Is eToro a Scam or Not?

In this post, I wanted to talk about if the eToro Scam exists or not? Different trading platforms popped up to accommodate people interested in forex trading, and one of them is eToro. However, some doubt this platform’s credibility and asking if it’s legit or a scam. Read on to know more about eToro and assess its authenticity.

Pros

Operating for over a decade now, eToro has created a name in the forex trading industry. Here are the advantages of choosing eToro as your trading platform:

• Cryptocurrencies

One of the unique features of this trading platform is its ability to host cryptocurrencies. There are currently 16 cryptocurrencies supported by eToro, including famous ones like Bitcoin, Ripple, and Ethereum.

• User-friendly

eToro is very easy to use and supports 21 languages. It has web and mobile platforms (available in iOS and Android) that maximize accessibility and usage anywhere and anytime. Both platforms give push notifications for faster trading.

• eWallet

Along with great accessibility, eToro also offers a free digital wallet, mostly for cryptocurrencies.

• Opening an Account

It is effortless to sign up for an eToro account because it is fully digital. All you need is an active email account, any government I.D., and a copy of a utility bill.

Check out review of Etoro, 100% Honest Review From My 6 Year Account With Etoro – Is it all legit or a scam?

Cons

Although there are evident advantages in using eToro, we cannot disregard its cons. Here are some of the cons to look out for when you’re thinking of using this platform:

• Withdrawal

First off, there’s a $5 fee every time you’ll withdraw or transfer money. The cost was removed in the U.S. account but is still evident in other countries. There is also a $30 minimum amount when withdrawing.

• Inactivity

Another disadvantage when using this trading platform is it has an inactivity fee. eToro will fine accounts $10 a month after a year of not trading.

• Availability

eToro is not accessible or cannot legally operate in numerous countries and territories. Moreover, it can only be used in 41 U.S. states. Also, eToro cannot give their services to U.S. citizens living outside the country.

Costs

There are no fees when you sign up with eToro and when you deposit into your account. Accounts also pay commissions depending on the currency being traded, but this fee is only for U.S. accounts. For non-U.S. accounts, a conversion is added when buying assets as eToro only supports U.S. Dollar.

Conclusion

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, it is safe to say that eToro is not a scam.