Etoro Review

Etoro Review

The Company Etoro

eToro is quite a big forex broker established in 2007. The company holds several licenses which allow it to operate legally in the European Union (UK and Cyprus licences), USA and Australia. eToro is not listed on any exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is most of all a Social Trading platform, where people can copy other traders and interact with each other.

For active traders eToro is considered too expensive and does not offer ordinary shares just CFD’s.
Opening an account requires just $200 ($50 for U.S. and Australia), but withdrawal fees are higher than average, at $25 plus banking costs.


Brokerage Licences eToro

United Kingdom : eToro (UK) Ltd, a Financial Services Company authorised and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.

 

Cyprus : eToro (Europe) Ltd., a Financial Services Company authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) under the license # 109/10.

 

Australia : eToro AUS Capital Pty Ltd. is authorised by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services Licensce 4911

USA : eToro USA is operated by eToro USA LLC, which is registered with FinCEN as a Money Services Business.


Key people in eToro


Shalom Berkovitz CFO

Johnathan Alexander Assia founded eToro Group Ltd. and eToro (Europe) Ltd. Presently, Mr. Assia occupies the position of Chief Executive Officer & Director at eToro (Europe) Ltd. and Chief Executive Officer & Director at eToro Group Ltd. and Chief Executive Officer of eToro USA LLC (both are subsidiaries of eToro (Europe) Ltd.).

 

Other key people :

 

Shalom Berkovitz, Mr Robert James Brown , Eduardo Gavotti.


Past fines and settlements Etoro

 

Nicosia, 12 February 2013 by The Cyprus Securities and Exchange Commission

 

This is the announcement as made by CySEC :

 

The Cyprus Securities and Exchange Commission would like to inform the public that, pursuant to section 37(4) of the Cyprus Securities and Exchange Commission Law, it reached a settlement with Etoro (Europe) Limited , for the amount of €50.000.

 

The settlement reached concerns weaknesses in the application of the Investment Services and Activities and Regulated Markets Law of 2007, as amended (the “Law”).

 

The alleged weaknesses concerned the organisation/operation structure (articles 18 and 36 of the Law) of the Company in their early operation days (2010) and the Company has since then rectified the alleged weaknesses and is now in compliance with the requirements of the Law.

 

The Company has paid the amount of €50.000.


Remarks about eToro

Performing a google search about etoro would lead you to different kinds of websites(mostly broker review sites) where most of the descriptions/articles are pretty good, specially the first results. We don’t know if those are sponsored articles/descriptions(there is such a possibility), that’s why we decided to go deeper into our investigation.

The company offers some good features but if you perform a deeper Google search you may find some quite negative opinions, for example here :

eToro Review by forexfraud.com
Users reviews by trustpilot.com
How good is eToro for stock trading? by quora.com

If you had bad experiences with etoro which you believe were illegal we might be able to help.
Contact Mikov & Attorneys here