In actuality, ItoroStocks is an illustration of what we refer to as a clone website, a particularly risky type of scam in which criminals fraudulently utilise the corporate and licence information of a legitimate and regulated company in an apparent attempt to scam dealers. The website of the company can be found at http://itoro-capital.com/. In this instance, ItoroStocks even makes an attempt to imitate the name of the renowned broker eToro. Thus, you should think again and read a complete ItoroStocks review, if you are still considering the idea of trading the large range of markets advertised on the website, including forex pairings, shares, indices, commodities, bonds, and crypto coins.
ItoroStocks Review – Regulation
The scam website here falsely claims to be licenced and authorised throughout the European Union, the UK, and Australia. More specifically, it claims to be governed by the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission. iToroStocks is a clone website that illegally mimics the brand of eToro (ASIC).
Trading Software
Although iToroStocks claims to provide a sophisticated web-based platform, the website does not appear to provide any kind of trading platform.
But keep in mind that this is yet another telltale sign that you are dealing with a fraud if your new broker refuses to provide you with any tested and reliable trading software, such as the industry standard MetaTrader4 or MetaTrader5.
Trading Accounts
There are various kinds of iToroStocks accounts, some of which are as follows.
- Silver: 10k EUR investment, 1:20 leverage, 5k EUR incentive, 3.5% commission
- Gold: 25k EUR investment, 1:50 leverage, 20k EUR incentive, 3% commission, 1k EUR monthly reward
- Platinum: 100K EUR, leverage 1:100, 100K EUR bonus, 2.5% commission, and 3.1K EUR monthly incentive
- Diamon: 250K EUR, 1:150 leverage, 500K EUR incentive, 2% commission, and 7.1,000 EUR monthly reward
- VIP: 500K EUR, 1:200 leverage, 1M EUR bonus, 1.5% commission, 18.1K EUR incentive each month
How does ItoroStocks Scam Work?
Scammers use many tricks in order to give you the idea that you are earning money easily and rapidly, fraudsters frequently send you some returns first. They can acquire your trust in this way. To extract as much money as they can from you, they frequently ask you to make more investments or to recruit family members and friends to do the same.
They will suspend or close your account when they believe you are unable to invest any more money in the fraud, and you won’t likely hear from them again. In order to appear trustworthy in the eyes of potential customers, many scam companies falsely state that they are headquartered in a regulated jurisdiction by using fictitious locations and regulation licenses.
How to keep yourself safe from scam brokers?
- Do good research about the broker. Go through reviews and pick a broker with positive reviews. A conventional web search can give experiences into whether negative remarks could simply be a disappointed broker or something more serious.
- Ensure the reviews do not contain anything negative about the broker’s withdrawal process.
- If you are happy with your examination on a specific broker, then trade for a while first, and afterward attempt to make a withdrawal.
- If you face some issues, discuss them with your broker. If it doesn’t go well, file a complaint and share your experience online with everyone.
Is ItoroStocks broker Legit or a scam: Conclusion
It is clear from the ItoroStocks review that this broker is not right for trading. We unequivocally encourage all traders and investors to keep away from ItoroStocks and similar brokers. If you really want to trade online, find a broker who is regulated and has trusted and positive reviews.
Scammed by ItoroStocks? Scam Helpers can help
If you are a victim of the ItoroStocks scam, or other scams like the forex scam, cryptocurrency scam, binary scam, etc., file a complaint here to get your funds back. Scam Helpers can process your complaint and help you in fund recovery. We should begin and determine the matter before the harm is considerably greater. Your one step can save you and other people from being cheated by such brokers.
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