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's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
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Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
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Builder | Adviser | Fintech Writer | Product Strategist
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We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
