eToro Broker Review
The broker eToro has been a pioneer in social trading since 2012, recognized for making the social trading experience enjoyable. Regulated by the UK FCA with offices in London, eToro has grown to become one of the largest forex brokers in the world, with several UK innovation awards.
The eToro trading platform is slightly different from most brokers in the market, offering greater ease of use for beginners, and an active and helpful community with trading ideas and help between users. If you are looking for a fun, simple and reliable social trading experience, then consider the eToro trading platform.
eToro offers a very well-designed, award-winning platform and a trading product that is very different from other traditional brokers.
eToro is a broker on three main international regulators. eToro (Europe) Ltd. regulated by CySEC since 2010, eToro (UK) Ltd. regulated by FCA in 2013, and eToro AUS Capital Pty Ltd. regulated by ASIC in 2017.
Customers should be aware that the quality of trading advice coming from the eToro community varies and should be considered unreliable until it has been well verified.
The company’s strong commitment to regulation and regulatory processes that are designed to protect client funds and legal operations on the platform, we consider eToro a safe broker to trade ‘online’.
- 1 eToro Trading Platform
- 2 Trading Conditions
- 3 Crypto Currency Trading
- 4 eToro for Beginners
- 5 Is eToro a Fraud?
eToro Trading Platform
eToro has developed a proprietary trading platform available on the web and smartphones. The web-based platform is customizable, you can select currencies, commodities, stocks, and digital currencies, with an easy-to-access control panel.
To see more information about a currency pair, click on its watchlist to show detailed charts for any time interval the user desires. While this is not a substitute for technical analysis, it provides a degree of insight with minimal effort.
eToro are pioneers in the copy area and have invested time and energy to launch new and unique features. CopyTrader allows you to copy or imitate the trades of the active traders.
Filters are used to find traders to copy based on their earnings, location, preferred assets, etc. A more advanced search is also available.
CopyFunds is eToro’s latest innovation. It allows users to invest in a top performing fund or group of traders on the platform. It also allows investing in a market fund that brings together all asset classes in a single market strategy.
This type of risk mitigation and diversification system is unique to eToro and a powerful tool for beginners.
eToro offers different types of accounts to its customers – a demo account, a basic account, and a premium account. The basic and premium accounts are identical during sign-up, and the premium account benefits are shown as soon as a deposit is made.
Demo Account – Since this account is 100% free, there are few features. Once you open an account with eToro, you will receive this demo account with $100,000 to help you get used to the platform and practice trading.
Basic Account – This is the basic live account available with the company. This account gives you access to a free demo account, plus eToro’s exclusive promotions, which are trades and savings sent to users via email address. The minimum deposit is $200.
Premium Account – The premium account is for those who deposit a minimum of $20,000 and may only be available after passing a test to determine its suitability depending on your location. You get a demo account, the same features as a basic account, premium management of your portfolio by a trained professional and no leverage restrictions in the European Union.
Crypto Currency Trading
eToro has more digital currency pairs to trade than most other brokers. The currencies at your disposal are:
- Ethereum Classic
The image below is the overview of the cryptocurrency trading platform.
The spreads at eToro are higher than at many other brokers, but since their platform is proprietary, and they are pioneers in this trading, the fees are a bit higher.
Deposit and Withdrawal Fees
Existed deposit and withdrawal fees at eToro. The platform uses only USD as its primary currency, so depending on the currency you deposit in, you will be charged a conversion fee, measured in pips from your home currency to USD. For EUR/USD it is a 250 pip conversion fee, and for GBP/USD it is 50 pips, which is about 2.5% on Euro deposits and 0.5% on Sterling deposits.
The minimum withdrawal amount on there is 50 USD, and a fee of 5 USD is charged on all withdrawals of funds, regardless of the amount.
All accounts that have not logged in for 12 months will be charged a fee. A $10 USD monthly fee will be charged until the account owner logs in, making the account active again.
eToro for Beginners
The eToro ‘web’ platform is very easy to use and is a great attraction for new traders in the market. With its unique integrated social interface, advice and trading opportunities are always available from a community of traders. The customer support system is open 24/7, but there is no live chat or telephones as found at other brokers. The focus at eToro is on simplicity and fun, marking them as a unique prospect among their users.
eToro’s Educational Material
The academy has a small set of courses and videos that teach users the basics of trading; more from a general perspective than in-depth courses that are sometimes found at brokers. Occasionally ‘webinars’ are held, which cover more recent market topics.
Analysis material comes from the user community on the eToro platform. The news feed is central to the web-based trading platform and is an endless, unfiltered list of trading ideas and accompanying charts.
This review material is community generated, and the accuracy of this information should be considered poor until proven otherwise.
Following the explosive growth in popularity of the platform, as of late 2017, customer service began using a ticket system to maintain customer relations and ensure that all customers are responded too properly. Although customer service is open 24/7 and the community of traders are available to help with trading and platform issues, there is no way to contact eToro by phone or live chat.
We value transparency and openness in the way we review partners. To bring transparency to the forefront, we publish our review process that includes a detailed breakdown of the eToro offering. A central aspect of this process is the assessment of the broker’s reliability, the platform offering and the trading conditions offered to clients, which are summarized in this review. Each of these is rated, and an overall score is calculated and assigned to the broker.
Is eToro a Fraud?
eToro has been recognized throughout the industry for its innovative approach and social trading. There are few similarities between the eToro platform and other platforms offered by traditional brokers, any trader switching brokers will have to learn new software.
eToro focuses on accessibility for users who want a simple, fun and collaborative platform. It falls a little short when it comes to educational material and analysis that would give its customers a better insight into how traditional trading works.
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