
Hi Onye,
Learning the skills required to do online business is the surest way to make money. No get rich quick scheme will bring success to you.
Thanks for the comments,
Den
These companies that are out there offering to invest people’s money are not to be trusted as some of them might have a few people who they treat fairly, just to build a drag net to catch others who they will prey on without mercy.
It will not matter how well they treat those who really earn from their investment. Those who do not earn has no other name to call them but Scammers.
Some people’s heart are aching, their Bank account are aching and their family life, if not totally broken up it is in a poor state of disrepair because of Scam companies who invade the Internet as Traders.
Their pitch to their victims are designed with profit and Financial freedom. I know this because I fell victim to BinaryBook. whose invitation was to start with a minimum investment of $250.00 and become financially free.
My Credit Card was stripped of $189,000.00 I am still indebted.
Hi,
I felt so sad it happened to you. It happened also to two of my friends. I am still grateful I was able to stop some from being scammed online. People seemed to be easily trapped into what we call as the shiny object syndrome wherein they fall prey to those platforms offering easy money. Online business is not like that. It is like a physical business. You have to work for it to work.
Thanks for the comments,
Den
I was always skeptical of this program. I had many chances to join but something would always stop me. I’m so glad I read this article. You touched on everything and reviewed it from both sides. But I agree there are better options out there. I will be sure to share this post.
Hi James,
I agree with you. There are other better online platforms to make money than eToro.
Thanks for the comments,
Den
Hi Den,
I remember what was Warren Buffett’s quote about investment. He said Rule No. 1: Never Lose Money. Rule No. 2: Never Forget Rule No. 1. To be honest, there are so many investment opportunity in the world and why we need to take chance to bet on the uncertainty. According to your information, etoro is registered in Cyprus, it is the first sign I feel weird.
Most of online stock traders or forex companies register in major market to convince customers not only legitimacy but also capital safety that you point out in article. Secondly, we will know the history of performance could guarantee nothing. According to 80/20 rule, the majority are in low performance in any field and winners are always rare especially in the stock market.
To make money online is possible and it seems Wealthy Affiliate is a good platform to start as they have a good community. From finding a niche, creating website to getting traffic, WA is I think a really great place to learn and to make money. Looking forward seeing more case study post about online money making here!
George
Hi George,
It is better to avoid eToro as there are other better alternatives to make money online. You will always fall into a trap if you always wanted easy money. It is better to learn the skills in online business and the best platform to start is Wealthy Affiliate.
Thanks for the comments,
Den
Hi Den,
What you said is true. If eToro has such many negative review in the first place, I wouldn’t even want to try it. For those who are doing trading as a side income, I think it is better off not to use this as a trading platform. Going for some trading platform that is been regulated and approved by those known financially known country (eg US,Singapore, Australia etc) will be better, base on my personal experience.
Hi,
I agree with you that if you see plenty of negative reviews it is better to stay away from that website. No need to try and waste time as there are other better alternatives to earn money online.
Thanks for the comments,
Den