Are you also asking, Is eToro a Scam? Do you want to know if you can really earn from this opportunity? Well, I suggest that you read this review in order to learn more about it.
Product Name: eToro
Price to Join: Free
My Rating: 7.8 out of 10.0
What is the eToro?
eToro is an online marketplace where you can buy and sell currencies, commodities, indices and CFD stocks. This platform has more than 4.5 million users in more than 170 countries and it is one of the biggest online trading platforms.
You can also interact with other members and even copy their trading portfolio performance. So this platform is not just about trading, but it also allows you to interact and benefit from others. There are multiple ways to make money through this platform, which was founded in the year 2008.
In this review, I will take a closer look at this online trading platform and try to determine whether this is a scam or not. This is based on my honest research about it. I recommend that you read the entire review before thinking about joining this trading platform.
How Does eToro Work?
eToro has a really great feature that is known as ‘CopyTrader’. CopyTrader allows you to copy the trades of others. This feature is great for newbies because it will be hard to make a profit when you are a newbie.
You have to simply find someone who has a good history and copy their trades to increase your chances of making a profit. You will need at least a $100 to use this feature, but you can still trade manually if you want to.
Now let us take a look at the process of making money step-by-step.
1. Sign Up: It is very easy to sign up and you will not be charged any money. All you need to do is enter your details and choose a username.
2. Deposit: You can deposit the money later, but you can’t start earning before you deposit some money. The minimum amount of deposit is $200 and you should not deposit an amount that you aren’t willing to lose.
3. Start Trading: You can copy trades if you are a newbie or you can do trades manually.
4. Wait: The last step is to wait for the results, whether they are negative or positive.
There are various sections that you will need to learn before using this platform. I will explain a few important sections right now.
Watchlist is the section where you can organize the people and marketers that you want to copy or invest in. Portfolio is the section where you will find your open trades and be able to monitor your performance. Newsfeed shows the things that the traders are doing or saying recently.
Trade markets is where you can trade in stocks, currencies, commodities, and indices. Copy people is the section that you can use to find people to copy or follow. There are many filters that you can use to find the right individuals to copy or follow.
This platform does have its advantages and I like the fact that even beginners can make money through this platform.
The problem is that trading is risky and you may lose all of the money that you invest so it is all about minimizing the risk. Unfortunately, it is not easy for beginners to minimize the risk as some things can only be learned through experience.
The strongest features of this platform are CopyTrader and demo account. You can easily open a demo account and it is very similar to a real account. You can also make money by being a popular investor as more people start to copy you. eToro will pay you a monthly commission if you become a popular investor.
How Much Does It Cost to Join?
As I have mentioned earlier, it is free to join. But you will have to make a deposit of $200 to begin trading so you must have $200 if you want to use this platform. I think that the amount of the minimum deposit is a little high because some people don’t have $200 that they can risk.
How Much Can I Earn?
Your earnings will depend on many factors, including how much money you deposit and your experience level. If you copy the right traders and deposit a good amount of money, then you can see great returns.
I know it seems easy to make money, but I don’t think it will be easy at least for beginners. There are many people that have lost money and you will also have to pay a withdrawal fee of $25 to withdraw your earnings.
If you are withdrawing a small amount like $70, then the withdrawal fees will surely affect you a lot. It is also not easy to understand how everything works as there are many features and your mistakes may also cost you money. Finally, the fact that this is a trading platform remains, and you can’t avoid the risk of losing money even after doing everything that you can do.
I don’t think that the majority of newbies will see great results, but some of them may succeed if they keep trying and learning.
Are there Any Complaints?
Yes, and I have listed some of the major concerns below.
The withdrawal fee of $25 is only revealed after you have committed the withdrawal.
They sold some stocks without notifying the user.
In my opinion, eToro is not a scam. They still offer some helpful information on how you can earn. However, you must be careful in investing your money because there is still risk for this business.
Nevertheless, I still leave the final decision in your hands. Good luck and choose wisely.
- Great Earning potential
- You can duplicate other peoples’ trading ways
- Invest more money to earn more
- You can’t control the results
I know that you want to invest in eToro because you want to have another source of income. And I believe that you already discovered the earning potential of this opportunity.
But let me tell you that trading is not that easy. And you can’t control the results of your investments.
If you are still looking for ways on earning online then you can also look into my personal favorite. It is a training program that teaches people on how they can earn by using their passion.
Plus the support from their community is really helpful.
Right now, I am on my second year in this community and want to share on how I achieved this success.
If you have more questions and concerns about eToro, feel free to comment it below and I would be glad to interact with you.
Let me hear your experiences and personal opinion on the comments below!