Despite our best efforts, there will be people who think that eToro is a scam site. For them, we’ve put together a complete guide to help you avoid real forex & crypto scams. Here are a few things you might want to consider before you invest:
eToro is regulated: Not all platforms are regulated. Regulations are put in place to protect investors, so you should only trade with regulated platforms. eToro operates in accordance with both the FCA and CySEC.
eToro is safe and secure: Always look for security signs on your browser before you trade. On eToro, clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption.
eToro has round-the-clock support: The support team is available 24 hours a day on trading days, meaning eToro clients always have someone to turn to if they encounter a problem or require assistance.
eToro has real users: eToro encourages its users to share their real name and picture to ensure transparency. Moreover, depositing clients are subject to a strict verification process, making sure they are who they claim to be.
Technology and design: If the platform seems too complex to use, it probably isn’t right for you. eToro’s simple interface offers some of the world’s leading fintech instruments, online learning courses, an innovative mobile app, a daily newsletter, and much more. It is safe to assume that scammers don’t go to such lengths to benefit their users.
eToro is in the press often: A scam is usually reported. Check online to see if there have been any reports by credible sources regarding any particular platform. Top-tier publications, such as CNBC, TechCrunch, and The Telegraph have all covered eToro’s success in the fintech industry.
eToro makes its clients aware of the risks: Any form of trading, be it traditional stockbroker trading, or Contract for Difference (CFD) trading, involves risk. eToro encourages its clients to take safety measures and provides various tools for reducing risk while encouraging responsible trading.
Trading is not gambling: While there are always unforeseen events that can cause a sudden shift in an asset’s price, resulting in a loss, responsible traders stay informed and diversify their portfolios to reduce risk.
Why some people say it’s a scam: Regulated trading platforms cannot be scams since they act under strict supervision. Trading involves risk, and some people who lose money trading online are quick to blame the platform, calling it a “scam.” That is one of the reasons why eToro provides risk management tools and allows you to withdraw funds at any time.