If thinking about starting trading online, forex brokers are what you need. However, not all FX providers are good. Since foreign exchange markets are flooded with tons of unlicensed brokerage firms involved in fraudulent trading activities, you must investigate every company before even considering investing. For this reason, we have written this iToroStocks detailed review to help you in decision-making and save you from being defrauded.
The iToroStocks broker is just one of many scam brokers operating anonymously and without regulations. It pretends to be a credible brokerage firm by giving a false impression of global presence and falsehoods about licenses, trading platforms, terms of exchange, and tradable assets.
Furthermore, iToroStocks has picked its name to resemble the world’s leading financial trading company, 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|
|Blacklisted as a Scam by:||N/A|
|Owned by:||iToroStocks Europe LLP, iToroStocks UK, iToroStocks Australia|
|Headquarters Country:||UK, Cyprus, Australia|
|Supported Platforms:||Web trader, MT4, MT5|
|Minimum Deposit:||10,000 EUR|
|Cryptocurrencies:||Yes (Bitcoin, Ethereum, Tether)|
|Types of Assets:||Commodities, Crypto, Forex, Indices, Stocks|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is The Broker Legal and Has a License?
When it comes to regulations, this fraudster provides unproven statements to be a registered entity in the UK (iToroStocks UK), Cyprus (iToroStocks Europe), and Australia (iToroStocks Australia) with offices in Ireland and Belgium. It also fabricates information about being authorized by Australian and Cyprus financial market regulators (ASIC and CySEC).
Moreover, it misleads people by claiming it adheres to the Markets in Financial Instruments Directive (MiFID). MiFID is an EU legislation on financial markets, aiming towards establishing and improving transparency in this industry within the EU. iToroStocks is far away from being a transparent and legitimate business.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Unlike unlicensed brokerage firms, licensed brokers are safe for trading since they must comply with strict rules all the time; otherwise, they are fined, prosecuted, and banned. This is in particular when a broker is licensed under top-tier supervisory bodies such as the British FCA, German BaFin, and Australian ASIC.
On other hand, these financial agencies cover traders in the case of a broker’s failure. For example, FCA indemnifies up to 85,000 GBP while ASIC compensates for up to 100,000 AUD. On top of that, legit brokers minimize trading risks with negative balance protection, segregated accounts, and collaborating with premium banking institutions.
Is Bullcfds a Trustable Broker?
When all is said and done, iToroStocks Broker is an outright broker scam pretending to be a legitimate forex provider, but its poor services and a pack of lies let the cat out of the bag.
What Trading Software Does the iToroStocks Broker Offer?
If you are new to trading, you should know that adequate trading software makes a difference between prosperous and unsuccessful trading. The former is ensured by advanced trading platforms like MetaTrader 4, MetaTrader 5, cTrader, and Sirix. These systems are frequently used in the industry due to offering cutting-edge tools such as automated trading, lots of technical indicators, one-click execution, unlimited pending orders, social trading, stop loss, and more. They also can be accessed from different devices, i.e., cell phones, desktops, and browser-based versions.
Importantly, only genuine brokerage companies can offer these leading-edge platforms. This implies that iToroStocks can provide nothing but a poor web trader used for manipulating traders.
AnyDesk, TeamViewer, and Screen Share
Apropos of cyber fraud, it is done by employing social engineering techniques. For example, iToroStocks encourages traders to download AnyDesk and TeamViewer, which don’t have anything to do with trading platforms or trading. These two programs along with Screen Share are used for remote control of desktops.
Thus, this con artist can gain full access to your devices and steal your sensitive data (e.g., credit card details and passwords) with your consent and without your knowledge.
iToroStocks Accounts Overview
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 you can observe, training conditions linked to each account are both too good to be true and unfavorable. Plus, investment (aka minimum opening balance) is way above the industry normal. You can open an account with a legitimate company for less than 50 USD.
Royal and Yacht Club
About Royal and Yacht club, it is a VIP membership offered by iToroStocks, which is as beneficial as this unscrupulous broker. It is just one of the dirty tricks to entice you and rip you off. To become eligible for membership, your investment should exceed 1M EUR.
As the main benefit of the membership, the company states the royal and yacht club exclusive debit card. The advantages of the card per se are global coverage, a 100K EUR monthly limit, and no hidden costs. Other benefits of the membership include joint crypto and fiat currency account, no commission, unlimited investment, and negative balance protection.
iToroStocks – Countries Of Service
Concerning iToroStocks countries of services, it is focused on scamming traders from
Despite its false promises of being licensed and regulated, iToroStocks is not authorized to provide services anywhere. So, be very careful if you come across this trading scam and avoid any similar illegal brokers. Don’t invest your hard-earned money unless you are 100% sure it is safe.
Leverage, Minimum Deposit, and Fees
As we previously mentioned the leverage ratio of iToroStocks goes up to 1:200, which is several times higher than what is allowed for retail clients (e.g., 1:30 in the UK/EU and 1:50 in the US). If iToroStocks was really accredited by CySEC and was a UK-based broker, it would not be able to have 1:200 leverage.
With reference to deposits, a minimum investment is 10,000 EUR, which is unreasonably high no matter what; it is especially nonsense since this is an obvious scam. As for the fees, they depend on account type and are from 3.5% to 1.5%. This broker also charges 3 to 10% performance fees. All in all, we can smell a rat!
iToroStocks Range of Trading Markets
Fraudulently impersonating a legit trading firm, iToroStocks reportedly offers access to the following trading instruments.
- 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 that these tradable assets or any others are actually available at iToroStocks. If you want a real and safe trading experience, better stay away from unauthorized brokerage services.
What Is Known About iToroStocks’ Trading Conditions?
Speaking of iToroStocks trading conditions, this dishonest scam broker claims you can transfer funds to and from accounts using credit and debit cards, bank transfers, and cryptocurrencies (Bitcoin and Ethereum). Since the first two payment methods are secure, we are sure that iToroStocks actually only accept crypto wallets as the funding method. If wonder why, it is because crypto payments are hard to reverse contrary to credit cards and wire transfers. But more on that matter in the following heading.
Before moving forward, we just want to point out the generous bonuses provided by iToroStocks. Bonuses and promotions are banned in most jurisdictions due to being mishandled. However, this bogus brokerage firm offers lucrative bonuses (from 5,000 EUR to 1,000,000 EUR) and cashback (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.
Scammed by iToroStocks Broker? – Let Us Hear Your Story
So what to do if iToroStocks has defrauded you? First, you should act as soon as possible and inform the relevant authorities. Then, don’t forget to leave negative iToroStocks reviews to alert the community. Finally, you can contact cybersecurity experts to help you with getting your money back.
But What Is A Chargeback?
If you wonder what a chargeback is, it is an opportunity to retrieve your misappropriated funds. How is even it possible? Well, credit cards offer cashback assistance; however, you must apply for it within 540 days. Also, bank wire transfers are possible to cancel; but if you have confirmed a transaction, then not much can be done.
As for crypto wallets, they are anonymous and challenging to reverse. Still, with the help of chargeback specialists, it is doable. Therefore, get in touch with our company with regard to cashback.
What Is iToroStocks?
It is an unlicensed brokerage company involved in fraudulent trading activities.
Is iToroStocks a Scam Broker?
Yes, it is; it operates illegally and provides unprofessional services.
Is iToroStocks Available in the United States or the UK?
Yes, it is; however, it is not authorized to provide services in those markets or any other markets.
Does iToroStocks Offer a Demo Account?
No, it doesn’t; scam brokers usually don’t offer a demo account option.