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eToro Broker Review

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7.3/10 (Expert Score)
Product is rated as #2 in category Regulated Brokers
Range of Markets
9
Broker Regulations/Licenses
7.3
Trading Platform(s)
8
Customer Support
6
Reasearch & Education
6
PROS:
  • FCA, CySEC, ASIC and FSAS Regulated
  • Social trading via its CopyTrader
  • CopyPortfolios
  • CFD trading mobile app
  • Crypto digital wallet app
  • Over 2,000 CFD trading instruments
  • Market News and analysis
CONS:
  • High Spreads
  • No training academy
  • Withdrawal fees and inactivity fees
  • High non-trading fees

About eToro


eToro is an online brokerage firm that offers forex, CFDs, stock and crypto trading as well as social trading services. The brokerage was founded in 2007 in Tel Aviv by Yoni Assia, Ronen Assia and David Ring. On a mission to make trading accessible to all and sundry, the company has evolved into a fintech hub that competes as one of the top rated brokers. Today, its head office in London but it has other offices in various towns like Sydney, Limassol and New Jersey. The company boasts of about 20 million clients drawn from 140 countries across the globe.

etoro landing page

Social trading has been its major selling point, offering cutting-edge platforms on multiple devices. With eToro, you can also trade multiple stocks and thousands of financial securities including cryptocurrencies; both as CFDs and as real tokens with a secured digital wallet powered by eToro.

Commissions and Fees

HYCM offers three account types with three different fee structures.
Fixed Spreads Account:
Variable Spreads Accounts:
Raw Spreads account:

App gives you an easy-to-use and efficient sales pipeline management and allows you to focus on the most important deals. It’s so friendly to use that your sales people will love it and it can be used on a computer or a mobile device. Donec ut leo eu risus imperdiet convallis. Morbi turpis nisl, porttitor sed mauris at, mattis malesuada metus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

App acts as your personal sales manager that helps you pick the right activities and deals to focus on. This is why the tool is a priceless one for business owners and sales managers, and a useful and effective application for sales people. Download docs here

Customize everything with App. You can add customized fields to modify your sales pipeline stages according to your business needs. You can also turn on and off whole modules with just oneclick.

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Pros and cons


PROS:

  • The brokerage is regulated by FCA, CySEC, ASIC and FSAS. 
  • Social trading via its CopyTrader and CopyPortfolios is featured on the proprietary eToro platform.
  • Mobile trading is supported via iOS and Android apps; one for CFD analysis. The other one is a crypto digital wallet, perfect for real crypto trading and storage.
  • Over 2,000 CFD trading instruments are available plus real stocks and cryptos coins. 
  • Market News and analysis, as well as other trading tools, are provided.

CONS:

  • No comprehensive and well-structured training academy
  • Withdrawal fees and inactivity fees are charged. 
  • Clients are stuck with only one platform that has limited features. 
  • Fees are relatively high, especially non-trading fees.


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Regulations and Security

regulation

 

eToro is regulated in the following jurisdictions:

  • eToro (Europe) Ltd is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) with the license number 109/10.
  • eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA). The license number is FRN 583263.
  • eToro AUS Capital Limited is authorized and regulated by the Australian Securities and Investments Commission (ASIC) under the AFSL license number 491139.
  • eToro (Seychelles) Ltd. is licensed and regulated by the Financial Services Authority Seychelles (“FSAS”)

eToro asserts that all funds received from clients are carefully deposited into segregated bank accounts that have been opened with the top rated banks. The brokerage does not use clients’ funds to run its own internal operations and will not be used even if eToro goes bankrupt; the money will still be safe. 

Clients from the CySEC regulated jurisdiction are entitled to Investor Compensation Fund (ICF) scheme which insures clients’ deposit up to €20,000. Similarly, UK clients are protected by the Financial Services Compensation Scheme (FSCS) which protects deposits up to £85,000 if eToro becomes insolvent. 

Also, the broker has implemented modern security technologies to ensure a safe trading environment, data security and integrity. Secured Socket Layer (SSL) and firewalls has been implemented to encrypt clients’ data to and from the servers. This is done in order to deter cyber hackers whose aim is to steal client identity and sensitive information like credit card details, e-wallet login, etc. 

Furthermore, eToro has bought an insurance policy which protects clients’ funds up to EUR/GBP 1 million per client. The policy was purchased from Lloyd’s of London; a 150 year old reputable insurance marketplace that is well established and capitalized. It is free for all eToro clients and will be effective if for any reason, eToro goes bankrupt. etoro insurance

 

 

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eToro Trading Instruments

In addition to forex and CFDs, eToro is a stockbroker that gives its clients access to trade real stocks of companies that represents ownership equity. It is also a cryptocurrency exchange where clients can buy crypto coins and store them in wallets. Here are the assets available for trading with eToro:

  • Stocks
  • Currency Pairs
  • Cryptocurrencies
  • Indices
  • ETFs

eToro provides over 2,400 stocks from 17 exchanges to trade.

eToro offers 50 FX pairs to trade.

You can trade 63 cryptocurrency CFDs and 26 crypto coins with eToro.

eToro provides 13 Indices to trade.

eToro allows you to trade  254 ETFs.

eToro range of markets

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Deposits and Withdrawals

The minimum deposit is $200 while the minimum withdrawal is $30. The minimum first deposit for US clients is $50, while it is $10,000 for Israelis, $5,000 for Algerians and $1,000 for several other nationals. Payments are accepted in USD, AUD, GBP, and EUR. Withdrawal fees of $5 are charged per withdrawal but there are no deposit fees. 

Bank transfers

The minimum deposit for bank transfers is $500. Usually, it takes 3-5 days before the transferred funds reflect in the trader’s account. Wire transfer withdrawals may take up to 8 days before the trader receives his withdrawn funds. 

Online payment

PayPal, Skrill, Neteller, WebMoney, and Yandex are the e-wallet payment options available to eToro customers. Generally, online payment options are processed immediately or at most within 24 hours. Withdrawals are processed within 1-2 working days. Deposits are free but withdrawal charges apply. 

Credit or Debit card payments

The major credit cards like Visa, China UnionPay are accepted. Card deposits reflect in the client’s account immediately but sometimes there may be a few hours delay. Card withdrawals are processed and completed within 8 days.

eToro payment methods

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Fees and Account types

eToro is transparent about its fees. For trading CFDs, the broker embeds its charges into the spread. For forex trades, the benchmark EURUSD spread is 1.0 pip, but it is 2.0 pips for the GBPUSD. For commodities, spreads start from 2.0 pips. Spreads on stock indices is from 100 pips. Commission on stocks and ETFs is from 0.09% while crypto CFD commissions are from 0.75%. Swap fees are charged from accounts that maintain open positions overnight. 

eToro asserts that with as little as $50, you can start investing in real stocks without paying commissions. You can also buy and own cryptocurrencies in your wallet, but the fees vary according to the token. For example, to buy Bitcoin, the commission is 0.75%, Ethereum is 1.9%. 

Withdrawals fees of $5 are charged while deposits are free. An inactivity fee of $10 per month is charged from accounts that have not opened a trading position in 12 months. If the brokerage is charged by payment processors used by the trader, such fees are equally deducted from the trader’s account. eToro also charges currency conversion fees whenever it has to covert money into the trader’s account currency. 

eToro classifies traders as retail or professional clients. Accounts are classified as follows: 

Retail account

This account is freely available to all clients for live trading. Just complete the online form and make a deposit of at least $200 and you can start trading from your retail account. 

Professional account

This account is only for qualified experts who have significant experience, huge trading capital and/or satisfactory trading knowledge. You can opt for a professional account if you are qualified which can be any two of the following: 

  • Huge assets portfolio to the tune of €500,000 or more.
  • Opened an average of 10 trades per quarter in the last year. Each trade must be worth $10,000 or more. 
  • At least one year of work experience in the financial sector.

Demo account

A practice account preloaded with $100,000 virtual funds is available to all traders upon registration. 

Account opening 

To begin your trading journey with eToro, visit the website and click ‘join’. Enter your name, email, password to create a new account. You will be logged into the eToro online platform where you will be prompted to complete your profile, upload KYC documents, fund the account and commence trading. New accounts are usually approved within a day. All account currencies are in USD.

eToro club

Clients are automatically assigned club membership according the amount of equity held in cash or portfolio. Membership statuses are updated daily according to realised equities. Special perks are attached to each club tier with the Diamond tier as the premium. The club tiers are as follows: 

  • Silver: The minimum portfolio is $5,000
  • Gold: $10,000 is the least equity amount. 
  • Platinum: minimum equity is $25,000
  • Platinum+ : minimum equity is $50,000
  • Diamond: minimum total equity is $250,000

Access to trading central research and analysis platform, the wall street journal publication, waived withdrawal fees, dedicated account manager are some of the services enjoyed by Platinum, Platinum+ and Diamond tier clients.

eToro Platinum club

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Trading platform

eToro offers its own proprietary platform to all its traders. It is an online trading platform that requires no downloads and installations. Here are some of its features: 

  • It is user-friendly; clients do not need any special training to learn how to use the platform. 
  • Favorite assets can be customized using ‘my Watchlist’. The application interface and layout are also customizable. 
  • 5 chart styles: candle, hollow candle, bar, line, and mountain that can be displayed on up to 9 timeframes; from 1 minute to 1 week. 
  • Multiple order types including trailing stops, stop loss, take profit, etc. 
  • It features about 13 analytical tools and up to 66 technical indicators.
  • Full account management including funds deposits, withdrawal requests, real-time account balance, and equity display in real-time. 
  • Supports one-click trading, price alerts, and traders’ sentiments. 
  • Features the CopyTrader and CopyPortfolios social trading packages.
  • Newsfeed displays short messages from other traders. 
  • You can easily switch from a live account to a demo account; that is, switching from a real portfolio to a virtual portfolio. 

etoro platform

 

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Mobile trading platform

The eToro trading platform is also available for trading on the move via mobile apps for android and iOS devices. When we tested the mobile app, it has the same look and feel as the online platform. After downloading and installing the mobile app; we logged in with our email and password and the same Watchlist we customized on the web platform displayed, even the open positions appeared. 

Below are some of its features: 

  • It integrates seamlessly with the online platform; you can open a position with the web trader, then monitor, modify or close it on the mobile platform and vice versa. 
  • Just like the online version, it has 5 chart styles displayable on 9 timeframes. 
  • Sadly, on the app, the technical indicators are reduced to only 5.
  • Features like account funding, withdrawals request, News Feed, CopyTrader, CopyPortfolios, etc are all available. 
  • You can also switch from virtual to a live account and open trade positions on the app. 

etoro mobile app

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eToro crypto wallet

This is an Android and iOS secured digital crypto wallet which supports the storing, transferring and receiving of crypto currencies. It supports over 120 cryptocurrencies. Its functions include changing one cryptocurrency into another; over 500 crypto pairs are supported. With eToro’s security key service, it is difficult to lose access to your crypto wallet. It is free and safe to use. 

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Research and tools

eToro money account

This is a new service that bundles eToro trading account, eToro free Visa debit card and eToro Money mobile app together. Clients can create an eToro money account, download and install the mobile app to manage their funds. From the app, you can instantly deposit and withdraw from your trading account free of charge. UK banks are supported at the moment. Conversion of funds to USD is also free. With the exclusive Visa debit card, you can spend money from your account, anywhere and anytime.

CopyPortfolios

This is an exclusive tool that works like an advanced form of social trading. Different assets are grouped into a basket and traded as a security where clients can invest in. 

There are 3 groups of CopyPortfolio packages to choose from: 

  • Market CopyPortfolios: This bundle aggregates assets together, for example; ‘TheBigBank’ CopyPortfolio brings together 25 stocks from the world’s leading financial institutions. 
  • Top trader CopyPortfolios: this groups the best traders on the brokerage.
  • Partner CopyPortfolios: These are created by partner companies

Generally, a minimum of $5,000 is required to invest in CopyPortfolio; eToro charges no management fees but trading fees are charged on open positions. 

etoro portfolio management

CopyTrader

This is a social trading tool embedded into the eToro trading platform both online and in mobile apps. You can easily find expert traders to replicate their trades through the platform. Expert traders are grouped as ‘editor’s choice’, most copied, trending, Multi-strategy investors. You can view the details of each trader’s profile such as his performance statistics, number of copiers, portfolio, etc. When you have settled for a trader, click on ‘copy’ and then set the copy parameters. You can copy up to 100 expert traders at the same time. 

‘Copy stop loss’ gives the investor ability to manage the risks on his account while it is copying the trades of an expert trader. etoro copytrader

eToro Earnings Reports Calendar

This is a fundamental analysis tool that displays when the financial reports of publicly traded companies will be released.

etoro reports calendar

Economic Calendar

This calendar is important to traders who use fundamental analysis-based strategies. It shows the time and date of some important economic events and their forecasted impacts on financial assets. It also shows the chart and impact history.

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Education 

News and analysis

This is updated on the website but most of the contents are articles and opinions arising from the news. 

Financial markets guides

These are a series of trading and investment guides on some selected financial market securities. Some articles in the section are top stocks for Q3 of 2021, how to trade and invest in ETFs, how to manage risks, etc. 

Video tutorials 

This section comprises 7 YouTube videos on how to use the eToro online platform. New sets of videos grouped as ‘Trading for beginners’ and ‘Pro Trading’ will soon be available on the website. 

etoro tutorial videos

eToro’s trading school

This section comprises weekly podcasts titled ‘Digest by eToro’. It gives the latest news in form of interviews and discussions about the financial markets. 

Clients can view and register for webinars frequently scheduled in the online trading school. The webinars are scheduled frequently; an average of twice a week. Also, there are physical classrooms available; the classes are usually held in London.

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Customer care

The eToro help center features frequently asked questions and answers. The questions are grouped into 11 sections such as verification, copy trading, education, deposit and withdrawal, trading and investing, etc.  Also, there are a few articles grouped as ‘Trending articles’. To get assistance from the client support desk, you can open a new ticket and state your request or send an email which is much slower compared to online chats or phone calls. The dedicated support team works 24/5 and speaks several languages. 

The online webchat facility is presently available to only eToro club members. On social media, eToro is on Facebook, Twitter, Instagram, YouTube, and LinkedIn. 

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Conclusion

eToro is an experienced financial services provider that has more than a decade of experience in financial technology and brokerage services. It is regulated in some jurisdictions and offers industry-standard security to protect its clients’ funds. Over 2,000 instruments can be traded on its award-winning social trading platform. Newbies and investors can find millions of experts and copy their trades on the eToro platform. 

However, eToro’s spreads are a little bit high when compared to its competitors, though not above average. It also charges withdrawal fees and inactivity fees. The minimum deposit of $200 is also high when some other brokers accept $10 or even less. There are no cent accounts and clients have no other choice of trading platforms. All account currencies are in USD. 

In conclusion, if you are interested in manual trading, social trading, or investing in stocks and cryptos, then eToro is the broker for you. But for professional forex and CFD traders who need in-depth expert analysis, market insights, and use complex trading systems requiring VPS, algorithms, or robots, then, eToro will be grossly insufficient to meet your needs. But, as far as social trading is concerned, eToro is one of the market leaders and also a regulated and reliable broker. 

Specification: eToro Broker Review

Trading Info
EUR/USD Average Spread

1.3

GBP/USD Average Spread

2.6

Broker Info
Broker Type

Market Maker

Regulations

ASIC, CySEC, FCA, FSAS

Languages Supported

Arabic, Czech, Deutsch, English, Farsi, French, Greek, Italian, Malay, Mandarin, Nederlands, Portuguese, Romanian, Russian, Spanish, Suomalainen, Swedish, Thai, Vietnamese

Accounts Info
Maximum Leverage

1:30

Minimum Deposit

$200

Base Currencies

USD

Payment Methods

Diners Club International, Neteller, PayPal, Skrill, Union Pay, Visa/Mastercard, Webmoney, Yandex

Specification
Headquarters

Israel

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