Etoro Review

eToro

Forex Broker

  • Company name: eToro (Europe) Ltd
  • Founded: 2006
  • Offices: Cyprus, UK, Israel
  • Regulators: UK FCA Registration No.583263 EU CySEC License No. 109/10
  • Broker type: Market Maker

Trading info

  • Min. Deposit: $200
  • Leverage: 400:1
  • Min. Spread: 2 pips
  • Deposit/Withdrawal: Bank wire, Visa/Mastercard, Skrill , Neteller, PayPal
  • Currency pairs: 47

Trading platform

  • Platform: eToro Platform
  • Web based: Yes
  • Mobile: Yes

Open Account

8.3 TradeForexSA
Pros
  • The Leading Social Broker
  • An award-winning trading platform (8 major awards since 2010)
  • Follow Successful Traders
  • Low Deposits Accepted
  • Good customer support
Cons
  • New and advanced charts in the platform
  • Costs a lot for a Premium account
  • Platform tends to suffer with slow connection
  • Best deals and features reserved only for Premium members
Summary
Etoro has made trading more accessible to the beginner trader by building a community of traders, where you learn by watching other traders and follow the successes of others. If you are looking for a social broker where you can follow and mimic other traders sounds like something you would enjoy, then we would strongly recommend this broker.
Account Types8
Client Support & Onboarding9
Free Services7
Deposit & Withdrawal9

Operating since 2008, eToro has experienced a lot of rapid growth due to their attractive social platform.  eToro has over 6 million users in over 140 countries, with offices in the British Virgin Islands, Cyprus, the UK, Australia, and in the United States.

Account Types

eToro offers different types of accounts for its customers – a demo account, a basic account, and a premium account.

Demo Account

Since this account is 100% free, you won’t get a lot of features with it. Once you open an account with eToro, you can receive this demo account to practice your trading, with $100,000 (play money) to trade to help you grow accustomed to the platform.

Basic Account

The basic account is the next step up, and this account gives you access to a free demo account, plus eToro’s exclusive promotions, which are deals and savings sent to users via email. The minimum deposit is $200.

Premium Account

The premium account is the VIP account offered at eToro for those depositing a minimum of $20,000. You receive a demo for practising, the same features of a basic account, and premium management of your portfolio by a trained professional with eToro.

Trading Platform

Etoro has developed a proprietary platform.  They have both the eToro browser trading system and eToro Mobile.  The web-based platform is very customizable, so you can select what currencies, commodities, stocks, and crypto you want to have in an easy-to-reach dashboard.

My watchlist on eToro

To see more detail about any of the currency pairs, click on one of them in your watchlist to show detailed graphs on any time range you want.  While this is no replacement for any technical analysis, it does give a lot of insight without much effort.

CopyTrader

eToro does copy trading like no one else in the business.  They are pioneers in this area and have invested time and energy to launch new and unique features.  CopyTrader allows you to copy or mimic the trades of any of the active traders in the brokerage.

Filters are used to find traders to copy based on their gains, location, preferred assets etc.  A more advanced search is also available.

eToro also groups traders by Trending, Most Copied and Low Risk so you can find the right trader to copy.

CopyFunds

CopyFunds is the latest in innovation from eToro.  It allows traders to invest in a fund or group of top performing traders on eToro.  Or a market fund which bundles together all asset classes in a single market strategy.  This kind of risk mitigation and diversification system is unique to eToro and a powerful tool for the beginner trader.

Cryptocurrency Trading

Every broker has a varying amount of cryptocurrencies they support.  eToro has more than most, so a good option if you want to add cryptocurrencies to your trading strategy, where you can either invest in a cryptocurrency fund or the individual currencies.  The currencies available to you are Bitcoin, Dash, Ethereum Classic, Ethereum, Litecoin & Ripple. The screenshot below is the cryptocurrency overview of the trading platform.

eToro in their own words

Unique Selling Points

  • The Premium tools offered are of huge value.
  • The platform is eye-catching, unique and stands out from all others
  • Optional Personal Rebate Program
  • Telephone trading available
  • Occasional trading contests
  • Well-funded demo account
  • A unique platform that is streamlined, user-friendly, and fun to use.

Deposit & Withdrawl

eToro accepts all major credit cards, e-wallets, and bank wire transfers.

eToro payment options

Regulation

eToro is regulated by different global regulators including FCA, CySEC, and ASIC.

An important note for all traders.  CFDs are leveraged products. Trading in CFDs related to foreign exchange, commodities, indices, and other underlying variables, carries a high level of risk and can result in the loss of all of your investment.   Past performance of an eToro Community Member is not a reliable indicator of his future performance. So, be careful.  Trade smart.  Set a Risk Management strategy before you start trading, and never trade capital you can not afford to lose.

eToro Compared

eToro Vs. Plus500

 eToroPlus500
FundingBank wire, Visa/Mastercard, Skrill , Neteller, PayPalBank wire, Visa/Mastercard, Paypal, Skrill
RegulatedUK FCA Registration No.583263 EU CySEC License No. 109/10Authorised Financial Services Provider in South Africa, FSP #47546
Broker TypeMarket MakerMarket Maker
Currency Pairs47N/A
Minimum Spread2 pips0.0 pips
Minimum Deposit$200R 1500
Max Leverage400:1300:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit eToroVisit Plus500

eToro Vs. FXTM

 eToroFXTM
FundingBank wire, Visa/Mastercard, Skrill , Neteller, PayPalBank wire, Visa/Mastercard, Skrill & Western Union, Neteller and many more
RegulatedUK FCA Registration No.583263 EU CySEC License No. 109/10FSCA No.46614, FCA, CySEC, IFSC
Broker TypeMarket MakerECN/STP
Currency Pairs4759
Minimum Spread2 pips0.1 pips
Minimum Deposit$200$5
Max Leverage400:1Flexible
Expert ReviewRead reviewRead review
Visit WebsiteVisit eToroVisit FXTM

The Breakdown

eToro has built a social trading platform with the idea of helping investors profit while always enjoying their time spent trading. eToro seems to have approached the businesses of running a brokerage with user preferences in mind.

Please note that when you trade with eToro, your capital is at risk.

 

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director at TradeForexSA, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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