eToro – Should You Register For An Account With This Broker?
It can be confusing to choose which financial markets broker to register with considering all of the options out there in the market today. Many people have recently become interested in eToro based upon the broker’s rave reviews among numerous investors around the world. However, you may still have some reservations or questions regarding eToro. This is why we have created this unbiased and thorough review to ensure you have all the information you need to make an educated decision about whether or not to register with and access this powerful financial markets trading platform.
In order to complete our comprehensive review process, we had numerous traders and investors try out the eToro trading platform and report back to us what they thought about their experience with the broker. The testers were made up of a diverse group of traders with varying levels of experience and tolerance for risk. In this way, we hope to provide a review of the broker which can be helpful for anybody interested in trading the financial markets. We have compiled the results of our test runs in the following unbiased review. In addition, we want to bring to your attention that there are many top-notch brokers in the industry so it is vital to take your time to select the broker that will meet your trading needs and preferences and that will provide you with the all-inclusive trading environment that you need to succeed.
eToro Broker Review – An Unbiased Look Into A Powerful Trading Platform
We have conducted a thorough analysis of the trading platform offered by eToro. We aim to provide well-detailed and accurate information regarding the online financial markets broker and have compiled our results below.
Over 1,000 tradable stocks
97 different cryptocurrencies available for trading
Commodities trading available
47 Forex currency pairs available
Copy trading services
No trading fees
No overnight/weekend fees for CFD positions
Low minimum required deposit
Streamlined and secure deposit and withdrawal processes
There are many aspects which make eToro a good choice for a financial markets broker. First, eToro offers a huge variety of assets on its trading platform. The broker offers investors access to over a thousand tradable stocks, 97 cryptocurrencies, 47 Forex currency pairs and a variety of commodities. Also, eToro’s social trading network is an exciting way to make money by copying other successful traders. Copy trading is a popular way also to learn more about the financial markets so check these services at other broker firms as well.
The trading platform’s interface at eToro is also user-friendly and intuitively designed. Even those with no experience whatsoever in trading will be able to easily figure out how to navigate the eToro interface. Also, eToro does not charge any fees to execute trades and there are no overnight fees for holding CFD positions. There are many other brokers who charge fees for these features.
Being recognized one of the most reputable brokers in the industry has attracted plenty of attention to eToro within the trading community. It has also resulted in a plethora of positive reviews from users who have been impressed by the features and the customer service offered by eToro. However, we were not going to take anything for granted and wanted to find out for ourselves how the eToro trading platform works. This is why we had several traders take the platform out for a test run. The testers were traders with different levels of experience and varying tolerance for risk. The following is a detailed description of the results from our test runs.
Overall, the reports regarding the functionality of the eToro trading interface were positive. Even our less experienced traders found the interface easy to navigate. The placement of all of the numerous technical analysis tools available was strategically designed to make the software as intuitive as possible. The trades were executed with no latency and minimal slippage, which will help you cut back on trading costs, therefore increasing your profit margin. All of our user tests also reported high levels of satisfaction with the social trading aspect of the eToro platform. Our users found the feature to be innovative and exciting. Many of our users were able to copy other traders in order to make profit in the markets.
We also had our platform testers report back to us how their experience was going through the deposit and withdrawal process on the eToro platform. The results indicated that the process for depositing and withdrawing funds was streamlined and hassle-free. Nobody reported any issues regarding putting in and taking out funds with their eToro account.
The customer service team also performed exceptionally well during our test runs. The team was always ready and able to find solutions to any questions or issues which did arise. All customer service representatives seemed to be competent and knowledgeable about the platform.
In total, we believe that eToro offers one of the best trading experiences available in the market today. With the top-notch customer service and innovative features, you cannot go wrong with choosing eToro as your broker for trading the financial markets. Remember though, that as an individual, you need to ensure that this broker will meet your needs so we highly recommend comparing the services offered by eToro with those offered by other leading brokers in the industry.
Trading online can be an exciting proposition, but it can also come with many risks. One of the risks is all of the scams and illegitimate brokers out there in the market trying to make a quick buck. Therefore, it is completely understandable to approach eToro with a bit of skepticism, despite all of the overwhelmingly positive reviews from traders. However, you can rest assured that eToro is no scam and is a reputable and trustworthy trading platform.
The broker is a legitimate financial services firm and adheres to all applicable rules and regulations related to providing financial services. The financial services firm’s Europe division is headquartered in Cyprus and is authorized and regulated by Cyprus Securities Exchange Commission (CySEC). The broker’s UK division is regulated by the Financial Conduct Authority (FCA), while the Australia division is regulated by the Australian Securities and Investments Commission (ASIC). eToro is, therefore, a regulated broker.
You can be sure that your invested funds will be safe and secure with a trading account with eToro. The firm’s European division, eToro (Europe), is registered and headquartered in Cyprus and adheres to the rules and regulations of that jurisdiction. The broker is authorized by the CySEC and adheres to the rules set forth by this regulatory agency. Also, eToro adheres to all applicable international laws related to financial services and trading markets. The firm’s UK division is regulated by the Financial Conduct Authority (FCA). The Australian Securities and Investments Commission (ASIC) regulates eToro’s Australian division.
Along with being thoroughly regulated, eToro has also implemented cutting edge internet security systems. This will help keep your funds safe from being hacked. Additionally, the firm thoroughly vets all those who register to open a trading account with eToro. This ensures that those registering for an account at eToro are who they say they are.
Traders with all levels of experience will be able to easily use the eToro platform to make profits trading markets. However, eToro has two different account types based upon whether or not a trader is considered a professional. These two different types of trading accounts are “Retail Client” and “Professional Client.” The following describes the differing requirements and features associated with each type of trading account at eToro.
Retail Client: This type of account is geared towards those who are not considered professional traders. Retail Client accounts will have access to all of the assets available on the eToro platform. These accounts will also receive protection from the Investor Compensation Fund and have a right to recourse from the Financial Ombudsman Service. Retail Client accounts will also have negative balance protection as well as margin closeout restrictions.
Professional Client: This level of trading account is made for those who are considered professional traders. Those looking to open a Professional Client account will first have to pass a test to qualify. However, when you opt-up to a Professional Client account, you will not receive some of the protections offered with the Retail Client account, such as protection from the Investor Compensation Fund as well as recourse to the Financial Ombudsman Service. Professional Client accounts will have the ability to trade with more leverage, up to 1:400. Also, this type of account will still have negative balance protection.
Regardless of what experience level you are at in your trading journey, you will still be provided with the highest-quality of customer service from eToro. Both Retail Client accounts and Professional Client accounts will find the eToro customer service team to be courteous and eager to find solutions. If you prefer a more tailored account with different features and services, check out the other regulated brokers in the industry to compare their offerings.
Forex, stocks, commodities, cryptocurrencies, ETFs and indices available for trading
Fees and Spreads
Investors will enjoy no fees for executing trades on the eToro platform. The broker charges $25 for withdrawals. Also, eToro charges overnight/weekend fees for holding CFD positions. The broker charges generous spreads compared to other platforms in the industry.
Account Registration Process
You do not have to worry about a cumbersome and complicated registration process to open a new trading account with eToro. The process for registering a new account is easy and straightforward. To get started, just go to the eToro website’s homepage. From here click on the button labeled “Join Now” on the lower left hand side of the page. This will send you to the next page in the registration process.
On this page, you will find a registration form on the right hand side of the screen which requests some basic personal information. Some of the information requested includes your first name, last name, email and phone number. You will also be required to create a username and a password. Once you have finished filling out the requested information, just scroll down and click on the button labeled “Create Account.” Within a few minutes you will be ready to make your initial deposit and begin making profits trading financial markets on the eToro platform.
Traders will find the eToro payments system to be streamlined and easy to use. Also, eToro has gone through great lengths to ensure it utilizes the best online security systems available in order to ensure your funds are safe and secure.
The same payment method you use to deposit will be the same method used to withdraw your originally invested funds. Also, there is a $25 withdrawal fee with a minimum withdrawal of $50. This might be a lot and quite a high cost compared to the charges charged by other brokers.
One of the best things about eToro are the numerous options for payment methods. Investors will be able to choose from the following withdrawal and deposit methods:
One option available for investors to deposit funds is through a wire transfer. This method is available with the base currencies of USD, GBP and EUR. There is no limit to how much you can deposit using this method. It will take four to seven days for the transaction to be completed.
With eToro, you will be able to use a variety of credit and debit cards for a payment method. Visa, MasterCard, Maestro, Diners and Visa Electron are the available credit and debit card options available. The available base currencies for this type of payment method are USD, GBP, EUR and AUD. The maximum deposit for this payment method is $40,000. The transaction is completed instantaneously with this payment method.
Another option for payment is using PayPal which has a maximum deposit of $10,000. The available base currencies for this payment method is USD, GBP, EUR, and AUD. The transaction with PayPal is completed instantaneously. This means that you will be able to start trading instantly once your deposit is approved.
For those who prefer it, investors can choose NETELLER as a payment method which has a maximum deposit of $10,000. Base currencies available for this method are USD, GBP and EUR. Note, this payment method is not available for traders in certain countries, and all details can be found on the broker’s website.
Some traders who prefer to use SKRILL as a payment method will be able to do so with a maximum deposit of $10,000, which is completed instantly. The available base currencies for SKRILL are USD, GPB and EUR. Users from certain countries will not be allowed to use this payment method.
With eToro, you can choose WebMoney as your preferred payment method with a maximum deposit of $50,000. Only traders in Russia and CIS countries will be able to use this payment method. The transaction is completed instantaneously. The available base currencies are USD, GBP and EUR.
For traders in Russia and CIS countries, Yandex is available as a payment method with a maximum deposit of $5,000. The transaction with this payment method is completed instantaneously. The available base currencies are USD, GBP and EUR.
Another option for a payment method with eToro is Rapid Transfer which has a maximum deposit amount of $5,500. However, this payment method is not available for withdrawal. The available base currencies are USD, GBP and EUR.
Some traders prefer to use Klarna/Sofort Bank as a payment method. This payment method has a maximum deposit of $30,000. Only investors from Germany, Austria, Netherlands, Switzerland, Italy, Belgium, Spain and Poland are allowed to use this payment method with eToro. The available base currencies are USD, GBP and EUR. The transaction is completed instantaneously.
With eToro, investors can even make deposits and withdrawals directly to and from an online banking platform. The maximum deposit for this payment method is $10,000 which is completed instantaneously. However, only investors from the following countries are allowed to use this payment method: Indonesia, Malaysia, Vietnam, Thailand and the Philippines. The available base currencies are IDR, MRY, THB, VND and PHP. It is important to note that there may be a delay for the funds to reflect in your account.
Those in China will be able to use China UnionPay as a payment method which has a maximum deposit of $7,000. Only CNY can be used as a base currency. The transaction is completed instantaneously.
In order to withdraw your funds, you will need to provide identification verification documents. This includes a copy of your ID document, proof of residence as well as proof of payment, such as a copy of your credit card, if applicable.
The eToro trading interface is a powerful, intuitive trading platform which empowers investors to trade various financial markets, including Forex, stocks, commodities, cryptocurrencies, CFDs and indices. There are well over a thousand tradable assets available for you to access on the eToro trading platform. Also, the interface provides traders with live charts and numerous technical analysis tools.
One of the most innovative aspects of eToro is the social trading platform which allows you to share your trading results with the rest of the eToro community. You can also see trading records of other investors as well. You can even choose to copy the trades of another trader which means the platform will duplicate all of the trades of the other trader into your trading account.
It is important to note that eToro does not offer access to the MetaTrader platform so if you prefer to trade on this advanced, popular trading platform, then check other quality brokers for access to this service.
It is important to have a basic understanding of trading before you start putting real capital at risk in the markets. So, much of trading is about having the correct information and knowing how to interpret that information. This is why eToro provides investors with high-quality educational resources.
These resources include an online guide, which provides you with the basics regarding trading and wealth management. The guide will help you create a trading strategy that works for your own personal preferences and risk tolerance level. It is perfect for those who may be new to trading and investing.
The broker also offers a blog with various informational articles which can help you to take your trading results to the next level. Also, eToro provides a news feed which provides you with the latest market moving happenings.
Knowing that a broker values you as a customer is important for many investors. This is not something you will have to worry about with eToro. The broker’s customer service team is one of the best in the industry. Support representatives are always courteous and seem to have comprehensive knowledge of the platform as well as the industry. They will go out of their way to find solutions for you.
Yes, eToro (Europe) is regulated by the Cyprus Securities Exchange Commission (CySEC). The firm is registered and headquartered in Cyprus and adheres to the laws of that jurisdiction. Also, eToro (UK) is headquartered in the United Kingdom and is regulated by the Financial Conduct Authority (FCA). Being headquartered in Australia, eToro AUS is regulated by the Australian Securities and Investments Commission (ASIC).
What is eToro?
eToro is a financial services firm which provides investors with access to various financial markets. With the eToro platform, users will be able to trade numerous asset classes, including Forex, stocks, indices, CFDs, commodities and cryptocurrencies. Also, eToro offers an innovative social trading platform which enables you to copy the trades executed in the accounts of other traders.
Who has experience with eToro?
Traders with no experience as well as Wall Street veterans use eToro to trade the financial markets.
How does eToro work?
Traders use the eToro platform to access various financial markets to trade. This includes Forex, stocks, indices, commodities and cryptocurrencies. There are no fees to execute trades on the eToro platform. Also, the broker offers generous spreads which means you get to keep more of the profit for yourself instead of it going to trading costs. The interface is well-designed and easy to use.
Is eToro a reputable broker?
You definitely do not have to worry about trusting your investment funds to eToro. The broker is one of the most respected in the industry and is properly regulated by relevant governmental agencies in different countries. Our own user tests did not encounter any issues with keeping our funds safe and secure.
eToro is recognized as a leader in the trading arena but there are many other top quality brokers that offer superior services, features and tools so we suggest you do your homework before you partner with a broker and start trading.