The warning was issued against ExpoToro and TraToro.
This has been another clone of a popular social trading platform in recent years.
(Photo: Bloomberg)
The British
Financial Conduct Authority (FCA) has issued a warning against a clone of the
popular retail trading brand eToro. eToro, a leader in social and copy trading,
is regularly targeted by dishonest actors seeking to exploit its popularity for fraud. This time, the regulator is warning against the brands
ExpoToro and TraToro, which display eToro's license number on their
website.
ExpoToro and TraToro Use
eToro’s License Number
eToro is
licensed by the FCA under reference number 583263. The exact same reference
number can be found on the ExpoToro and TraToro website. Both these names are
interchangeably used at expotoro.com. At the time of writing, the site is still
accessible. However, most of its sections are not responsible.
"Scammers
may give out other false details, including email addresses, telephone numbers,
postal addresses and Firm Reference Numbers," the FCA warned in the official
statement. "They may mix these details with the genuine details of
authorized firms. They may also change their contact details over time."
Although
the scammer's website in no way resembles the official eToro website, ExpoToro
and TraToro can be considered deceptively similar to the original brand.
Furthermore, under the 'FCA License' tab, the scammers' website directly links
to the regulator's website and to eToro's (UK) Ltd authorization.
A screenshot shows what the scammers' site looks like. Source: ExpoToro.com
For comparison, a screenshot showing the original eToro website. Source: eToro.com
eToro Is Regularly
Targeted by Clone Firms
This is not
the first time the FCA has drawn attention to the activities of eToro clones.
In 2019, the British regulator warned against FX Option, a company
impersonating the local branch of the social trading platform. The FCA issued
another warning in 2022 related to Etoro SB Limited.
Cloning
refers to the fraudulent attempt by an entity or individual to use the data of
an authorized firm to convince people that they are working for the mentioned company. In
most jurisdictions, firms must be authorized to sell, promote, or advise on the
sale of shares and other investments.
Some
fraudsters simply claim to represent these authorized firms, changing contact
details to appear authentic. Then, scammers give potential victims their own
phone numbers, address, and website details.
As it turns
out, scammers impersonate not only regulated companies but also regulators
themselves. In October 2022, New Zealand's FMA warned against people who claimed to be employees of the institution in phone calls and email conversations.
Just a month ago, CySEC issued a warning about impersonators.
“You should
only deal with financial firms that are authorised by us. If a financial firm
is authorised by us, it gives you greater protection if things go wrong,” the
British FCA reminded, concluding its warning against eToro’s clone.
The British
Financial Conduct Authority (FCA) has issued a warning against a clone of the
popular retail trading brand eToro. eToro, a leader in social and copy trading,
is regularly targeted by dishonest actors seeking to exploit its popularity for fraud. This time, the regulator is warning against the brands
ExpoToro and TraToro, which display eToro's license number on their
website.
ExpoToro and TraToro Use
eToro’s License Number
eToro is
licensed by the FCA under reference number 583263. The exact same reference
number can be found on the ExpoToro and TraToro website. Both these names are
interchangeably used at expotoro.com. At the time of writing, the site is still
accessible. However, most of its sections are not responsible.
"Scammers
may give out other false details, including email addresses, telephone numbers,
postal addresses and Firm Reference Numbers," the FCA warned in the official
statement. "They may mix these details with the genuine details of
authorized firms. They may also change their contact details over time."
Although
the scammer's website in no way resembles the official eToro website, ExpoToro
and TraToro can be considered deceptively similar to the original brand.
Furthermore, under the 'FCA License' tab, the scammers' website directly links
to the regulator's website and to eToro's (UK) Ltd authorization.
A screenshot shows what the scammers' site looks like. Source: ExpoToro.com
For comparison, a screenshot showing the original eToro website. Source: eToro.com
eToro Is Regularly
Targeted by Clone Firms
This is not
the first time the FCA has drawn attention to the activities of eToro clones.
In 2019, the British regulator warned against FX Option, a company
impersonating the local branch of the social trading platform. The FCA issued
another warning in 2022 related to Etoro SB Limited.
Cloning
refers to the fraudulent attempt by an entity or individual to use the data of
an authorized firm to convince people that they are working for the mentioned company. In
most jurisdictions, firms must be authorized to sell, promote, or advise on the
sale of shares and other investments.
Some
fraudsters simply claim to represent these authorized firms, changing contact
details to appear authentic. Then, scammers give potential victims their own
phone numbers, address, and website details.
As it turns
out, scammers impersonate not only regulated companies but also regulators
themselves. In October 2022, New Zealand's FMA warned against people who claimed to be employees of the institution in phone calls and email conversations.
Just a month ago, CySEC issued a warning about impersonators.
“You should
only deal with financial firms that are authorised by us. If a financial firm
is authorised by us, it gives you greater protection if things go wrong,” the
British FCA reminded, concluding its warning against eToro’s clone.
Damian Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia.
His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates’ quarterly industry benchmarking reports. Damian’s reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch.
Education:
MA in Finance and Accounting, Cracow University of Economics
Claude Powers Nine of Ten Broker AI Agents That Now Trade Live Accounts
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-How to access and maximise the power of data and AI
-Emerging AI and data trends in Africa and their economic ripple effects
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This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
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This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
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This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
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-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
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Attendees will walk away with:
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-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
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-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
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In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
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In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
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-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
