eToro is a broker where you can try many services for free. Because of this many people wonder if eToro is a scam. In this article, we examine whether it is safe to use eToro. That way, you can decide for yourself whether you think the company is legitimate.
Our findings: is eToro a scam?
We investigated eToro extensively and concluded that eToro is not a scam. eToro sometimes gets a negative image because investors start trading without having sufficient knowledge. Investing is a risky activity with which you can lose a lot of money. However, if you make the right decisions, you can obtain good results with eToro.
In any case, it is not advisable to invest a large amount of money directly with eToro. It is wiser to practice with the demo first. That way, you will discover how the software works and you can deposit money as soon as you are ready for it. Would you like to try eToro for free? Use the button below to open a free demo at this broker:
Is eToro regulated?
Reliable brokers are normally regulated by an official institution. Financial regulators ensure that financial institutions comply with the rules. eToro is supervised by the FCA, CySEC, and ASIC. We have checked the registrations, and eToro is indeed registered with these bodies. This means that the company has to abide by strict rules and can't go crazy with your money.
eToro is safe
Your data is securely stored at eToro under SSL encryption. The money you deposit is stored in secure banks. Depositing money at eToro is therefore safe. Also, eToro actively fights parties who launder money or use the platform for criminal activities.
We tested the platform ourselves extensively. eToro seems 100% legitimate. We have deposited money with eToro, opened a few positions, and had the money paid out again. All this went smoothly. In the social trading section, we also saw enough, other satisfied traders. eToro is certainly not a scam. Do you want to know what we discovered when we tried eToro's platform? In our extensive eToro review you can read everything you need to know:
Why do people say eToro is a scam?
eToro seems to be completely safe and reliable. Yet some people claim that eToro is a scam. How is this possible? Some people don't realize that you can lose money by investing. When you start investing with eToro, it is clearly stated everywhere that you can lose money. The platform also offers various options with which you can manage your risks. With a stop loss, for example, you can prevent your losses from increasing too much. You can also withdraw money from your account at any time.
Yet some people ignore the warnings and start gambling at eToro. Instead of first learning how to invest, they immediately deposit money and open random positions. This will certainly lead to a large investment loss in the long run. Some of these losing investors then blame the broker.
Do you want to take responsibility for your trading results? Then learn straight away how to invest better at eToro with our comprehensive manual: