Etoro

etoro-logo-80-high sign-up-green1
$50
Minimum Deposit
400:1
Maximum Leverage
2.0
Minimum Spread
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 is set apart from all other brokers because they are the broker who tried to make trading more accessible to the newbie trader by building a community of traders. With Etoro, you learn by watching other traders, and you are able to learn from the mistakes of some and follow the successes of others.  If a trading community where you can follow and mimic other traders sounds like something you would enjoy, then we would strongly recommend this broker.
Account Types8
Free Services7
Support9
Deposit & Withdrawal9

Founded in 2007 and operating online since 2008, eToro is a Forex broker with offices in the British Virgin Islands, Cyprus, the UK, Australia, and in the United States. Altogether, eToro offers accounts to over 6 million users around the globe, in over 140 countries. Etoro has been on the market for over 10 years, and compared to some others in operation, they have experienced a lot of rapid growth due to their attractive platform.

Account Types

As with all reputable Forex brokers, eToro offers different types of accounts for its customers. With this particular broker, you only have three choices: A Demo account, a Basic account, or a Premium account. Read more about each type of account below.

  • Free Demo: Since this account is 100% free, you won’t really get a lot of features with it. Once you open an account with eToro, you can receive this demo account in order to practice your trading, with $100,000 (play money) to trade to help you grow accustomed to the platform.
  • Basic Account: The basic is the next step up, and this account gives you access to a free demo account, plus you earn eToro’s exclusive promotions, which are deals and savings sent to users via their email. This account type needs at least $50 to start, up to $20,000.
  • Premium Account: The biggest account offered at eToro, the premium services are for accounts of $20,000 and up. You receive a demo for practicing, the same features of a basic account, plus $1,500 worth of annual trading tools for investors, and premium management of your portfolio by a trained professional with eToro.

Trading Platform:

Etoro has its own platforms.  They have both a new and superior eToro browser trading system & eToro Mobile.  The web-based platform is very customizable so you can select what currencies, commodities, stocks and crypto you want to have close at hand.

My watchlist on eToro

To see more detail about any of the currency pairs, simply click on the pair in your watchlist, and you can get detailed graphs of the pair on pretty much any time range you want.  While this is no replacement for any technical analysis, it does give a lot of insight easily.

CopyTrader

eToro does copy trading like no one else in the business.  They are pioneers in this area and have done very well for their clients by investing in bringing new features online over the years.  CopyTrader allows you to copy or mimic the trades of any of the active traders in the brokerage.

You can filter to find the traders you would like to copy based on their gains, location, preferred assets etc.  A more advanced search is available if you are not finding what you are looking for.

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 bundle 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 newbie trader.

Cryptocurrency Trading

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

Unique Selling Points

  • The Premium tools offered are of huge value and thus are a big draw
  • The platform is really eye-catching, unique and able to stand out amongst others
  • eToro gives a 15% deposit bonus for Premium investors
  • Very fast withdrawal time of only 3 days
  • Optional Personal Rebate Program to participate in
  • Telephone trading available
  • Occasional trading contests that may be exciting and rewarding

Additional points to highlight

  • A lot of funds with a practice account to help new investors get a feel for trading
  • A unique platform that’s streamlined, user-friendly, and fun to use
  • Weekly contests with prizes
  • Available in an impressive range of countries
  • PayPal accessible (and other e-wallets)
  • High leverage (400:1)

Payment & Withdrawl:

eToro takes many payment options allowing you the freedom to chose.  They accept all major credit cards, ewallets and bank wire transfers.

eToro payment options

Regulation:

eToro is well regulated by different global regulators including FCA, CySEC NFAASIC, CFTC and MiFID.

The Breakdown

eToro is a serious and well-regulated broker which makes it a comfortable choice for most serious or beginner Forex traders.

Their platform is widely regarded as one of the best in the business, and the awards eToro has won say a lot about the quality of the broker in general. The broker is to be about helping investors profit in numerous ways while always enjoying their time spent trading. Every business is about money, no question about it, but eToro seems to have approached a money-making industry with a user’s preferences in mind.