eToro Review - World’s Most Popular Social Trading Platform
Video eToro Review
Established in 2006, eToro is the world’s leading social trading platform. The platform was the brainchild of two bothers Yoni Assia and Ronen Assia together with the business partner David Ring. When the patented “Openbook” platform was first introduced to the world in 2010, it took the online trading industry by storm. For the first time, individual retail traders could ally themselves with more experienced traders to copy their trades without having to undergo a steep learning curve. Based in Cyprus and the UK, eToro today has recorded more than 5 million registered users. And with constant improvements to their trading platform, eToro today continues to grow by leaps and bounds.
eToro Platform Review
The most unique feature about eToro is its social trading platform. When the broker first introduced the social trading platform, it was the first of its kind in the industry. While many other brokers have since tried to emulate the success of eToro by incorporating the concept of social trading onto their platform, none has achieved the same level of success as eToro. When you log in to your eToro trading account, you will be taken to the dashboard page where the watchlist will be the center piece. The watchlist bring to your attention all the assets that have been marked for closer scrutiny by you.
On the left of the trading screen is where all the tabs of all the platform functionalities are located. To begin trading, simply click on “Trade Markets” to display all the assets that are available for trading. You can also choose to display the assets according to their asset classes by clicking on the individual tabs located at the top of the screen. To get a closer look at the price movement of an asset, simply click on the graph of the selected asset and a separate window will pop up to display a detailed chart of the asset just like the one shown below.
If you will to use the copying trading feature of eToro’s trading platform, simply click on the tab labeled “Copy People”. The page will then update to display the profiles of all the leading traders and their trading statistics. Simply click on the profile of the traders that you want to follow to begin copy trading.
If you are an experienced trader, you can also choose to become an “Investor”. As an investor, other traders will be able to start following your trades if they selected your profile as the trader to copy form. At the same time, your role as an investor will also let you earn extra income from those who follow your trades.
Recently, eToro has introduced the concept of “CopyFunds”. With the Copy Fund program, traders can now also invest in top performing assets that are picked by the platform’s algorithms. With copy trading, the focus has been on the top performing traders. On the other hand with Copy Funds, the focus now shifts to assets that are performing well.
Account Types and Asset Index
As for the trading accounts that are available at eToro, the broker has only provided two types of trading accounts, a standard trading account and a demo account. To open a live trading account with eToro, only a minimum deposit of $50 is required. If you wish to test out the trading platform before committing your trading funds, you can sign up for the demo account for free. There is no deposit requirement and you can start using the demo once you completed the registration process.
As for the underlying assets that are available at eToro for trading, they can be categorized into currencies, commodities, stocks, Crypto, ETFs and Indices.
Deposit & Withdrawals
Funding of your trading account can be done through 10 different ways. They include the following:
- Bank Wire Transfer: 3 to 5 days duration to access the fund, No limits
- China Union Pay: Maximum deposit of $20,000
- Credit/Debit Cards: Instant access to trading funds, Maximum deposit of $20,000
- GiroPay: Up 1 business day to access the funds, Maximum deposit of $30,000
- Neteller: Instant access to funds, Maximum deposit of $10,000
- PayPal: Instant for electronic transfer, maximum deposit of $10,000
- Skrill: Instant access to funds, Maximum deposit of $10,000
- Web Money: Instant access to funds, Maximum deposit of $50,000
- Wire Card: Up to 3 business days to access trading funds, No Limit on deposits
- Yandex: Instant access, $5000 maximum deposit
As for the minimum deposit requirement, this can range from $50 to $1000 depending on the region where the trader is from.
Withdrawals of funds at eToro are processed through credit cards, Paypal and bank wire transfers. Normally the processing time takes up one business day. Nevertheless, it should be noted that it can also take up to 5 business days for the entire withdrawal request to be completed.
To reach out to eToro’s customer support service, traders can contact the support team through email, fax or web contact form. A major plus point about the support service is the fact that it is available 24 hours 5 days a week. For the added benefit of traders whose mother tongue is not the English language, eToro has also translated its website into 10 different languages such as Arabic, Spanish, Italian, German, Russian, Chinese, French, Polish, Dutch and Norwegian.
Is eToro a Scam?
Could eToro be a scam? The answer is no. This is due to the fact that eToro is a regulated broker under the Cyprus Securities Exchange Commission and the UK’s Financial Conduct Authority. Both these regulatory agencies are highly regarded and will not hesitate to take action against eToro if it was a scam. In addition, we should also note the fact that the broker has been around since 2006. Had it been a scam, it would not have been able to operate for as long as it has now.
Pros & Cons eToro
- 24/5 Customer Support
- Intuitive trading platform
- Regulated broker
- Support Copy trading
- Fees are charged on withdrawals
Higher than average spreads
General Info about eToro
Broker name: eToro
Based: Cyprus, UK
Regulation: CySEC, FCA
Platform languages: English, French, German, Italian, Spanish, Russian, Arabic, Chinese, Dutch, Norwegian, Polish
USA traders: No
Demo Account: Yes
Free Demo Account: Yes; with $10,000 virtual cash
Education: Live webinars, trading videos FAQ knowledgebase
Platform: eToro proprietary platform available on web, android and ios.
Assets: Forex pairs, commodities, ETFs, Cryptocurrencies, Market indices, Stocks
Trading Hours: 24/5
Min Trade: $1000 (after leverage)
Max Trade:$500,000 (after leverage)
Loss Protection: No
Trade Types: Spot Markets and CFDs
Tools: Economic calendar, market review, blog, daily cryptocurrency tracker
Quotes: Live Feed
Mobile Trading: Yes
SMS Alert: No
E-Mail Alert: No
Withdrawal Restrictions: Minimum $50. No upper limit
Withdrawal Options: Visa, Mastercard, Bank Wire Transfer, PayPal
Withdrawal Fees: $25
Minimum Deposit: $50
Deposit Options: Bank Wire Transfer, China Union Pay, Credit/Debit Cards, GiroPay, Neteller, PayPal, Skrill, Web Money, Wire Card, Yandex
Languages: Arabic, Spanish, Italian, German, Russian, Chinese, French, Polish, Dutch and Norwegian.
Fax Number: + 44-866-350-0881
E-Mail Address:[email protected]
Special Promotion: Refer a friend program, Popular Investor program