This Diamond Etoro Member discovered systematic problems and gross financial misconduct with est. $5.6mln compensation to crypto users, and is asked to sign a Waiver not to sue Etoro. http://www.etoroisnotsafe.com/gallery eToro is not a scam but is not a good choice. While eToro has some interesting features, its service offering also has problems to be wary of, most notably:
eToro has had regulatory action taken against it by CySEC for weaknesses in following applicable laws eToro trading spreads are uncompetitive Brief Background:
eToro is an online forex broker with headquarters in Limassol, Cyprus and London, UK. The eToro brand includes the following companies:
eToro (Europe) Ltd is based out of Cyprus, and is regulated by CySEC, the Cyprus Securities and Exchange Commission eToro (UK) Ltd is based on of London, UK and is regulated by the Financial Conduct Authority (FCA) This forex broker review is a review for eToro (Europe) Ltd only, as dealing with eToro (UK) Ltd is only available to clients who are both UK citizens, and have deposits of over $20,000.
eToro was founded as RetailFX in 2006 in Tel Aviv. Its founders later launched as eToro in 2010, along with its copy trading features. eToro allows trading of a wide variety of CFDs, including forex, stocks, indices, commodities and cryptocurrencies.
Summary of Regulatory Status:
eToro, under eToro (Europe) Ltd, is regulated by CySEC under license # 109/10. CySEC is not as reputable a regulatory body as the FCA. However, in recent years they have strengthened their monitoring and enforcement efforts, such that many firms in Cyprus have been fined by CySEC, including eToro. CySEC does not tend to publish many details regarding its regulatory actions against forex brokers, so it is often difficult to judge the severity of the regulatory violations. eToro, under eToro (UK) Ltd, is regulated by the UK’s FCA under license FRN 583263. The FCA is a strong and reputable forex regulatory body.
faruk replied
178 weeks ago