In the modern world and in particular with modern technology, scams are rife. It is becoming more and more difficult to know whether or not a product or service is legitimate or not due to how sophisticated scammers have become.
So is etoro a scam? Well, it’s not and there are plenty of ways we can be sure of this. Luckily, we’ve written this handy guide to show you that eToro is not a scam and how it might help you.
Read on to learn more about eToro!
What Is eToro?
eToro is an Israeli-owned organization that offers social investments with a multi-asset brokerage company. They have offices all around the world including the US, Australia and the UK.
Manual investment opportunities come in the form of stocks, commodities, currencies, ETFs, crypto and indices. Its sophisticated systems allow users to read analyses and use tools to make informed decisions for investments.
You can use eToro on your computer or via their app available for your cell, tablet and other devices.
Why Do People Think eToro Is A Scam?
There are a variety of reasons why people may believe that eToro is a scam. Let’s take a look at these in more detail.
Aggressive Marketing
If you are frequently on YouTube, you’ve likely seen a commercial for eToro at least once in the last few months – but likely far more than that.
Additionally to this, eToro is a sponsor for some sports teams too and even has TV commercials. The fact is, when a product or service is aggressively marketed in this way, people begin to wonder why.
Distrust In Stocks
Those who are unfamiliar with how investing works may be distrustful of services like eToro. There have been many horror stories of people not being able to receive their money back, or being stung by illegitimate companies of this kind.
Poor Reviews
If you check out the reviews online for eToro, you might be surprised to see many negative reviews. Considering that eToro is highly advertised, many people will have looked up eToro and read these reviews. Over time, the negative word is spread!
Why eToro Is Not A Scam
There are various ways we can confirm that eToro is not a scam though, luckily for us. Here are some of the easiest and most effective ways we can confirm this.
Scam Adviser
There’s a website known as Scam Adviser and there, you can type in the URL of a company or organization to discover their rating of legitimacy, which is denoted through their “trust score”.
The higher the score, the less likely it is that the company is fraudulent. eToro is trusted with a 100/100 score!
Scam adviser analyses the trustworthiness by looking at a few areas:
- The traffic numbers of the website
- Enough positive reviews
- A valid SSL certificate
- The website has existed for a while
- The domain name has been owned for a long time
Norton
If you are not convinced by Scam Adviser, you can find a similar service via Norton called “is this website safe?”.
eToro is considered trusted and safe with Norton, and Norton is one of the most reputable services of its kind – so you can be sure you’re in good hands there.
Positive Reviews
Despite the fact that eToro has received many poor reviews, it has also seen many positive reviews, which are genuine previous user experience reviews.
Of course, we need to weigh up the good and the bad, but when we’re asking if eToro is simply just a scam – we can answer no because of the large number of positive reviews.
Regulation
eToro is regulated in the nations in which it operates. In the US, it is regulated by FinCen. In the UK, it is regulated by the FCA, and in Australia, it is regulated by the ASIC.
User Protection
eToro has a level of protection for its users in case of significant financial trouble like bankruptcy, as they have insurance with a few compensation services – such as Lloyds Banking Group in London.
Secure
eToro has never been hacked and undergoes a lot of security levels. Any transactions made with eToro undergo SSL encryption protocol and users are asked to complete two-factor authentication.
You Can Connect With The Managers
eToro’s senior team is available to connect with and speak to via LinkedIn. You can even connect with the founder of eToro Yonni Assia.
Is eToro Safe?
If you’re speaking about your finances, then we can answer this question two fold. First, with eToro’s fantastic security protocols, then you can be sure that any transaction you make using eToro will be protected from hackers or scammers.
However, due to the nature of eToro’s service, there’s no guarantee that you won’t lose money. After all, investments are, at the very basic, a gamble.
eToro cannot be held responsible if you lose capital due to an investment decision or otherwise.
Impersonators
There have also been reports of scam artists claiming to be from eToro to users and non-users. Sophisticated scammers will email or contact existing users claiming various things and will attempt to get your financial information.
They can do this either through the use of hyperlinks or through other more complex ways. Be sure to check the legitimacy of any email you are not expecting.
If you do not use eToro, do not click any correspondence from them – instead, go directly to their website if you wish to use their services.
The Bottom Line
eToro is not a scam and we can prove that in so many ways. However, this does not mean that others claim to be eToro who are scam artists.
Always be careful when giving any personal information out over the phone or online, and if you are unsure, always go directly to eToro.
