Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TradeToro is an unregulated company that offers trading in Bitcoin and other cryptocurrencies. It may seem like a real crypto exchange to some inexperienced investors, but in fact it offers trading in derivatives, Contracts-for-Difference (CFDs) on various coins, to be more exact. Unlike other brokerages, however, it does not provide CFDs on currency pairs, commodities, precious metals, indices, nor stocks, which are popular among investors. Another disappointing fact about TradeToro is that it does not use any of MetaQuotes platforms (MT4 or MT5), but some basic web-based solution.
In order to become a client, one must invest at least 500 EUR for the most Basic account. Unfortunately, TradeToro does not specify other important trading conditions, such as the leverage levels provided, commission fees, etc.
Another thing we must mention is the fact TradeToro is not related to eToro – a popular forex and CFDs broker, as well as a social trading platform that also offers cryptocurrency trading.
TradeToro Regulation & Safety of Funds
Allegedly owned by Bravos OU Harju maakond, a company registered in Estonia, TradeToro is not licensed by the local Financial Supervision Authority, nor by any other financial regulator.
We keep reiterating in our reviews that investing with unregulated brokers is very risky and that many of them simply want your money and offer nothing in return. Why sign up with TradeToro or any other unregulated company, when there are a number of reliable and well-regulated brokerages, such as the ones licensed by Cyprus’ CySEC or Australia’a ASIC?
According to the information on its website, the broker is legally consulted by PANAMERA CAPITAL GROUP LTD. (based in St. Vincent and The Grenadines). While most companies in the trading world do not share such information, we found it useful as the same company is also advising another Estonian brokerage – Capital-Traders. We suspect that the two brands are related, as they share other similar features – for example, the trading platform, the minimum initial deposit required.
TradeToro Deposit/Withdrawal Methods and Fees
TradeToro supports popular payment methods such as credit or debit cards, wire transfer, as well as a some e-wallets (Neteller, Skrill and China Union Pay). The broker says that it does not charge any transfer fees or commissions on credit card or e-wallet transactions, but there is a $30 fee for withdrawals made via bank wire transfers.
How does scam work?
There are all kinds of investment scam schemes: signal selling scams, automated trading bot frauds, computer manipulation of bid/ask spread. With the massive popularity of Bitcoin in recent times, new fraud tactics have been created: crypto exchange scams, fake ICOs and crypto CFD scams. Euro-Crypto might as well be one of the latter.
As most investment scams, crypto frauds also usually start off with some fabulously looking internet ad that tells a story of a young man that has become nearly as rich as Warren Buffet by trading Bitcoin on some top-notch platform. After seeing the video, potential victims are asked to fill out a registration form, leaving their e-mails and phone numbers.
Shortly after that cold-calling begins and people are sweet-talked into depositing some relatively small amounts (of around $200). Of course, scammers promise high returns and will tell you that the risk of loss is low. However, those who deposit are soon pushed to invest more in order to hit some really big profits. Many investors will do that, sending some good $10k to the “broker”. Usually everything goes smoothly until the client becomes suspicious or just wishes to cash out.
This is when victims are redirected to the “recovery” department which will do everything in their power to delay withdrawals. The reason for this is that their clients can file a chargeback with the bank within 6 months.
What to do if scammed?
We advise victims of similar investment scams to immediately file for a charge back with their credit card company or bank, provided that the 6-month period has not expired.
Also, those who have provided the scammers with any financial information or have installed Team Viewer, providing the cons with access to their computer should block their card immediately and change all banking passes.
Another thing to be wary of is the so called “Recovery Agencies” offering help to scammed investors. Most of these agencies just take an upfront payment and then disappear with your money.
Tradetoro: total scam
The platform looks really good, but in fact is a total scam. I made a registration and the same day I had a phone call from “advisor” who started to advise me how to proceed.
The whole idea was to invest more and more money. After my first trade i won about 200 USD and the phone calls started twice per day.
After I made clear I can’t invest any more money I was included in very “special” group and I receive advice how to trade for the next several days. Following I lost more then 4 000 USD. The “advisor” never called again.
When I tried to stop the trade I received automatic message that this is impossible and some technical explanation about it.
After the automatic closing of the trade (when I lost 80% of my account) I connected with the site administrators with request to close my account and to delete all my personal data.
Suddenly I had to fill and send to them many documents (non of them was imported until I made my investments).
At the end When I didn’t change my mind they told me that I received some kind of a bonus and because of this now they can’t close my account and I can’t withdrow the rest of my money (about 825 USD).
I told them to take back this “bonus” and that I will never use their site again.
At this point they stopped answering my letters and they still refuse to give me back my money.
So don’t use this platform! It is a total scam and you will never see your money back again!
I have had a similar experience. They are terrible.
Tradetoro are 100% CORRUPT and a TOTAL SCAM, i have lost over 2400 euros with them, despite me asking for the return and close my account, but that never happened.
There is a guy call ANDY PITT, keep away he is 100% LIAR, CORRUPT, DECEIVING and MANIPULATIVE, he says he is from poland.
I just lost 2000Euro and was not able to terminate and retrieve the rest of my money out. Total Scam. The person that called me is called Andy Pitt.
I believe in karma and I wish Andy Pitt and the people in this company Tradetoro will suffer retribution after cheating all the money. I believe you and your entire family(monther/father/grandparent/children if any) will die a horrifying death.
Andy Pitt Senior – account manager – VIP Department.
Headquarters: Tornimae 5 Tallinn 10145 Estonia
Phone: +3726093418 Email : [email protected]
I also open an account with tradetoro they promised to make good money even if I put a minimum of $250 which I did. The lady who initially assisted me transfered me to other department after putting a $250 deposit where they were to validate my documents including my bank card. Having done that they then transfer me to financial floor manager to assist me with trading. That is where I became aware that I am scammed because the guy pretended as if I do not follow his instructions to start the trade and he dropped the call. The following day he called as if he never spoke with me, this day he ordered me to put more money because there is no trade you can make with $250 but I said is them who told me to deposit that amount, he did not want to listen and was very hasty. Because of his ignorance I requested my money back and he said he won’t give my money back until I come to my senses to add more money. That is where thing stand as of now. Their names in order of engagement on me were Anna Davis, Lars Fischer, and Dean Witter I don’t know if this is their real names because I can’t get any comments from them.
This Dean Witter called me today and took me through the process of trading.I became suspicious when he asked me how much I have in the bank and when do I get my salary.He further told me to deposit more money because the $250 that I deposited was not enough.When I told him that I needed to think about it he got impatient but I stood my ground. I told him to call after 2hrs but he said he won’t be in office but he will call on monday.To my surprise he called 1hr ago but I ignored the call. I have come to terms with the fact that I have been scammed.They won’t get more money from me.
I have since been trying to make a withdrawal, to date nothing has happened. I keep getting an error message saying my withdrawal is cancelled due to trading taking place in my account. I sent e-mails but no responses from anyone. Is it possible for one to get their money back?
Similar story. Couldn’t work out how to withdraw my money and they wouldn’t help me. I lost 500 euro. Dean Witter started calling me. At least ten times now. I’ve told him many times that I am not interested. He calls and calls as if the previous calls didn’t happen. I now have to ignore every non ID call to my mobile as he won’t take no for an answer. He is nice at first and rude when you say no. They won’t close my account. It has 8 euro in there now. I never did the admin and they say I need to complete that to get the money back and close the account. They did however allow me to trade and make a deposit without doing the admin. I wouldn’t advise anyone to get involved with this company. There has to be better options.
Likewise, RAY ROSENBERG at TRADETORO persisted at trying to get me to invest more money in this SCAM, so his revenge was to lose all the money in my account in one bad trade and deduct rollover premium fees of around twice as much as the profits made on the trades. These guys are criminal low life scum. BEWARE! DO NOT GIVE MONEY TO TRADETORO!!!!!
They even have a web page that endorses them as a legitimate trading platform.
What can we do to get out money back AND put a stop to this kind of scam?
fake web site: http://www.brokersscam.com/tradetoro-review/
They also have many fake adds all over the net with famous and well know personalities and tv programs in Australia.
Please be careful.
As they are not licenced and are just a bunch of scammers I dont think any regulator can help, but a class action will.
There are laws in place to protect you from being misled about the products and services you buy … Businesses are not allowed to make statements that are incorrect or likely to create a false impression. This rule applies to their advertising, their product packaging, and any information provided to you by their staff or online shopping services. It also applies to any statements made by businesses in the media or online, such as testimonials on their websites or social media pages.”
Hello Danny. I’m another one of the “suckers” that believed Tradetoro’s “testimonials” on their website. Do you know who we can contact regarding the false testimonials and how to follow up whatever recourse is available to us , thanks Victor
Tradetoro is a scam. You wont see your money again if you give it to these crooks. Beware!
The same thing happened to me. Basically they would guide you to make the first trade and this one would be profitable. Then they would keep calling you to put in more money. Once you are not going to put anymore money, then they will make your trades to be losing money until they have skimmed your every dollar.
SO IT IS A TOTAL SCAM.
I also had any pitt as one of 4 advisers. They all phoned regularly to get me to invest more money with them and even told me that it was not worth their effort to service me because my account was too small (2500 euros). Each one of them 4 passed me on to another “adviser” and they then passed me on to the next. No advice received, only criticism and insults !!!!
I also had Ray Rosenberg, Dan Witter, and finally Brian Bennet all of whom lied to me.
Yeo Seow Boon
Trade Toro is downright ruthless scam that cheated me a lot of my life savings. James Shaw claimed that he was formerly from Capital traders, another scam broker said that he can help me recover the money I lost with Capital Traders. He started to ask me for a initial sum of about us$20,000 and eventually keep asking for more, giving stupid reasons like market dynamic changes. I put in a few hundred thousands and he NEVER gave me any returns. He is a Blood Sucker that leave me full of debts and I need to caution anyone who gets into contact with him!
Thieves, liars and deceivers. I was scammed after reading fake reviews posted in adverts on well known websites, and on http://www.brokersscam.com/tradetoro-review/
Andy Pitt, Milana Scholl and Ray Rosenberg are nothing but scammers and thieves. I lost around £3000 after starting with a £250 “investment”. They kept asking for more money to take part in bigger trades. When I asked to withdraw online the request was acknowledged saying funds would be paid within 7 to 10 days, but next time I tried to log in, I could not and thats when I realised I had lost my money.
I initiated the charge-back process as soon as I became suspicious.
Took a couple of months but I got all my money back.
It’s not possible to withdraw your money using their procedure.
I cant believe these scammers are still at it !
fake compagnie they accept money but dont give anything