eToro Review

MIN. DEPOSIT $25
Up to 400:1
Up to $1,000 for 10 friends BONUS
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eToro
Up to $1,000 for 10 friends
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Overview

Company Information The significant deregulation of the Forex trading industry happened back in 1997, nineteen years ago. Since then, there has been a massive influx of online brokers. This scenario… more

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Details

BrokereToro
Website URLhttp://www.etoro.com/en/
Founded2007
HeadquartersLimassol, Cyprus
Support Number+44-866-350-0881
Support Emailcorporate@eToro.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Spanish, Chinese, German, French, Italian, Russian, Arabic
Minimum 1st Deposit$25
Minimum Trade Amount25 units
Maximum Trade Amount20 lots
BonusUp to $1,000 for 10 friends
PayoutUp to 400:1
Free Demo AccountYes
Regulated Yes
RegulationCyprus Securities and Exchange Commission (CySEC); Financial Conduct Authority (FCA)
Deposit MethodsVisa, MasterCard, Diners Club, Yandex Money, PayPal, Skrill, Neteller, China Union Pay, WebMoney, Inatec Payment AG, Worldpay, Barclaycard, Wirecard, GiroPay
Withdrawal MethodsVisa, MasterCard, Diners Club, Western Union/MoneyGram, PayPal, Skrill, Neteller, WebMoney, Bank Transfer
Types of AssetsStocks, Currencies, Indices, Commodities
Account CurrencyUSD, EUR, GBP, JPY, AUD, CAD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

The significant deregulation of the Forex trading industry happened back in 1997, nineteen years ago. Since then, there has been a massive influx of online brokers. This scenario is a good thing regarding competition and platform choice for traders, but at the same time, it’s also quite wrong. It can get incredibly hard to filter out the good from the bad brokers, and lots of customers end up unhappy about the received service. All of this started to change, when eToro introduced the term Social Trading in 2010. The innovative social investment platform, called OpenBook, allowed traders to share and copy the trading strategies of the most successful traders in the Forex market. This new feature enabled a large number of beginners to earn money without having a solid grasp of the knowledge of Forex. Etoro is founded in 2007 and is based in Limassol, Cyprus. The broker boasts over 5 000 000 active customers, which is a huge number. The eToro company is regulated by CySEC, ASIC, NFA, CFTC, MiFID and FCA. Aside from the regulations, the broker is the proud owner of some awards.

EToro’s website is extremely interactive and makes good use of the new web technologies. You will find an excellent combination of colors, predominantly white, green and red. On the front page, you can find more information about the broker, like their official partnership with West Ham United Football Club and others. There is a dynamic window with various share values, as well as a counter showing how many total trades have been opened at eToro. Of course, there is a huge list of educational materials where you can hone your trading skills and become one of the best. Again, the unique eToro feature is the copy trading, where you can grab other people’s strategies and apply them on your own.

 

Trading Information

With eToro, customers can trade in a vast number of instruments. The broker offers ETFs, CFDs, metals, stocks, commodities, oil, gold and indices. The only thing missing from the big picture are the binary options, but that’s not a big loss for most traders out there. The maximum leverage is 1:400, which is very nice, compared to other Forex brokers. The minimum deposit is very small – $50. This number makes signing up very easy and open to everybody. Of course, you can always make a demo account beforehand and try trading for a while until you get the hang of it. EToro offers segregated, managed and institutional accounts. However, due to the regulatory intricacies, USA, and Islamic accounts are not accepted at this time. There are two account types – standard and premium. Overall, the eToro broker offers some excellent options for trading, and you should give it a try.

 

Trading Platforms

Every Forex broker offers some platforms on their website. Variety is good since different traders use various features, which are not shared between the popular choices. You might expect to see MetaTrader or Currenex on eToro, but you will not. The broker’s main platform is the CopyTrader. Yes, it’s not the platform you feel comfortable with, but the design is so sleek, the UI is so intuitive, that any trader – new or veteran – will find CopyTrader easy to use. The best part of this platform is that you can see who is trading which currencies or commodities and immediately copy their strategy. There are options for discovering and putting people on your watchlist. If you find a successful trader and want some of their market for yourself – feel free to do it. That’s the whole idea behind social trading on eToro!

 

Security and Customer Service

EToro knows that safety is everything in Forex trading. This is why the website is secured with an encrypted connection, making your data private and safe from attacks. Aside from the technicalities, you will find out that the broker is registered and regulated by a vast number of bodies like the famous CySEC, NFA, CFTC, FCA, MiFID and ASIC. All of these organizations supervise the trades and will make sure customers are treated fairly and without prejudices.

 

The website can be viewed in eight different languages, English and Chinese included. Customer support functions 24/5, throughout the whole year. You can contact them by e-mail, telephone and live chat. The support agents are friendly, fast and knowledgeable. If you have questions, you will get the answers you need.

 

Deposits and Withdraws

Depositing funds to your eToro account can be done with all the major providers on the market. You can use your credit card, e-wallets like Neteller or Skrill, WebMoney or a bank wire transfer. All the deposits get approved very quickly. Withdrawing funds from your account can happen by using the same channels – credit cards, e-wallets, and bank wire transfers. You can always contact the support team, or read the Frequently Asked Questions for more information on financial issues.

 

Deposit Bonus and Loyalty Programs

The special promotions change every month! This March, you can receive some deposit and Refer-a-friend promotions if you are a premium member. On the other hand, if you start becoming influential, you can earn a deposit bonus when you get your fifth copier. This is a great incentive to become not only good but great and push the boundaries every day. The premium account is something like a loyalty program. You gain a personal Payoneer credit card, faster withdrawals, a personal account manager and many more bonuses! Overall, both the service and the promotions are good, so give eToro a try today!

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