- Extensive social investment network
- Fully regulated by CySEC, FCA and ASIC
- Enhanced trading platform
- No hidden fees or commissions
- More than 1000 instruments
- CopyPortfolio investment strategy
- Variety of trading tools and courses
- 24/5 customer support
- One account base currency
- Doesn’t allow scalping
- $25 withdrawal fee
- Conversion fees for non-USD deposits and withdrawals
eToro is a multi-asset platform which offers CFD and non CFD products.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Contract for difference or CFDs allow you to speculate on the rising or falling prices of instruments.
Why is it so?
It has unique capabilities that allow you to invest not only on rising prices but also on those that have falling prices as well and take the decision without needing to buy that particular asset.
This is the reason that most people prefer to trade with CFD in comparison to stocks.
If you are curious to trade CFD, then you would be familiar with eToro or you would have seen its promotional content.
eToro is basically a CFD service having exclusive platforms that enables you to do online trade on all types of instruments.
It’s regulated and approved by different financial organizations such as the Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC) which allow it to offer CFD trading services online.
Curious to learn more regarding eToro?
Let’s study it in detail!
It’s very easy to be an eToro member from the process of registration and even until the withdrawal stage.
The platform is user-friendly and unique in terms of design and it has integrated risk management tools for trading.
It has approximately 1000 options with very modest spreads regarding the available assets or instruments.
The fees by eToro are transparent and it doesn’t have hidden trading charges as mentioned on the website.
While talking about its reputation, a stable organization operates it and it is in accordance with different regulators.
On the other side…
It doesn’t have any education center but it has a comprehensive FAQ page. Moreover, the unlimited demo account is also very useful for beginners.
It doesn’t accept the USA Traders until now.
Furthermore, it doesn’t offer any spread betting service but only offers the CFD service.
Majority of the screenshots that you will see in this review are from their web-based platform.
The registration process is just a matter of a few minutes and won’t require you to spend a long time to accomplish it.
- Quick registration process
- Can use Facebook or Google account
- You need to eventually complete your profile in detail
Anyone from the globe can register with eToro with just a few exceptions:
|Albania||Belarus||Bosnia and Herzegovina|
Here’s the thing…
You don’t need to find out if your country is supported by eToro or not as it will notice your location by itself and will alert you.
This will only work if you’re using your real internet connection. You should not be using any VPN service while opening the eToro website.
Types of accounts
Rather than account types, they have the eToro Club which comes with a selection of benefits, services and tools that you will have exclusive access to according on your membership tier:
Membership is of this club will be determined not the amount you deposited on your account but rather by equity which is the sum of your available balance (funds available to open new trades), the total allocated funds (those that were currently invested) and your profit.
What about bonuses?
Unluckily, eToro no longer offers sign-up bonuses.
This is because of their agreement with regulators not to offer sign-up offers, bonus, incentives or trader points to their customers for their protection.
If you sign-up with eToro, you can facilitate from an unlimited demo account. This demo account is very useful to discover a variety of its features and platforms if you are using it for the first time or if you like risk-free trading.
It already contains $100,000 virtual funds that can be used whenever you want. And in case you’ve used up them all up, you can request additional virtual funds by contacting the customer support.
The demo account can be accessed just after you sign-up with eToro. You just need to choose the “Virtual Portfolio” on the left sidebar of the main platform screen.
Some other services also facilitate users with a demo account but they simulate the market situations and won’t let the user know about the real situation.
Professional traders make use of this demo account to make their strategies. The coolest thing regarding the demo account of eToro is that it displays real market conditions which allows you to be more familiarized with the interface within minimum possible time.
It enables you to build confidence and strategy prior to applying it in reality.
How to sign-up?
The registration method of eToro is quite easy and it won’t take much of your time. This can be done via the following:
- Using your Facebook account
- Using your Google account
- Using your email address and a preferred password
After finishing the registration, you’ll see the main trading platform screen.
It works like this:
Now, you will able to use the “Real Portfolio” option through the free demo account. However, to start live trading, it is required for you to complete your profile and verify your account by accomplishing a series of forms.
The following documents are required to be uploaded in order to verify your identity:
- A POI (proof of identity) document such as a passport, driving license or any other government-issued ID. If it has important details on the back, be sure to send this as well.
- A POA (proof of address) document which can be any of the following:
- Credit card statement
- Bank statement
- Phone bill
- Internet bill
- Electricity, water or gas bill
- Council tax bill
- Tax letter or bill
- Letter from your employer
- Letter from your local municipality
- House rental official agreement that’s issued by a rental agent
After uploading these documents, eToro will verify them and will allow you to access the deposit menu for adding funds to your account.
The lowest amount that you can deposit to your eToro account is $200 when you’re depositing through various methods such as credit cards or debit cards.
This is very simple…
The amount is perfect and a lot lower as compared to other brokerages. Also, if you are a novice in this field, it is the ideal amount.
On the contrary, if you plan to use bank transfers to fund the eToro account, you need to deposit $500.
This doesn’t matter if you are a long-term trader because you will make ensuing deposits with the passage of time.
The trading platform of eToro has a very simple structure, loads quickly, and is extremely slick. This allows you to get familiar with the interface without investing a lot of time.
- Loads quickly
- Colors won’t strain your eyes
- Doesn’t support MetaTrader platforms
eToro’s combination of proprietary platforms are developed by themselves and are not provided by any other party.
Here’s a fact:
It is not common in the trading market for a brokerage to have their own software or platforms. With eToro having the capability to enhance their platforms, they can add more features and functionality in line with the needs of their clients.
One more thing:
The platform of eToro consumes fewer system resources irrespective of its use from the mobile application or browser.
So, the review indicates that eToro is very easy to use, loads quickly, and lag-free.
|Mobile||iOS App, Android App|
You’ll be able to access the platform and use any of the following languages. However, the default will be based on the language that supports your country of jurisdiction during the time that you registered.
eToro has worked very hard on making its design to be simple and fitted for traders so that you can understand everything and won’t feel lost in the process of understanding their platform.
It won’t take long for those traders who are using it for the first time. This is very important as no one desires to have a difficult experience in trading.
There is no considerable difference in the eToro’s web-based platform and its mobile apps for iOS and Android. If you have used it on one of the above-mentioned devices, you can simply use it on other devices also.
This has been made possible due to specific optimization for different operating Systems.
Have a look at the two below images:
The first image shows the web-based platform through a mobile browser whereas the second image is of eToro app for Android.
eToro managed to gain a high score for this class and it indeed deserves this.
Whenever you sign-in to eToro, it will provide you the below choices for logging into your account:
- Via your Facebook account
- Via your Google account
- Via your email address and password
Logging-in through social media accounts is available only if you have used them in the registration process. If you haven’t linked any account then you won’t be able to use this option.
Searching for instruments
There are two ways to look for a specific asset.
The first allows you to look through the list of markets on the right and wider section of the main screen.
You just need to click on the class of asset to identify in the list.
The second way for searching the instrument is through the search bar. This feature is very cool if you know the keyword of the asset to get the best results or you may enter the ticker symbol manually.
Here’s an example:
If you have the interest to do trading in the currency of the US dollar, you may search “USD” or “dollar” and the assets that are attached with this currency will appear in the list involving other categories also (if they exist), such as cryptocurrencies, indices, and others.
If you usually do trading on a particular instrument then it is best to add it to the list of your favorites.
How can you actually use this?
The favorites option save a lot of your time as you don’t need to search a particular asset at the time of purchasing or selling CFD order.
This is very useful if you are in a hurry and don’t wish to miss the trading prospect.
Here’s how to do it:
You can add a particular instrument to favorites by searching it and then clicking on the plus5 (+) symbol. This way it will be added to the “My Watchlist” or a new list with a specific name.
eToro enables you to add unlimited assets to your watchlists. However, it is recommended to add only important ones. Otherwise, this list will get crowded and would defeat its purpose.
This list can be easily accessed via “Watchlist” category. You can see it in the left section of the main page.
eToro allows you to place various type of orders on their online trading platform. These are stated below:
- Market order – It is the default order type and is placed when you desire to execute the order quickly.
- Take profit – In this type of order, you can reset a particular value to sell or purchase a specific asset.
- Stop loss – This automatically prevents the order from selling or purchasing if the particular asset meets the pre-set value for reducing the potential loss.
eToro permits you to set a particular rate to close at a particular price level by itself in order to reduce the loss and increase the profit.
eToro’s notifications is very beneficial if you like to track the latest updates regarding your trading. You’ll get all the updates as soon as possible through this feature.
eToro permits you to change the settings on your account according to your wish to get the latest updates about the following:
- Email notifications
- Updates, promotions and tips
- Social activity – if someone started following you, commented on your post, wrote on your wall, started copying you, one of your Facebook friends joined eToro or someone commented on a post that you participated in.
You can completely opt out from eToro’s marketing communication or even a particular newsfeed activity.
However, you won’t be able to turn off the notifications on important matters such as the status of your deposits, withdrawals, requests to receive documents and technical notifications.
- Push Notifications
- Night Mode – you may opt not to receive notifications at night and turn off the sound
- Types – you can toggle the switch according to type and this includes the following:
- Volatility Alerts
- eToro Updates and Promotions
You can set the types of notifications that you wish to receive. Do take note that you may still receive a minimal set of mandatory notifications due to regulation requirements.
- Web Push Notifications – similar to Push notifications, you can receive alerts according to type:
- Volatility Alerts
- eToro Updates and Promotions
If you have enabled this notification but noticed that it’s not working, you might need to approve eToro first in your browser settings.
You’ll get the notifications or latest updates through push notifications on the platform application on your phone through the email that you provided during the registration process.
And one more thing:
There’s no fee for these notifications!
The prices of assets on the broker platform is the key to your success in trading. Therefore, it is of great importance for you.
How do you do it?
You just need to make a comparison of the actual market prices with quotes and if there is a huge difference between the actual market prices and quotes, then you might want to reconsider trading with this broker.
So how did it turn out?
The trading platform of eToro is not prone to slippages. Instead, it provides the precise rates before and after the deal.
So, based on the above review, eToro has managed to get an exceptional rating in this important category because due to the accuracy of prices in their platform.
The platform of eToro openly discloses the fee that you have to pay at the time of trading.
In fact, there is an option for you to check the full details of the fee to avoid any later surprise when you deal with an order.
eToro allows you to discover countless trading prospects with the help of more than 1000 financial instruments.
- More than 1000 instruments
- Thematic investing via CopyPortfolios
- Different financial assets across several categories
eToro will allow you to access a wide range of markets and doesn’t limit you to a specific asset.
There is every instrument type that you may imagine. It covers all the main assets categories.
In comparison of other brokerages, there is a huge difference as eToro offers more than 1000 instruments whereas other brokerages onl yoffer approximately 100 to 200.
Coming to the point:
With a wide range of choices, you have the liberty to choose the asset in which you are most comfortable to invest on.
This is the reason that eToro secures a position with an exemplary score in this category.
In this class of assets, you can find the most common country indices counting the Netherlands 25, Germany 30, USA 500, US-TECH 100 and Japan 225 amongst many others.
You are allowed to make an investment on all the currency pair types that you can imagine:
- Majors (EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD and USD/CAD)
- Crosses (EUR/CHF, EUD/CAD, GBP/ZHF, NZD/JPY, CAD/JPY and many more)
- Exotics (EUR/TRY, USD/TRY, USD/SEK, USD/NOK, USD/DKK, USD/HKD, USD/MXN and many more)
You have the choice to invest in both type of commodities: Hard and Soft.
Soft commodities include sugar, cocoa, coffee, corn whereas hard commodities include copper, oil, gold, platinum, silver, etc.
This latest category of assets has the option to sell or buy CFD order through digital currencies such as Ethereum, Bitcoin, NEO, Ripple XRP, Litecoin, Monero, EOS, Stellar, Bitcoin Cash ABC, Tron, and Cardano.
It’s not like to sell or buy crypto with EToro, but it’s like selling or buying a contract to eliminate the difference after the termination of the order.
It doesn’t require you to have a special wallet or an exchange account as you don’t owe any digital currency available on the platform.
You can place a sell or buy position on particular stocks from different countries counting Germany, USA, UK, Italy, Hong Kong, Japan, Australia, Ireland, Singapore, etc.
The other services also provide some stocks, however, they are mostly from a few countries only. This is because they have shares in the markets of UK, US and some European countries.
Sounds exciting, right?
You’ll find contracts of over 80 choices for commodities and indices.
Deposits and Withdrawals
It is extremely easy and quick to make a deposit and withdrawal through eToro.
- All transactions utilize Secure Socket Layer (SSL) technology
- Various payment methods are supported
- Non-USD deposits are subject to a conversion fee
The eToro platform only operates with USD. However, visually speaking you can change the currency displayed as your equity.
To change the currency displayed in your Equity, you just need to click on the Equity badge on the bottom of the platform and you will be able to select the display currency there.
If you’re going to use other currencies on the platform, this converted with additional fees.
eToro supports the below-mentioned payment methods:
- Credit / Debit card (Visa, Mastercard, Diner’s Club)
- China Union Pay
- Giropay (Sofortüberweisung)
- Skrill Limited UK
- Wire Transfer
- Local Online Banking
The above-mentioned methods are the most reliable and commonly used and it is very easy to make a deposit through them.
So making a deposit in your eToro account is very simple and quick through a number of payment options.
|Broker||Credit/Debit card||Electronic wallet||Bank transfer|
When you are done with the registration process, the next stage is to make a deposit. For this, you just need to select Deposit and then choose your preferred payment option.
If you have deposited money through a credit card in your account, then the withdrawal will also be made in the same credit card even if you have mentioned any other payment method in the withdrawal process.
If the first try to withdrawal does not succeed, the withdrawal will be made to your secondary payment option.
If you wish to make a withdrawal to your PayPal account, you will be required to login to your PayPal account for claiming the funds.
We highly recommend verifying the email address of your PayPal account before making any withdrawal.
Withdrawal processing time
It is very frustrating if your withdrawal request takes a lot of days to process. This is the case of some brokers and in some situations, the withdrawal request does not even succeed.
But, how long does eToro takes to process a withdrawal request?
Luckily, the withdrawal processing feature of eToro is very quick and it takes only three days to transfer funds from your EToro account to your credit card or bank account.
It means that eToro is highly reliable because they transfer your funds within minimum possible time and without any difficulty.
Fees and Charges
eToro is very transparent in terms of charges as there are no hidden fees.
- No deposit or trading fees
- Tranparency on current spreads and overnight fees
- Very simple to avoid inactivity fee
- $25 withdrawal fee
- $10 monthly inactivity fee if no login for 12 months
eToro gets the benefit only from the market spread that is the difference between the selling and buying price of the instrument. It is not benefited from commissions.
In comparison, other renowned services earn a lot from commissions when you trade on a particular share. The commission value is dependent on the country or market. Only eToro allows you to earn with zero commissions.
Some instruments have dynamic spreads. They vary sometimes whereas some instruments have fixed spreads and they do not change.
It is very important for you to get yourself familiarize with spreads as it indicates the amount that you will earn with the successful trade.
In conclusion, the spreads of eToro are a lot better in comparison to other services and deserve the highest score.
This is the amount that will be added or subtracted to your account if you hold a position for more than a day.
Here is how it works:
If you are interested to know the details, you can select the desired asset on the trading platform, click the Trade button and you will be able to see the daily and weekend overnight fees at the bottom of the pop-up window.
You will be charged $10 if you stay away from your account for 12 months. This cost is due to the active service and maintenance of your account.
The best thing is:
You can avoid this fee by signing in daily to your account as it will not take more than a minute to do this. Besides, 12 months is such a long time!
The trading tools are very important to speculate on the position of the market. eToro has a variety of tools that helps you to make an analysis of historical prices, events, and trends for successful trading.
- Shows the percentage of traders buying/selling on a particular asset
- Detailed instrument stats
- High quality charts
- Research information
- Research information only accessible if you have a funded account
If you are interested in knowing the activity of other traders on a specific instrument, you can go quickly see this information on the asset’s feed.
You just need to scroll down a bit and you’ll see it right after the number of followers and percentage of investors.
What’s great about eToro is that it has incorporated not just real-time news feed for a particular instrument but also feeds from other traders as well.
That means you’ll get useful information not just from news resources but also from other users who are also interested about this market.
It’s like having a Facebook newsfeed of anything related to your favorite asset and it’s really helpful in knowing the latest trends!
Charts and indicators
If you like to use the charts feature to do the technical analysis, then you will definitely like the charts tools of eToro. The below-mentioned chart styles are made available by this broker:
- Hollow Candle
There are more than 70 technical indicators for you if you are really interested in the deep analysis via Studies I and II. This gives you the opportunity to know the upcoming market situation. Below are just some of the many indicators that you can use:
- Bollinger Bands
- Parabolic SAR
- Standard Deviation
- Weighted Close
If you want to be a professional in this field, then eToro’s trading academy is the best tool to learn and refresh your knowledge.
- Most of the resources are free
- Education center can be expanded further
While talking about the other trading services, they offer particular education centers and trading academies, eToro keeps up with the competition as it has all the essential tutorials and information regarding their service and how you can be a better trader.
eToro has a specialized financial trading Trading Academy which is not just for newbies but also for advanced traders as well. Via these resources, you will have the opportunity to enhance your trading skills:
- Live Webinars – with the help of their online trading experts, you’ll be able to learn your way around the platform and get top trading tips.
- eCourse – this is an exclusive financial trading online course which allows you to learn and understand financial trading without any time pressure.
- Trading Videos – if you’re not fond of reading then their videos are you next best learning tool.
Getting in touch with eToro’s support service is very easy and can be done in a number of ways.
- Well-trained support agents
- Available 24/5
- Ticket submissions available
When selecting a broker to sign-up with, the factor of customer support service is of great importance.
The customer support service of any trading website should provide you the required information and they should adopt every possible measure to help you out.
The good news is…
This is what the customer support service of eToro actually does.
They can be accessed via the most common methods avaialbe: via phone, email and live chat.
Thus, how did it turn out?
To check their support service quality, we called them via phone and threw a set of questions and they were able to provide us with all the answers that we need professionally and without any marketing tactics.
We’ve also tried contacting them via email and also sent them the same kinds of questions that we asked via phone. Satisfactorily, they were able to provide the same answers in detail and the response time didn’t take too long.
The same goes for the live chat with even faster responses and detailed answers as well.
The customer support service through live chat can only be accessed if you are registered and logged in on eToro account.
The reality is that:
The customer support service of other brokerages takes more than 24 hours to answer an email. This is the reason that the customer support service of eToro is best and very fast.
Moreover, we noticed that the reply to our inquiries was very sincere, quick, and honest. Their staff did not try to market their service at all and that’s the kind of support that we’re looking for.
The customer support service of eToro is very quick, sincere and honest. They are well-trained and can answer all of your questions and within no time.
eToro has been able to keep an established credibility since the company started its operations.
- Licensed from different regulators
- Functioning since the year 2006
- One of the pioneers in social trading
Is eToro safe?
Many traders ask us this question and here’s the answer:
eToro is definitely a safe and secure platform for trading. They have a good background and history and has never been flagged by financial authorities for any violations.
We can’t stress more than this:
You should trade on a platform that is transparent and honest. eToro is not only transparent and honest but also very friendly and they even go the extra mile to facilitate you. They have a sound reputation.
In conclusion, eToro is the best platform in terms of safety for trading.
eToro is approved and controlled by the below bodies:
Cyprus Securities & Exchange Commission (CySEC) – eToro (Europe) Ltd. (“eToro Europe”) is regulated by under license number 109/10 with a registration number of HE20058.
Financial Conduct Authority (FCA) – eToro (UK) Ltd. (“eToro UK”) is authorised and regulated with company registration no. 797379 under firm reference number 583263.
Markets in Financial Instruments Directive (MiFID) – both eToro Europe and eToro UK operate under and comply with this European Union law.
Australian Securities and Investments Commission (ASIC) – eToro AUS Capital Pty Ltd. (“eToro Australia”), ABN 66 612 791 803 holds the Australian Financial Services Licence (AFSL) 491139 issued by this regulator.
eToro is verified and licensed with renowned bodies. This ensures that they meet all the trading regulations and standards to provide the best possible experience to their clients.
In the year 2006, eToro came into existence, so it has been more than a decade since it provides the CFD service to traders. The period of over ten years is undoubtedly enough to prove their constancy.
And it is important to know that they also have a license to operate from trusted financial regulators.
The above mentioned are enough to conclude that eToro is a verified and financially strong organization for trading.
eToro doesn’t charge any commission on any of the transactions and for this reason, it is appreciated by many traders.
This fact can be proved by the reviews and comments that are available on famous forex trading forums, sites and on even social media such as Twitter and Facebook.
There is an agreement of sponsorship by eToro with the Premier League and in fact, it is the club’s biggest club sponsor for the 2019/20 season.
The sponsorship with sports clubs such as this one is too costly specifically if this is a long-term sustainable agreement.
What do we mean by this?
It indicates that eToro is enough financially strong to sign such agreements and stable!
eToro is a very stable trading service having all the important aspects and risk handling tools that are preferred by the majority of traders.
Guess, what is the best thing?
They have a complete trading package. It provides best trading opportunities, reliable and quick order processing and a very friendly customer support team that is very quick and knowledgeable enough to easily answer all of your inquiries.
It will not be a surprise if other CFD services follow their footsteps as it is the best trading service in the market because of its features.
eToro gained a very good score in all the categories. Therefore, it is highly recommended by us for trading CFDs.
So, are you ready to start your trading career with eToro?
Just click on the below option to start the registration process!
*eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework
Now it’s your turn!
What’s your experience with eToro?
Feel free to share your comments below.