eToro Broker Review: Something You Need to Know

As a reputable broker that has offered services for decades, eToro has played a significant role in the industry. However, it doesn‘t mean it suits every trader. Besides, WikiFX has recently received more than 40 complaints against a broker called eToro. In today’s article, we will offer you a comprehensive review of this broker so that you can have a close overall look at eToro.

If you want to know whether eToro is a reliable forex broker or not, please continue to read. we evaluated this broker from different aspects, such as regulatory status, exposure, etc.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of eToro based on the facts.

What is WikiFX?

Specs of eToro

To understand eToro better, we explore it by analyzing three main perspectives:

A. General Info of eToro

B. Regulatory Status

A. General Info of eToro

eToros general info has been shown below:

About eToro

Founded in: 2007

Headquarters: United Kingdom

Regulations: ASIC, CySEC, FCA

Tradable Assets: 7,000+, 6,202 stocks, 703 ETFs, 42 commodities, 55 currencies, 18 indices, 106 cryptocurrencies

Min Deposit: $10

Trading Fees: From 1 pip (EUR/USD) & commission-free (forex)

Non-Trading Fees: Withdrawal fee: Free (GBP and EUR accounts) or $5 (USD investment account)

Inactivity fee: $10/month applies to accounts with no logins in the previous 12 months.

Leverage: Up to 1:30 (retail)/1:400 (professional)

Trading Platforms: eToro proprietary platform, MetaTrader 4.

Copy Trading: Yes

Payment Methods: Credit/debit cards, bank transfers, PayPal, Neteller, Skrill

B. Regulatory Status

What is a Legitimate License?

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.
• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore, your money is protected to some extent.
• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.
• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate license of eToro

eToro has registered regulatory licenses in many parts of the world.

The Feedback from the Social Media

There is a recent update for eToro:

It is reported that recently, eToro went public on Nasdaq, with its share price rising by 29% and its valuation reaching 5.5 billion US dollars. The demand has exceeded the initial quotation by 20 times.

eToro has completed its IPO. The $ETOR stock has begun trading on the Nasdaq Exchange and is now available for trading on the eToro platform. Meanwhile, its foray into the cryptocurrency market and fintech has also drawn people's attention.

Special survey about eToro from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score, the more reliable the broker.

eToro has been given a decent score.

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
• WikiFX did make an on-site survey on eToro in Cyprus and found its office.
• WikiFX made another on-site survey at its address in the UK and failed to find the office.

C. WikiFX Alerts

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and reminds you of the risks before it starts.

As of now, WikiFX has received more than 40 complaints against this broker. Many traders claimed that it is unable to withdraw.

One Trader from Philippines claimed: “ I deposited over $1200. THEY WILL NOT COMMUNICATE, AND ALL CAPITAL PLUS PROFIT IS LOST. etoro is a thief, and all there organization is a scam. I will never invest any money with these people, Because I will never see it again. They will take all your money and leave you nothing.”

This victim told us etoro requires the regulation of other regions before allowing you to trade, but this regulatory guarantee is not as good as the original one!

This investor complaints: ” Unable to withdraw the amount and after a period of time the amount is returned and $20 is deducted. The reason given is that my receiving bank refused to accept the amount.

“I bought a product with no overnight fees. I held this product for 1.5 years. Then one day they decided to start charging me overnight holding fees. The fees amounted to $19900 and I only had $128000 in the account. Literally 15% of my account they sucked out in fees with no notification that fees were changing.” this victim said.

Conclusion

We advise traders to be aware of the complaints and do more research before making a decision. If you want more information about certain brokers' reliability, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX App to find the most trusted broker for yourself.

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