etoroX (Etorox.com) is a fraudulent Forex broker scam that investors should be wary about. First and foremost, this broker wants to ride on another broker’s name. EtoroX wants to use the trusted name of etoro to make a name for itself. This won’t be taken sitting down by all legit brokers. Etoro X must be exposed for the sham it really is. Read this detailed review and know the truth.
As we always tell investors when they read our reviews, it pays to read what expert traders say. Don’t sign up with a broker blindly simply because you have been enticed by the homepage. After all, that’s what scammers do, make sure they grab your attention the moment you look. Note that this etoroX claims to be a secure and regulated platform that empowers people with blockchain technology.
Claims and promises are what most scammers use to entice people into signing up with them. EtoroX is no different as they have made sure that they sign up as many people as possible. Use of claims and promises is meant to lure unsuspecting Forex investors into signing up. These brokers know that everyone wants to make a quick buck or two. That’s why they claim to come up with answers to making this happen.
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According to the disclaimer at the bottom of the page, this platform is owned by etoro X Limited. They claim that etoro X is a limited liability company that’s incorporated in Gibraltar. A company number is given as 116348 and have a registered office at 57\63 Line Wall Road. Folks, this is all but pure lies. There’s nothing like this that exists in this Gibraltar, registry company can confirm this.
Anonymity is key to success in any scam. Who are the people behind this scam? When you look at their about us page, they claim that Yoni Assia is the founder of etoroX. Folks, note that this is a founder of the real etoro platform and not this fake platform. These scammers are using the name etoro and just add an X to it. Be careful not to sign up with a broker who uses other people’s credentials to make a mark.
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Claims by EtoroX that they have been registered and regulated can be seen on their regulation us page. What they claim is that they are regulated in 6 different jurisdictions. They simply use the credentials of etoro to try and legitimize their platform. Claims of being in the industry since 2007 are simply facts that belong to etoro. Folks, if they had true and authentic claims, where are they?
A genuine and honest broker would post their registry documents for all to see. Sadly, this broker does no such thing. This clearly means that we are dealing with an unlicensed entity. This broker has no authorization to transact any Forex business on behalf of third parties. And this is where the problem starts with this broker. This means that nobody will ever be safe trading or signing up with an unlicensed broker.
What we found odd with this broker is the fact that they don’t offer live chat support. This is a huge problem when it comes to users trying to get answers. And this is another red flag that we spotted with this broker. They don’t want anyone contacting them.
Not offering live chat support is tantamount to anonymity. There’s no way users can get a hold of their trading team. This is clear proof that these scammers don’t want to be contacted. Get the best out of Forex trading by having a broker who is always available for you. EtoroX is simply making sure that no one is there to help.
One of the visible fake tricks that they use is the news content. Truth is, these scammers have made an assumption that we won’t look for this announcement. What they have done is post a link claiming that the founder will be making an announcement. Problem with this claim is the website under which the scammers use. One can easily see from the rest of the page that etoro.com is the legit brokerage firm.
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These scammers will do or say anything to get people sign up with their platform. No need to sign up with a broker who uses other people’s credentials. And this why you should never sign up with a broker unless you thoroughly check them out. Always ensure that you do your research first.
Folks, your funds will never be safe with a wannabe Forex broker. Take this to the bank. Why can’t they simply be real like the rest of them? Furthermore, these brokers don’t follow the rules and regulations set.
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Does etoroX segregate accounts? This broker has failed to mention their depository bank partners. We have to assume that they are pooling funds in one account. This is a typical scammer’s move and investors should be wary of this broker. What’s more damning is that users maybe depositing money straight to the owner’s personal bank account. They don’t even offer a compensatory scheme. This is what’s wrong with this broker, no professionalism.
Claims of having the most advanced crypto wallet is simply a hoax to lure investors to sign up. They claim that you can easily and safely store your crypto assets. Folks, this is far from the truth as their crypto wallet is not secure. There’s no SSL encryption to help protect funds in this wallet. This simply means that hackers can easily gain access to this wallet and do as they please with assets.
These brokers claim that users need not to worry about the keys. They claim that users don’t need to write phrases or save keys. Folks, every crypto investor should have their own set of keys. No one should ever give out their key information. This is like giving away your bank account’s password. This broker simply wants to try and entice people to give out their crypto keys.
This broker is a scam that is trying to rip off investors’ deposits. Make sure that you never sign up with this broker. Warn your friends and family from signing up with this broker. Best thing to do is mark all their emails as Spam and never click on any links sent by them. Stay safe by ignoring this Forex broker.
Only option left on the table is to blacklist this broker as a scam. This is another scam that investors should be wary of. How can they expect investors to sign up with an anonymous broker? Stay clear from this broker by ensuring that you never sign up with this broker. Ignore all their promotional materials and stay clear from this scam.
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