eToro Broker Review

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Contents

ETORO Review 2020

In this eToro review we show you how eToro’s very popular copy trading feature works in practice.

Table of Contents

eToro review – Broker’s Rating:

  • Automatically Copy Trades of Other Traders
  • Follow & Chat with Other Traders
  • 56 Currency pairs
  • Real Stocks
  • 83 ETFs
  • 15 Cryptocurrencies
  • Excellent reputation
  • Bonuses not offered for EU traders
  • No forex options
  • No hedging
  • Lack of MT4/MT5
  • No online education
  • No live trading sessions with Pros
  • More expensive than competition

Why is eToro different than any other trading platform?

  1. WATCH : you can easily search for profitable traders from all over the world
  2. FOLLOW : you can chat with them / watch their open trades + history of trades / learn and understand their trading strategies
  3. COPY : you can let the system to copy automatically all their future trades (forex, crypto currencies, commodities, world stocks)

eToro traders to copy in 2020

Below is my top secret list of best eToro traders to copy. I reveal this only for readers of this etoro review.

Simply search for their nickname in SEARCH field.

  1. berrau +16.24% gain during last 12 months
  2. CatyFX (Ecaterina Bors) +44.09% gain during last 12 months
  3. zsyuan +44.88% gain during last 12 months
  4. kelaleo +13.74% gain during last year
  5. ThinhLeDuc +8.57% gain during last 12 months
  6. JBinvest +11.89% gain during last 12 months

Disclaimer: Past performance is not an indication of future results!

eToro is simply a world-wide social trading network that connects investors and traders around the world. Something like a Facebook network, but a place where less experienced traders meet and copy trades of profitable investors. It is free to signup and watch other people’s trades, follow them and even chat with them. If you want to earn real profit you must deposit real money of course.

In case you are really good at trading, you can directly place your own trades without copying anyone and become a popular investor that will be copied by others.

eToro review – Tradable assets

At the moment, you can trade the following assets :

Forex >> 47 currency pairs available for trading on eToro

  • major pairs include combinations of: EURO, USD, CHF, JPY,
  • exotics: AUD, CAD, NZD New Zealand, CNH China, SEK Sweden, NOK Norway,
  • ZAR (South Africa), RUB (Russian Rubel), HKD (HongKong Dollar), TRY Turkey, MXN Mexico, SGD Singapore Dollars, PLN Poland, HUG Hungary

eToro’s trading platform – forex pairs

  • Real Cryptocurrencies >> without leverage:
    • Bitcoin, Litecoin, Ripple, Ethereum, Ethereum Classic, ADA, Miota, Stellar, EOS, Neo, ZCash, Binance Coin
    • You buy real cryptocurrencies with minimum investment of $25 for each trade
    • No leverage
  • Real stocks (not CFDs like with other brokers, so use this opportunity to your advantage)
    • NYSE stock exchange
    • New York Tech
    • Frankfurt
    • London
    • Paris
    • Madrid
    • Milano
    • Zurich
    • Oslo
    • Stockholm
    • Copenhagen
    • Helsinki
    • HongKong
  • Stocks CFDs with leverage max 5:1
  • CFDs on commodities (gold, silver, oil,copper, natgas, platinum)
  • CFDs on stock indices (13 stock indices available: US Dollar Index, NSDQ100,SPX500 Dow Jones 30, France CAC40, EUSTX50, DAX, FTSE100, China50, Madrid, Tokyo225 etc.)
  • ETFs – 83 ETFs are available mostly iShares

eToro review – Charting technical analysis tools

Charting was almost flawless, there are all main chart types to choose from whether you fancy the classic candlestick, bar, line, hollow candle, mountain etc they have it all. Y

You can also switch between various time frames starting at 1 minute all the way up to 1Week. It was also easy to zoom in and out.

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Again, it is not the Metatrader 4, but 8 out of 10 traders will be satisfied.

eToro review – How does “copy trading” work?

Next in my etoro review, I’ll show you how to profit from Copy Trading.

Once you have signed up for your free account (e.g. click on above button on this page), you can immediately log into the platform. You can start searching for the best traders who trade with instruments tha you are interested in and who have the potential to make you money in the future.

First of all, register your free eToro account.

Then log in to the eToro trading platform. There is a virtual amount of $100,000 waiting for you inside your practice demo account. No worries you can deposit your real money anytime later. Now set up your nickname and correct language (currently you can choose from all major world languages). Now on the left hand side there is a panel, please click on “ Discover – Copy People ” where you can find an overview of all traders who are active on eToro.

After that you’ll see an opening screen where you’ll find the best traders grouped into several groups:

  • Promising Traders – Merchants that seem to become very popular among the eToro crowd in the near future (“future stars”)
  • Trending Investors – Traders who are growing their portfolio profits very fast and are getting a lot of new copiers at the same time
  • Most Popular – I strongly recommend you to to explore this category! These are the most profitable traders , their trades are being copied by other investors on this platform
  • Stock Investors – traders who are mostly into equity stocks
  • Local Popular Investors – popular local investors

First of all, you can find any trader by his/her nickname (for example see my private list in this article) by typing his/her nickname in the top SEARCH field:

(Note: If you do not know who to look for, click Left on Discover – Copy people )

Once you click on selected profile,:

  1. Click on COPY in the top right of the selected investor profile – if you want to invest only virtual money, click GO VIRTUAL .. if you want real then click DEPOSIT MONEY
  2. Then you will pop up a window where there are specific amounts you can invest in its future
  3. Either you choose a sum by clicking on a field like $500 OR choose a different amount and write it directly to the box
  4. If you just want to try with virtual money, then right click on “ USE VIRTUAL MONEY ” – then enter a virtual sum, for example, $ 1,000

Switch between REAL vs. PRACTICE DEMO account

  • In the next step we set when the trade will be automatically closed, in case the market goes against your position and you start to lose: “ Stop Copying if losing more than ” .. for example, I use 15% (also use at your own risk) .. meaning if my investment of $350 for this guy drops below $52.50 then it will be stopped by system.
  • Check the box “ COPY ALL OPEN TRADES ” only if you want to copy its current open stores (I personally leave this box blank since I believe it is better to copy future trades only)
  • The status at which all your open stores are currently (whether you are in the losers or the profits you see always on the left after clicking on the PORTFOLIO in the left menu)
  • How to copy another trader in a few steps.

    For each of the traders, I firstly recommend you to look first at their STATS tab.

    • STATS shows you theROI in % per each calendar and also full year (Performance)
    • RISK SCORE – some traders use risky strategies, therefore they have a high risk, some have Score in the range of 2-6 meaning mid risk trading strategy ( i prefer this personally)
    • MAX DRAWDOWN – is a maximum loss that this trader has suffered in a given time period
    • COPIERS – indicates how many other people are copying him/her. Trader earns money from eToro for each single copier, therefore he is motivated to trade profitably. In many cases we can say, the higher the number of COPIERS the more gain the trader has made during the selected time period. We suggest you dont blindly follow this number, as many people who are just copying dont use their brain! Sometimes you see traders who took a break from trading, yet they still have hundreds of copiers! Do your own due dilligence and you will be just fine.
    • TRADING section shows you the trading style of a particular trader. At the top you can see the history of trades, meaning how many trades in total he has done on Etoro. + Further you can see what percentage of all his trades were profitable (quite important!). You can see here the split of his portfolio. You may even select the percentage and filter out only people trading forex, stocks or mostly crypto traders if you like.
    • FREQUENTLY TRADED – At the bottom, you see the TOP 3 trades that this person is involved in (including specific stock titles or specific currency pair).

    Disclaimer: Past performance is not an indication of future results!

    How to trade the markets on your own

    You can of course trade the markets on your own. There is a wide range of tradable assets at your disposal. Click on tradable assets section.

    All you have to do is click on the left panel >> TRADE MARKETS

    If you came for forex trading, click on CURRENCIES

    eToro review – how to trade stocks

    You have two options:

    • Trade real stocks, without leverage >>
      1. You are buying underlying stock with leverage 1:1
      2. Minimum investment per trade is $500
      3. You can set STOP LOSS & TAKE PROFIT levels
      4. Decide between investing $XY amount or buy XY stocks
    • Trade CFDs on stocks with leverage up to 1:5 >>
      • Leverage 1:2 or 1:5 if you are in Europe
      • Minimum investment per trade is just $100
      • You can set STOP LOSS & TAKE PROFIT levels
      • Decide between investing $XY amount or buy XY stocks

    Invest in CopyPortfolios™

    Do you want to invest like a hedge fund ? … then read this. These are pre-made portfolios of assets grouped into bundles where each bundle represents multiple markets.

    Examples:

    • CryptoPortfolio – consists of crypto assets
    • Driverless – invest into self driving cars stocks
    • CannabisCare – tries to monetize the recent medical cannabis hype by investing into the stocks of the top performing medical cannabis companies
    • PanicMode – this portfolio is for investors that have anxiety of the future .. I guess this portfolio should stay strong in case of the next economic crisis

    Main Features:

    75% of retail investor accounts lose money when trading CFDs with this provider.

    eToro demo account

    Before you decide to deposit real cash, you can play on practice demo account with $10.000 virtual cash. We tested eToro demo account and luckily all functionalities and perks that are at disposal in real version were also available demo! Meaning, you can let the trades run overnight, copy top investors, place your own trades and strategies without any problem.

    Demo account seems to be available without time restriction, so it is completely up to you whether you deposit in 10 days or later.

    How to deposit real money on eToro

    1. Login to your PROFILE
    2. Click the “ Deposit Funds ” button at the bottom left
    3. Currently the minimum first deposit amount is $ 200. Select the payment method and enter the AMOUNT you want to deposit into eToro. We recommend either your local deposit options or the SKrill or credit card method (Visa, MasterCard etc.) the money will be available immediately within few minutes and you are ready to start trading. Another good way is to choose PAYPAL or Skrill according to whether or not you already have an account. eToro gives you also plenty local deposit options that vary country to country. When WIRE TRANSFER is selected, it may take several days for money to arrive, and further banking fees may apply.

    Well the minimum deposit is $200 at eToro. If you live in Australia, minimum deposit is just $50 at the moment. Nevertheless $200 or $50 will be enough to copy just 1 person.

    My personal trading strategy is always about “ risk diversification ” so when I trade I rather diversify the risk of loss and choose 4-5 solid investors to copy with $200 per head. That is $1000 investment spread across 5 investors.

    Again, that is just my way of trading, if you dont like this approach, you can invest the absolute minimum and invest $200 into one trade.

    But why would you put all your eggs into one basket right ?

    Or you can of course do your own trading with your own strategies inside the platform and don’t copy anyone.

    etoro review – Deposit methods available

    1. Wire Transfer
    2. Paypal (available in EU, Australia and partly Asia)
    3. Credit card (in EU it is Visa, Mastercard, DinersClub, Maestro)
    4. UnionPay
    5. Skrill
    6. Neteller
    7. Yandex
    8. Webmoney

    eToro withdrawal review

    You earned a nice profit and now want to withdraw money from eToro right ?

    All regulated brokers have to comply with strict regulation rules concerning KYC (Know Your Customer). That means you will need to verify your account either before your first deposit or before withdrawal.

    A note about deposit vs withdrawal method match

    Your deposit and withdrawal methods should match. It is the criteria set by the law in order to prevent some nasty stuff like money laundry etc. Therefore think before you deposit, if you use the paypal or card number 123 then you will be able to withdraw to that same card number 123..

    How to verify eToro’s trading account

    You need to prepare these documents to ensure smooth trading account owner verification:

    1. Passport or National ID copy (both sides in high resolution)
    2. Address proof (any sort of Utility bill – electric, gas, mobile phone or account statement with blurred amounts is OK)

    Also note that withdrawal fees may apply.

    Last steps before you start trading:

    Click on the person icon in the left upper corner, when you are logged in.

    1. Decide whether you want to keep your profile PUBLIC or PRIVATE (I recommend private, as you can change it later on to public profile if you wish)
    2. Set the Language

    >> Finalize your user profile

    1. First of all please add your address
    2. Identification number, is your ID obtained from your government
    3. Tick the box saying you are not USA citizen (if you are from USA you are not allowed to continue, as USA government does not permit retail trading at this moment)
    4. Clicking on NEXT we come to KYC test

    >> A note about KYC (know your client) test

    Last but not the least, in order to start trading you will have to fill and submit the KYC form. It is the prerequisite set by the law and eToro as a solid and regulated company must comply with the law of course.

    1. your trading experience in years (they will not check if that is truth)
    2. your trading knowledge (they will not check if that is truth, but don’t lie)
    3. planned investments (Example: if you came for forex then tick the currencies box etc.)
    4. purpose of trading ( I said short term returns as we do high risk speculation here)
    5. attitude to risk (here say how much do you intend to deposit over the course of 1 year)
    6. financial status (salary and savings is ok) also check what is your occupation including employer name but they will not cross-check according to my information
    7. now fill out the silly private questions about your net worth.. relax they cannot check the info you provide here but it is required by law to ask each client

    Once you are done with this, your account is 75% complete, you can start trading with investment up to $2000 and once you want to lift that limits, you will need to verify with your phone number via SMS.

    Comparison with competition

    We compared eToro vs. Plus500 for you.

    Is eToro a scam ?

    Many people in online forums ask, whether eToro is a scam or not. Well based on what we saw during the testing, eToro is NOT a scam. At the end of 2020 when I reviewed eToro, communication with their customer support team was smooth and fast and the platform was working fine too without requotes, hunting for stop-loss or other shady practices that you encounter with brokers from some small tiny unregulated jurisdictions like Belize or Seychelles. Remember that many eToro reviews that can be found across the web were written by traders who gave up on trading, who had no trading strategy, no prior education, they know nothing about risk and money management and just gamble. On the other hand there are tons of etoro reviews that are positive and these are from traders who use their brain and copy the right persons with a clear strategy in mind. During 2020 review we have faced no difficulties with eToro broker. We do all the reviews with the end customer in mind, therefore we want to review depositing, trading and finally also withdrawal process. All was smooth in eToro’s case.

    Nowadays forex scam is not happening among regulated brokers and eToro is CYSEC and since last year even Australia ASIC regulated broker which is pretty serious regulator if you ask me.

    eToro review conclusion

    The main goal of this eToro review was to demonstrate the way how to make eToro copytrading profitable for you and outline the main facts about the broker in the same way.

    In my opinion eToro works great for traders who want to trade forex, crypto or even real stocks on a solid trading platform.

    If Apple was an online broker, we are sure their platform would be very similar to eToro from simplicity and user friendliness perspective.

    I recommend eToro specifically for forex, real stocks (currently with 0% trading fees)and crypto trading, as it seems that this company invests a lot into these offerings. According to my information just during this year they have added most popular crypto currencies into their trading portfolio + they have launched real stocks trading and added many new forex currency pairs.

    When we talk about the eToro platform itself, I personally think it is very intuitive, meaning you will find anything very quickly without a lot of search. All items were found during the review exactly where you would expect it to be!

    Especially the newbies who have not yet developed a sense of complex perception of trading,will for sure benefit from intuitive and easy to absorb visual processing of trading data across the whole eToro platform.

    I think you will basically need maybe one afternoon of playing with demo account to understand how things work on eToro platform.

    Reading the eToro’s reviews across the fx forums I think the main eToro’s success comes from smartly implemented copytrading feature, low min.deposit and good customer support. Min.trade requirements are micro lots btw which makes sense if you want to cater to newbies.

    Advanced forex traders who decide to join eToro, could benefit from being copied by others (remember that eToro pays you for each copier). So if you are good at multiplying money by trading, you should give eToro a try.

    Veterans and very experienced forex traders may find eToro more expensive than their favorite ECN broker (higher level of brokerage) and they could be also missing Metatrader 4 or cTrader software.

    Review video

    BONUS for traders n/a
    Trading Contests No
    Minimum deposit 200 USD
    Min. volume size 1000 units (micro lot) OR 0.01 minimum trade volume
    Max. leverage up to 1:30 for EU citizens
    up to 1:300 under ASIC Australia regulation
    Spread EURUSD approx. 3 Pips
    Number of available currency pairs 47
    Metatrader no
    Can you trade via Internet Browser yes
    cTrader No
    Islamic Account Yes swap free account !
    Copying profitable traders (Copy trading) YES
    Segregated Account yes trader’s funds are held on segregated accounts in Barclays bank
    Scalping No
    Hedging No
    Mobile trading yes Mobile App for Android and iOS
    Trading Account types Standard and VIP
    15 languages supported Arabic, Chinese Dutch, English, French, German,Italian, Polish, Portuguese, Russian, Spanish, Swedish,Norwegian, Malay
    Regulation & License FCA (UK), CYSEC Cyprus, ASIC Australia
    Review eToro
    Summary eToro is very user friendly trading CFD platform. As such it is a magnet for beginners. Doing the review, we have found out that it is pretty good platform if you put your head into it. Don’t just go blindly and copy anyone on eToro who has a large following! Instead think twice before you click that “copy button”. Always look for longterm traders who have been with eToro for more than a year and half, check their history trades and their portfolio. Check their activity and risk profile. In a conclusion of the review I must say I was missing MT4 and more engaged customer support and most of all regular online trading education. eToro has a lot of room for improvement! We prepared also etoro Singapore review
    Author Edward Kendy
    Rating 4,5 out of 5
    Risk Disclaimer:
    eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.Past performance is not an indication of future results.

    7 COMMENTS

    Hello can you help me out pls ? I am just starting out so please be patient with me ��
    First I selected my favorite trader that I want to copy, but then I forgot to tick the option that says: “Copy all open trades”
    Is it a big problem ?

    Hi Monica, not a big deal really. During the eToro review I personally never selected that option as I felt more comfortable with copying only future trades. It just depends on what your overall strategy is. I prefer to leave it unticked. Thx.

    Hi there. I can only say I have had quite positive experience with eToro’s copytrading feature. Expect that it takes some learning curve to master the strategy on how to find the best traders on eToro. Right now after almost 6 months, my net profit is 5.5% which is not bad IMHO. My tip: Don’t be greedy and copy people with lower risk levels , who have been with eToro for more than 1 year.

    Etoro withdrawal process was very fast when comparing with some shady brokers that I used before. If I had to rate this platform, I would give 4.5 stars out of 5 rating! Thx.

    Hi I am from Singapore and Etoro is very popular here. Just recently started to invest using Etoro broker. I am very pleased so far with the results. I do trade stocks on my own and also copying a dude called liborvasa .. so far so good my portfolio is up +5% since November. Cheers!

    Global tensions grow, are they really true saying the gold will go up?

    Faun, in fact “gold” is considered as safe haven therefore it almost always goes up when global tensions grow. No wonder gold goes up (hitting 6 years high) now when there is ongoing trade war USA vs. China and problem with Iran is escalating.

    eToro Review

    eToro general information

    Cyprus

    Founded in: 2007 year
    Headquarters:
    Offices in the country: United Kingdom, China, Russia
    Minimum Deposit: 50 $
    Website: www.etoro.com
    Website languages:
    Execution model: NDD, STP
    Deposit currency:
    Support languages:
    Regulated by:
    Mobile trading: iOS, Android
    Types of offered accounts:
    Affiliate program: Yes
    • API capabilities
    • Web-based platform
    • Guaranteed stop loss

    eToro Forex broker description

    E Toro is a forex trading company with a strong online presence. It was established in 2007 and has been in the game consistently for over a decade and continues to carve a niche for itself in the world of forex trading.

    Trading Accounts

    E Toro has two trading accounts that are specially designed to suit clients trading needs with the major aspect being experienced. These accounts are the retail and professional trading account.

    The E Toro Retail Account

    This is the basic or standard account type that is found on this trading platform. It is designed to suit the needs of every client both the novice and the experienced. The following are the perks that a client will accrue from having this account.

    1. Access to a vast range of trading assets from shares, stocks, cryptocurrencies, indices, and commodities among others.
    2. Negative balance protection.
    3. Clients with this account are covered by the investor compensation fund in case of liquidation of the firm’s funds.
    4. Clients can trade either manually or copy trade.

    The E Toro Professional Account

    The E Toro professional account is another type of account provided by the trader to its clients. Just like the name, this is an account designed for professional traders who have experience in trading and are willing to stake large amounts of cash in their trade execution. To have this account, a client will have to apply for it on their online platform and if the client meets the set criteria, he or she will be able to get the professional account.

    Among the many benefits that come with this account type include:

    1. No restrictions on using leverage.
    2. Negative balance protection.
    3. High leverage trading.
    4. Professional account holders incur no charges on withdrawal of funds from their accounts.

    The Company. Security Of Funds

    E Toro as earlier indicated has been in the trading business for over a decade which has been characterized by the growth of this firm. E Toro prides itself in being among the first forex traders to have a social trading platform that has a big hand in making it a success.

    Over the years E Toro has made a decent name for itself and has been able to penetrate various markets worldwide making it a global brand. Founded in Israel, it has crawled its way to have headquarters in Cyprus, London and also in Tel Aviv. This has enabled it to have clients worldwide and the numbers continue to grow at a very steady rate.

    E Toro has managed to invest in the most qualified staff as its personnel to run its affairs and maintain an awesome working relationship with their many clients. The personnel ensures that each client’s needs have been solved ensuring an excellent customer experience.

    On matters of credibility, this trader has all the licenses and regulation status on point by the relevant regulatory bodies in all regions it has its operations. Among the licenses it has acquired include:

    1. E Toro Europe has been licensed by the Cyprus Securities and Exchange Commission (CySEC).
    2. E Toro in the United Kingdom has been given a clean bill of operation by the financial conduct authority (FCA).
    3. Both the European and UK sections are governed by the markets in financial instruments directive (MiFID).
    4. E Toro in Australia is governed by the Australia financial services license (AFSL).
    5. E Toro in its bid to uphold its integrity and gain the much-needed trust from its clients has put up measures that ensure clients’ funds stored by them are in safe hands and very secure.

    Among the measures put in place to ensure this include:

    1. Having separate bank accounts for the clients’ funds and also for their operational funds to prevent any mix up from happening.
    2. Clients’ funds are stored with the most credible banks which have a good working relationship with E Toro.
    3. E Toro is a member of a compensation scheme that will come through to sort out the clients in case of the rare occurrence of the company’s liquidation.

    Trading Conditions

    Minimum Initial Deposit

    The minimum initial deposit varies according to your region. It ranges from $200 to $10000 and will serve as your base capital in your trading conquests as well as act as a shield in case of a loss on a trade.

    Inactivity Fees

    If your account has been inactive for 12 months for depositing accounts and 4 months for non-depositing accounts, a fee of $10 will be charged. This will be incurred from your account’s fund balance.

    Commissions And Spreads

    E Toro account holders incur no commission at all. The spread type on offer is the floating type.

    Trading Platforms

    E Toro has its own customized trading platform that has been designed specially to meet its needs and also of its customers as a social trading platform. This platform is advanced and provides awesome tools that will allow you to execute trades hassle free. This platform comes in three operation modes which are:

    1. The E Toro webtrader.
    2. The E Toro OpenBook.
    3. The E Toro mobile platform.

    The E Toro Webtrader

    The E Toro webtrader is an advanced platform that will allow you to execute your trades over the internet. Among the perks of this platform include:

    1. Compatibility with a host of web browsers.
    2. Easy and fast execution of trades.
    3. User-friendly interface
    4. Awesome charting and drawing tools available.

    The E Toro OpenBook

    The E Toro OpenBook is a platform that will allow clients to connect and share ideas whilst executing their respective trades.

    The E Toro Mobile Platform

    The mobile platform was designed to take advantage of the growing popularity of mobile phone use. The mobile platform is accessible after downloading the application and signing in. among the benefits of this platform include:

    1. It is easy to use and free on download.
    2. It is compatible with a host of mobile operating systems such as Android and also ios.
    3. Provides excellent charting and drawing tools.
    4. Fast execution of trades.

    Promotions

    The following are the promotions currently on offer at the E Toro platform.

    1. Referral bonus where you will earn a stipulated amount of bonuses on the referral of a client to E Toro.
    2. The affiliate program lets you earn an agreed upon commission by having their banners on your website.

    Withdrawals And Deposits

    Withdrawals and deposits to and from your account are very easy and you will use the agreed upon modes to deposit or withdraw. It accepts both debit and credit card and also e-wallet payments. Accepted modes include Skrill, Neteller, PayPal and visa among others.

    BRIEFLY ABOUTE E Toro

    In conclusion, this is a very credible trader offering special tendered services to all of its clients. A look at E Toro customer comments and reviews gives you a feeling of trust and professionalism. eToro is a great trader for both novice and experienced traders in the forex business

    eToro Review 2020 – Reviews, Tutorial, Pros and Cons, Comments

    This is particularly true if you want to engage in social trading by copying or replicating other people’s trades. Here, eToro is at the very top of the game. Beyond this, they are also known as a great broker for crypto assets trading and CFDs. They boast more than 7 million users around the world and some of the best top-tier regulation possible. In all, this makes them very trustworthy and a top, reliable broker.

    Through this eToro review, you will learn everything you need to know to make the best choice about your forex trading future with eToro

    eToro review: Security

    It is true that there are many scam forex brokers in the industry. This means you need to be as careful as possible when choosing your broker. Luckily, eToro does not fall into this category and has top security measures and regulation in place.

    Foundation and Offices

    Mentioning regulation, you should know that eToro are very well regulated and hold several licenses from the top-tier financial regulators. They also have a physical presence in many countries around the world. This includes hundreds of staff in a variety of offices in the following locations worldwide:

    • Limassol (Cyprus)
    • London (UK)
    • Tel Aviv (Tel Aviv)
    • New Jersey (USA)
    • Sydney (Australia)
    • Shanghai (China)

    Regulations

    eToro is comprised of four main companies that operate worldwide. These are as follows:

    • eToro (Europe) Ltd, a Cyprus based investment company, with registration number HE20058. eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) with license number 109/10.
    • eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) with company reference number 583263.
    • eToro AUS Capital Pty Ltd is authorised by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License number 491139.
    • eToro USA is operated by eToro USA LLC, which is registered with FinCEN as a Money Services Business.

    In addition to being well-regulated by some of these top-tier authorities in the sector, eToro is also ESMA compliant and regulated in almost every European country. Thanks to this wide-ranging regulation, eToro is available to traders in almost every country of the world including the United States.

    In the United states there are some additional limitations when it comes to trading. If you are a US resident who wants to trade with eToro, then check out our post and tutorial for the brand new eToro USA.

    62% of retail CFD accounts lose money

    Money Protection

    One of the most important aspects of forex trading is making sure your funds are safe. This is understandably a top priority for all traders and something that eToro takes very seriously.

    To that end, eToro offers two protective measures to help keep your funds as safe as possible when trading with them.

    First of all, they keep your deposited funds in segregated accounts within top-tier banks such as Barclays and Goldman Sachs. This is a regulatory requirement in many areas to ensure that the funds of forex traders are kept safe. This helps ensure that your funds cannot and will not be used by the broker for any reason other than your trading decisions and that you will be protected if the broker encountered financial difficulty or bankruptcy.

    The second protective measure in place is negative balance protection. This means that you can’t lose more than the balance of funds in your account. What typically happens to ensure this is that if you reach a point where you can’t finance your position anymore, then it will be automatically closed by the broker. This means your account balance can never go below $0.

    Not Accepted Clients

    eToro accepts customers from all over the world, except from:

    • Afghanistan
    • Brunei
    • Iran
    • Japan
    • Laos
    • Myanmar
    • North Korea
    • Turkey
    • Yemen
    • Botswana
    • Burundi
    • Chad
    • Congo Republic
    • Democratic Republic of the Congo
    • Ethiopia
    • Guyana
    • Guinea
    • Guinea-Bissau
    • Libya
    • Mali
    • Namibia
    • Somalia
    • Sudan
    • Syria
    • Uganda
    • Palau
    • Samoa
    • Albania
    • Belarus
    • Bosnia and Herzegovina
    • Crimea Region
    • Serbia
    • Canada
    • Cuba
    • Nicaragua

    Security Pros and Cons

    • International broker
    • Top tier regulations
    • Your funds are safe

    Limited features in the US

    eToro review: Costs and Accounts

    Another clear factor when determining your choice of broker is definitely the associated costs, fees, and availability of account types that fit your trading style.

    Here is a look at exactly what eToro provides in that regard.

    Account Types

    Before getting started with any broker, you should give careful consideration to the type of account that will be the best fit for you.

    The eToro demo account is an ideal place to get started. They offer a completely unlimited demo account to try out. This can be opened with the most basic of personal information. All you will need is a username, email address, and telephone number to get started.

    This will allow you completely free access to a practice account with a virtual $100,000 balance to trade with that functions exactly like a live trading account but is risk-free. Once you have had enough practice to get to know the platform, you can then proceed to opening a live eToro account.

    Standard Account

    The first logical step for many forex traders who choose eToro is to open an eToro Standard Account. This is the only type of live trading account the broker offers to non-professional forex traders.

    To get started with this account type you will need some documents for the fast verification process. This includes the following to verify both your identity and your address:

    • ID/Passport
    • Proof of residence (utility bill, bank statement)

    You should also ensure the proof of residence shows your address as displayed on your account and is dated within 3 months to speed up the process. As standard you will also receive a follow-up call from an eToro operator to guide you on the next steps after signup and answer any questions you may have.

    The eToro minimum deposit on a standard account is $200 with a few exceptions:

    You should also note t hat until your account has been fully verified you cannot deposit more than $2,250 or the equivalent amount. Therefore, best practice is to make sure you complete the full eToro verification process as soon as you can.

    Islamic Account

    An eToro Islamic account is available although it needs to be requested if you are an Islamic trader. This account, as with all Islamic trading accounts, does not apply a swap fee as this is considered haram under Sharia law.

    If you do need this account type then you should make contact with the eToro customer support team. The eToro minimum deposit here will be $1,000.

    mam/pamm account

    An eToro MAM/PAMM account is not offered by the broker. However, due to the nature of the social trading platform and the fact that you can copy the trades of others, you could consider this to replicate some points of a PAMM account.

    Professional Account (eToro PRO)

    eToro, in accordance with ESMA regulations, classifies its traders into two types. These are retail, and professional.

    In order to qualify as a professional trader with eToro, you will need to satisfy at least two of the following requirements:

    • Large Trade Volume: you must have made at least 10 forex transactions with a minimum total value of $500.000
    • Financial Portfolio: This should exceed $500.000. Your private assets are not counted toward this value. Just the balance and open positions you have.
    • Professional Experience: You must have at least one year of working experience within the financial field.

    As an eToro professional trader, you will be eligible to receive a variety of additional benefits including a dedicated account manager, higher leverage (up to 400:1), and more competitive spreads and fees on forex trading. As a professional eToro trader, you also retain your negative balance protection.

    eToro Club

    The eToro Club is a relatively new addition for the broker and is a premium program that gives you access to certain perks depending on your account level. These benefits can include a reduction in fees and spreads among other benefits.

    The five levels of the eToro club membership are:

    You can check our dedicated guide on the eToro club for more information.

    eToro
    • Regulated: CySec, FCA, ASIC
    • Platforms: Proprietary
    • Min. Deposit: $200
    • Regulated: CySec, FCA, ASIC
    • Platforms: Proprietary
    • Min. Deposit: $200
    Open Your Account!

    62% of retail CFD accounts lose money

    Account Base Currency

    The only base currency that is offered as of now by eToro is USD. This means that if you deposit or withdraw any other currency besides the USD, you will have to pay a conversion fee.

    Deposit

    eToro deposit methods will vary depending on your country, but typically you can fund your account through wire transfer, major credit/debit cards (Visa, MasterCard, Maestro), or eWallet methods including Neteller and PayPal.

    EUR, USD, GBP, AUD, and RUB are generally accepted currencies around the world with eToro but there may be some exceptions depending on your local area. A good example of this is that RMB deposits are accepted in China via UnionPay.

    As mentioned, your first eToro minimum deposit should be at least $200. After this, deposits of at least $50 are required.

    Deposit Fees

    eToro deposit fees are generally limited. This is particularly the case if you are depositing in USD. If you deposit in another currency then you may be liable for a conversion charge. This charge will also depend on the method of deposit you use.

    For wire transfer deposits in another currency, the commission is a flat 50 pips regardless of currency. For credit and debit cards and eWallets, the conversion commission is as follows:

    • EUR – Pips 250
    • GBP – Pips 50
    • AUD – Pips 100
    • RUB – Pips 50

    Keep in mind that your bank may also apply a commission fee. You should consult them about this to see their policy.

    eToro
    • Regulated: CySec, FCA, ASIC
    • Platforms: Proprietary
    • Min. Deposit: $200
    • Regulated: CySec, FCA, ASIC
    • Platforms: Proprietary
    • Min. Deposit: $200
    Open Your Account!

    62% of retail CFD accounts lose money

    Withdrawals

    eToro withdrawals can be made through the same methods as deposits. As mentioned, this includes wire transfer, credit/debit cards, and eWallets.

    It is important to note that due to anti-money laundering regulation, your withdrawal method must match your deposit method.

    Withdrawal Fees

    eToro withdrawal fees are a flat $25 fee or the equivalent amount in your currency and you can only withdraw amounts that are greater than $50.

    However, recently, eToro lowered this withdrawal fee to only $5.

    Spreads & Commissions

    eToro spreads are offered as variable only. There are no fixed spread options with this broker. Spreads through eToro you may feel are marginally higher than those of their competitors. This is due to the presence of a very strong copy trading infrastructure that you as a trader can also benefit from.

    The forex spread generally starts from around 1 pip on major currency pairs. With that said, spreads between 2-4 pips are quite common. eToro does not charge any commission on trades.

    To give you a clearer picture, here are some sample spreads on eToros most traded markets:

    • EUR/USD – 3 pips
    • Gold – 45 pips
    • S&P500 – 75 pips
    • Bitcoin – 0,75% of the crypto value
    • US Stocks – 0.08% of the asset value

    Stocks and ETFs real trading commissions

    One important aspect to note when trading with eToro is that you have the chance to trade both stocks and ETFs as real. This means trading without leverage and you own the underlying asset. In this case, eToro applies no commission on these trades. They may however, keep a percentage of the dividend.

    This depends on the country the company is based in and as an example, for US companies and ETFs, this amount would be 30% of the dividend. eToro customer support should have more information on the different percentages for each country if needed.

    What type of trader are you?

    62% of retail CFD accounts lose money

    eToro Fees

    Another major consideration for any forex trader, new or experienced, is fees. Let’s see how eToro shapes up in this respect:

    Overnight fee

    There is an eToro overnight fee as there is with almost every other broker. This is also known as a swap or rollover fee and is an interest to be paid depending on the assets and how long the position has been kept open. This fee applies on leveraged trading only and so, if you are trading 1:1 on stocks, ETFs, and crypto, it can be avoided.

    Since it is not Sharia compliant, it can also be avoided if you have requested and been approved for an eToro Islamic account.

    Inactivity fee

    eToro does charge an inactivity fee. This fee currently stands at $10. The eToro inactivity fee only comes into play though if you have not logged into your account for 12 consecutive months.

    If there are not enough funds in your account to pay the inactivity fee, then the account may be closed.

    Cost Pros and Cons

    • Unlimited demo account
    • Low minimum deposit in most cases
    • 0% commissions on Stocks and ETFs when traded as real
    • Relatively high spreads
    • Relatively high eToro Tax on dividends
    • Very high minimum deposit for Islamic account

    eToro review: Trading

    eToro is considered kind of an unconventional broker when it comes to trading features. Let’s take a closer look at exactly how these operate.

    Trading Features

    Most assets are traded as regular CFDs and you also have the option of trading real 1:1 on cryptos, stocks, and ETFs.

    Combined with this, the major trading feature and focus of eToro is on copy and social trading. This serves to make it a very dynamic choice as a forex broker.

    Executions

    eToro is an STP/NDD broker. This straight through processing order method with No Dealing Desk appeals to many traders who are more experienced and can provide a range of positives when trading forex and other markets.

    Sizing

    The minimum lot size permitted by eToro when trading with CFDs is 1 micro lot. This is equal to 0.01 standard lots, or 1,000 currency units and makes trading accessible for all including new forex traders who are trying to manage risk levels effectively.

    This minimum lot size can change the minimum investment you need depending on the asset involved. Here is an example:

    • Forex: $33 (30:1 leverage)
    • Indices: $200 (20:1 leverage)
    • Commodities: $200 (10:1 leverage)
    • ETFs: $50 (real 1:1)
    • Shares: $50 (real 1:1)
    • Crypto: $25 (real 1:1)

    Techniques

    There are of course many specific trading techniques applied by experienced traders. These include hedging and scalping, both of which are not permitted by eToro.

    There is also no spread betting allowed with the broker dues to regulation though you can implement APIs with the eToro platform. These are considered a type of algorithmic trading and may help you to identify patterns or trends in the market.

    Risk Management

    Managing risk in forex trading is another very important area for all traders. There are many ways you can implement through eToro in order to help minimize your risk levels.

    These include orders like stop losses, take profit, limit orders, and trailing stops. The broker will also initiate margin calls to alert you when your equity is at a certain level against your open positions. In all, there are plenty of features to assist you with effective risk management through eToro.

    Leverage

    The eToro leverage available depends which regulation you fall under and which country you are from.

    The following limitations are defined by the European Securities and Markets Authority (ESMA), and apply to retail clients of eToro (Europe) Ltd (CySEC regulated) and eToro (UK) Ltd (FCA regulated):

    • 30:1 for major currency pairs (such as EUR/USD)
    • 20:1 for non-major currency pairs (such as EUR/NZD), Gold and major indices
    • 10:1 for commodities other than Gold and non-major equity indices
    • 5:1 for CFD stocks and ETFs
    • 2:1 for cryptocurrency

    The following limitations apply to Professional clients and clients of eToro Australia Capital Ltd (ASIC regulated):

    • 400:1 for currency pairs
    • 100:1 for commodities and indices
    • 20:1 for selected CFD stocks
    • 10:1 for other CFD stocks and ETFs
    • 2:1 for cryptocurrency CFDs

    If you are a US-based forex trader, the only available leverage available to you is 1:1 since CFDs are banned in the US and you can only trade Cryptocurrencies.

    You can check our guide where we can help you gain a better understanding of eToro margin and leverage.

    Platforms & Mobile

    The next important area we will look into is the available trading platforms and how you can trade through mobile or other devices with eToro.

    Charting and Trading tools

    The eToro platform provides a range of charting indicators and tools you can use to help with trading. These include a total of 13 chart drawing tools and more than 60 other tools and indicators.

    There is also a very useful comparison tool that you can use to compare two or more assets.

    Proprietary (Desktop platform)

    Trading with eToro you will find that they offer only one type of platform. This is their own proprietary trading platform that has built a reputation over the years for being extremely intuitive and user-friendly. You will find this platform to be well organized and with less of a learning curve than some others.

    Within the platform itself, one of the most important areas is the “feeds” section. This will allow you to fully engage in the social side of the platform with other traders. Here you can share information, predictions, news, images, and more to help each other.

    Mobile

    Mobile forex trading is essential in today’s market. This area is again well provided for by the proprietary eToro mobile trading platform which can be used through your mobile or smart device on Android or iOS although not through a smart watch.

    There are a variety of language available including English, German, Spanish, French, and Italian and the layout is similar to that of the desktop platform and it also has a dedicated feed and favorite assets section as well as a customizable watch list and the ability to send push notification alerts to your device depending on your need.

    The two platforms are in fact very similar with the only difference being a reduction in drawing and charting tools on mobile. There is however, still plenty available to keep you very up to date and able to trade on the go with eToro mobile.

    Markets

    What would a top forex broker be without markets to trade? Here is everything that eToro has available:

    Forex

    eToro offers 47 Forex Pairs including major, minor, and exotic choices.

    Spreads start from 1 pip on major forex pairs.

    Commodities

    eToro offers 13 Commodities:

    • 7 metals (Gold, Silver, Copper, Platinum, Palladium, Nickel, Aluminum)
    • 4 Soft Commodities (Wheat, Cocoa, Cotton, Sugar)
    • 2 Energies (Oil, Natural Gas)

    Indices

    13 major global indices are available to trade including:

    • Asia: China, Hong Kong, Japan
    • EU: UK, France, Germany, Spain, Europe
    • USA: US Dollar Index, DJ30, NASDAQ, S&P500

    Crypto and eToro Wallet

    • 17 Cryptocurrencies (including the most famous like Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, etc.)
    • 1 Crypto-Metal (GOLD/BTC)
    • 16 Crypto-Crypto
    • 64 Crypto-fiat pairs

    On the crypto trading, eToro owns and recently launched the eToroX crypto wallet. As an eToro trader you can transfer your cryptos to your eToro wallet if you want to store them.

    If you are a US-Based trader with eToro, then this is currently the only category available for you to trade in.

    Stocks

    • 17 Stock indices with over 950 stocks in total
    • 13 european stock indices
    • 2 US stock indices
    • Saudi stock index
    • Hong Kong stock index
    • penny stocks

    With eToro you can filter these stocks by Country or by sector. This can help you narrow down the specific areas and markets that you want to target for trading.

    eToro offers 145 ETFs.

    eToro ETFs are provided mostly by iShares, Vanguard and SPDR

    Products

    There are a number of specific products provided by the eToro company. Most are integrated within your standard eToro trading account while some may be slightly spun off from that, but still available for you to use as an eToro trader.

    Let’s take a look:

    CopyTrader

    With the eToro CopyTrader, this forms an integral part of the eToro brand offering. Here you can start copying the trades of others with a minimum investment of $200 for each trader.

    If you would like others to copy your trades, you will need to contact eToro and they will make the final decision on whether your profile is eligible to become a signal provider. If this does happen, you will be eligible to earn a commission from your followers.

    We will take a more in-depth look at eToro Copytrader a little later in this review.

    CopyPortfolios

    eToro CopyPortfolios are basically baskets of common assets or instruments almost like ETFs or even indices on a smaller scale. Commonly known as “blends” outside eToro, they are typically groups of traders, shares, or certain assets that you can invest in and by doing so, you are investing in the overall growth of that portfolio. There are some different types of CopyPortfolio that you can invest in as follows:

    Top Trader: These are different pools of the best traders. Here you may find traders that use Algorithmic Robots, traders that had particularly strong growth in the past quarter, or others with something in common.

    Market Portfolios: Market portfolios focus on shares. When choosing the CopyPortfolio “Cryptos”, you are investing into the whole Cryptocurrency world which includes both cryptocurrencies and companies that invest in them.
    Considering other miscellaneous investments here, there’s the Copyportfolio “Panicmode” which invests in assets such as Gold, S&P500, and more low-risk instruments. In total there is a selection of 19 market portfolios available at present.

    Partner Portfolios: These are basically Market Portfolios created by third parties collaborating with eToro. They often try to replicate the portfolios of successful investors and mutual funds.

    Investing in eToro CopyPortfolios can be an excellent way to provide yourself with a more diverse portfolio of investments and also help to balance risk in your forex trading or within other markets.

    Real Stocks and ETF

    As mentioned previously, eToro in most countries allows you to invest in CFDs trading on leverage, or in some cases to trade without leverage and own the underlying asset in the case of ETFs and Stocks.

    There are a few key differences here in that, if you trade CFDs, you may incur interest in the form of overnight fees that you will not incur if buying 1:1 on stocks and ETFs. This can be a great tool for longer term investment and also allows for you to earn a dividend if this is provided by the company or ETF (eToro takes a percentage of this).

    Investing in fraction of stocks is also an option that eToro provides to you as a trader. Here for example, if an Amazon share costs $1800, you can still invest as little as $50, and you will earn or lose money according to the fraction of the share you own. The same goes with dividends: if you invest $100 in Amazon share that costs $1800, you will earn 1/18 of the actual dividend.

    This can be an excellent way to lower your investment risk and still diversify your trading portfolio, a great addition particularly for newer or less experienced traders.

    Real Cryptos and eToroX

    As mentioned earlier, trading in real cryptocurrency is also available from eToro. The minimum investment here starts from just $25 and fractional ownership with the profits and losses in proportion is also available.

    As an eToro trader, your real crypto holdings can also be transferred to the eToroX crypto wallet service. This transfer will be permitted only if you are holding a significant enough balance in real cryptocurrency that you can check with the eToroX support team.

    Social Trading – Copy Trading

    As a new trader with eToro you may at this point be wondering, what is the difference between social trading and copy trading?

    The answer is quite simple:

    Social Trading is interactive in the sense that traders can share their thoughts with other traders. Not only that, but you can also follow and interact with them in most cases, very much like a social network.

    Copy Trading is more operational in the sense that you can directly copy the trades of others (signal provider) and you will make or lose money based on this performance.

    eToro provides both of these services, and it’s considered one of the best social-copy trading brokers

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    eToro
    • Regulated: CySec, FCA, ASIC
    • Platforms: Proprietary
    • Min. Deposit: $200
    • Regulated: CySec, FCA, ASIC
    • Platforms: Proprietary
    • Min. Deposit: $200
    Open Your Account!