Etoro scam?
By csabaholcz
@csabaholcz (843)
Hungary
December 23, 2012 6:47am CST
Hi all,
I'm still working on Etoro project... but before investing I would like to ask about your experiences with them. Is Etoro logit?
I googled after it and I heard some pretty negative comments to... they say sometimes they are a bit "tricky" and you can lose your money.
1 person likes this
3 responses
@ValeriaeToro (21)
• Israel
23 Dec 12
Hi csabaholcz!
You're perfectly right to have your doubts, there are many shady providers in the fast growing online fx trading industry, and you should always size up a provider in every way possible before investing your money.
I can assure you that eToro is a legitimate financial trading provider, licensed and regulated by numerous important regulatory institutions in Europe, the US and the world. You can read about our credentials here: http://www.etoro.com/trade/etoro-and-brokers.aspx
You can also head over to our social trading network, eToro OpenBook and see what our own traders are saying about us by reading their discussions on the discussion wall, at openbook.etoro.com, no registration required.
The fact of the matter is, you can lose your money, because after all you are investing in unpredictable, volatile financial markets and you can never eliminate risk altogether. Many people see financial trading as a get rich quick scheme and when they find out that it requires skill and patience they blame the broker. However, at eToro thanks to social trading we help you minimize that risk by accessing the market through the expertise of professional profitable traders. It's not risk free, but it's still a great opportunity!
I hope to see you in our community soon!
Happy trading,
Valeria, eToro Team
@ValeriaeToro (21)
• Israel
30 Dec 12
Hi again!
I can assure you that our traders are not affiliated with us in any way. We do however give our Gurus a lot of encouragement, including resources, because they nourish our network and enable others to perform better. Besides, they wouldn't be able to "lure" anyone into losses because that would mean that they themselves would have to make losing trades, which would instantly reflect in their public statistics, and no one would want to copy a trader with a losing portfolio.
You must also not forget that eToro is a non-dealing-desk broker. As such, we make our profits from spreads alone, and so it is more profitable for us when traders make gains rather than losses, because they can then invest these gains into more trades, which means more spreads for us.
I hope this makes it clearer.
Happy trading!
Valeria, eToro team
@tonyllenium (6252)
• Italy
23 Dec 12
etoro is legit but i think is difficult and really risky to invest in binary options or market like that naturally if you are skilled in trading you can make try but it is really difficult to make good money there...
@tonyllenium (6252)
• Italy
25 Dec 12
yes i know this the function of social trading true?so may be it can be an instrument useful especially when you start trading...even if i think that in many cases is good thinking with his own head!!
@ValeriaeToro (21)
• Israel
30 Dec 12
Hi all,
Yes, indeed eToro does offer social trading, and the Copy Trader function. The best thing about Copy Trading is that unlike actually getting another trader to handle your money, when you Copy Trade the copied trades remain under you control, so you still get to "think with your own head" :)
First of all, you can dedicate part of your money to Copy Trading and use the rest to make independent trades. Secondly, you remain in control of the copied trades, meaning that once they are opened you can edit them, or close them altogether.
You can find out more at our website, or through our community agents. You can find the community agent in your language here: http://www.etoro.com/community/
Happy trading!
eToro Team
@csabaholcz (843)
• Hungary
24 Dec 12
On Etoro there is a copytrader function. You can "ask" a trader to handle your money. Hes is just doing his job and the system uses your money too. It's like a HYIP but you see where is the money going.
@greenthumb018 (595)
• Philippines
23 Dec 12
I haven't tried etoro but there are lots of negative stuff about them. I think too many negative reviews can't be wrong. Even here in our country, there seems to be a problem when it comes to payout. It's very hard to invest in forex so you have to search for more legitimate sites. My observation is that, the minimum deposit for legitimate forex sites is $100.00 but the bid is as low as $25.00.
@csabaholcz (843)
• Hungary
23 Dec 12
Which site do you recommend? Sadly Etoro has copytrader what is very valuable.
@ValeriaeToro (21)
• Israel
30 Dec 12
Hi greenthumb018!
I think you will find that unfortunately most brokers have more negative reviews written about them than positive ones. This is because people in general are more likely to feel strongly about negative experiences than positive ones, and thus are more likely to write about them in forums, blogs, etc.
The truth is that many people go into forex trading thinking that it is an easy way to make money, and when they risk their money on the market without making the effort to acquire any skill, and end up losing it, they often blame it on the broker.
It is no secret that eToro appeals particularly to novice traders, and perhaps this is why we get some negative reviews. However, I can assure you that our trading community feels very differently. You are welcome to head over to eToro OpenBook (openbook.etoro.com) to see our traders' discussions for yourself, there's no registration required.
By the way, the minimum deposit at eToro is $50, and you can make trades with as little investment as $2.5.
Happy trading!
Valeria, eToro Team
