eToro is an award-winning broker that has become a household name amongst retail traders with its excellent custom-built copy trading platform and comprehensive trading portfolio. The increase in the popularity of cryptocurrency derivatives over the last few years paved the way for eToro to establish itself as one of the leaders in Crypto Trading – both as CFDs and through trading the underlying assets.
Founded in 2007, eToro is considered safe because it is authorised by top-tier regulator. The broker is licensed by the Cyprus Securities Exchange Commission (CySEC), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC). Regulated brokers adhere to regulations and prioritize their clients’ fund security.
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eToro Review
eToro is licenced by top-tier regulators and offers CFDs trading at acceptable costs. Retail traders can also opt to trade CFDs and the underlying assets directly from the eToro’s platform. Casual traders can automatically copy the strategies of other investors with eToro’s renowned CopyTrader facility. The broker comes with the following features:
- eToro provides a well-balanced and comprehensive mix of trading solutions that can benefit both beginners and seasoned traders.
- Through its proprietary platform, eToro provides a unique experience on markets while maintaining balance between fees, services and transparency.
- eToro’s excellent research materials and helpful customer support also stand out.
- While eToro offers very good asset portfolio, mandatory stop-loss and take-profit may hinder certain trading strategies.
- The overall cost of trading is acceptable but not competitive enough.
- eToro Money is a wallet where clients can deposit and withdraw money to-and-fro their eToro investment platform. It is also available android and iOS versions.
eToro is Known For:
Multi-asset trading solutions, user-friendly platform, and well evolved social trading facility, eToro is suitable for beginners and advanced traders alike. Master traders get remuneration when other investors copy their strategy.
eToro Summary
Pros
- eToro is safe and authorised by top-category regulators
- eToro has a total of over 3000+ tradeable instruments in their asset portfolio.
- Over 200 cryptocurrency derivatives available at eToro through CFDs and through trading the underlying asset.
- Their innovative platform is primarily directed toward retail CFD traders with different experience levels. Easy to use mobile and web trading platform with facilities for cryptotrading, charting and copytrading all in one place.
- It also caters to the needs of both beginner and advanced trader who want to have a go at social trading and crypto trading.
- Offers their own cryptocurrency wallet
- Trading Central, Market news and analysis.
Cons
- Essential features are locked with the eToro Club (with high minimum deposit).
- We found the offshore licencing of its overseas entity to be very weak
- Algorithmic traders will not find the Metatrader suite of trading platforms.
- eToroX crypto exchange is no longer available for retail investors.
- Non-competitive pricing.
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- Min. Deposit: $200
- Spreads: from 1 pips on EURUSD
- Max. Leverage: Up to 1:30
- Min. Trade Size: 0.01
- Website: etoro.com
- Total Assets: 3200+
- MT4/MT5: No
- Social Trading: Yes
eToro Performance
eToro offers four different account types for trading – Retail Account, Professional Account,Corporate Account, Islamic account. Etoro Account Types vary according to what traders require. Each account type has its own set of conditions for commission, margin calls, leverage, and minimum deposits.
There is an eToro Club (with high minimum deposit) for those that want personalized service and other premium advantages the broker offers. There are 5 account types designated by account balance required e.g, Silver($5000), Gold($10000), Platinum($25000), Platinum+ ($50000), Diamond ($250000). eToro Club membership benefits include access to exclusive market research and educational contents, dedicated account manager, customer service live chat, crypto stacking, discounted tax returns, and even interest on balance for the Platinum+ and Diamond club members.
The Popular Investor Program offers opportunity to traders (Master traders) looking to gain additional income, perks, and rewards by being copied by other eToro users. Master trader remuneration include spread rebates, monthly payments, and management fee.
Asset Porfolio
eToro offers over 3000+ market trading instruments including spot Forex, CFDs, Stock and crypto trading derivatives. Trades are available through CFDs as well as through trading the underlying asset ( cryptocurrencies and stocks). eToro offers stock trading and buying of fractional shares. Maximum leverage for Forex is 30:1.
Note: Trading with leverage as high as 1:500 is recommended only for those who have some experience in the forex market.
Platforms & Tools
eToro offers a web-based trading platform designed primarily for copy trading. investors will not see the conventional MT4 and MT5 trading platforms.
Notable features of the webtrader include a charting facility that supports over 60 indicators and 13 drawing tools, a copyportfolio feature for copytrading as well as tools for crypto trading.
The eToroX trading platform is the primary cryptocurrency trading and exchange platform for the broker and it supports copytrading too. Users will see over 70+ cryptoassets.
Note: Practice account is available to potential clients with the opportunity to try their platform risk-free.
Mobile Trading
The mobile version of the eToro WebTrader is available. The platform is easy to use, comprehensive and it supports social trading and demo trading as well.
The eToro Money app is a different app that serves as the brokers in-house payment facility. Advantages of using the eToro’s payment app include free and instant deposits with no FX conversion fees, and instant withdrawals.
Both apps are available in android and iOS versions.
Minimum Deposit
Minimum deposit to open a regular account with eToro is $200. Bonuses and perks are available when you join the eToro Club e.g, you can get $250 bonus when you deposit atleast $5000 with the eToro Club.
Note: Always make sure to read the Bonus Policy all brokers provide to make sure you understand all conditions perfectly.
Spreads and Commissions
Market-maker business model with variable spreads starting from 1pips on the EURUSD pair. Crypto prices on eToro are based on the Bid-Ask spread that comes from eToroX platform.
Note: Trading with low spreads is a good way to boost your profits.
Deposit and Withdrawal Method
eToro Money (recommended), Bank wire, Skrill, Paypal, Credit/Debit cards.
Note: When using crypto for payments, extra caution is needed as it provides anonymity and is irreversible.
eToro Transparency
Founded in 2007, eToro is not publicly traded, does not operate a bank and it is licensed by top-category financial regulators. eToro and its subsidiaries holds the following licenses.
- eToro (Europe) Ltd., is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC).
- eToro (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA).
- eToro AUS Capital Limited is authorised by the Australian Securities and Investments Commission (ASIC).
- eToro (Seychelles) Ltd. is licenced by the Financial Services Authority Seychelles (“FSAS”).
Past performance is not an indication of future results.
Verdict: eToro is an Excellent Broker
eToro is an excellent multi-asset broker that is popularly known for its user friendly platform that offers social trading. The broker tries to find new and inventive ways of improving its service e.g, while most traders are still offering only CFDs platform, eToro has taken their asset portfolio to the next level by including trading of underlying assets. And while this diversity is impressive on its own, what really stands out is the inclusion of an in-house payment app that facilitates payments and exchange through your investment accounts.
2023 Expert Analysis
Here at the Forex Broker Expert, we have reviews of more than 200 Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a safety score. We use a Safety score algorithms to asses risk level. They major criteria we use in grouping a Forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
Different Forex brokers offer different account types which goes by different names like standard, classic, premium, VIP or gold. The most popular minimum deposit for a Forex basic account is $250. Leverages can go as high as 1:200. As for the pips charged on these accounts, EURUSD is usually the pair with the lowest spread and the ideal thing is that each type of account is unique and will either have fixed or floating pips depending on which account portfolio you have chosen. Learn more about the industry best prectices here.
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