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eToro4 min read
Broker Review
eToro one of the world's largest social networks for traders, which has a reputation as a reliable CFD broker registered in Cyprus. Developers position the company as a network of social trading, where you can independently trade currencies, stocks, cryptocurrencies, indices, goods, copy transactions of successful traders or investors, and discuss trading and investment decisions.
Users rating29 Votes
Pros Broker
Global regulatory licenses
Ability to copy other traders
Wide range of markets
Available deposit rates
Cons Broker
High trading spread
No support MetaTrader
No scalping allowed
Weak technical support
Overall Broker Rating
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Review of the company

eToro is a well-known social trading broker regulated by FCA, ASIC and CySEC. Representatives of the company are in Cyprus, Israel, United Kingdom, USA and Australia. It was founded in 2007. It is one of the best trading platforms for Europeans. In 2018, the value of a financial institution amounted to $800 million. Forex broker eToro is considered safe and is becoming the leader in social trading. His unit is under the control of top-level bodies. Today it has over 5 million registered users from 140 countries.

Basically, the broker offers CFD trading, but you can also invest in stocks and crypto assets. It is recommended to those who are interested in social trading (copying transactions of other traders). Among the advantages of eToro are free trading in stocks and ETFs in the EU, easy account opening and extensive experience in social trading. Since some traders need access to their accounts 24/7, eToro’s mobile app is based on the same principle of accessibility, and features an intuitive interface.

Trading platform

When the eToro broker first appeared, its trading platform consisted of the main components, WebTrader and the OpenBook social platform. Some traders were confused in the programs and believed that they were scammers, scam and the kitchen. Today, the functions of both of these components are integrated into a single trading platform called eToro CopyTrader. With CopyTrader, a trader can trade independently as an independent investor in the “Trading Markets” mode of the trading platform. The platforms provided for work are simple in their understanding, even beginners will quickly figure them out.

In addition to being a trader, the eToro broker also allows you to earn extra income by being one of its “popular investors”. As part of this program, a trader simply allows other traders to view the trades that he completes by logging into eToro’s personal account. Once you reach the minimum number of copiers, you will be rewarded in cash and in the form of a spread. And, it is unlikely that scammers would offer such a bonus. The eToro website demonstrates this to the trader: all changes are shown by the broker platform.

When trading currency pairs or CFDs, one of the factors that plays a huge role in determining the profitability of a trader is trading costs. Reviews about the eToro broker make it clear that the company has no commission. When you go to your personal account, you will see that traders must pay a small spread at the price of BID and ASK. A typical floating spread for EUR/USD is 3 pips, while the average spread that traders pay on the USD/JPY currency pair is 2 pips. In some cases, the most successful of them can trade even without paying spreads. To achieve this level in trading, it is enough to simply register on the site.

Account withdrawal options

After opening a trading account, you can make a deposit directly. To support its international client base, the broker provided support for various payment methods that can be used for deposits and withdrawals. These methods are the most popular:

  • Credit Cards (VISA, MasterCard, Diners);
  • Electronic Wallets (PayPal, Skrill, Neteller, China UnionPay, WebMoney, Yandex);
  • Bank Transfer.

To make a withdrawal on eToro, simply click on the tab “Withdraw funds” at the bottom of the menu bar, which is located on the left side of the trading screen. If you analyze the reviews on the network, then the withdrawn funds are first sent through a credit card, Paypal or bank transfer. For the withdrawal of funds in the amount of from 20 to 200 dollars, a commission of 5 dollars is charged. When withdrawing funds from 200 to 500 dollars, a fee of 10 dollars is charged. For amounts in excess of $500, a fee of $25 is charged. The typical time for a withdrawal request is about 5 business days. The minimum withdrawal amount is $50.

Trading advantages

In Europe, the broker charges zero commission for trading stocks and ETFs. On the US stock exchange, you can trade stocks and ETFs with a spread of 0.09%. For EUR/USD, the average spread is 3 pips. The minimum deposit is $100 for all countries except residents of Israel. This broker has only one type of account, there is also a demo account.

The eToro web trading platform is nice looking and easy to use. Its strengths are a user-friendly interface, modern design and open stories of other traders. The disadvantages of traders include freezing of the platform. The eToro mobile trading platform is available on iOS and Android. Most of the reviews about the eToro platform are positive, so don’t worry.

eToro trades CFDs, currencies, real stocks, ETFs and crypto. The broker also offers innovative services such as CopyPortfolio – investing in a compiled portfolio. When you buy stocks, ETFs or cryptographic funds without leverage, you buy real assets. All other positions are account difference contracts. It is allowed to trade with leverage, the maximum size of which is 1:400.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.