eToro’s current UK terms assign copy trading to its UK company, changing the older protection map

An older eToro applicability table assigns copy-trading portfolio management for UK customers to eToro Europe. The UK terms linked from eToro’s current legal index describe a different arrangement: eToro (UK) Ltd provides Copy Trading Services as well as Trading Services and securities custody. The distinction is material when identifying the entity responsible for a service and the compensation framework that may apply.[1][2][3]

The older document remains a useful record of a published arrangement, but it cannot establish the current allocation on its own. This review compares that 2022-path table with the August 2026-version contract linked on 10 November 2026. It does not infer the date each individual account changed terms or suggest that every earlier customer agreement was identical.[1][2][3]

What changed in the document map

Clause 3.1 of the current UK terms places Trading Services, Copy Trading Services and custody of securities with the UK company. It separately describes crypto services involving eToro Europe, including custody of cryptoassets other than staked cryptoassets. Staked cryptoassets are addressed under the UK company’s custody responsibilities. A single product-family label is therefore insufficient to identify every service provider.[2]

The UK terms also describe an agency relationship for execution: eToro UK may instruct a trade with eToro Europe acting as principal, or with another broker at its discretion. That is distinct from saying that the UK customer’s entire service contract or copy-trading mandate belongs to the European company. Execution arrangements, custody and the customer-facing service need to be read as separate layers.[2]

The current contract’s allocation should lead the present-day description. Referring only to the older table would incorrectly tell readers that the copy-trading layer necessarily places a UK investment claim under the Cyprus fund. Equally, the new wording does not justify treating every service or asset within the app as protected by the UK investment scheme.[1][2]

UK investment compensation remains conditional

The current UK terms identify FSCS protection for eligible investment business and give an £85,000 limit. They distinguish securities trades and copied securities trades, as well as CFD trades and copied CFD trades, from cryptoasset trades and copied cryptoasset trades. The crypto categories are excluded from the protection described in that section. Copying a trade therefore does not by itself determine its compensation status; the underlying product matters.[2]

Official FSCS guidance says investment protection can cover eligible claims against a failed authorised firm, subject to the relevant conditions. It does not reimburse ordinary market losses. A stock or CFD falling in value is different from a firm being unable to satisfy a qualifying liability. The contractual description and the scheme’s rules must both be considered before applying the numerical ceiling.[4][5][2]

The limit is per eligible person, per firm, rather than a separate £85,000 for every instrument or portfolio. Holding shares, ETFs and CFDs with the same entity does not automatically multiply the ceiling. Separate accounts and copied portfolios can still involve the same legal counterparty. The asset display is not a schedule of separate insurance policies.[4][2]

Why the Cyprus framework still needs a separate reading

eToro Europe’s current terms and regulatory materials describe its own investment services and the Cyprus Investor Compensation Fund. CySEC states that compensation is the lower of 90% of a covered claim and €20,000, subject to eligibility and exclusions. A hypothetical covered claim of €10,000 gives a €9,000 calculation; a €30,000 covered claim reaches the €20,000 cap. Those examples apply the formula only, not a determination that any actual customer claim qualifies.[6][7][8]

The existence of that European regime does not mean a UK copy-trading customer automatically receives an additional €20,000 layer. There would need to be a relevant eligible claim against the responsible firm under the applicable rules. The same loss cannot simply be counted twice because two entities appear in a transaction chain. Identifying the obligation comes before adding any compensation amount.[2][7][6]

The current UK terms also separate complaint routes according to the service and responsible company, including the UK Financial Ombudsman Service and the Cyprus financial ombudsman. That contractual map can help identify where a dispute belongs. An ombudsman route is not itself a promise of compensation from an insolvency scheme; the processes and tests are different.[2]

Crypto regulation does not create investment-compensation cover

The current European terms refer to the EU crypto regulatory framework and distinguish cryptoasset services from investment services covered by the ICF. It would be wrong to call all eToro crypto activity globally unregulated because a 2022 table used a narrower UK description. It would also be wrong to infer investment-compensation cover merely from a crypto-service authorisation.[7][1]

The UK contract’s exclusion for crypto trades and copied crypto trades illustrates the same distinction. A customer can receive a service under documented contractual and regulatory obligations without the asset falling within the FSCS investment backstop described for securities and CFDs. No statutory investment-compensation cover does not mean no contract, no complaint mechanism or no potential legal remedy.[2][7]

A copied portfolio may include more than one asset category. Its copy-trading service and the underlying securities or crypto positions should consequently be examined separately. The current terms support neither a blanket statement that all copy trading belongs to Cyprus nor a blanket statement that all copied assets are protected to £85,000.[2]

The claim, the provider and the date must match

Consider three different events. A copied stock falls in the market; that is an investment-performance outcome. A firm fails and cannot meet an eligible obligation concerning client securities; that can raise a different compensation question. A cryptoasset-related loss involves a category excluded from the investment protection described in the terms. The common interface does not make these events legally equivalent.[4][2]

Historical disputes also require the contract and service allocation applicable at the relevant time. A current legal index is the starting point for describing today’s published arrangement, not evidence that the same terms governed every earlier trade. Account notices, accepted agreement versions and transaction confirmations can establish what applied to a particular customer.[2][1][3]

Cash needs its own classification too. Investment-firm client money, a deposit with a bank and a security held in custody are different arrangements. A deposit-guarantee limit should not be added to the FSCS investment limit or Cyprus fund cap without establishing the deposit, bank and eligibility involved. The terms’ service map cannot replace that account-specific tracing.[9][2]

What the document reconciliation establishes

This comparison finds a material change between the old table and the current published contract, not misconduct in the group structure. No individual loss, failed compensation claim or undisclosed transfer has been established. The current terms themselves supply the corrective information, including the placement of Copy Trading Services with the UK company and the crypto exclusions.[2][1]

The practical result is a more accurate map: start with the customer’s current provider and service, classify the underlying asset and possible claim, then consult the relevant scheme. The £85,000 and €20,000 figures belong to different conditional frameworks. For UK copy trading, the present contract changes the starting entity; it does not remove the need to distinguish the investment from the service or a market loss from a qualifying claim.[2][7][4][6]

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