eToro USA Review 2022: Is it safe or a scam
eToro is a well-established and trustworthy company with millions of customers; we examine the platforms’ security. Here are a few things to keep in mind to avoid scams. EToro is available to traders residing in the United States, but their service differs from that provided to non-US clients.
eToro is risk-free, secure, and trustable. Your money is kept safe in tier-1 banks. SSL encryption protects all of your data. Before trading, always check your browser window for security indicators.
eToro values your privacy, and you have complete control over your account page. Your information is never shared or sold to a third party.
Tier 1 financial regulators such as the FCA, ASIC, CySEC, and FinCen oversee eToro. Client money is kept safe at reputable banks, and an SSL certificate protects their private details. It would help if you always looked for security indicators when trading through your web page. EToro is also one of the best cfd broker UK.
The Financial Services Compensation System protects UK investors (FSCS). European investors with eToro Europe are covered by the Investor Compensation Scheme, which provides up to €20,000 in compensation to customers of Cypriot investment companies.
The company is not publicly traded or listed on a stock exchange. eToro wants to go public soon. The most prominent feature of the eToro trading platform is social copy trading.
Users who want to avoid trading can copy the trades of experienced traders. eToro facilitates this by offering a messaging feature, a social networking feed, and other similar add-ons, which we will discuss in greater detail. Trading systems that are entirely automated are not permitted.
More than 300 million trades have been completed through eToro. The company’s operations are expanding, focusing on entering Asian markets to provide a trading platform to both Hong Kong and China. As noted previously, although eToro was not previously available to Americans, this changed in 2022. It is now commonly available in the United States. In this eToro USA review, we will discuss weather eToro is safe or scam.
The platform supports the following states:
America, Pacific Northwest, Arizona, Arkansas, California, Colorado, Connecticut, Rhode Island, Washington d.c., Florida, Georgia, and the Federal district.
Maine, Maryland, Massachusetts, Michigan, Missouri, Missouri, Maine, Nebraska, Massachusetts, New Jersey, New Guatemala, Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Pacific Archipelago, Florida, South Dakota, Tennessee, Texas, Utah, Vermont, Pennsylvania, Washington, West Virginia, Minnesota, Wyoming
However, eToro is not available in the following states: American Samoa, Guadeloupe, Islands, Minnesota, Nevada, New York, the Northern Mariana Islands, Puerto Rico, the United States Armed Forces – Americas, the United States Armed Forces – Europe, and the United States Virgin Islands.
Can I Use eToro in the United States?
As of this writing, eToro’s US clients can trade cryptos and engage in social trading. They are currently in phase 1, and accurate trading is permitted in several states. In contrast, others can open an account but only access the simulated portfolio (demo account) for the time being.
Is eToro a regulated platform?
There are a few things to keep in mind regarding eToro regulation. Many companies regulate it because several companies operate it in various states. In other words, eToro is regulated by several local organizations to ensure that the services are safe and per all applicable regulations.
Cyprus Securities and Exchange Commission
The Financial Conduct Authority
The Companies Act (Commonwealth)
The Securities Commission of Alabama
Is eToro secure? How Does eToro Better protect Investor Money?
eToro complies with the CySEC, FCA, and ASIC regulations. These organizations assist in the protection of money and the protection of investors. Furthermore, the platform is protected by SSL encryption and kept secure in several leading banks.
Because phone support is not available for eToro clients in the United States, the only options for traders with less than $5000 in equity are email, ticket opening, or using the live chat feature from the Customer Service page.
Clients with a minimum equity of $5000 or who are already members of eToro’s Club are assigned a dedicated account manager. Platinum Club members and accounts with a capital size of $25000 or more receive priority customer service.