IToroStocks Broker Review
Forex brokers are what you need if you want to start trading online. However, not all FX suppliers are trustworthy. Because the foreign currency markets are crowded with unregistered brokerage businesses engaged in fraudulent trading operations, you must thoroughly analyze each company before contemplating investing. As a result, we have produced this iToroStocks full review to assist you in making a decision and to keep you from being duped.
The iToroStocks broker is one of numerous fraud brokers that operate anonymously and unregulated. It poses as a legitimate brokerage business by falsely claiming global presence and making misleading claims concerning licenses, trading platforms, conditions of exchange, and tradable assets.
Furthermore, iToroStocks was named after the world’s largest financial trading firm, eToro. Needless to say that these two entities have absolutely nothing in common. So, please continue reading our iToroStocks review to discover all deceptions this investment scam applies.
- Broker status: Unregulated Broker
- Regulated by: Unlicensed Scam Brokerage
- Scammers Websites: itoro-capital.com
- Blacklisted as a Scam by: N/A
- Owned by: iToroStocks Europe LLP, iToroStocks UK, iToroStocks Australia
- Headquarters Country: UK, Cyprus, Australia
- Foundation year: 2022
- Supported Platforms: Web trader, MT4, MT5
- Minimum Deposit: 10,000 EUR
- Cryptocurrencies: Yes (Bitcoin, Ethereum, Tether)
- Types of Assets: Commodities, Crypto, Forex, Indices, Stocks
- Maximum Leverage: 1:200
- Free Demo Account: No
- Accepts US clients: Yes
License and Regulation
In terms of rules, this fraudster claims to be a registered entity in the United Kingdom (iToroStocks UK), Cyprus (iToroStocks Europe), and Australia (iToroStocks Australia), with offices in Ireland and Belgium. It also falsely claims to be authorized by the Australian and Cyprus financial market regulators (ASIC and CySEC).
Furthermore, it deceives individuals by purporting to follow the Markets in Financial Instruments Directive (MiFID). MiFID is an EU regulation on financial markets that aims to develop and improve openness in this business throughout the EU. iToroStocks is far from being a reputable and transparent corporation.
Unlike unregistered brokerage businesses, licensed brokers are safe to trade with since they must always follow tight laws; otherwise, they are fined, prosecuted, and blacklisted.
On the other side, these financial institutions protect traders in the event of a broker’s failure. For example, the FCA compensates up to 85,000 GBP, but ASIC compensates up to 100,000 AUD. Furthermore, legitimate brokers reduce trading risks through negative balance protection, segregated accounts, and collaboration with premium financial institutions.
When it comes down to it, iToroStocks Broker is a blatant broker fraud masquerading as a reputable forex provider, but its poor services and a slew of falsehoods let the cat out of the bag.
Trading Software
If you are new to trading, you should be aware that good trading software may be the difference between profitable and unsuccessful trading. Advanced trading systems such as MetaTrader 4, MetaTrader 5, cTrader, and Sirix assure the former. Because they include cutting-edge technologies like as automated trading, a plethora of technical indicators, one-click execution, unlimited pending orders, social trading, stop loss, and more, these systems are widely utilized in the business. They may also be accessible through other devices, such as cell phones, desktop computers, and browser-based versions.
Importantly, only legitimate brokerage firms may provide these cutting-edge platforms. This suggests that iToroStocks can only give a mediocre online trader for manipulating traders.
AnyDesk, TeamViewer, and Screen Share
In terms of cyber fraud, it is accomplished through the use of social engineering tactics. iToroStocks, for example, pushes users to download AnyDesk and TeamViewer, both of which have nothing to do with trading platforms or trading. These two apps, together with Screen Share, are used for remote desktop control.
As a result, this con artist may acquire full access to your devices and steal important data (such as credit card numbers and passwords) with your permission and without your awareness.
iToroStocks Accounts
Regarding iToroStocks accounts, there are several types, including the following ones.
- Silver: investment 10K EUR, leverage 1:20, bonus 5K EUR, commission 3.5%
- Gold: investment 25K EUR, leverage 1:50, bonus 20K EUR, commission 3%, monthly reward 1K EUR
- Platinum: 100K EUR, leverage 1:100, bonus 100K EUR, commission 2.5%, monthly reward 3.1K EUR
- Diamon: 250K EUR, leverage 1:150, bonus 500K EUR, commission 2%, monthly reward 7.1K EUR
- VIP: 500K EUR, leverage 1:200, bonus 1M EUR, commission 1.5%, 18.1K EUR monthly reward
As can be seen, the training circumstances associated with each account are both too good to be true and undesirable. Furthermore, the investment (aka minimum opening balance) is significantly higher than the industry average. A reputable corporation may create an account for less than $50 USD.
Royal and Yacht Club
Regarding the Royal and Yacht Club, it is a VIP membership provided by iToroStocks, which is just as helpful as this dishonest broker. It’s merely one of the filthy methods used to attract and defraud you. To be eligible for membership, your investment must exceed 1 million EUR.
The royal and yacht club private debit card is listed as the primary advantage of membership. The card’s primary benefits include global coverage, a monthly maximum of 100,000 EUR, and no hidden fees. Other membership perks include a shared crypto and fiat currency account, no commissions, unlimited investment, and negative balance protection.
iToroStocks Countries Of Service
Concerning iToroStocks countries of services, it is focused on scamming traders from
- Belgium
- Australia
- Sweden
- Serbia
Despite its fraudulent claims of being licensed and controlled, iToroStocks is neither licensed or regulated anywhere. So, if you come across this trading scam, be extremely cautious and avoid any similar unlawful brokers. Do not invest your hard-earned money until you are absolutely certain it is secure.
Leverage, Minimum Deposit, and Fees
As previously stated, the leverage ratio of iToroStocks can reach 1:200, which is many times greater than what is permitted for retail clients (for example, 1:30 in the UK/EU and 1:50 in the US). If iToroStocks was truly CySEC-accredited and situated in the United Kingdom, it would not be allowed to provide 1:200 leverage.
In terms of deposits, the minimum investment is 10,000 EUR, which is absurd in any case; it is more absurd given that this is an evident fraud. Fees vary depending on account type and range from 3.5% to 1.5%. This broker also charges performance fees ranging from 3 to 10%.
Trading Markets
iToroStocks allegedly offers access to the following trading instruments while impersonating a legitimate trading business.
- Commodities: crude oil, gold, natural gas, silver, cotton.
- Crypto: Bitcoin, Ethereum, Tether, Litecoin, Ripple.
- Forex: EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD.
- Indices: S&P500, US100, Dow 30, UK100, DAX Index.
- Stocks: NVIDIA, Microsoft, Tesla, Apple, Amazon.
We wouldn’t bet on these or any other trading assets being offered at iToroStocks. If you want a genuine and secure trading experience, avoid unlicensed brokerage services.
iToroStocks’ Trading Conditions
In terms of iToroStocks trading conditions, this fraudulent broker promises that you may transfer funds to and from accounts using credit and debit cards, bank transfers, and cryptocurrencies. Because the first two payment methods are secure, we are certain that iToroStocks solely accepts cryptocurrency wallets as a financing option. If you’re wondering why, it’s because crypto payments, unlike credit cards and wire transactions, are difficult to reverse. But more on that in the following section.
Before we continue, we’d like to highlight the excellent bonuses offered by iToroStocks. Most governments prohibit bonuses and promotions because they might be abused. However, this company provides substantial incentives (ranging from 5,000 EUR to 1,000,000 EUR) and cashback (ranging from 1,000 EUR to 18,100 EUR). This is clearly a decoy to rope you into investment. In reality, bonuses come with strings attached and can’t be withdrawn.
