eToro bad reviews? Safe or scam? Beginners warning!
Why eToro has so many bad reviews:
Why so much talk about eToro
Can I pay ransom in bitcoins through eToro
No minimum yield with eToro
Who says bad things about social trading
Where is eToro different
eToro secret commissions
eToro is not the best place to buy bitcoins
How should one use eToro
Is eToro safe
Reading time: 2 min.
Last year I read some negative reviews about eToro, so much so that I decided to re-test the tool to shed light.
▶︎ In a year of testing, I've had a good performance. But where is "the eToro scam" (if any), and where do negative opinions about eToro come from? Let's see who writes it, and if they are right
eToro, negative opinions or lack of competence of those who write them?
eToro is enjoying a huge boom, evidently has become one of the least complicated means to invest in cryptocurrencies such as Bitcoin. The real downside of eToro is the minimum deposit of 200 Usd (different from country to country).
In practice, those who register now, need at least 200 Usd to invest, of course it's your money to invest, the service remains free. If you don't have 200 Usd you can sign up, do simulations, spy on others, but you can't do real operations on eToro.
Indeed eToro wins easy these days because, who is preparing to buy Bitcoin, Ripple and similar on the "traditional" e-wallets, normally demorde after trying to authenticate. Many of these portfolios are not user friendly and hard to understand for new investors who do not know how to pick one.
It must be admitted that eToro solves the problem, because it doesn't provide real bitcoins but CFDs, so it allows you to invest in cryptocurrency WITHOUT passwords that are one kilometre long--doubts about security--the slowness--exose-commissions--all the discomforts related to some portfolios.
Average Joe just want to park (let's say) 500€ in Bitcoin and wait to see what happens, who did this a few years ago was award-winning. There are no guarantees for the future, (I mean zero guarantees) so beware of scam "get rich" schemes with fake promises. Nobody can forecast cryptos exchange rates. Neither you.
Etoro is actually almost embarrassing in its ease of use, this is nice.
e-Toro ma be suitable for those who want to have (the equivalent in CFDs) some cryptocurrencies "in their pocket" without being engaged in any trading activity. Simply waiting a few months (or years) and see what happens.
It also appeals to those who want to approach trading but don't want to do it alone. Having crypto-currency in your portfolio or CFD is essentially the same if for investment purposes. If you count on using cryptocurrency to pay for services or good as it was meant to be, well e-Toro is absolutely not for you.
Attention, eToro is also not suitable to pay ransom for computer blocked by ransomware virus
Don't rush to sign up to eToro if you just want to pay the ransom and have the infected PC attacked by hakers. You need Bitcoin to transfer in that case, CFDs are not enough, I would still advise you NOT to pay and read this before doing anything.
In the web you will find incredible ads that promise astronomical performance rates. eToro cannot guarantee 10% per month or similar nonsense! I advise you to stay away from those who promise guaranteed returns on eToro, because this is not possible. eToro is an instrument for investing, does not guarantee returns and is not a "Ponzi scheme".
eToro offers less variety of products to trade on compared to other similar platforms.
eToro is a company registered in Cyprus and it has been authorized to operate in several countries except USA and a few others. It is hard to say how safe it is, I guess safety comes mostly by the wise use of the tool.
ETORO AT A GLANCE:
Of course there are advantages and disadvantages with eToro. To summarize, I would say that if you are looking for a quick tool to buy Bitcoins and cryptocurrencies for investment purposes, then eToro could be the enough.
If you are approaching trading now, maybe join the free demo, start looking at the other traders, wait and study.
The advantage with eToro is that if you put your "sixth sense", your "above average" skills and pride aside, just limit yourself to copying strong traders, you may have some chances.
If you want to make many trades and above all, cash out every time you earn just 100€ then eToro is NOT for you.
Do you have a question? Write your experience in the comments!
This blog has purely informative and educational purposes (disclaimer)
Note: Remember that trading involves risks. Only invest what you're ready to lose. Past performance is no guarantee of future results. This Article is for information purposes only and should not be considered as investment advice.
CFDs are leveraged products. Trading CFDs in currencies, commodities, indices and others, carries a high level of risk and can result in the loss of all of your investments.
NOTE: The indications contained in this analysis are to be considered mere information tools and do not intend to constitute in any way financial advice, solicitation to the public savings, suggest or promote any form of investment.