eToro: The well-known forex broker is so serious
You should ask yourself whether the well-known forex broker eToro is serious before you start trading on the social trading platform. We have researched for you and show whether eToro is safe and reliable.
EToro: what is it?
- eToro is a so-called social trading platform. It is a marketplace connected to a social trading community. Originally, eToro started as a pure forex broker. The platform now also offers access to stocks, ETFs, indices, commodities and cryptocurrencies.
- So you can trade foreign exchange and indices, as well as buy Bitcoin and other cryptocurrencies, such as Litecoin.
- EToro was founded in 2007. Ten million people in over 140 countries now use the Internet-based trading platform.
eToro experiences: rip-off and fraud or serious forex broker?
EToro became known through the aggressive marketing of the Forex broker.
- Company headquarters: eToro is registered in Cyprus and is therefore subject to the regulation of the Cypriot CySEC. As an EU member, the Cypriot authority must comply with the Brussels guidelines. Many forex brokers or CFD trading providers are based in Cyprus because they have significant tax savings compared to other EU countries. In addition, eToro has registrations with other financial regulators, including the German BaFin.
- Deposit protection: The deposit protection is an important protection for traders. A statutory deposit guarantee of 20, 000 euros per customer is guaranteed. Since the funds are kept separate from the business assets, the deposit guarantees are secured in the event of bankruptcy.
- Customer experiences: The customer testimonials are largely positive. The good support and the simple trading platform, which is easy to understand even for beginners, are emphasized.
- Support: eToro's customer service can only be reached by phone Monday to Friday between 10 a.m. and 3 p.m. For this, native German speakers are on the phone. You can reach the customer advisors around the clock by email and receive a prompt response to your request.
Conclusion: eToro seems to be a serious provider
Overall, eToro is classified as serious. Although criticism can also be read on the Internet, it is usually directed against the trading principle of social trading by eToro and not against the broker directly. The broker's aggressive advertising promises a lot. However, common sense of every user should be sufficient to know that trading generally does not guarantee profits, but also involves risks.
In our next practical tip, we will clarify the question of whether Tipp24 is serious.