eToro Review 2020 – Start Social Trading now

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Contents

Etoro Review 2020

Regulated by CySEC & FCA | Segregates Client Funds | Trust Rating: B

CFD Trading involves high risk be careful with your investement

CFD Trading involves high risk be careful with your investement

This post is also available in: Deutsch Italiano

Table of Contents

In this eTORO Review we want to find our if Etoro is really one of the best Forex Brokers in the world.
We conducted an in-depth review in April 2020 to find out the answer and bring it to you!

eToro is a social trading and multi-asset brokerage company that was originally founded in the year 2006 in Tel Aviv, Israel, under the name RetailFX.

In 2020, eToro released the eToro OpenBook social investment platform, which facilitates copy/social trading. Since its launch, the platform has generated a significant amount of interest and attracted millions of users.

eToro’s headquarters are located in Tel Aviv, Israel. Additional subsidiaries are registered in the UK and Cyprus. In Australia, eToro operates through a partnership with the top-notch true ECN giant, IC Markets.

Today, over seven million traders, investors and copy traders hold accounts with eToro, making it one of the world’s leading Forex and social trading brokers.

�� Trading Platform eToro, CopyTrader
�� Head Office Limassol, Cyprus
�� Founded 2020
⭐ Reviews 4.2 – 1,537 Reviews Trust Pilot
↔ Maximum Leverage 400:1
�� Execution Servers N/A
�� Broker Type Market Maker
�� Negative Protection Yes
�� Trading Options Forex, CFDs, Crypto, Stocks
OUR RATING: 8.3
The overall raiting is based on review by our experts
�� Reliability: 9 / 10 �� Spread: 6 / 10
�� Offers: 8 / 10 �� Speed of Execution: 9 / 10
�� Customer Service: 9 / 10 �� Uptime: 9 / 10
Trading Conditions
Max Leverage: 400:1
Platform:
Min Deposit: $200
Spread: From 2.0 Pips
Cuts out Dealing Desk: Yes
Methods of deposit and offers
Deposit / Withdraw:
Welcome offer: Up to $200
Rebates Engine Forex: Coming soon!

SECURITY, MARGINS AND TECHNOLOGY

SECURITY

In Summary

  • CySEC & FCA regulated
  • Social Trading & multi-asset broker
  • No dealing-desk intervention

Of course, security is also important in social trading.

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According to European regulation enforced by ESMA, there is a guaranteed protection for customers’ deposits, which amounts to EUR 20,000 per customer. Negative balance protection is also guaranteed. The financial markets directive MiFID, which protects capital and investors’ rights after the banking crisis of 2007, is taking effect here.

Copy Stop Loss (CSL), a function with which risk management can be applied to every copy relationship, provides additional security, for example, when copying. In the default settings, the CSL value is 40% of the total invested copy value for each copy relationship. If the account balance falls below this value, the Copy Stop Loss takes effect, and the copy relationship is terminated. This serves the automated protection of trading capital. The CSL can be set manually between 5% and 95%. For example, a value of 5% can be used as a safety switch when almost all the money from the copy relationship is used up.

The eToro website is available in more than ten languages. Nevertheless, not all parts of the website have been translated into the respective language. Many areas are still only accessible in English. This can be detrimental to traders and investors who do not speak English.

Licensed and registered with the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA), eToro provides a safe and secure trading environment for all its clients.

Advanced Secure Socket Layer (SSL) technology is in place to guarantee high web protection and security.

Is eToro a scam or a serious broker?
eToro is to be classified as a safe and secure online broker. The general terms and conditions are clear, and the fee structure transparent. eToro is fully EU-regulated via the Cyprus Securities Exchange Commission (CySec). Over 4.5 million users currently trade with eToro – an enormous number. Major investors and partners behind the broker are Commerzbank, Barclays and Spark Capital. Currently, eToro can be regarded as the market leader in social trading.

All monies are held safely and securely in trust accounts with renowned banks.

Spreads Comparison

eTORO
PEPPERSTONE
THINK MARKETS
OANDA
IC MARKETS

CHARGES AND MARGINS AT eTORO

In Summary

  • Spread from 2.0 Pips
  • STP/NDD broker
  • Up to 400:1 leverage
  • Free Copy Trading

As is the case with every other market maker broker, eToro clients don’t pay a commission as such but a spread mark-up. The minimum spread is 2 pips.

eToro is a STP/NDD (straight-through processing/no dealing desk) market maker broker that does not charge any additional fees or commissions – the spread markup is the only fee that’s applied. Copy trading is also free. eToro’s commission comes from the bid/ask spread of the trades you place and eToro guarantees that spreads remain the same, regardless of whether you are copying someone or trading manually.

There are no costs or fees for the actual account management at eToro.

Fees on spreads and overnight fees
With a table that is constantly updated, eToro provides an overview of the spreads that are incurred when trading and any overnight fees that may be charged. The table is divided into the individual currencies. Depending on the underlying value, you can view the spreads and bid/ask spreads transparently overnight. From our experience, the fees are fair and transparent. You should know her, though. A detailed list of all fees can be found on the eToro website under Customer Service and here “Fees”.

As with most brokers, margin requirements vary depending on the trader, accounts and financial instruments used; to give an example, eToro offers margins of up to 0.5% on Forex products.

TECHNOLOGY

In Summary

  • Reliable trade execution
  • Iconic SocialTrader feature
  • eToro trading platform
  • CopyFunds for investors

The trading platform at eToro is particularly simple and clearly structured and can be used via a web application (webtrader). A download of the software is not necessary. There is also a mobile application that can be loaded onto the mobile device. Both traders and investors can conveniently access their account from anywhere and benefit from the opportunities offered here.

Trading at eToro
eToro provides a web-based trading platform. AAnyone who has ever engaged in trading CFDs, Forex or binary options will quickly find their way around. The platform is also intuitive to use for beginners. Trades identified from the OpenBook can be copied and executed here. In addition to indices or shares, currencies, commodities and cryptocurrencies are also available as underlyings.

The eToro mobile apps for iPhone and Android
eToro also supports mobile trading with two eToro apps which are available for Android as well as for iOS devices such as iPhones and iPads. Just as the social trading platform is divided into two areas, the apps also focus on the social component of the OpenBook and the actual trading platform. Both eToro apps are available for free at the well-known download centres Google Play and iTunes.

Next to eToro’s easy-to-use and ‘all-inclusive’ trading platform, its ‘CopyTrader’ feature is the most iconic feature. CopyTrader is an online trading community that allows all individuals within the community to see what people are trading in real time and what profits or losses they make. These trading activities can be copied and applied to your own portfolio at the click of a button. This feature, and the fact that a huge eToro social trading community has already formed, has enabled the masses to trade and apply the strategies of other members of the community with simplicity and ease.

The eToro platform, Trade Markets, can now be accessed from any device. Both novice and experienced traders enjoy the intuitive feel of the platform, which is very user-friendly and allows users to view the portfolios of other traders, get general access to all markets, or even invest with eToro’s newest feature ‘CopyPortfolios’ (former CopyFunds).

eToro revolutionised social trading with their CopyTrader feature. CopyPortfolios gives further access to financial instruments that have been bundled together in one product. This allows any type of trader to conveniently invest in these funds.

Execution of Speed Comparison

eTORO
PEPPERSTONE
THINK MARKETS
OANDA
IC MARKETS

CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES

CUSTOMER SERVICE AND CLIENTS SUPPORT

In Summary

  • Limited support options
  • Global presence with large client base
  • Real or Demo account option
  • One universal trading account

With millions of users worldwide, eToro has become one of the leading online trading providers and the top go-to broker for social trading. The social trading platform, network and community shares a wealth of insight and information, and beginners, in particular, can learn a lot through networking with more advanced traders. Advanced and professional traders can benefit from other traders following their strategies.

In terms of customer support, eToro lacks a live service centre team. No live chat or telephone service is offered, and even though a large help and FAQ section is provided, users or potential clients cannot make instant contact. Email support may take up to 48 hours.

Upon sign-up, clients have a simple choice to make: create a real or demo account. Once a real retail investor account has been created, a minimum deposit of $200 is required to start trading or copy-trading. Maximum leverage on a standard account is 400:1 and spreads start from 2 pips.

Clients can trade more than 1000 financial instruments including 40+ currency pairs, indices CFDs, commodities and popular cryptocurrencies.

Deposit and payment methods include VISA and Master credit cards/debit cards, PayPal, Neteller, Skrill, WebMoney, Giropay, Wirecard, Yandex, China Union Pay and wire transfers.

One massive drawback is, that the eToro charges disbursement / withdrawal fees.

Although this is not quite so rare among brokers on the Internet, it is being used less and less. With eToro, the fees must be paid starting with the first payout and there are no monthly free payouts. A payment is generally possible from an amount of 20 euros but with the incurring fees, paying out such an amount would be ludicrous. The payment fees are graded according to the amount paid out as per below:

  • 20 Euro to 200 Euro – fees of 5 Euro
  • 200,01 Euro to 500 Euro – fees of 10 Euro
  • from 500,01 Euro – fees of 25 Euro

Social trading also needs to be learned. That’s why the training and education offered by a broker naturally plays an important role. eToro can certainly score points in this respect.

The Trading Academy is particularly well-positioned and offers a wide range of opportunities to find out more about trades, the platform, the stock exchange and other areas of trading. The live webinars take place after registration and deal with different topics. The eCourse offers interactive trading courses in which participants can familiarise themselves with trading in slow steps. If you want to learn as much as possible in a short period of time, you can opt for the trading videos and be guided in this way.

The available demo account option allows both novice and experienced traders to get used to the social platform, tools and features before investing real money.

In terms of bonuses, a variety of bonus promotions and incentives are available that can vary from month to month. The first thing to mention here is a welcome bonus depending on the singular deposit amount. This is $100 in credits for a deposit of $300 to $999, if you deposit $1000 to $2499, a bonus of $300 credits awaits you. From $2,500 to $5000, bonus credits of $1000 are being awarded and beyond that you should not be shy to negotiate terms with the support team. Please note that bonus and promotional offers vary and the above mentioned example is not always available.

FOREX AND OTHER TRADING OPTIONS

In Summary

  • 47 currency pairs
  • 9 cryptocurrencies
  • 12 indices CFDs + 6 commodities
  • 1000+ stocks & 59 ETFs

eToro is a multi-asset platform that offers equity and cryptocurrency investment products as well as CFD asset trading. In total 47 currency pairs, 6 commodities, 12 index CFDs, 59 ETFs, 1000 stocks and 9 cryptocurrencies are being offered.

Traders can choose to trade the above-mentioned options on some of the world’s top markets such as the Australian S&P 200 Index, UK FTSE 100 Index, US E-mini S&P 500, US DJIA Index, Germany 30 and China 50.

The cryptocurrencies that can be traded at this point of time are Bitcoin, Ethereum, Litecoin, Ripple’s XRP, Dash, Ethereum Classic, Bitcoin Cash, Stellar and Neo.

eToro offers maximum leverage of up to 400:1 (on Forex), micro-lot trading starting from 0.01 and spreads from 2 pips (for example on the popular EUR/USD pair). Clients can start trading or copy-trading with an initial deposit of between $200 and $500, depending on the trader’s region of origin.

A trader within the community / network
At eToro, there are traders and investors. Investors follow the traders, copy their strategies and benefit from the professional knowledge they are offered. Traders have the opportunity to develop a stable career with good payouts if they are successful with their trades. At eToro there are four subdivisions for the traders:

Cadet
These are the beginners. These traders do not receive any payment but only a revenue share of 25% of the proceeds. Prerequisites are a verified account and at least one copier on your trades.

Rising Star
Who could already compile 50 copiers and has a minimum asset at a value of 500 euro on its account, that is a Rising Star. This means he will receive a payment of 350 Euros, a 25% revenue share and a 10% spread refund.

Champion
If you want to become an eToro Champion, you must have at least 250 copiers with your account and have an account balance of 1,000 Euros or more. In this case, there is a payment of 1.000 Euro as well as a revenue share of 30% and a spread refund of 50%. Access to the premium account is also provided.

Elite
As payment, there is a 2% share on the annual managed assets as well as a 30% revenue share and a 100% spread refund. You also have access to the premium account. The account must have a balance of at least 5,000 euros.

If you want to be successful as an eToro trader, you can try this in three steps. The first step is to start trading. Your strategy is then shared. Now it is important to win the trust of the community and get as many copiers as possible. For this, the own trading decisions must be explained, and the questions of the copiers answered. Depending on how many copiers there are, the payment will then vary.

Note: The revenue share refers to the net revenue generated by the traders that you brought to eToro yourself. These do not have to be copiers of the trader. Spread refunds are calculated on net spreads.

The eToro community is especially large, which is a good thing for investors in particular. Retail investors can take their time to look around, find out about the various investments made by traders and then copy their strategies. The idea behind this type of network is above all that inexperienced investors find their way into trading as quickly as possible.

The most successful traders are highlighted in the “Top Traders” section, which gives an overview of their past performance. Of course, it needs to be highlighted that past performance is no indication of future results!

Forex trading and CFDs work the same way as investing in other trader’s strategies via copy-trading. These are all very complex instruments with a high-risk factor, and investors’ capital is always at stake.

Transparency is an important issue on the platform and should be available to both investors and traders. For this reason, traders at eToro are divided into different scales. This has many advantages for traders and investors alike. The trader can slowly but reliably build a career in the network. This requires skill, dedication and a little luck. Investors and copiers can see from the status which successes the trader has already had. This makes it easier to choose the trader you want to copy.

The Openbook offer is ideal for investors. This application makes it even easier to keep an eye on your portfolio. The term Open Book in finance stands for an overview of all trading activities that are currently carried out. The concept was also adopted for eToro, but at the same time also expanded. The trading application gives you the possibility to inform yourself about the individual actions of the different traders, to follow them, to get in contact with them and also to copy them. All this takes place on the particularly intuitive eToro platform. Traders can also use Openbook to take advantage of social interaction and consolidate contact with other traders and investors or draw attention to themselves.

eToro Review

Since its creation in 2006, eToro has become a leading social trading platform for trading major financial markets including stocks, forex and cryptocurrencies. One of the reasons for the platform’s popularity is the effort eToro has made to ensure its platform makes online trading accessible to as many people as possible.

eToro offers both short and long-term options for traders, all accessible through the CopyPortfolios™ service which allows traders to set up a diversified portfolio. eToro also offers trading instruments with a varying degree of associated risk, while the platform is also available on its web interface and mobile app.

In addition, eToro has also created the CopyTrader™ system which, allows individuals to copy the trades of other users, enabling its clients to potentially benefit from the collective experiences of its network of traders. Beginner traders will also receive a series of guidance when taking their first steps into online trading. For example, eToro offers new traders a free practice account enabling them to practice trading online without risking any real money.

eToro is fully regulated and conforms to the guidelines of CySEC, the FCA and ASIC, and has partnered with major financial institutions, such as Russia’s Sberbank and China’s Ping An Group, to promote online trading and financial education in these markets.

  • Used by 6,000,000+ traders
  • Established in 2006
  • Regulated by Financial Conduct Authority, CySEC, ASIC
  • Min. deposit from €200
  • Doesn’t allow scalping (See alternatives)
  • Inactivity Fee
  • Limited range of instruments

To open a live account, you’ll need a minimum deposit of at least €200. Alternatively, eToro offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 583263), CySEC (Licence: 109/10), and ASIC (AFSL #491139). eToro puts all client funds in a segregated bank account and uses tier-1 banks for this. eToro has been established since 2006, and have a head office in Cyprus, UK.

Before we dive into some of the more detailed aspects of eToro’s spreads, fees, platforms and trading features, you may want to open eToro’s website in a new tab by clicking the button below in order to see the latest information directly from eToro.

62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What are eToro’s spreads & fees?

Like most brokers, eToro takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on eToro’s website. The colour bars show how competitive eToro’s spreads are in comparison to other popular brokers featured on BrokerNotes.

eToro
EUR/USD (Average: 0.7 pips) 3.0 pips 0.01% 0.6 pips + $1.00
GBP/USD (Average: 1.1 pips) 4.0 pips 0.01% 0.9 pips + $1.00
USD/JPY (Average: 1.1 pips) 2.0 pips 0.02% 0.7 pips + $1.00
AUD/USD (Average: 0.8 pips) 1.0 pips 0.01% 0.6 pips + $1.00
USD/CHF (Average: 2.3 pips) 3.0 pips 0.02% 1.5 pips + $1.00
USD/CAD (Average: 2.9 pips) 3.0 pips 0.02% 1.7 pips + $1.00
NZD/USD (Average: 3.6 pips) 5.0 pips 0.05% 2.0 pips + $1.00
EUR/GBP (Average: 2.4 pips) 4.0 pips 0.02% 0.9 pips + $1.00

Spreads are dynamic and are for informational purposes only.

As you can see, eToro’s minimum spread for trading EUR/USD is 3.0 pips – which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with eToro vs. similar brokers.

How much does eToro charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with eToro at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $36. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .

eToro XTB AvaTrade
Spread from : $ 30.00 $ 2.00 $ 7.00
Commission : $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 30.00 $ 2.00 $ 7.00
$28 less $23 less
Visit eToro Visit XTB Visit AvaTrade

All fees/prices are for informational purposes and are subject to change.

What can you trade with eToro?

eToro offers over 1,083 different instruments to trade, including over 47 currency pairs. We’ve summarised all of the different types of instruments offered by eToro below, along with the instruments offered by XTB and AvaTrade for comparison.

FX / Currencies eToro XTB AvaTrade
# of forex pairs offered 47 48 59
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies Yes Yes Yes
Commodity CFDs eToro XTB AvaTrade
# of commodities offered 6 21 16
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs eToro XTB AvaTrade
# of stocks offered 957 1606 99
UK shares Yes Yes Yes
US shares Yes Yes Yes
German shares Yes Yes Yes
Japanese shares Yes Yes Yes
See eToro’s Instruments See XTB’s Instruments See AvaTrade’s Instruments

What’s the eToro trading experience like?

1) Platforms and apps

eToro offer a user-friendly custom trading platform, available as both a downloadable program or as a browser based WebTrader. If you are looking for a MetaTrader broker, see our comparison of MT4 brokers here

eToro also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

Still not sure?

2) Executing Trades

eToro allows you to execute a minimum trade of $25. This may vary depending on the account you open. eToro allows you to execute a maximum trade of 20% of equity. As eToro offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As a market maker, eToro may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that eToro offers its traders below.

Trading Features:

  • Offers STP
  • Low min deposit

Accounts offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account

Funding methods:

  • Credit cards
  • Bank Transfer
  • PayPal
  • Skrill
  • Payoneer
  • Neteller

3) Client support

eToro support a wide range of languages including English, German, Spanish, French, and Italian.

eToro has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.

4) What you’ll need to open an account with eToro

As eToro is regulated by Financial Conduct Authority, CySEC, ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore eToro’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with eToro you can visit their website here.

What is eToro’s Platform?

The eToro platform is a combined social trading application and web trading platform. The social trading component of eToro was initially developed in 2020 separate to the standard web trading platform. The original web trading platform was used to search for traders to follow, while the CopyTrader was used to automatically copy their trades into the followers’ accounts.

In 2020, eToro made the process of searching for top traders to follow as well as copying their trades much easier. The two platforms were integrated into a single platform, the eToro Platform, which is the current platform offered by eToro today.

The web-based trading platform is built on JAVA technology and is accessible from any computer with an internet connection. It is a web-based application and no download is required. The platform allows the trader to access the platform from any of the popular web browsers like Chrome, Mozilla, Firefox and Internet Explorer.

The platform contains a complete suite of technical indicators and interactive charts, and can also be used to trade selected stock indices, crude oil, cryptocurrencies and gold. eToro’s platform is synchronised with eToro’s social trading platform, enabling trader’s to copy trades from successful traders listed on the leaderboard.

Trading on the eToro platform is exclusively under market maker conditions, and trades are executed by a dealing desk.

What mobile apps do eToro offer?

eToro offers a mobile trading application for iOS devices as well as Android phones and tablets. The app can be downloaded from the respective app stores (iTunes and Google Play store).

What is eToro CopyPortfolios?

The eToro CopyPortfolios program is a managed portfolio account system where traders can simply put funds in and have a top trader make all the trading decisions. All a trader needs to do to participate is to fund the trading account, find a CopyPortfolios that fits their investment objectives and strategy, and click to join the desired portfolio.

Traders have the choice to trade in two types of CopyPortfolios:

  1. Top Trader CopyPortfolios, made up of eToro’s best performing and most sustainable traders.
  2. Market CopyPortfolios where assets comprising stocks, commodities or ETFs are bundled together under a chosen trading strategy. For example, eToro offers portfolios for trading cannabis stocks, clean energy stocks, vegan stocks, self-driving car stocks, CRISPR stocks, and more.

With CopyPortfolios, traders can get a managed portfolio by simply copying a CopyPortfolios that makes sense for them.

Frequently asked questions about eToro

The following section details some useful details about trading on eToro:

Do eToro charge a commission?

eToro does not have commission charges on trading, instead, they mark up the spread. Example trading fees for popular instruments with eToro:

1.5% for Bitcoin
5% for Bitcoin cash
0.09% spread per side for Stocks and ETFs
2 pips for Copper
45 pips for gold
3 pips for EUR/USD
6 pips for GBP/JPY
150 pips for UK100
600 pips for DJ30

What are eToro’s trading hours?

The eToro platform is open for trading 24 hours a day, 5 days a week (Monday to Friday) from 9pm GMT on Sunday to 9pm GMT on Friday.

What leverage and margin do eToro offer?

The new leverage rate for retail investors are as follows:

  • 30:1 for major currency pairs (such as EUR/USD)
  • 20:1 for non-major currency pairs (such as NZD/USD), gold and major indices
  • 10:1 for commodities with the exception of gold and non-major equity indices
  • 5:1 for CFD stocks
  • 2:1 for cryptocurrency CFD

What’s the minimum and maximum I can trade on eToro?

The minimum trade contract size on eToro is 1,000 units of the base currency, which is equivalent to a lot size of 0.01 lots for currencies, 10 units for commodities and 1 unit for stock indices. There is no limit to the maximum contract size that can be traded.

What is the market depth offered by eToro?

The market dealing model provided by eToro is market making, so market depth is Level I. However, the eToro platform allows a trader to view what other traders on the eToro social medium are doing in the market, and trades of a successful trader can then be copied using eToro’s CopyTrader facility.

What risk control features do eToro offer?

Even though there is the ability to adjust leverage on the eToro platform, the company now has a responsible trading policy that limits the total exposure of a trader in the market to 50% and sets the below leverage limitations :
30:1 for major currency pairs (such as EUR/USD)
20:1 for non-major currency pairs (such as NZD/USD), gold and major indices
10:1 for commodities with the exception of gold and non-major equity indices
5:1 for CFD stocks
2:1 for cryptocurrency CFD

How to trade on eToro

eToro is based on a social trading model. Therefore, the interface of the eToro Platform is different to most other platforms where the trader is confronted with charts and indicators. Rather, the interface looks like this:

The assets that the trader is interested in trading can be selected from the watchlist. The watchlist is part of the trader’s navigation bar shown in the screenshot above.

The bid and ask prices, the line graph of the asset’s recent price movement as well as the market sentiment (percentage of buying and selling interests) is shown on the watchlist.

Trading an Asset: What Does the Social Community Say?

Once an asset is clicked for trading, a new window opens. This showcases the views of members of the eToro social trading community in the feed section. This allows a trader to access the views and sentiment of other eToro traders before making a trading decision.

You can also see the chart for the selected asset by clicking on ‘Chart’. You can see the example for the Bitcoin asset (BTC) below:

If you wanted to make the trade, you would click the ‘Trade’ button in the top right-hand corner of the screen. This will produce the trade selection interface shown below:

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. 66% 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. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

  • Written by Marcus Taylor
  • Founder & CEO

Marcus founded BrokerNotes in 2020 after trying hard to find a broker for himself to trade and struggling to compare brokers like-for-like. You can find more about BrokerNotes & Marcus here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from www.etoro.com on 01/04/2020.

eToro not quite right?

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eToro Review: Online Broker for CFDs With Social Copy Trading

With hundreds, if not thousands of online brokers now allowing you to trade a full range of assets at a click of a button, knowing which platform to go with can be a difficult task. While some traders will seek to find the most user-friendly platform on the market, others prefer brokers with super-low fees.

With that being said, the likes of eToro have grown exponentially over the past few years. With the online broker now claiming to service over 10 million users from all over the world, we sought to explore just what all the fuss is all about.

As such, if you’re thinking about using eToro for your online trading needs, be sure to read our comprehensive guide.

We’ve covered everything that you need to know – such as how the platform works, what assets it allows you trade, fees, regulation, and more.

Let’s start by finding out what eToro actually is.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

What is eToro?

eToro is an online broker that allows you to buy, sell and trade thousands of financial instruments. Launched in 2020 and now headquartered in Cyprus, the platform initially focused exclusively on CFDs (contracts for difference).

However, the platform has since expanded into other areas of the online brokerage space – subsequently allowing users to actually own the assets they invest in.

At the time of writing, this includes traditional stock market equities and cryptocurrencies. In terms of its CFD offering, this includes everything from forex, stock market indices, ETFs, commodities, and more.

One of the overarching benefits of using a platform like eToro is that the broker is suitable for newbie traders. As such – irrespective of your experience, buying and selling assets via the eToro website is as simple as it gets. Furthermore – and perhaps most importantly, eToro was one of the first pioneers of the social trading phenomenon.

Not only does this allow everyday investors to share, discuss and debate portfolio strategies – but via the Copy Trading feature, inexperienced traders can copy the trades of other investors like-for-like. It is this, alongside the vast number of financial instruments available at the platform, that has made eToro one of the fastest-growing online stock brokers in recent years.

In terms of its regulatory status – eToro is authorized by three key financial bodies. In its home jurisdiction of Cyprus, this includes the Cyprus Securities and Exchange Commission (CySEC). However, the more stringent authorization of the UK’s Financial Conduct Authority and the Australian Securities and Investments Commission (ASIC) are potentially more notable.

Finally, it is also important to mention that – fully in-line with the platform’s target market of newbie traders, eToro supports a huge number of everyday payment methods. While this includes traditional debit/credit cards and bank account transfers, the platform also hosts e-wallets such as PayPal and Skrill.

So now that you have an idea as to what eToro is, in the next part of our review we are going to further explore the types of financial instruments that you can invest in.

What Assets can you buy and Sell at Etoro?

First and foremost – and as we briefly discussed earlier, eToro was originally focused on CFDs, and CFDs only. As a result, there is still a misconception in the public domain that irrespective of the financial instrument you are investing in, you do not actually own the asset. This couldn’t be further from the truth, at least with respect to stocks and cryptocurrencies.

Let’s break this down in more detail.

Stocks and Shares

In a nutshell, when you purchase traditional stocks and shares via eToro, you maintain full ownership of the assets – much in the same way as you would with any other conventional stock broker operating in the space. As such, by purchasing stocks and shares at eToro, you will be accustomed to dividend payments, if applicable.

This is a very important differentiator, not least because previously, you could only invest in stocks and shares that were represented by CFDs. Although we will discuss the CFD department at eToro in more detail further down, this meant that you could only speculate on the movement of equities, as opposed to actually owning them.

However, it is important to mention a couple of fundamental conditions for the above to remain constant.

  1. To own the underlying stock, you must ‘Go Long’, as opposed to ‘Going Short’. This means that you purchase stocks in the traditional way, rather than speculating that the value of the stock will go down. If you do want to go short, you will be investing in a CFD.
  2. To own the underlying stock, you must not apply leverage. If you do want to utilize leverage within your stock trades, then you will be investing in CFDs.

In terms of the types of stocks and shares that you can invest in, eToro lists thousands of individual equities listed on multiple stock market exchanges. This includes popular markets such as the NASDAQ and NYSE in the US, the London Stock Exchange, and the Tokyo Stock Exchange. The platform also has a presence in less popular stock markets, such as those based in Spain and Sweden.

Cryptocurrencies

The reason that we have decided to discuss cryptocurrencies before other, more traditional asset classes, is that digital currencies are the only other financial instrument that you can own outright at eToro.

Take note, although you technically own the underlying cryptocurrency – as opposed to simply holding a CFD, you won’t be able to withdraw your coins to an external wallet.

If you wish to withdraw cryptos to your own wallet you will need to use a full exchange such as :

However, we would argue that the regulatory safeguards that come with an eToro account are potentially more secure than utilizing a private wallet – especially if you are a beginner.

Nevertheless, much like in the case of stocks and shares, you will only own the underlying digital currency if you [A] go long, as opposed to short and [B] do not apply any leverage. Once again, if you don’t meet the above requirements, you will instead be investing in CFDs.

In terms of what cryptocurrencies you can buy and sell at eToro, this covers 16 crypto-to-dollar pairs such as BTC/USD, ETH/USD and BTC/USD. You can also trade cryptocurrencies against a number of other base fiat currencies, such as EUR, GBP, and JPY.

For those of you that want to trade crypto-cross pairs, eToro also has you covered. This includes the likes of ETH/EOS, BTC/EOS, and BTC/ETH.

Forex

One of the most widely used segments of the eToro platform is that of its forex department. In fact, the platform hosts dozens of tradable currency pairs across the major, minor, and exotic threshold.

While all major and minor pairs are covered, eToro offers a comprehensive number of less popular cross-pairs. This includes the likes of CFD/HUF, EUR/PLN, USD/MXN, and ZAR/JPY.

Indices

If you’re looking to mitigate your risk by investing in the wider stock markets, then you’ll be pleased to know that eToro lists 13 individual indices. The most popular markets listed include the NASDAQ 100, S&P 500, FTSE 100, and China 50.

eToro also covers stock market indices from Hong Kong, Japan, Spain, France, and Germany.

At the time of writing, eToro lists 145 ETFs from a range of different sectors. This includes ETFs facilitated by well-known institutions such as iShares and Vanguard.

Commodities

Finally, if you’re looking for exposure to the highly volatile world of commodities, you have six assets to choose from. This includes oil, gold, silver, copper, natural gas, and platinum.

eToro Fees

So now that we’ve discussed the ins and outs of what you can trade at eToro, we now need to explore how much it costs to trade. First and foremost, it is important to note that eToro does not charge any commissions or trading fees. However, this doesn’t mean that you will be trading for free. On the contrary, you will pay your fees in the form of the spread.

For those unaware, the spread is the difference between the;

Bid Price: the highest price that buyers are willing to pay for a financial instrument

Sell Price: the lowest price that sellers are willing to sell a financial instrument.

Without intending to digress, it is super important for you to understand how the spread works, not least because this will have a major impact on the fees you pay at eToro.

To assist, we’ve listed a quick example below.

  1. Let’s say that you are looking to invest in Apple stocks.
  2. Upon accessing the market on eToro, you see that the bid price is $200, and the ask price is $210.
  3. As such, we then need to divide the bid price into the ask price, which gives us just over 0.95.
  4. We then subtract the above calculation from 1, which leaves us 0.05.
  5. In percentage terms, this means that the spread is 5%.

As noted above, this is how your eToro fees will work. If, for example, the spread was in fact 5%, this means that the market would need to go in your favor by 5% just to break even. The key problem with this is that eToro does not make the spread fees clear. Instead, you would need to repeat the above calculation to assess how much you are paying.

Nevertheless, to give you a rough idea, major crypto-to-dollar pairs come with an average spread of approximately 1.5%, while crypto-crosses can be as high as 5%. Stocks and ETFs are much lower, rarely surpassing 0.5%. However, less common marketplaces such as those in Spain and France will come with a much higher spread.

Leverage and Overnight Fees

If you are looking to apply leverage to your eToro trades, the amount that you are able to get will depend on the type of financial asset you are trading, as well as your specific location. For example, traders based within the European Union will often be capped to just 1:2 on cryptocurrencies, and 1:5 on traditional blue-chip stocks.

Nevertheless, if you do apply leverage, you will, of course, need to pay an overnight financing fee. Although this varies quite considerably based on the specific financial instrument you want to trade, what we do like is that eToro is very transparent on its overnight financing charges.

When you set-up your trading parametres to include leverage, eToro will give you a breakdown of how much you will pay per day. This includes one rate for Monday-to-Friday, and another rate for holding open trades over the weekend.

So now that we’ve covered the main trading fee structure, in the next section we are going to cover deposits and withdrawals.

Deposits and Withdrawals at eToro

If you’re looking for a broad range of deposit and withdrawal options, eToro has you covered. In terms of funding your account, eToro accepts traditional debit/credit cards, bank wires, PayPal, Skrill, WebMoney, and more. All deposits and free, which is great. Moreover, unless you are performing a conventional bank transfer, most other deposit types are credited instantly.

When it comes to withdrawals, eToro will only consider withdrawals of $50 or more. Regardless of the type of payment method that you opt for, withdrawals come with a $25 fee. In the vast majority of cases, the payments team at eToro will process withdrawal requests within 3 working days. Once they do, the amount of time it will take for you to receive your funds will depend on your chosen payment method.

Social and Copy Trading

We really like the social trading feature that is available at eToro. In a nutshell, the platform has a somewhat ‘Social Media’ feel to it, insofar that investors can communicate with one another in a public setting. For example, if the price of Gold suddenly dropped by 2%, users can share their insights as to why this happened, and where the market is destined to head next.

Moreover, social trading also allows you to view the results of other traders. Not only does this display each and every trade that the investor in question has made, but you can also view the investor’s portfolio. Take note, if you don’t feel comfortable allowing other users to view your statistics or portfolio, you can switch this off at any time.

On top of social trading, eToro is also well-known for its copy trading feature. As we noted earlier, this allows you to copy the exact portfolio of your chosen investor(s), like-for-like. The copy feature places trades for you automatically, proportionate to how much you want to stake.

For example, if the trader you are copying has a $30,000 portfolio, but you only want to invest $3,000 – then the size of each asset within the portfolio will be split accordingly.

Opening an Account at eToro

A further benefit to choosing eToro over traditional, more established online brokers, is that the account registration process is super easy. If you have all of the required information to hand, you could get the account opened within less than 15 minutes.

In order to get started, you will need to head over to the official eToro homepage and click on the ‘JOIN NOW’ button. This will require you to enter some personal information, such as your full name, home address, telephone number, date of birth, and email address.

As is industry standard in the online brokerage space, you will also need to provide some information on your current financial standing, your experience of trading, and your attitude to risk. These questions are designed to ensure that eToro remains fully compliant with its licensing bodies, and that you understand the risks associated with trading – especially if you’re looking to invest in CFDs.

Here’s a breakdown of some of the main questions that you will need to answer in order to satisfy eToro.

  • How much experience you have in trading
  • Your knowledge in trading
  • What investments you plan to make
  • Your overall purpose of using eToro to trade
  • What your tolerance to risk is
  • What your current financial standing is like
  • Details about your net worth

Once again, although the above questions might appear intrusive, this is standard in the online broker arena.

Once you have completed the main account registration process, you will then need to go through a somewhat basic KYC (know your customer) program. This is to ensure that the platform meets its anti-money laundering and terrorist financing obligations.

Firstly, you will need to upload a copy of your government-issued ID. This will either need to be a passport, driver’s license, or national ID card. You will also need to upload a recent proof of address, such as a utility bill or bank statement.

Once you complete the speedy KYC process, you’re good to start trading.

Regulation and Security

One of the most important factors to consider when joining a new brokerage platform is its regulatory status. As we mentioned above, eToro is currently regulated on three main fronts. This includes;

  • Australian Securities and Investments Commission (ASIC)
  • UK Financial Conduct Authority (FCA)
  • Cyprus Securities and Exchange Commission (CySEC)

eToro complies with all respect jurisdictional laws, especially with regards to anti-money laundering and data protection. Furthermore, all client funds are held in segregated bank accounts with tier-one financial institutions.

In terms of account security, this is a bit thin on the ground from the perspective of the account holder. Although two-factor authentication is an option, nothing else really stands out. However, eToro does employ a fully-fledged, in-house security team to ensure that your account remains safe at all times.

What Languages Does eToro Support?

As a platform that operates in more than 140 jurisdictions, eToro is now available in 14 different languages. This includes;

  • Arabic
  • Chinese
  • Dutch
  • English
  • French
  • German
  • Italian
  • Polish
  • Portuguese
  • Russian
  • Spanish
  • Swedish
  • Norwegian
  • Malay

Customer Service and Public Reviews

If you need to contact somebody from the eToro customer support team, your best bet is to use the live chat facility. This is operational on a 24/5 basis – meaning if you need help over the weekend hours, you’re out of luck.

This is quite a poor offering from a platform that claims to serve more than 10 million customers. Although it is true that the traditional financial markets only operate during the week, the likes of forex and cryptocurrencies trade 24/7.

Moreover, unless you are based in Australia, you won’t have access to a dedicated telephone support line.

In terms of its reputation in the public domain, this is largely positive. However, the platform does have a rather lousy TurstPilot rating of just 2.5/5. When we explored the negative TrustPilot rating in more detail, this mainly centred on the overly basic nature of the trading arena, alongside above-average fees.

eToro Mobile Application

If you’re somebody that likes the option of trading on the move, you’ll be pleased to know that a native eToro mobile application is available on both iOS and Android devices. Anything outside of these two operating systems will require you to use the standard mobile web browser version of the platform.

Nevertheless, the mobile application is just as user-friendly as the main desktop site, and you can perform the vast majority of account functions. This, of course, includes trading, as well as deposits and withdrawals.

The eToro app on Google Play has a very impressive user rating of 4.2/5, which is across almost 24,000 individual reviews. Over at the Apple Store, this is a more impressive 4.7/5, although this only covers 35 reviews.

eToro Review: The Bottom Line?

In summary, it’s clear to see why eToro is now only of the fastest growing brokers in the online trading space. Not only is the platform super easy to use, but it hosts thousands of tradable instruments. While much of the assets hosted are in the form of CFDs, you can own both blue-chip stocks and cryptocurrencies outright.

In terms of supported payment methods, this is also a plus-point, as eToro allows you to deposit funds with a debit/credit card, bank account, e-wallet, and more. The fact that the platform also holds licenses with three regulatory bodies adds further weight to the broker’s dedication to protecting customer funds.

On the other hand, it must also be noted that trading at eToro is not cheap. While it is true that you will not pay any commissions or fees per-say, the platform more than makes up for this with its above-average spreads. However, this is the price that you will have to pay if you want to benefit from the many benefits that eToro offers.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

eToro Review and Tutorial 2020

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
eToro Facts & Figures

eToro lead the way in Crypto trading. The lowest spreads (from 1% for BTC), their own wallet service and the largest number of Cryptos to trade. FCA Regulated.

Instruments CFD, Forex, Crypto, Stocks
Demo Account Yes
Min. Deposit $200 ($50 in US)
Min. Trade $1
Regulated By FCA
MT4 Integration Yes
Mobile Apps iOS, Android and Windows
Auto Trading Automate your trades via Copy Trading – Follow profitable traders. Open and close trades automatically when they do.
Trade Signals via Copy Trading
Islamic Account Yes
CFD
FTSE Spread 1 pt
GBPUSD Spread 4 pips
Oil Spread 5 pts
Stocks Spread 0.24% Var
Forex
GBPUSD Spread 4 pips
EURUSD Spread 3 pips
EURGBP Spread 4 pips
Assets 50+
Cryptocurrency
Spread BTC eToro Copy Portfolio

Trading Accounts Offered

To simplify the trading process, the firm has opted to provide their clients with only one standard type of trading account.

Opening a trading account is a simple and straightforward process which requires you to fill up and submit the registration form.

Before you can participate in live trading, you need to place a minimum deposit of $200. And if you wish to participate in the “Popular Investor” program, you need to place a minimum deposit of $1000 before you can qualify for the program.

However if you are unsure and wish to try out the platform first before committing any real money, you can do so using the free demo account facility. This provides a simulator of sorts, though you still get to use live real-time prices.

The process is the same as signing up for a live trading account. Once you have signed up for the demo account, you can also switch to a live account status by selecting the “Real” account tab.

Instruments & Assets

Over the years, eToro has expanded their assets to cover additional assets. Today, traders can trade with 53 currency pairs, 53 ETFs, 12 market indices, 7 types of commodities and 957 types of stocks from all over the world.

The firm have also been long time pioneers of cryptocurrency trading. They offer the largest range of cryptos anywhere and are focussed on expanding this market whenever an established token reaches the mainstream.

Crypto Wallet

eToro now offer a multi-crypto on-chain wallet. The phased roll out will see the feature opened up country by country, and the available list of cryptos will also expand as time goes on.

The wallet offers high level of security, with multi-signature sign in supported – this means users can view their blockchain transactions without having to expose their private key.

The mobile app (available from Google Apps, and the Apple store) will allow the buying and selling of cryptocurrency using fiat currency.

It will also allow the conversion of one crypto to another. Four cryptos will be included at the launch (Bitcoin, Bitcoin cash, Ethereum and Litecoin). Others will be added as the app scales up.

Conversion will initially be limited to Platinum Account holders, but ultimately expanded to all traders.

The app is open to any registered eToro customer and makes accessing an otherwise complex market easily.

Customer Support

Customer support is available Monday to Friday, 24 hours a day. To contact the support team, traders can do so by submitting their query on the web contact form provided on their website.

Alternatively, traders can also reach out through support team by emailing the relevant departments concerning their queries.

Deposit & Withdrawal

There are several ways which you can fund your trading account at eToro.

At present the supported methods include deposit through credit cards such as VISA, Mastercard or Diners.

eWallets such as China UnionPay, Neteller, PayPal, Skrill, WebMoney and Yandex are also available for traders to deposit their funds with.

For traders who do not possess a credit card or eWallet, they can also fund their trading account through a bank wire transfer.

Processing of withdrawal requests typically takes 3 business days. However, traders should ensure that the withdrawn amount should be a minimum of $50, or else their withdrawal requests will be rejected.

Take note that eToro charge their clients a withdrawal fee of $5 for every withdrawal made (recently reduced).

Apart from the withdrawal fee, an additional cost to traders will be the currency conversion fee.

At present, the conversion fees are as follows:

AUD/USD: 100 Pips
CAD/USD: 250 Pips
EUR/USD: 250 Pips
GBP/USD: 50 Pips
JPY/USD: 250 Pips
RMB/USD: 50 Pips
RUB/USD: 50 Pips

eToro Copy Trader [Past performance is not an indication of future results]

Is eToro Suitable For Day Trading?

If you are a beginner trader who is just starting out, then eToro will be the right broker to trade with. The ability to conduct social trading is indeed a feature that can greatly enhance the profitability of a beginner trader.

However if you are an experienced trader looking to day trade, then eToro might not be the right fit. This is due to the fact that that the spreads charged by eToro are higher than average.

In addition, as a day trader that relies on small margins and a large number of trades to make an overall daily profit, the additional cost incurred will erode away at any gain that is made from day trading.

Company

eToro’s head office is located at 7th floor, Kanika International Business Center (KIBC), 4 Profiti Ilia Street, Germasogeia, Limassol, Cyprus.

Video – How To Trade With eToro

What is the minimum deposit requirement to open a trading account?

The minimum deposit requirement at eToro is $200 for Non-US traders. US Traders can open an account with just $50.

How fast can my withdrawal request be processed?

Typically, it takes 3 business days to process a withdrawal request.

Is eToro a reliable broker?

Yes. eToro is a well established broker that is regulated in multiple jurisdictions.

What kind of trading platform does eToro have?

eToro uses a proprientary trading platform called “CopyTrader”.

What is the maximum leverage available at eToro?

The maximum leverage that is available at eToro is 1:30.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

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.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Accepted Countries

eToro accepts traders from Australia, Thailand, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use eToro from Iran, Turkey, Japan, Canada.

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