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eToro Review [2022] – Is eToro a Scam or Legit?

Etoro Review 2021- Is it legit or a scam?
  • Easy To Use?
  • Cost
  • Profitability
  • Time Needed


  • Decent Platform, Very User Friendly
  • The Idea Of Social And Copy Trading Is Good In Principal
  • Easy To Deposit And Withdraw Funds
  • Quality Of Traders Is Just Not There
  • Margins Are Quite High

Welcome to my eToro review. This social trading platform has been called everything from the best idea in trading to a total scam. So, which is it? In this video, I give a very open and honest account of my experience with eToro from my last 5 years of trading with them.

eToro Review

  1. Is eToro Legit?There are many negative reviews on the internet about eToro’s service both as a broker and as a social trading platform. Personally, I think that they are not a scam broker (I have been able to deposit funds and withdraw them very easily, and their live pricing data seems to be very reliable). However, as a way of making money on autopilot, I don’t think it’s the best thing out there.
  2. Can You Make Money With eToro?Technically it is possible to make money with eToro. However, as a copy trader, it is very difficult to do so, and most customers will lose money. The people making the most money from eToro are signal providers (traders) and eToro themselves.
  3. Is eToro Available In My Country?eToro is available in many countries around the world. If you’re unsure if you can open an account in your country, then check their current accepted countries here –
  4. What Are eToro’s Fees / How Much Does it Cost? There is no monthly subscription or joining fee for using the eToro platform, although when you open and close trades, you will be charged a small fee on these trades.
  5. Is eToro Worth Using? Perhaps as a broker to trade stocks or commodities, they are worthwhile. I have held an account with them for many years, though as a copy trader, and I would say that their copy trading is not worth using.
  6. What Is The Minimum Deposit?You can open an account and start trading with as little as $50 with eToro.
  7. Is eToro Regulated?As a global broker, eToro is highly regulated. They have a number of trading entities, each with their own regulated credentials. They are, therefore, registered in countries such as the United Kingdom, Australia and Cyprus. Here are their credentials (as detailed on this page – eToro’s brokering services are provided by eToro (Europe) Ltd. (“eToro Europe”), a registered Cypriot Investment Firm (CIF). The company’s registration number is HE20058. eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) under license number 109/10.In the UK, eToro (UK) Ltd. (“eToro UK”), company registration no. 7973792 is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 583263. eToro Europe and eToro UK both operate under and comply with the Markets in Financial Instruments Directive (MiFID).In Australia, services and products are provided by eToro AUS Capital Pty Ltd. (“eToro Australia”), ABN 66 612 791 803 is the holder of an Australian Financial Services Licence (AFSL) 491139 issued by the Australian Securities and Investments Commission (ASIC), and regulated under the Corporations Act (Commonwealth). eToro Australia arranges for its clients to be provided services by eToro Europe.
  8. Are There Any Bonuses For Joining eToro?eToro does run promotions from time to time, but at the current time is not offering any bonuses or benefits other than those detailed on its homepage. However, you can get a $50 bonus for referring your friends to the platform, so this could be a bonus you’re able to benefit from.
etoro review etoro scam

Is eToro Good for Beginners or Best Left to Experienced Traders?

If social trading has caught your attention and eToro’s service is something that you find interesting, then you would want a background on what it is, and so this article will give that to you. My aim with TradeWise is to give you the best head start on your trading path.

With this article/video, I will tell you what I like and dislike about this particular platform (etoro). I’ve been using it for many years, and now I’m going to give you a very open and honest review of it.

This would include sharing with you what I have learnt from my six years of trading history. This will help you understand whether eToro’s platform is the best one for you. I will also be giving you an opinion on whether I think that this is a good platform. Hopefully, this can give you an informed decision as to whether eToro is the trading platform for you. Let’s get started with this eToro review!

What Is eToro?

eToro is described as a “social trading platform”. But what does being a social trading platform mean? It basically means that it’s a mixture of platforms that allows you to interact with people socially and use copy trading features. If you’ve ever used mt4 before for trading Forex, you will be familiar with it, allowing you to execute trades on the Forex market.

There is no real social element to it. In comparison, something like Twitter is a purely social media network that allows you to interact with other people. However, it has no way of executing trades. eToro’s service, at the end of the day, is that they are a broker that will execute trades on your behalf, including a range of different financial markets that you can trade on.

See my post “eToro Fees 2022: A Complete Guide”

Is eToro A Scam? Let’s Review This

It is safe to say that eToro’s service is not a scam. eToro brings something new to the Forex trading industry, especially in the cryptocurrency area. It creates a safe platform where newcomers can trade—all in all, with the pros and cons and the platform’s costs.

In principle, this works great. You can find a trader that is already up 77% in return. But if you go back to his history, you might see that he also had losses. It’s great that you are able to see the trading history so that you can go back quite a number of years to research eToro traders before deciding to copy them thoroughly.

It might be quite misleading just seeing the initial trending data. A trader might have 79% returns, but digging a bit deeper into his stats and history, he might have had significant losses. This platform will let you see beyond the surface so that you can get a clearer picture.

There are other aspects to this, such as inviting friends you know and starting conversations to help build up your portfolio. 

You could also track your progress very well since it is a user-friendly platform. It also has an app for both Ios and Android devices. You will be able to see a very active and supportive community. There are thousands of people here, and this implies great activity and trading going on all the time, giving you the best opportunity to interact with people like yourself.

I also like the fact that you can get a lot of information about an individual’s trading. This adds to its credibility since it gives you an honest, informed decision if you decide to do full research. If you really dig around and take time looking at traders’ data, you will be able to find and copy the best traders with your sort of risk and model your attitude with the type of markets you want to trade with.

Ultimately, this allows you to be hands-off with trading and just leave your trading to other people. I also like that this is not a scam. Mostly, this is one of the biggest questions in financial trading markets.

But Is eToro Legit? Is My eToro Account Safe?

I’ve taken money out of eToro without any real issues. In no way do I think that this is a scam. However, this does not mean that there isn’t a large amount of risk with it. I have no issues in submitting or depositing funds to this platform.

What creates high risks on this platform are the traders you would be copying and the inherent risk of trading Forex. Some of these markets are really high risk, so although the platform itself is safe, that doesn’t mean that the assets being traded are safe, and losing your capital is still a very real possibility.

I have withdrawn money from this platform with no issue. However, there are some negative aspects of this platform that for me, far outweigh the positives.

I’ve been a member for quite a number of years, and I had been active in the beginning. However, after that, I wasn’t really doing much because I was busy with other businesses and matters. Then I got active again in 2017.

But here’s the thing – I have had my winning months, but I also had my losing months throughout the 6 year period. I have actually taken good care in finding quality and steady traders that make consistent returns. However, I’ve seen a lot of investor accounts lose money really quick.

They see someone having a really good month and put all their money with that person only to find out that he went bankrupt a month later. So, I’ve been trying to look for traders that have a long profitable track record. Losing months are unavoidable, but there are really traders you trade on that consistently make a few per cent return per month.

Additional Information You Need to Know Before You Invest

I’ve tried to be as thorough as possible in my eToro review video, but there are some important details that I don’t cover. Here are some other important facts about the platform that you might be interested in.

eToro was established back in 2007 and is, therefore, one of the oldest and largest social trading platforms in the world. They have won multiple awards and are generally regarded to be reputable and trustworthy. They claim to serve over 5 million customers worldwide, although it’s unclear how many of these customers are actively trading. They have various offices around the world, including the UK, Israel, China, Australia, Russia, Cyprus and more


eToro is regulated in 2 countries, and this is definitely a positive aspect of the platform. They are regulated in the UK by the FCA, as well as in Cyprus by CySec. Regulatory compliance is very important, especially as this platform acts as a broker as well as a social copy trading platform.

Under these regulatory bodies, the platform operates in the following countries:

For FCA and UK regulation it covers Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK.

The CySec regulation covers Argentina, Australia, Bahrain, Brunei, Canada, Chile, China, Colombia, Egypt, India, Jordan, Kuwait, Mexico, Malaysia, New Zealand, Nigeria, Oman, Paraguay, Peru, Qatar, Russia, Saudi Arabia, Singapore, South Africa, Switzerland, Thailand, Ukraine, United Arab Emirates, Uruguay, Venezuela.

Unfortunately, the USA is not covered under their regulatory compliance, so this platform is not suitable for Americans. Here is a full list of excluded countries: Iran, North Korea, Myanmar, Syria, Cuba, Sudan and the USA.


Although withdrawing funds from the platform is relatively easy, there are withdrawal fees, and the process from request to payment to your bank account is quite slow. This makes the platform relatively attractive for those that want to make regular withdrawals from the platform.

Demo Accounts

In my eToro review video, I show my live trading account, but it’s important to note that free demo accounts are available. This is a nice feature because practising and testing on the platform can help to achieve the best results when switching to live trading. A lot of demo accounts are very large, though, and in many cases, people will demo with a balance of $10,000 when they have no intention of depositing as much in a live account. When running a demo account, it’s therefore important to try and keep the size of the demo account to a similar level as you would invest with real money so that it’s more realistic.


If you need to contact their support then it is not a great experience, especially compared to some other brokers. They have no live support and rely on support tickets, which can take days to be responded to. I get the impression that the average account size is quite small with eToro, so perhaps they don’t have the budget for world-class customer support. With that being said, the platform works very well and is easy to use, so there might not be any need for you to speak to their support.

Choice Of Markets

eToro’s platform offers an extensive range of markets to trade with. These include major Forex markets, commodities, indexes, stocks, ETFs, and even cryptocurrency trading. Some of their most popular assets to be traded include Bitcoin, Ethereum, oil, gold, silver, FTSE, Dow Jones, Dax, US dollar and the Euro. Their range of major stocks is also quite good, although they are not dedicated stocks brokers, and so if you want to trade stocks extensively, you will find this platform limiting. To get a full list of their range of markets, it’s probably best to open a demo account and browse through the various asset classes.

7 Things You Should Know Before Going Further

Here is the transcription from the video. If you’d like to leave a comment, then please skip to the bottom and join the conversation!


Etoro review or is Etoro a scam

Copy Trading vs Going It Alone

eToro allows you to not just trade but also interact with people, find other successful traders and see their portfolios. More importantly, you can follow these traders and execute the same trades in your own account.

Thus, this involves a copy trading element to the platform. That can be very appealing when you think of the potential to find some of the best traders in the world. That is better than sitting and staring at a screen all day desperately trying to make a profit in the Forex market. You find successful traders and copy their trades.

I don’t want to be sitting around and staring at hundreds of charts every day. I wouldn’t spend hours a day analysing data and keeping up with the news and so on. However, I do know that there is money to be made in trading sectors like Forex and stocks and commodities.

eToro seemed to have come up with a solution to that by being able to copy trades. It certainly is not the only platform out there. There are definitely other platforms available, such as Zulutrade. Yet, eToro’s is probably one of the best-known ones.

eToro is on one of the larger copy trading platforms. There are other ways that you can copy trade as well, but eToro is one of the first ones that I have heard of. Also, I know a lot of people are using eToro. So, let’s have a detailed look at what it allows you to do.

etoro reviews

How Does eToro Make Money? What Are Their Fees?

Inside the dashboard, you will see personal information on the left-hand side. In the middle of the screen, you will see some of the different markets that you can trade with. With it, you will be able to see some currencies and other commodities.

You can even see some cryptocurrencies, such as Bitcoin as well as individual stocks. You will be able to see a very broad spectrum of assets here. If you’re in the UK like me, it will give you some suggestions for UK stocks. eToro will be able to give you stock suggestions as to your location.

If you have your own methods of trading your own system that you want to be executing, eToro is quite easy to use with that. Or, if you want to open a trade on one particular market, you just have to click “trade,” and you will easily enter that trade after quickly inputting bits of information needed.

You would need to deposit some funds, but you could trade very quickly. When opening up individual markets, you can also see what’s going on with some of the social aspects of this. It is almost like a sort of Twitter or Facebook feed where you can see what other people are saying about this particular feed in real-time.

If you go on to something more popular, you will probably see a lot more chatter going on. You can comment back and forth about a particular market. That would be useful if you want to keep an eye on certain markets and see what people are saying about it. However, what I think is the best feature of it is being able to find other traders to copy.

You will also be able to see a catalogue of all sorts of live traders. There is a huge amount of data that suggests trending people – maybe because these people are doing well, having returns up to 54%-79%.

As long as you have funds in your account, you could look at a particular trader and have a look at his stats to see if he’s really doing something worthwhile. You can look at his trading history and his platform so that you gain an added understanding as to the type of trading that is doing quite well.

For a trader on Bitcoin, for instance, you can find out quite a lot of information about a person, and with one click, you can trade with Bitcoin and assign a certain percentage of your overall portfolio to that trader. For instance, if you have $1,000 in your account and you want to copy five different traders, you can put $200 into each trader’s total pot. Whatever trades they would make would then execute in my account. If they make money, I make money. Conversely, if they lose money, I lose money.

You could copy as few or as many as you want. I don’t think there is a limit on how many you could copy. But you probably would want to copy more than one trader so that you are not putting all your funds into one basket.

is etoro a scam? Let's review etoro

How Does This Make Me Money?

I’ve followed various people over the years and really tried to work the system; however, it’s always ended in sizeable losses. I wasn’t really happy with the overall returns. Looking back, it really didn’t give back much to me. Plus, I have found other trading systems and tools that are making greater profits.

Hence, I decided to withdraw from loss-making platforms and focus on those making me the most money. As much as I like the idea of eToro, I’ve never really made much money. This is a major concern because the whole point of this platform is to make money. There is no point if I only mostly lose money. I have not found good enough traders that are consistent enough to make profits.

This doesn’t mean all members are not making money on this platform. But going back to the homepage, you will see that even eToro is warning that 66%, or two-thirds, of retail investor accounts, lose money. This goes to show that you have to be very fortunate to find consistent winning traders and be part of the minority who really make money from the platform.

For me, though, the profit just isn’t there. The incentive doesn’t just seem best. The quality of traders is just not enough.

Join in the discussion and share your comments. Tell me the sorts you are trading with, and let’s have a look at some of the stats, and you can prove me wrong.

Six years is enough to make a good judgment on this platform. It’s not the best one for me, and I would rather focus my funds on the other great products I am trading with.

In conclusion, whilst eToro is not a scam by any means, and even though there are things I like about it, I would be scoring it a two out of five. I would need to be spending more time finding profitable traders for this to work for me. But, if you’re spending so much time trying to find good traders all the time, it kind of defeats the point. You might as well be trading yourself than spending all this time constantly trying to look for traders.

Looking for a profitable way of trading? Check out my Gorilla Trades review.

eToro FAQs

To finish up our review of eToro, here are some frequently asked questions about the platform.

What is eToro?

eToro is a global social trading and investment platform with over 25 million registered users. It allows users to trade in stocks, commodities, currencies, and indices through its online platform.

How does eToro work?

eToro operates as a social trading platform, which means that it allows users to follow the trading strategies and investments of other traders. Users can also copy the trades of top-performing traders automatically.

What is copy trading?

Copy trading is a feature on eToro that allows users to copy the trades of other users on the platform automatically. This can be a useful way to learn about trading and replicate the strategies of successful traders. However, you can start losing money rapidly if you copy the wrong traders.

Is the eToro platform safe?

Yes, eToro is a safe and secure platform. All user funds are held in segregated accounts, and the company is licensed and regulated by some of the most respected financial authorities in the world.

What protections are in place for retail investor accounts?

eToro is a regulated financial institution, and all retail investor accounts are protected by the Financial Services Compensation Scheme (FSCS) in the United Kingdom.

Can you trade crypto on eToro?

Yes, crypto trading is available on eToro. You can trade a range of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and other lower cap crypto assets. eToro offers a free digital wallet for storing cryptocurrency, known as the eToro wallet, which is accessible for iOS and Android.

Is CFD trading available on eToro?

Yes, CFD trading is available on eToro. You can trade a range of CFDs, including stocks, commodities, currencies, and indices. Trading CFDs carries a high level of risk and may not be suitable for all investors. You should ensure that you understand the risks involved before trading CFDs.

How are the trading fees on eToro?

eToro has a range of trading fees depending on the type of account you have and the type of trade you make. When trading CFDs and if you trade Forex, eToro fees are a little higher than some of their competitors.

Can I open a demo account on eToro?

Yes, you can open a demo account on eToro to practice your trading skills before investing

Is it possible to access my account from multiple devices?

Yes, it is possible for eToro users to access their accounts from multiple devices. You can log in using their desktop trading platform or via the eToro mobile app.

How do I deposit money into my account on eToro?

There are a number of ways to deposit money into your account on eToro, including credit card, debit card, bank transfer, and PayPal. For more information, see the Deposit Funds section of the eToro website.

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6 thoughts on “eToro Review [2022] – Is eToro a Scam or Legit?”

  1. ETORO SCAM = 100% YES
    Sorry but Etoro is a scam just deposited $2k in May 2021. Money Completely Disappears.

    Etoro’s online help put you on a endless loop of fake customer service checking with financial department & back again.
    They have a play of asking for bank statements, then more info, then more info, until you give up.
    Note: Bank Confirms they have the money.

    Stay Clear Everyone!

  2. Hello! I started investing with eToro a few months ago. I probably sent around 30k to eToro in several transfers. Few weeks ago, for reasons out of my control, one of the transfers I sent was returned to my bank. I asked eToro about what should be done, and right after that they limited my account. They said I should proceed with the transfer once again, but the support manager probably was in a huge confusion as my account was still limited for both … deposits and withdrawals.
    By the way, I’m a Platinum member and I’m supposed to get priority support assistance, but that’s just a huge lie. It’s just a marketing trick. No priority and actually no Support at all.
    Although my account was fully verified and I provided them with every document they asked for, I’m waiting for around 3 weeks for some assistance in this matter, with no success.
    My account is limited, with over $19,000 in balance, with no option to withdraw my money in any way. Not even to trade.
    You’ll probably ask me about support assistance???? Or even about Support Manager and Priority (as advertised)??????
    That will be a good question, as I can say that even if I asked to close my account or to leave me to cash out my money in some way, there is SILENCE. I only receive some template messages asking me to wait and to thank me for understanding. WHAT?????? Are you kidding with me?
    Is there any reason for them to hold my money for that long? I owe them anything? The funds are just in my Dollars balance. They are using my money to make profit and there is no sign about getting my money back.
    INCREDIBLE!!!!!!!! Right???????
    STAY AWAY from eToro if you want to use your money. Is easy to send them the money in the first place but it becomes impossible to get your money back.
    I’m begging them for my money. That’s not “cool” AT ALL.

  3. ETORO have blocked my account since two weeks and they ignore my emails. In this period when the Bitcoin it is very high, I have no possibility to access my account to move away my money at least. I have lost a lot of money and I having panic attacks and anxiety.I cannot sleep and I am really going to sue them for all they done to me by blocking my account.
    over 19BTC was locked in my account,thats was my total investment, i would have ended it all ,if wasnt referred to my saving grace. www,climaxrecovery,com ,they recovered all my bitcoin,please watch out who you invest with.

  4. Do not use Etoro, they took £1000 out of my bank account and attempted to take £2000 as well, but as they took all my money and overdraft with the first withdrawal couldn’t take the rest.

    I had set up an account with them. did a copy trader for a few weeks, this didn’t work well, even though the copy trader shows as having made profit, I only made a loss. then most of my initial small deposit went back into my bank account. The next morning, this morning, have found Etoro have FRAUDULENTLY TAKEN £1000 AND TRIED £2000.



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