Etoro scam claims have been circulating on the internet for quite some time now, leaving potential clients wary about this trading platform.
But is Etoro, which operates under the domain, etoro.com really a scam as some critics put it?
I believe that this trading platform is very legitimate, and you can make significant profits through it. Those who call it a scam probably lost money not because the platform is fraudulent, but due to their own faults or other factors beyond the broker’s control.
| Company | eToro Group Limited |
| Domain | etoro.com |
| eToro Headquarters | Providence, Mahé, SEYCHELLES |
| eToro Subsidiaries | eTORO(UK)Ltd, eToro USA LLC, eToro Australia Pty Ltd, eToro (Europe) Ltd, eToro X, and eToro Financial Services Ltd. |
| Other Locations | UK, USA, Australia, Sweden, Israel, and Hong Kong. |
| Offerings | Multi-asset trading(forex, stocks, commodities, cryptocurrencies, bonds, indices, and ETFs), copy trading, and a digital wallet(Etoro Wallet). |
| Trading Software | The Etoro Trading Platform. |
| Etoro Regulatory Status | Regulated under various subsidiaries in different parts of the world. |
| Etoro Fees and Charges | Range from $5 to 1% of the transacted amount depending on the financial instrument and other factors elaborated in detail below. |
| eToro Minimum Deposit | $50 |
| eToro Contacts | Email:support@etoro.comTelephone: +248 4 380 800 |
More About Etoro Fees and Charges
First, it’s important to note that eToro.com doesn’t charge any fees or commissions on certain financial instruments, including:
- European stocks
- US stocks
- Many ETFs
- Cryptocurrencies
Instead, the broker primarily makes money through spreads (ranging from 0.09% to 0.3%) and commissions (between 0.09% and 1%) on certain CFDs, ETFs, stocks, and other financial instruments.
eToro also charges fees on forex, cryptocurrencies (1%), and other CFDs. Additionally, there’s a 0.5% currency conversion fee.
For withdrawals, eToro applies a flat fee of $5, and an inactivity fee of $10 per month is charged for accounts that remain inactive for a year.
Debunking Etoro Scam Claims
Below are a few key points showing that Etoro is a credible online trading platform:
1. Regulatory Compliance
The eToro website, etoro.com, lists its different subsidiary brands in different parts of the world, providing the regulatory details for those subsidiaries. For example, we see that:
- eToro (UK) Ltd: approved by the FCA under the license FRN 583263. Its registered office is located on the 24th floor, One Canada Square, Canary Wharf, London E14 5AB.
- eToro (ME) Limited: licensed and regulated by the ADGM Financial Services Regulatory Authority (FSRA). Its headquarters are in Al Maryah Island, Abu Dhabi, United Arab Emirates (UAE).
- eToro (Seychelles) Ltd: licensed by the FSAS in Seychelles with license #SD076. Its registered office is at Suite 18, 3rd Floor, Vairam Building, Providence, Mahe, Seychelles.
- eToro Australia Capital Limited: authorized by the ASIC with license #491139. Its registered office is at Level 3, 60 Castlereagh Street, Sydney NSW 2000, Australia.
- eToro (Europe) Ltd: regulated by the CySEC with license #109/10. Company registration number—HE 200585. Registered office address—4 Profiti Ilia Str., Kanika Business Centre, 7th floor, Germasogeia, 4046, Limassol, Cyprus. It is also supervised by De Nederlandsche Bank N.V. (DNB) for compliance with anti-money laundering and anti-terrorism regulations.
I was able to confirm in the public register of each regulator that eToro.com is indeed authorized and licensed by the regulator. You can also verify this by clicking the hyperlink of any regulator above.
As I stated in my review of a legitimate broker called “Black Bull Markets(blackbull.com)”, being licensed by several regulators is a strong positive indicator of a broker’s credibility.
2. A Leading Broker Recognized By Well-Respected Brands
To further dismiss the false eToro scam claims circulating around the internet, this trading platform is recognized across multiple areas by respected brands, such as Forbes.
For example, the broker is on Forbes’ list of “Best Online Brokers of February 2025”,
holding the 6th position. It even beats popular trading platforms like Robinhood, which became so popular during the COVID-19 pandemic era.
The author points out that the trading platform provides a unique social investing program for developing trade ideas.
Additionally, eToro has won many awards across different categories and displayed many of those awards on its website.
One of the outstanding awards it has won is from investopedia.com.
The online resource for financial knowledge awarded it in 2024 as the best trading platform for cryptocurrency trading, rating it 4.3 stars.
Investopedia defines it as a leading trading platform that allows traders to make money through copy trading or sharing their own trading strategies with other traders.
3. Positive User Experience
Another key point debunking the misleading claims that eToro is a scam is the fact that this broker is endorsed by many traders. A lot of Reddit users admit that eToro is a legitimate trading platform, rubishing contrary accusations and highlighting their positive experiences with the platform.
For example, here’s an excerpt of a part of what a Reddit user by the user name “Salvo Cocurullo” wrote about the Etoro scam claims:
“I am on eToro and I wonder who are the people who write that eToro is a scam.
I also wonder why they do it.
Most of those who say eToro is a scam are people who:
- Failed to register
- Live in countries where eToro does not yet work
- Haven’t read the terms and conditions
- Can’t take advantage of the magic of copy trading (because they think they are better than Gordon Gekko).
Legally, the company is absolutely free from suspicion of being a scam.
Furthermore, etoro has licenses in countries such as Australia, the UK, and the USA.”
4. Malicious eToro Scam Claims
Taking the key points above into consideration, it’s safe to say that all the claims about the trading platform being fraudulent are being peddled with the motive of malice. I believe so because such claims cannot be justified. Remember that this company is regulated by several regulatory bodies globally, recognized and awarded by top brands, and vouched for by many users.
Etoro Pros
- A widely and strongly regulated trading platform.
- Does not charge a commission or fee on some trades.
- Requires a reasonable minimum deposit of $50.
- Offers copy trading services, allowing beginner traders to replicate the strategies of successful traders and the latter to make money sharing their trades.
- Comes with a complimentary mobile trading app.
Etoro Cons
- High fees on most products.
- Currency conversion fees apply to deposits made in currencies other than USD.
My Conclusion On eToro Scam Claims
Don’t let the misleading eToro scam claims you may come across on the Web discourage you from trying this trading platform. Etoro is a multi-asset investment platform regulated by top-tier regulatory bodies globally, including the FCA, ASIC, and CySEC.
Suitable for beginner, intermediate, and expert traders alike, the company was founded in 2007 and has been operational for a staggering 18 years and still counting. I don’t think scam trading platforms will last that long. I recommend this broker to any trader who knows what they are doing.
Report A Scam Incident
Have you lost money to a fraudulent broker? If so, go to this page, or send an email to scamread@scamreader.info to report the incident and seek help.