Many of you probably may have heard about eToro already. The broker gives a possibility to trade various markets like stocks, indices, commodities, and even cryptocurrencies, which are booming lately. Also, new traders have an amazing opportunity to use a social trading function and copy top trades of very experienced and profitable traders. But let us start slowly and talk about the broker’s point by point.
eToro is fully licensed and regulated broker operating since 2006. It has more than 6 million registered users from around the world. While being based in Cyprus, eToro stays under regulations of CySEC and FCA (number of the licenses provided below). Furthermore, it has offices in the United Kingdom and Cyprus.
Users can start with a pretty low amount required to deposit – $200 or around €165. The broker accepts credit cards, bank transfers, Skrill, Payoneer, Neteller, UnionPay or Paypal as an option for deposit. Most noteworthy, funds lay in segregated accounts at reputable and trusted banks.
eToro Fees and Spreads
The maximum leverage of 1:400 is supported, but it may vary depending on a chosen asset. Also, the same applies to spreads. They vary from a few pips to several percents for cryptocurrencies. However, they’re fixed and always attached to a value specified on the terms page. To see more detailed information on spreads, check the table under the whole text.
Furthermore, eToro applies fees for inactivity and withdrawal request. Inactivity fee has become a normal standard practice to avoid fake traders and accounts. Keep that in mind before opening an account and making your first deposit.
eToro Trading Experience
eToro provides one of the widest lists of stocks. Even Spotify which came to the market not so long ago is already here. It supports more than 900 different stocks and beat a lot of competitors. Some of them do not exceed even more than 100 different stocks names. Also, eToro has a super long list of other markets and assets. And it’s still expanding.
The broker supports various types of accounts, from a micro account to a standard account including Islamic accounts as well.
Besides of all the named pros, this broker supports one-click and signal trading, stop losses, limit orders, trailing orders, price alerts, and much more cool functions. Plus, eToro gives demo accounts, supports Islamic accounts as well. Managed accounts are worth mentioning too. The website is provided in many different languages, starting with English ending with Arabian and Chinese. So customers from around the world are welcome with some exclusions like USA or Canada.
Sadly, this broker doesn’t support MetaTrader 4. However, users can trade online (Web trader) or use a mobile application. The site works flawlessly without any noticeable lag while having an awesome user interface which can be understood by anyone. So Web Trader is really great here. Users can customize some of the screens and set up the news feed on the main page or go straight to the watchlist page.
Insights and Education
While other brokers usually hide all the stats and trading insights of traders community, eToro allows copy trading (known as social trading as well). This feature provides a lot of additional pros here. Also, traders who don’t have a lot of time for researching and digging through markets can simply follow the most successful traders and slowly take profits without doing nothing.
From the very beginning, the broker gives tips on how to use eToro platform. Quick walkthrough helps for new users to find and navigate on the page with ease. Besides that, customers find a very detailed FAQ (help page) with tons of useful information. Also, a live window is always on the right bottom side where instant help waits for you. In addition, explanatory videos help to move faster in knowing the broker. They can be found in eToro trading academy which is very well covered and touches a lot of relevant topics.
eToro supports demo accounts as well (virtual accounts) with the balance of $100,000. It’s a great way to learn without a risk of losing funds. We highly advise doing so before putting some real money into the account. Except you’re a pro trader, then we can simply admit that eToro is a great choice.
In addition, all the users can discuss in a public board which is pretty active even in the middle of the day. People can share their opinions and observations. It works like a small social network of traders where “like” function is activated as well. Just keep it in mind that many of commentators shouldn’t be considered as financial advisors.
eToro provides a top-notch customer support. Users can reach a support team using a live chat, by writing an email or using a phone support. On the other hand, it has become a standard when we talk about top online brokers. Usually, support gives all the answers pretty fast and detailed in the right manner.
However, we highly recommend checking all the resources and FAQ provided by the broker before taking any actions. It will save a lot of your time and protect from making simple mistakes.
In conclusion, eToro is named one of the best online brokers and we consider this statement totally correct. By offering so much trading assets and markets including cryptocurrencies, it attracts ten thousands of users from very different countries. The choice of stocks is one of the widest in the market for this day. Furthermore, social (copy) trading option gives extra points to the broker. The broker has an amazing user interface which is easily understandable by different levels of traders.
A few cons we see at the moment – no applications for Windows or MacOs devices. Even MT4 couldn’t find its place here. Also, some spreads are a little higher than an average. And finally, eToro cryptocurrencies trading isn’t what we really expected.
Attention: This eToro review gets updates often, however, some details can still be different from provided on the broker website or changed since the publication date. Please double check them before use.
Spreads are fixed and vary depending on the exact asset.
Overnight fees depend on a traded asset and can start from 0% for short positions.
|Excluded countries||United States, Iran, North Korea, Belgium, Canada, Japan, Syria, Turkey, Israel|
|Languages||English, German, Spanish, French, Italian, Russian, Polish, Dutch, Portuguese, Swedish, Norwegian, Czech, Arabian, and Chinese|
|Licenses||FCA - FRN: 583263, CySEC - License: 109/10|
eToro (UK) Ltd.
24th floor, One Canada Square
eToro (Europe) Ltd.