ETORO REVIEW

Details

Exchange etoro
Website URL www.etoro.com
Founded 2013
Headquarters Limassol, Cyprus
Supported Countries EU
Main Feature Not Hacked
Trading Currency BTC, BCH, ETH+4 Other
Spread Vary
Free Demo Account No
Regulation Regulated by CySEC
Fee Info Conversion; fee: range from 50 pips to 250 pips; Withdrawal fee: $25; Dormant account Fee: $5 per month
Account Types Demo, Bronze, Gold, Platinum, VIP and Islamic Accounts
Deposit Methods Credit/Debit Card, PayPal, Bank Transfer, web wallets
Withdrawal Methods Credit card, PayPal or bank account
Trading Methods CFD Broker
Trading Currency Ethereum, Bitcoin Cash, Bitcoin and 4 others
Account Currency USD
US Traders Allowed No
Overall Score 90

Pros

  • EToro trades proportionally to the investment and can therefore be considered a fair and unbiased platform
  • Its interface is innovative, interactive and easy to use despite being an integrated broker, social trading network and trade execution interface It is a trusted site that boasts 6m+ users all over the world offering a blog
  • trading e course, trading academy and live webinars to train the newbies
  • No commissions
  • Etoro offers Demo accounts for those wishing to practice.

Cons

  • You can only manage your account using the US dollar
  • The withdrawal period is also unnecessarily long being a 5 day wait which may be a tad inconvenient
  • There is no choice; you only trade on their proprietary platform
  • No 2FA for account login

ETORO REVIEW: A CFD TRADING PLATFOTM

Introduction

Etoro aims at creating a trading platform that is suitable and convenient for everyone. Over ten years later, the platform has scores of 5million+ users and is found in 170 different countries. Etoro was founded in Tel Aviv, Israel by two brothers, Ronen and Yoni Assia and their partner David Ring, as asocial trading platform and online Forex broker.

This wide reach is because of the confidence or authenticity brought by regulation. Etoro(Europe) LTD based at Cyprus is registered and regulated under Cyprus Security and Exchange rules (CySEC) while that in the UK is regulated by the Financial Conduct Authority (FCA).

Besides that, the platform is popular because of their user friendly interface and outstanding customer support.

Etoro basically consolidates diverse trade ideas from different people in a social platform where registered users can monitor other users’ investment activities. In this way, novice, intermediate and expert traders benefit from each other’s profile thus an overall holistic growth on a global level.

 Creating Accounts

etoro Account

Figure 2: Sign Up

Getting an account at eToro is very easy and signing up requires a $100 minimum deposit or 40% of their realized equity, except in Arabic regions where a minimum of $200is required. Etoro accounts are based off the USD and therefore even though you can deposit in different currencies, it shall be converted to USD. You can use your Facebook or Gmail account to create an account

Etoro claim that they are worldwide yet they don’t accept users from USA, Myanmar, North Korea, Iran, Cuba, Sudan and Syria.

etoro Trading knowledge

Figure 3: Etoro asks for Trading Experience

If you need to practice first before committing to signing up with eToro then you can access a demo account in the FAQ section. The account can access the social trading platform but doesn’t display profiles and trading activity.

After you sign up, you shall be requested to submit a phone number for verification and that’s just about as personal as the platform gets with regard to user information. EToro attracts thousands of users on a daily basis who have access to trade in currencies, CFDs, indices and commodities.

Besides the mentioned accounts, the platform also offers a special Islamic account.

etoro Deposit methods

Figure 4: Deposit Methods

A deposit of over $20000 gets one a premium account which has its benefits such as a personal pioneer credit card, direct access to the eToro trading room, a personal account manager and faster withdrawals. Once you create and verify your account you can deposit using credit or debit cards, bank transfers, PayPal and several web wallets like Skrill, WebMoney, and Neteller.

Unverified account holders can deposit up-to $2250.

etoro Conversion fees

Figure 5: Withdraw funds

To withdraw funds from your account, you must first fill up a withdrawal form and funds transferred to your credit card, PayPal or bank account.

However, first timers need to first submit a clear copy of their passport complete with their hand written signatures and a proof of residence document that can be a utility bill of bank account statement that is no more than 3 months old.

If you had deposited funds using your credit card then make sure that you submit clear copies of both sides of the card-conceal your CVV. Make sure the names used on during account sign up tally with the details you are submitting.

Trading Interface

 

etoro Trading Platform

Figure 6: Trading Platform

The platform has an innovative educational program that offers innumerable guides and tutorials on brokerage and margin trading, navigating the platform and numerous other trading topics. The good thing is, it comes in different languages and can be used by different groups of people across the globe.

etoro CopyTrader feature

Figure 7: CopyTrader Feature

On top of that the platform owns a trading forum where users can share their experiences and lessons they’ve picked up along the way. There are other social investment tools like OpenBook and the legendary CopyTrader feature. The CopyTrader is a patented product of eToro and it enables the user to copy the best trader through a CopyTrading portfolio whose job is to let traders manage their copied trades in a simple and open way.

Traders can also get watch lists, news feeds, stats, risks, trading history and personal portfolios in just a few clicks. Clients who subscribe for the personal investment program will be able to build their portfolio of investments with accumulated trade while still going home with a handsome monthly salary plus benefits. The platform is also supported by android and iOS and its fresh new app is available on play store and iTunes.

Etoro avails a wide range of assets CFDs for trade including currencies, Gold and cryptocurrencies. There are 7 cryptocurrencies CFD available for trade including BTC, BCH, DASH, Ripple, Ethereum, Litecoin and ETC.

Etoro Charges

Trading on Etoro is cheap. Their fees include:

etoro Typical spreads

Figure 8: Typical Spreads

Trade spreads they charge every time you open a trade. Typical spreads for EURUSD pair is 3 pips but as usual spreads vary depending on volatility and liquidity. Besides, there are roll-over fees or credits depending on what you trade.

The minimum amount you can withdraw is $50 and the smaller the amount, the higher the fees paid. For every withdrawal, Etoro charges $25.

etoro Withdrawal fees

Figure 9: Withdrawal Fees

etoro Conversion fees

Figure 10: Conversion Fees

Conversion fees are charged both ways for converting your local currency to USD and vice versa. Fees can range anywhere from 50 pips to 250 pips.

Inactivity fees applies only if the account has some funds in it and is charged after 12 months of no logins for depositing accounts and 4 months for no depositing accounts. A monthly flat fee of $5 is deducted from the account until after funds are depleted. If there is no login thereafter, the account can be considered inactive.

Etoro does not charge commissions so the figure quoted is exactly what you will pay.

Etoro Copy Funds

The company introduced two types of funds that can be invested in as a new revolutionary investment product:

Top Trader Copy Funds which is made up of the top best traders of the platform. This is a good investment opportunity if you are too pre occupied to engage in market research.

etoro CopyFunds

Figure 11:  Top Trader CopyFunds

Market Copy Funds which offers thematic financial instruments. They can range from normal exchange traded funds to unique trading commodities like gold and indices. Both seem like an exciting feature and we are waiting to see how they will perform.

etoro Market Funds

Figure 12: Market CopyFund

Security Features

  • All communications are done over a SSL secured and encrypted network ensuring safety of all personal data.
  • Etoro is regulated by CySEC and FCA.
  • Funds are held in custodial bank accounts.
  • Account verification is needed before scaling up deposits.

Customer Support

Etoro has a spectacular customer support available through the weekdays both on phone and email, which they normally respond to within a 48 hour period.

On top of that, the customer service page has personalized digital customer service feature on the bottom left of the page provided for by a company known as Nano Rep.

Users can also interact with customer service in a forum type format using a feature known as customer service wall and most queries are referred online guides and the platform’s knowledge base.

Speaking to a representative on eToro is also simple, involving the opening of a token by the client who is then contacted in the shortest time possible.

Users have the luxury of choosing the representative they wish to speak to since a picture of them and a brief biography of who they are is provided.

Customer support is available in a number of languages including English, German, Spanish, French and Italian.

Conclusion

Overly, Etoro is an easy to use social trading platform with a simple custom made interface. There are many trading assets available for traders to choose from and coupled with many features such as CopyTrader and funds, investors can easily choose to copy traders from profitable traders as they run their day to day businesses. My only concern has to be their lack of 2FA for account login and that users from the US, Canada and Japan for example are prohibited from opening an account. Otherwise, Etoro remains a reliable CFD social trading platform.

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