eToro Review – One of the Fastest Growing Brokers on the Market

Information about eToro

World's leading social trading platform
Fully Regulated
Over +1 million traders across the world

Please remember that you invest at your own risk.

About eToro

eToro is one of the most popular social trading platforms today. The company allows Forex traders to buy and sell financial securities and utilize their combined knowledge and experience to trade with each other. Brokers can connect with fellow traders, discuss investment and trading strategies, and use applications provided by eToro to copy their trading performance automatically. eToro is a visual FX trading platform that makes forex trading fun and easy to understand with the use of graphic representations for different monetary contracts.

Is eToro Safe?

Since 2006, eToro has been serving millions of traders worldwide. David Ring, Yoni Assia, and Ronen Assia established eToro in Tel Aviv, Israel. The company was created with the vision of opening global markets and social trading networks for anyone who wishes to invest and trade in a transparent and straightforward way. eToro is one of the top ten international online forex brokers.

Licenses

  • Concerning regulation and oversight, eToro (Europe) Ltd. is a licensed CIF or Cypriot Investment Firm. It is based in Limassol Cyprus and is registered under license number HE200585. CySEC or the Cyprus Securities and Exchange Commission regulates this brokerage company under the number 109/10.
  • In the UK, eToro is based in London and is registered as a UK investment firm under the number 7973792. The Financial Conduct Authority regulates and authorizes eToro UK under the company registration number 583263. Both eToro (Europe) Ltd. And eToro (UK) Ltd. operate under and comply with the MiFID or the so-called Markets in Financial Instruments Directive.

Popularity

eToro has millions of users worldwide. The brokerage company’s clients can trade indices, commodities, CFDs, and currencies. Its online trading network and platform attract tons of users, generating thousands of accounts every day.

Ever since eToro launched its social trading platform called OpenBook, along with its CopyTrading feature, the number of users boomed from a few hundred thousand to over five million. These ingenious platforms enable investors to follow, copy, and watch the top forex traders in eToro automatically.

In general, eToro is not a scam, for it is considered as one of the most popular and reputable brokers in the online trading industry. Its services and OpenBook have been featured in a dozen of financial periodicals like Forbes, Finance Magnates, Fintech Finance, and Financial Times.

As it was stated earlier, eToro is regulated and authorized by Cyprus’ Cysec and the United Kingdom’s FCA. These agencies impose strict guidelines for investment firms. In addition to the strict regulations that eToro abides by, traders are also protected by CySEC’s Investor Compensation Scheme and the Financial Services Compensation Scheme. Your funds are maintained at banks, and protected by strict regulations, so no one can access or withdraw any amount from it other than you.

Pros and Cons of Trading with eToro

eToro has a 4.5/5 rating on trusted websites of forex traders. Many people love using eToro because it has lots of advantages and only a few disadvantages.

Pros

  • User-friendly
  • Flexible platform
  • No slippage
  • Provides a vast array of financial instruments
  • Low minimum deposit requirements
  • Provides newly registered users with demo accounts

Cons

  • Minimum anonymity
  • No cryptocurrency deposits

eToro Trading Platform

eToro is a unique online brokerage company because of its innovative trading platform. When the software was launched in 2010, it was the first online trading network of its kind. This earned eToro the distinction of being the broker who invented the first ever social trading platform in the industry.

Unlike conventional trading programs, eToro’s OpenBook utilizes the collected wisdom of thousands of users to assist traders in maximizing their profit. The said platform allows you to view the statistics of other users. Such stats include profit levels, trading strategies, and market positions. eToro’s OpenBook breached all the walls between traders; this accelerates the learning process and training of beginner traders or newly registered users.

Regarding OpenBook’s interface, one can say that it possesses simple functions and a clean design. It is also user-friendly. The buttons and menus are where you need them, the color schemes are soft on the eyes, and the panels are fixed. In addition, its watchlist is configurable, and the simple UX allows beginners to understand all buttons and functions easily.

For the platform’s charts and search functions, the incorporated search field is easy to use and is also predictable. You can input your product or company name or search using ticker symbols. The tool for searching charts is also a favorite of many users because you can utilize over 20 indicators to look for what you want. The charts are saved automatically, so that you don’t need to set up indicators repeatedly.

eToro Trade Instruments

In terms of trade types, a variety of indices, currencies pairs, commodities, ETFs or Exchange Traded Funds, and precious metals can be utilized for trading at eToro. In 2014, the brokerage firm also introduced cryptocurrency trading. Bitcoin, the first cryptocurrency supported in this trading platform, is not traded as a digital currency. Instead, it is traded as a CFD.

The Supported Cryptocurrencies in eToro

Recently, the value of cryptocurrencies has been increasing steadily. To cater to the popularity of digital currencies, eToro now supports the following cryptocurrencies:

  • Ethereum
  • Bitcoin
  • Dash
  • Ethereum Classic
  • Bitcoin Cash
  • Ripple
  • Litecoin

Trading these coins at eToro is easy and simple. Instead of hustling to buy and sell the said cryptocurrencies, eToro allows its users to trade them with the use of CFDs.

Account Types

eToro has two types of trading accounts, and they are both beginner-friendly. Newbies don’t have to answer any questions when they are choosing their trading account. The first one is the practice account; it is free for a limited time. The second one is called the standard account; this type of eToro account requires a minimum deposit of $50 to be activated.

Swap-Free Account

Aside from the demo and standard accounts, eToro also offers users an account that conforms to Islamic Sharia principles. This account is known as the swap-free account or the Islamic account.

eToro Spreads and Commissions

This broker doesn’t charge any commissions or annual fees for users who join OpenBook, but it charges a relative value traded on top of price quotes that they get from exchanges. eToro makes sure that its users don’t encounter slippages when they conduct their trades.

eToro Withdrawals and Deposits

eToro’s users have more than a handful of methods to fund their accounts and withdraw their money.

  • Debit/Credit
  • Neteller
  • Giropay
  • Skrill Limited
  • Wire Transfer
  • WebMoney
  • Yandex
  • PayPal
  • China Union Pay
  • Wirecard

Traders often use eWallets and credit cards such as Skrill and Neteller to top-up their accounts. After confirming each deposit, the funds are updated to the user’s account automatically. When it comes to withdrawal options, the most used methods are wire transfer and PayPal. However, keep in mind that the methods that you will use for depositing money at eToro will also be the method used for withdrawing your funds, and the processing time for each withdrawal is one business day.

Mobile Trading with eToro

Aside from eToro’s web-based social trading platform, users can also trade and use eToro on their mobile devices. The mobile app provides all of OpenBook’s features for your Android or iOS device. The application allows you to view real-time feeds, check instrument prices, monitor your eToro account, and chat with other traders.

Promotions and Bonuses

eToro’s Popular Investor program enables you to earn extra income while earning with your investments. With this feature, you let others copy your trades, and after that, you get 2% of their annual assets. Furthermore, successful and popular investors get 100% rebates for all of their trades.

eToro Demo Account

eToro provides a Demo account for newly registered users. They are given $100,000 worth of virtual currency to conduct test and trial runs for their different investment strategies without incurring any risk. It allows potential traders to test eToro’s trading platform and services before using real money.

eToro – a scam?

eToro is not a scam. It has millions of users, and all of its offices are legally registered as investment firms. They have provided exceptional services to a myriad of traders, and all monetary transactions are recorded, secured, and consummated.

eToro VIP programs

A premium account enables you to access all of the services and benefits that eToro has to offer. This type of account is created to provide the needs of users who own large and active accounts. If you deposited a total of $20,000 within 11 months, then you could qualify for a premium account. You don’t have to earn any experience points or pave your way to the top to become an elite trader in eToro. Having a premium account can give you the following benefits.

  • Fast withdrawals
  • A personal account manager
  • Direct access to trading rooms
  • Get a credit card from eToro
  • Get analysis videos weekly

You can receive up to 25% deposit bonus when you upgrade your account to premium and get up to $2,000 dollars in funds when you send a friend invite.

If you don’t have enough money to qualify for a VIP account, it is still possible to have one by becoming an elite or champion popular investor. If you work your way through the levels to become an Elite trader, you can earn $1,000 monthly and get 30% of the total revenues of the traders that you’ve invited and acquired all the benefits that eToro’s premium account can offer.

eToro Support

eToro’s customer service is available 24/5. Users who seek assistance can contact the support team through fax or email, or by calling eToro’s support number. For non-English speaking users, eToro supports many languages.

eToro Trading Guides

eToro provides its users with a comprehensive trading guide and weekly videos that feature investment strategies.

Conclusion

It has been over a decade since eToro was launched. This broker earned a good reputation online by providing fast, accurate, and honest services to its traders. Lots of people can vouch that eToro is truly a legit brokerage company, and its licenses are a firm evidence that your investments are safe. Aside from its popularity, security, and legitimacy, eToro is also an easy to use and flexible online trading platform. It also offers lots of benefits, bonuses, and promotion.

It is now so easy to invest and trade online with eToro’s social trading system. All you have to do is sign up, get to know the platform and mobile application, practice your trading strategies, top-up your account, and start trading to gain freebies and earn high returns.

Contact & License Info

Licensed by: CySEC (EU) and FCA (UK)
 Address: Kanika International Business Center, 7th Floor, 4 Profiti Ilia Street, Germasogeia, Limassol, Cyprus 4046
Official website: www.etoro.com
Phone Number: No support offered by phone
Email Address: No email support offered. You can only reach the support by using eToro’s ticket system: https://www.etoro.com/customer-service/
 Support Info: Open every day, even during weekends.
 Support Languages: English, German, Spanish, French and Italian


Trading at eToro

 Products offered: Forex, Indices, Stocks, Commodities, EFTs, Industries and Exchange.
Trading Account Currencies:  USD, GBO, BTC and EUR.

 Minimum Deposit: 200 USD / or EUR
Minimum Trade: 1 USD / or EUR
Maximum Trade: 5000 USD / or EUR

 Demo Accounts: Available if you register for a regular account.
 Withdrawal Options Available: Major Credit Cards, incl. PayPal, Union Pay, Bank Transfers, Neteller, Skrill, WireTransfer, WebMoney and many more.


Trading Platform Info

 Platforms being used at eToro: eToro WebTrader, OpenBook and Mobile Trader.
 What to expect: 

  • You can reach your eToro trading account on most platforms
  • Over 50 currency pairs
  • +500 stocks
  • Social Trading (eToro was the first broker to offer this service)

Other Useful Information

  • eToro offers economic calendars with useful information for all traders
  • Frequent market updates
  • Signals (Offered through their Social Alerts App)
  • Many useful tutorials

How to Create an Account

With 24Option traders have the option to choose between regular accounts or demo accounts. Below you have the option to choose one of them.