Is eToroX A Scam? What do you know and think about eToroX?

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Blockchain247

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Overall about eToroX

Launched in 2019, eToroX is a multi-crypto exchange and tokenization platform that supports stablecoins which are issued and backed by eToro. There are some services that offered by eToroX including​
  • Execution of trading transactions on the orders presented to choose from (market, limit and stop orders).​
  • Buying cryptocurrency for fiat by using a credit card only. eToroX charges about 1% for each transaction.​
  • Cryptocurrency staking - receiving passive income for storing coins in their cryptocurrency wallet;​
  • Operations with futures - contracts for cryptocurrencies, indices and stocks.​

Is eToroX Safe or Scam?

There are some negative facts about eTorox that can considered it is a scam or not

1. eToroX regulation

eToroX is a regulated platform since it operates under a DLT (Distributed Ledger Technology) license from the Gibraltar Financial Services Commission (GFSC). However, the GFSC does not issue any strict rules and does not therefore offer user safety. It might be a red flag!

2. Not trading with real share

Another red flag about the project is all your trade is the eToroX internal system. It means that you won't be able to transfer your shares to other brokers because there's no shares under your name. It's just records in their system.

They will not allow trading in the most important time - just locks trading. Also known situation with Russians stocks - when other brokers allowed to transfer stocks to MOEX, etoro just took customers money and locked their holdings in Russians stocks.

3. Website analysis




“etorox.com” is a high ranking on Tranco. The reason for this can be explained as the website has many visitors, thus several other websites link to this site, meaning that it is considered relevant by others.

The domain age is 4 years ago. It might be another positive sign. The longer a website exists, the more it can be expected that it is legit. However, the age of the website is unfortunately no guarantee. In some cases, scammers have been found to buy existing domain names and start their malicious practice here. So checking a website remains a necessity.

A valid SSL certificate was found. Professional companies use an SSL certificate to encrypt communication between your computer and their website.

However, there are different levels of certification and scammers also install a free SSL certificate. If you have to enter your data, never do this without checking if an SSL certificate protects your information.

Do you think eToroX is a scam after reading some negative facts about it? Let's discuss the project by providing any information you have got about eToroX in the comment box below!
 

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