In a short span of only three months, TraToro rebranded to Expotoro. Of course, we suspected that there might be a reason for such a change. And indeed, we found it in the form of a UK regulatory warning.
Read our detailed TraToro review to find out more about this unlicensed clone firm.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, it’s not safe – clone firm |
| Known Websites: | expotoro.com
tratoro.com |
| Have Warnings from: | FCA |
| Registered in: | UK (allegedly) |
| Operating since: | 2023 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | Custom |
| Minimum Deposit: | 250 EUR |
| Deposit Bonus: | Up to 25% |
| Trading Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank, local financial regulator, or simply reach out to us for professional assistance in recovering your funds. |
Is TraToro a Legit or a Scam Trading Company?
TraToro presents itself as a brand of eToro (UK) Limited. The company went as far as to add another firm’s registration number and FCA regulation to its website. Of course, this didn’t go unnoticed and has resulted in an official warning.
In June 2023, the UK FCA warned against TraToro, also known as Expotoro. According to their notice, the company falsely claims to be a part of a regulated brokerage, eToro. Just like AGM Markets, TraToro is abusing legitimate company for its illicit business.
If you want to start trading, we strongly advise you to check the regulatory database and confirm the broker’s legitimacy. This is not the first and undoubtedly not the last time we see a scammer exploiting a legitimate firm.
Where and How Does TraToro Find Its Victims?
TraToro is placing ads on social media such as Instagram, Facebook, and YouTube. The brokerage advertises as a regulated brand subsidiary and entices victims to sign up. Once you do, broker employees will constantly call, send emails, and WhatsApp messages persuading you to deposit the money.
The majority of the victims come from:
- Brazil,
- US,
- UK,
- Portugal.
The TraToro website, tratoro.com, was registered in March 2023. Their new domain, expotoro.com, is freshly made for scamming, with the registration date being the 2nd of June, 2023.
Trading Platforms and Account Types
Usually, Forex and CFD brokers compete for customers by offering a reliable platform and solid account types. In addition, many provide low fees and a low minimum deposit. Let’s see what you can get with TraToro broker.
TraToro Trading Software
TraToro doesn’t mention its trading software on its website. After we registered, we understood why.
The company only offers basic WebTrader with no special features. You won’t have access to many indicators and other research tools necessary for in-depth analysis. Instead, it’s better if you find an actually licensed company with MT4, MT5, or cTrader.
Account Types Choice
There are three different account types, each pricier than the other.
- Green – 5,000 EUR
- Platinum – 50,000 EUR
- Presidential – 250,000 EUR
These are quite substantial amounts of money for an unregulated trading broker. In addition, the actual eToro requires $200, which is much less than 5,000 EUR. The accounts differ in terms of leverage, spread, and access to different educational materials.
Trading Fees and Leverage
The leverage for the Green account goes up to 1:50. However, the UK has a limit of 1:30 for retail traders. Additionally, the Presidential account has custom leverage, potentially even higher.
The spread starts from 3 pips, which is quite pricey. The industry average is 1.5 pips for EUR/USD benchmark. Other fees, such as swaps and trading commissions, are not listed, but we believe they’ll be high, just like the minimum deposit and spreads.
TraToro Customer Support
The TraToro Contact Us page is unavailable and shows error 404. Therefore, we’re unsure if and how you can get in touch with the broker.
Since their regulations are fake, so is the address they provided. It all implies that the company doesn’t want you to contact them. They want to take your money and vanish and surely don’t want you to find them.
Deposit and Withdrawal Policy
According to legal documents, the deposit can be made using the following:
- Debit/credit card – min. 250 EUR/GBP
- Wire transfer – min. 3,000 EUR/GBP
Similarly, the minimum withdrawal amount via bank transfer is 3,000 EUR/GBP, while there’s no minimum for a card withdrawal. The company doesn’t charge any withdrawal fees, but your bank may. However, they charge a dormant fee of 10% per month if your account has been inactive for over six months.
The company maintains the right to add additional clauses related to bonuses that would prevent withdrawals. Furthermore, it will take five business days to process the withdrawal request. And yet, it’s unspecified when the money should reach your bank account.
What Can I Do If I Was Scammed by TraToro or Expotoro Broker?
If you’ve been dealing with TraToro and cannot get a withdrawal, contact us immediately. Our chargeback experts will evaluate your case in detail during a free consultation and find a way to help.
Don’t let scammers keep your hard-earned money. Share your story today, and we’ll work on the recovery with you.
FAQ:
What Is TraToro?
TraToro is an unregulated broker, a clone firm of eToro. If you have been involved with the company, let us know, and we might be able to assist with a refund.
Is TraToro a Scam Broker?
TraToro presents itself as part of eToro, which is false information. The company earned an FCA warning.
Does TraToro Offer a Demo Account?
No, TraToro doesn't offer a risk-free Demo account for its customers.
