Website Reviews
Mobile Apps
Trading Robots
eToro Review
- 250+ Assets
- A+ Mobile App
- Fast Payouts
- Low Deposit
Editors Summary
eToro's website is engaging, intuitive, visual and easy to use. There are a number of pairs to choose from, and you can benefit from different levels of leverage. The spreads are competitive, and it is easy to both deposit and withdraw funds. With licensing and regulation by the major industry bodies, the platform is well recognised and reliable. The social aspect adds a whole other level for those who want to get something else out of their Forex experience.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Introduction
Established in 2007, eToro is a social trading CFD broker which enables you to trade in 47 market assets in over 60 countries around the globe. With licensing in the UK from the Financial Conduct Authority, CySEC in Europe and ASIC in Australia, this highly innovated broker is regulated by the world's most recognised CFD regulatory bodies.
The incredibly visual layout and graphics are designed to be accessible to all, rather than just serious CFD investors. The CopyTrader feature means that even the most experienced can learn from others on the network and copy the tactics and success of many of the more established and experienced investors.
While eToro, on the surface, appears to tick many boxes, it can still be hard to know what makes them stand out among other brokers and why you should choose this platform to trade with. That is why our extensive research and reviews of each CFD broker are useful in assisting you to make an informed decision when it comes to choosing the right one for you.
Account Types
With a choice of around 47 assets in which to trade, there is only one standard type of account on the live platform. The only differences are whether you are classed as either a retail client or a professional-client. For the most part, sole traders will be retail clients. To apply for professional status, trades must meet specific criteria as defined on the website.
Standard Account
To open a standard account, you will be required to deposit a minimum of $200. The maximum that you can deposit is $500,000. Once you have opened your account and provided the necessary security and identification information, you can choose to trade manually or to use the trademarked CopyTrader which allows you to follow other investors and copy their trades.
All retail clients are given negative balance protection and margin closeout restrictions.
Demo Account
The demo platform of eToro exactly mirrors the look, feel and conditions of the live version. You don't have to open a live account to use the demo version of the site, and you will be credited with $100,000 of virtual funds to use. It is so easy that you can even start using the demo version of the site by registering through the Facebook login process.
Once you are signed up, the demo account is automatically created, and you get to start practising straight away. The demo site not only allows you to exercise manual trading, you can also use CopyTrader as you would on the live site.
Trade Features And Payouts
eToro offer several features that are competitive with other brokers. These include:
Leverage
The leverage available depends on what is being traded. For example, if you are trading in the major assets, then you could enjoy leverage of up to 30:1. The non-major assets are only subject to 20:1.
Leverage is excellent for helping to increase profits but remember that just as you can enjoy bigger wins, the losses can also be reasonably substantial. The broker does reserve the right to limit leverage to protect its market exposure.
Spreads
eToro makes no money from commissions, and the site is free to join, they do, however make their money from spreads and overnight rollover fees. While you may enjoy spreads of 2 pips with many brokers, their spreads can be as much as 3 pips. The pips are the difference between the bid price and the asking price – the spread.
Because this social trading platform is its broker (as opposed to other copy traders who represent multiple brokers) the slippage in spreads is much lower when you copy another trader.
Stop Loss
Stop loss and take profit are useful functions when trading CFDs. They allow you to minimise the risk of your trades. By using a stop-loss order when you enter a trade, you have the option to exit the trade automatically at a certain point when the price starts to go against the direction you want it to.
Equally, if a trade is doing particularly well, then you may choose to take profit and exit it before anything happens to take it in a different direction.
Platform Types
In 2007, they launched their first version, which was the Visual FX trading platform. This made trading both easy and highly visual. This was followed in 2009 by WebTrader which included more professional tools for those with more experience in CFDs.
In 2010, OpenBook became the world's first social trading platform which was then followed by apps for both WebTrader and OpenBook. The two versions were merged into one easy to use interface in 2015.
Bonuses And Promotions
Not all brokers offer a welcome bonus or a range of promotions to entice traders to incentivise you to open an account with them. Many of them have their unique selling points and unique features which make them stand out in other ways.
In the case of eToro, it has to be the social aspect of the platform and the fact that you can use the benefit of wisdom of many other traders to help you with your own CFD experience. There are opportunities to refer a friend, but they don't carry any incentives.
Mobile Trading
When you visit the mobile version of the eToro website, you are automatically offered the opportunity to download an app. You can continue to trade on the mobile site, which is intuitive and easy to navigate or choose to download the app and trade from your mobile device on iOS or Android.
Trading on the move is the preferred choice of many who like to be able to access their trades at any time of the day from wherever they are.
The CopyTrader feature means that even the most experienced can learn from others.
Deposits And Withdrawals
The minimum required deposit is $200 and can be made with the most popular forms of payment including debit/credit card, e-wallets and bank transfer. When making a withdrawal, it is only possible to withdraw up to the amount of the funds you have available minus the amount of margin.
Withdrawals are subject to a fee of $25 plus any currency conversion fees you may be charged or any charges by your credit card or e-wallet provider. Depending on the type of payment method you are using will determine how long the withdrawal process takes.
Special Features
CopyTrader is one of the standout features of this platform along with the fact that it was the first social trading network of its type. This trademarked software allows you to follow up to 100 other traders at any one time and use their successes and tips to create your fortunes.
The great thing is that you can filter who you want to follow by country, how many other people follow them and their performance. In addition to supporting the activity of those that you choose to follow, why not use the benefit of the forums and learn from others?
Customer Support
When you click on the customer service tab on the website, you are offered two choices. You can either continue as a visitor or as an account holder by clicking the relevant link. In the first instance, as a visitor, you are given a choice to visit the help centre and type your question.
There are also a list of addresses, emails and telephone numbers for their various locations in the UK, US, Australia and Cyprus. In addition to the usual methods of contact, they also have a presence on the major social media platforms.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
eToro
-
Email:
[email protected]
-
Phone:
+44 866 350 0881
-
Address:
eToro Ltd, KIBC, Kanika International Business Center, 7th Floor, 4 Profiti Ilia Street, Germasogeia, Limassol, Cyprus
Conclusion
In conclusion, there are a lot of things to like about this broker. Their website is engaging, intuitive, visual and easy to use. It is simple to navigate and find your way around easily from either the desktop or mobile version. There are several assets to choose from, and you can benefit from different levels of leverage. The spreads are competitive, and it is easy to both deposit and withdraw funds.
With licensing and regulation by the major industry bodies, the platform is well recognised and reliable. The social aspect adds a whole other level for those who want to get something else out of their CFD experience and enjoy trading from a different perspective.
Our Review Rating System (More Info)
Frequently Asked Questions
-
Is eToro legit, will they scam me?
-
eToro is licensed and regulated by the world's most recognised and respected industry bodies including the FCA, CySEC and ASIC and operate legitimately in 60 countries.
-
Do they have a decent mobile or tablet app?
-
Yes, both the mobile version of their website and the various apps available on different operating systems and devices means that you can enjoy trading on the move.
-
What bonus do they offer for new traders?
-
There are no bonuses offered to new traders either in the form of welcome or match deposit bonuses or other incentives and promotions that you might expect.
-
Can I start trading on a free demo account?
-
It is easy to start trading on the demo version of eToro. All you need to do is register with the site and then begin immediately with virtual funds.
-
What's the min. deposit and ideal trade amount?
-
The minimum deposit is $200, and you can start trading with a minimum of $1 when using the CopyTrader function of the site. This allows you to emulate the trades of others.
Top Rated CFD Site
#1 - Pocket Option: Best Overall
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Charles has worked at brokers since he finished his studies at university. Starting as a Junior Trading assistant and progressing into a Business Development we’re delighted that he’s been part of the team since 2015.
