Global Broker Regulation & Inquiry App

Score

0123456789
.
0123456789
0123456789
/10
The WikiFX Score of this broker is reduced because of too many complaints!

eToro

Australia|2-5 years|
Suspicious Scope of Business|High potential risk|

https://www.etoroasia-investing.com/

Website

Rating Index

Influence

Influence

D

Influence index NO.1

Taiwan 2.51

Surpassed 68.84% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

https://www.etoroasia-investing.com/
Level 19, 9 Hunter Street, SYDNEY NSW 2000
https://www.facebook.com/eToro
https://twitter.com/etoro
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Contact number

Other ways of contact

Broker Information

More

Company Name

eToro AUS Capital Pty Ltd.

Abbreviation

eToro

Platform registered country and region

Australia

Company website
Twitter
Facebook
Instagram
YouTube
Linkedin

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 6
Previous Detection : 2024-07-18
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The CyprusCYSEC regulation (license number: 109/10) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The United KingdomFCA regulation (license number: 583263) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The AustraliaASIC regulation (license number: 491139) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!
  • The number of the complaints received by WikiFX have reached 5 for this broker in the past 3 months. Please be aware of the risk!

WikiFX Verification

eToro · WikiFX Survey

Users who viewed eToro also viewed..

XM

9.04
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website

GTC

8.11
Score
10-15 yearsRegulated in United KingdomStraight Through Processing(STP)MT4 Full License
Official website

HFM

8.26
Score
10-15 yearsRegulated in CyprusMarket Making(MM)MT4 Full License
Official website

IC Markets

9.05
Score
15-20 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website
Pyramid scheme complaint
Expose
Unable to Withdraw

Deposit required for withdrawal

Platform "ETORO" plays trick on users looking for a job from fb. In the same way, first add the Line of the assistant, then the Line of the person in charge, and then join in the Line group. Then I waited for a long time and there were no vacancies. One day, it was said that I had won a prize for a special event, and I was asked to quit the group first, and then join a line of the person in charge who said he would lead me to make money. The person in charge took me to challenge another person. As a result, the challenge failed and I was asked to pay them back 30,000. At that time, I really couldn't get together the money and kept procrastinating. Every day the other party asked me if I had collected the money. After finally getting the money together, he said that the data collapsed and he dared not take risks. Afterwards, I was asked to add another 70,000 yuan, making a total of 100,000 yuan. I only collected 50,000, and the other 20,000 was paid by the other party. Then I continued to challenge, and if the challenge was successful, I would have to pay another 20,000 for data uninstallation. My alert account is also another company introduced by the person in charge. I only used it for 3 days and it became a warning account. To get the money, another person needs to help to withdraw the money. In the same way, if you want to withdraw the money, you need to give a deposit of 400,000. I am really speechless.

Black6927
2023-08-22 13:33

eToro · Company Summary

Aspect Information
Company Name eToro
Founded 2007
Regulatory Authorities Fake Licenses
Market Instruments Stocks, cryptocurrencies, indices, commodities, currencies (Forex), ETFs
Account Opening Process Online sign-up, email verification, profile completion, identity verification, deposit funds
Trading Platforms Proprietary platform (no support for external platforms like MT4/MT5)
Fees and Commissions Spreads, withdrawal fees, inactivity fees (no trading commissions for stocks and ETFs)
Educational Resources eToro Academy (articles, tutorials, videos, courses)
Customer Support Multi-faceted support system, including phone support, email inquiries, and localized offices
Deposit Methods Visa/Mastercard, PayPal, Skrill, Neteller, Webmoney
Withdrawal Processing Time Varied depending on method (up to 10 days for bank transfers, up to 2 days for e-wallets)
Additional Features Social trading, copy trading, demo account, mobile app
Languages Supported Multilingual support including English, Spanish, French, German, Italian, and more

Overview

eToro, founded in 2007, is a brokerage platform offering a diverse range of market instruments including stocks, cryptocurrencies, indices, commodities, currencies (Forex), and ETFs. While the company is regulated by authorities such as the Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA), and Australian Securities and Investments Commission (ASIC), there are suspicions regarding the authenticity of these licenses, raising concerns about its regulatory status. The platform provides a seamless account opening process through online sign-up, identity verification, and deposit funds. With its proprietary trading platform and educational resources like eToro Academy, users can access a wealth of information to enhance their trading skills. eToro also offers multi-faceted customer support, various deposit methods, and additional features such as social trading, copy trading, and a mobile app. However, users should be aware of potential withdrawal fees and longer processing times for certain methods. Despite regulatory concerns, eToro remains a popular choice for traders seeking a comprehensive trading experience with a user-friendly interface and diverse market offerings.

Overview

Regulation

It has come to our attention that the broker eToro has claimed regulatory licenses from various authorities, including CyprusCYSEC (license number: 109/10), United KingdomFCA (license number: 583263), and AustraliaASIC (license number: 491139). However, there are suspicions that these licenses may be clones, raising significant concerns regarding the legitimacy and credibility of eToro's regulatory status. It is imperative for individuals considering or currently engaged with this broker to exercise utmost caution and thorough due diligence. The potential risks associated with dealing with a broker whose regulatory licenses are under suspicion necessitate careful consideration and possibly seeking alternative options for investment and trading activities. Traders and investors are strongly advised to verify the authenticity of regulatory licenses claimed by brokers and to ensure compliance with established regulatory standards to safeguard their interests and investments effectively.

Regulation

Pros and Cons

eToro offers a range of advantages and disadvantages for traders and investors. Its diverse range of market instruments, user-friendly platform, and educational resources make it an appealing option for many. However, concerns about the legitimacy of its regulatory licenses and certain fees, such as withdrawal and inactivity fees, may deter some users.

Pros Cons
  • Diverse range of market instruments
  • Suspicions surrounding regulatory licenses
  • User-friendly platform interface
  • Withdrawal and inactivity fees
  • Educational resources available
  • Limited support for external trading platforms
  • No trading commissions for stocks and ETFs
  • Longer processing time for bank transfers
  • Regulatory oversight by reputable agencies

Market Instruments

eToro offers a diverse range of market instruments across various asset classes, catering to the needs of traders and investors with different risk appetites and investment goals. Here's a breakdown of the market instruments available on eToro:

  1. Stocks: eToro provides access to a wide selection of stocks from global markets, allowing users to invest in individual companies across different sectors and industries. This includes well-known companies such as Apple, Microsoft, Amazon, and many others.

  2. Cryptocurrencies: eToro offers a range of cryptocurrencies for trading, allowing users to buy, sell, and speculate on the price movements of popular digital assets such as Bitcoin, Ethereum, Ripple, Litecoin, and more. Cryptocurrency trading on eToro is available 24/7.

  3. Indices: eToro enables users to trade indices, which represent the performance of a group of stocks from a particular market or sector. Traders can speculate on the price movements of major indices like the S&P 500, Dow Jones Industrial Average, NASDAQ, FTSE 100, and others.

  4. Commodities: eToro provides access to commodity trading, allowing users to invest in various commodities such as gold, silver, oil, natural gas, and agricultural products. Commodity trading offers diversification opportunities and the ability to hedge against inflation and geopolitical risks.

  5. Currencies (Forex): eToro offers currency trading in the foreign exchange (Forex) market, enabling users to trade major, minor, and exotic currency pairs. Traders can take advantage of currency fluctuations and engage in forex trading with leverage to amplify potential returns.

  6. ETFs (Exchange-Traded Funds): eToro allows users to invest in a diverse range of Exchange-Traded Funds (ETFs), which are investment funds that track the performance of a specific index, commodity, or basket of assets. ETFs offer exposure to various markets and sectors while providing diversification benefits.

Overall, eToro provides a comprehensive selection of market instruments, spanning stocks, cryptocurrencies, indices, commodities, currencies (Forex), and ETFs, catering to the diverse investment preferences and strategies of its users.

Market Instruments

How to open an account?

To open an account with eToro, follow these steps:

  1. Visit the eToro website: Go to the official eToro website to begin the account opening process.

  2. Sign up: Click on the “Sign Up” or “Join Now” button on the homepage. You will be prompted to enter your name and email address, choose a password, and agree to eToro's terms and conditions.

open an account
  1. Confirm email: After providing your information, eToro will send a confirmation email to the address you provided. Check your inbox and click on the link in the email to verify your registration.

  2. Complete profile: Once your email is confirmed, log in to your eToro account using the username and password you created. Complete your profile by providing additional personal information, such as your date of birth, address, and contact details.

  3. Verify identity: To fully confirm your account, you will need to provide identification documents, including a valid ID (passport, ID card, etc.) and proof of address (bank statement, utility bill). Follow the instructions provided by eToro to upload these documents securely.

  4. Deposit funds: After your account is verified, you can deposit funds into your eToro account using one of the available payment methods. eToro offers various deposit options, including bank transfer, credit/debit card, and e-wallets. Choose your preferred method and enter the amount you wish to deposit.

  5. Start trading: Once your account is funded, you can start trading on the eToro platform. Navigate to the “Trade Markets” section to explore the available assets, including stocks, cryptocurrencies, indices, commodities, currencies (Forex), and ETFs. Select the asset you want to trade, enter the desired investment amount, and execute your trade.

6. Manage your trades: Monitor your open positions, track market movements, and manage your portfolio directly from the eToro platform. You can use features like stop-loss orders and take-profit orders to manage risk and maximize potential returns.

By following these steps, you can successfully open an account with eToro and start trading in the financial markets. Remember to carefully consider the risks involved and ensure that you understand how trading CFDs works before investing your money.

Spreads and Commissions

eToro employs a fee structure that is important for users to understand when considering trading on the platform. Here's an overview of the associated fees:

Spreads: eToro uses spreads, the difference between the buy and sell prices of an asset. The platform sets the spread for trading all cryptocurrencies at a fixed rate of 1%, positioning eToro as a choice for cryptocurrency traders seeking specific pricing.

Trading Commissions:

  • Stocks and ETFs: eToro charges no trading commissions for stocks or ETFs, generating revenue through spreads only.

  • Cryptocurrencies: Although eToro does not impose trading commissions on cryptocurrencies, there is a 1% markup when converting cryptocurrency CFDs to USD.

  • Currencies, Indices, and Commodities: These assets are traded on eToro with built-in spreads only, without any additional trading commissions.

Non-Trading Fees:

  • Withdrawals: eToro applies a $5 fee for withdrawals, setting a minimum withdrawal amount of $25 for wire transfers.

  • Inactivity: A $10 per month inactivity fee is charged to users who have not engaged in any trading activity for 12 consecutive months.

  • Conversion: Converting currencies within the eToro platform may incur a small fee.

Overall, eToro's fee structure is relatively straightforward compared to other online brokers. While certain actions like withdrawals and inactivity incur fees, the lack of trading commissions for stocks and ETFs, along with competitive spreads for cryptocurrencies, positions eToro as a viable option for traders aiming to reduce costs. However, it is crucial for users to carefully review and understand the fee schedule before engaging in trading activities on the platform.

Deposit & Withdrawal

eToro offers a range of deposit options, including e-wallets like PayPal, Skrill, Neteller, and Webmoney, providing flexibility in funding accounts. It's notable that an initial deposit with a card may be required before utilizing e-wallet options. Bank transfers, another available method, tend to have a longer processing time, often taking more than a week, unlike the instant processing of other methods.

The deposit options on eToro are:

  • Visa or Mastercard

  • PayPal

  • Skrill

  • Neteller

  • Webmoney

Deposit & Withdrawal

A distinctive feature of eToro is its support for PayPal for both deposits and withdrawals, which is not commonly offered by many brokers.

For the financial aspects, the minimum trading amount on eToro is $10 USD, with a minimum deposit requirement of $50 USD for those using a debit card or linking a bank account. This enables users to start trading with a low initial investment and also invest in fractional shares, allowing for the purchase of a portion of a share with any amount above $10 USD.

Withdrawal processes on eToro vary by payment method. According to eToro, the wait time for debit and credit cards, as well as bank transfers, can be up to 10 days. Withdrawals to e-wallets like PayPal and Skrill may take up to 2 days, although user experience often reports shorter withdrawal times, especially for Visa, MasterCard, and e-wallet options.

eToro applies a fixed withdrawal fee of $5 for each transaction, which is a standard practice. This fee is charged regardless of the withdrawal amount or the chosen payment method, contributing to the overall cost of trading on the platform.

Trading Platforms

eToro operates on a proprietary trading platform, distinguishing itself by not offering support for external APIs or third-party trading platforms. APIs, which allow users to interact directly with a platform's backend rather than through its graphical user interface, are not compatible with eToro's system. Additionally, widely recognized third-party platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are prevalent in the forex trading community for their advanced features and flexibility, are also not supported on eToro.

This approach signifies that eToro prioritizes a streamlined, user-friendly interface over the customization and technical capabilities offered by external platforms. The absence of support for MT4, MT5, and other third-party platforms underlines eToro's focus on providing a self-contained environment that caters to traders seeking simplicity and ease of use in their trading experience. This design philosophy aims to make the platform accessible to a broad range of users, from beginners to those who prefer a more straightforward trading process without the need for technical integrations or the complexity of external trading systems.

Trading Platforms

Customer Support

eToro offers a structured and multi-faceted customer support system designed to cater to a wide range of needs, from media inquiries to affiliate relationships and business development. The company's global presence is underscored by its offices in key financial hubs across the UK, EU, USA, and Australia, each providing localized support in addition to the broader services offered by the platform.

For direct customer support, eToro's Australian office provides a dedicated phone line, offering a direct channel for users in that region to receive assistance. This service demonstrates eToro's commitment to accessible support, ensuring that users can have voice conversations with support staff when needed.

In terms of public relations, eToro maintains a specific email address (pr@eToro.com) for media-related inquiries, indicating a structured approach to handling press and media communications efficiently. This channel is likely managed by a dedicated team focused on media relations, highlighting eToro's attention to its public image and interactions with the media.

For affiliate partners, eToro directs inquiries to its eToro Partners Website, providing a specific resource for affiliates. This suggests a streamlined process for managing affiliate relationships, ensuring that partners have access to necessary information and support to promote eToro effectively.

Business development inquiries are directed to a dedicated email address (bizdev@eToro.com), indicating that eToro values potential partnerships and business opportunities. This channel is likely managed by a team responsible for evaluating and pursuing strategic business initiatives and collaborations.

Overall, eToro's customer support and communication structure is designed to address a wide array of inquiries and services, from user support to media relations and business development, reflecting the company's global operation and its commitment to providing comprehensive assistance to its users and partners.

Customer Support

Educational Resources

You can access eToro's educational resources by visiting their Academy page at https://www.etoro.com/academy/.This platform provides valuable learning materials and resources for traders and investors of all levels. Whether you're a beginner looking to understand the basics of trading or an experienced trader seeking advanced strategies, eToro Academy offers a wide range of articles, tutorials, videos, and courses to help you enhance your trading knowledge and skills. From learning about different asset classes to mastering technical analysis and risk management techniques, eToro Academy covers various topics to support your trading journey. Take advantage of these educational resources to improve your trading proficiency and make informed investment decisions.

Educational Resources

Conclusion

In summary, eToro is a brokerage platform that offers a diverse range of market instruments across various asset classes, including stocks, cryptocurrencies, indices, commodities, currencies (Forex), and ETFs. However, there are suspicions regarding the legitimacy of eToro's regulatory licenses, raising concerns about the credibility of the platform. Despite this, eToro provides a user-friendly interface for account opening and trading, with competitive fee structures such as spreads and commissions. The platform also offers educational resources through its Academy to help traders enhance their skills and knowledge. Users should exercise caution and conduct thorough due diligence before engaging with eToro.

FAQs

Q1: Is eToro regulated?

A1: Yes, eToro is regulated by authorities such as CyprusCYSEC, United KingdomFCA, and AustraliaASIC, although there are suspicions surrounding the authenticity of these licenses.

Q2: What market instruments can I trade on eToro?

A2: eToro offers a wide range of market instruments including stocks, cryptocurrencies, indices, commodities, currencies (Forex), and ETFs.

Q3: How do I open an account with eToro?

A3: To open an account with eToro, simply visit their website, sign up, complete your profile, verify your identity, deposit funds, and start trading.

Q4: What fees does eToro charge?

A4: eToro charges fees such as spreads for trading, withdrawal fees, and inactivity fees. However, there are no trading commissions for stocks and ETFs.

Q5: Does eToro provide educational resources?

A5: Yes, eToro offers educational resources through its Academy, providing articles, tutorials, videos, and courses to help traders improve their skills and knowledge.

News

GBP/JPY Consolidates Near 2-Month Highs

NewsGBP/JPY Consolidates Near 2-Month Highs

2023-11-13 18:27

GBPJPY had been in a prolonged uptrend since January, posting an eight-year high of 186.75 on August 22 before experiencing a pullback. After a period of rangebound trading, the pair stormed back above the 50-day simple moving average (SMA) to a two-month peak of 185.94, but its rally seems to have temporarily paused.

WikiFX
2023-11-13 18:27
News
GBP/JPY Consolidates Near 2-Month Highs
eToro partners with Twitter to empower the new $Cashtags feature

NewseToro partners with Twitter to empower the new $Cashtags feature

2023-04-14 18:15

On April 14, 2023, eToro claimed that it had partnered with Twitter to help traders who like to use Twitter to gather financial information.

WikiFX
2023-04-14 18:15
News
eToro partners with Twitter to empower the new $Cashtags feature
RAMADAN SPECIAL: ISLAMIC TRADING ACCOUNT IN FOREX TRADING

NewsRAMADAN SPECIAL: ISLAMIC TRADING ACCOUNT IN FOREX TRADING

2022-04-14 14:25

ISLAMIC TRADING ACCOUNT IN FOREX TRADING AND THE BROKERS OFFERING IT

WikiFX
2022-04-14 14:25
News
RAMADAN SPECIAL: ISLAMIC TRADING ACCOUNT IN FOREX TRADING

User Reviews

Sort by content

  • Sort by content
  • Sort by time

User comment

3

Comments

Write a review

Kevin.Liu
more than one year
I started with eToro with genuine expectations, but after a few days, it seemed more like a mimicry scam. Fortunately, I caught on early and managed to recover my losses in time.
2024-02-02 10:28
Reply
0
0
海上孤舟
more than one year
eToro left me frustrated and disappointed. Attempting to withdraw funds felt like navigating a maze. They demanded taxes on withdrawals, leaving me with virtually nothing. The lack of transparency about this financial burden was disheartening. Moreover, threats of account suspension upon non-compliance added insult to injury. My experience with eToro has been far from seamless, leaving me skeptical about their integrity in forex trading.
2023-12-28 14:07
Reply
0
0
傅晨挺
more than one year
This company has absolutely nothing to do with etoro, it's just a company faked out by scammers! Everyone must keep their eyes open when trading.
2023-02-28 14:33
Reply
0
0
5
TOP

Chrome

Chrome extension

Global Forex Broker Regulatory Inquiry

Browse the forex broker websites and identify the legit and fraud brokers accurately

Install Now

Select Country/Region
  • Hong Kong China

  • Taiwan

    tw.wikifx.com

  • United States

    us.wikifx.com

  • South Korea

    kr.wikifx.com

  • United Kingdom

    uk.wikifx.com

  • Japan

    jp.wikifx.com

  • Indonesia

    id.wikifx.com

  • Vietnam

    vn.wikifx.com

  • Australia

    au.wikifx.com

  • Singapore

    sg.wikifx.com

  • Thailand

    th.wikifx.com

  • Cyprus

    cy.wikifx.com

  • Germany

    de.wikifx.com

  • Russia

    ru.wikifx.com

  • Philippines

    ph.wikifx.com

  • New Zealand

    nz.wikifx.com

  • Ukraine

    ua.wikifx.com

  • India

    in.wikifx.com

  • France

    fr.wikifx.com

  • Spain

    es.wikifx.com

  • Portugal

    pt.wikifx.com

  • Malaysia

    my.wikifx.com

  • Nigeria

    ng.wikifx.com

  • Cambodia

    kh.wikifx.com

  • Italy

    it.wikifx.com

  • South Africa

    za.wikifx.com

  • Turkey

    tr.wikifx.com

  • Netherlands

    nl.wikifx.com

  • United Arab Emirates

    ae.wikifx.com

  • Colombia

    co.wikifx.com

  • Argentina

    ar.wikifx.com

  • Belarus

    by.wikifx.com

  • Ecuador

    ec.wikifx.com

  • Egypt

    eg.wikifx.com

  • Kazakhstan

    kz.wikifx.com

  • Morocco

    ma.wikifx.com

  • Mexico

    mx.wikifx.com

  • Peru

    pe.wikifx.com

  • Pakistan

    pk.wikifx.com

  • Tunisia

    tn.wikifx.com

  • Venezuela

    ve.wikifx.com

United States
※ The content of this website abides with local laws and regulations.
You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
consumer hotline:006531290538
Official Email:support@wikifx.com;
Mobile Phone Number:234 706 777 7762;61 449895363
Telegram:+60 103342306
Whatsapp:+852-6613 1970;
License or other information error corrections, please send the information to:qawikifx@gmail.com
Cooperation:fxeyevip@gmail.com