Is ETORO SCAM or LEGIT? [ 3 MIN Etoro Crypto Review] REAL TEST
In today's Etoro crypto review, I will share with you my personal experience funding a $5000 account with Etoro and I will tell you why I stopped using this broker...
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So is Etoro Scam or Legit? I will share with you my story and you make the conclusions...
Most people interested in trading have almost certainly seen the youtube ad with Alec Baldwin doing the laundry multiple times, and many more ads that flooded YouTube. And yes, Etoro is a huge broker, regulated, with many clients. And before funding a huge account with a broker I always perform a test, so here is what happened with my test with Etoro.
In January 2021 I funded a $5000 account, and I made some quick profits with BTC. The price was in the process of increasing from 30k to 40k, I knew what I was doing and I made a quick $700 profit. All good so far, right? But...let’s see what they offer when investing in “real crypto”.
Firstly, they will not allow you to transfer your crypto out of the trading platform before a certain number of days have passed since your initial deposit. This means that I bought BTC but I had to wait months before being able to get it into my wallet. But that’s not all...
Secondly, the process of transferring coins is one-way only, which means that any crypto you transfer from the eToro platform to the eToro Wallet cannot be transferred back to the eToro platform...I will leave it to you to deduct your own conclusion here. There is more!
Thirdly, after the period mentioned in the first point passes, you can withdraw the coins via Etoro wallet, and from there you can transfer them to any external wallet as a ledger or exodus...
What do you think? Is Etoro SCAM or LEGIT?
So all of these restrictions indicate to me that they do not back up all the positions with real crypto. In addition, their spread is 5-6 times higher compared to some trusty brokers that I use. The BTC spread during the time I was testing reached $300...no comment.
And there are 100s of YouTubers stating that Etoro is the best, but did you check if they have a referral link below the video?
At the end of the day, they allowed me at least to withdraw my deposit with the profit but overall, that was a poor experience for me, and I will definitely not be using Etoro in the future. So make sure to check everything with a broker and perform a real test by depositing, trading, and withdrawing before investing more. And if you have any experience with Etoro, please share it in the comments below so this video will be more useful for everyone wondering if Etoro is a scam broker or a light one.
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Thanks for watching this video named Is Etoro Scam or Legit and I will see you in another video!