I made this Etoro review after a long research. Etoro is a veteran CFD, stock, crypto and Forex broker. It offers top-notch service to global clients.
At the end, I include complaints by traders. You should leave your review, as well.
Introduction of the Etoro review
What is Etoro in a few words?
eToro is an Israeli online social trading platform. You can trade stocks, commodities, cryptocurrencies (like Bitcoin), indexes, currencies, even shares of companies, like Google. You can also trade CFDs.
It’s a broker specialized in social trading, with a platform similar to a social network that allows you to see investors’ statistics and copy their movements (more on this later).
Etoro is one of the few brokers regulated by several entities.
In Europe, they are licensed by Cyprus Securities & Exchange Commission (CySEC) (license number 109/10).
Etoro UK regulated by Financial Conduct Authority of U.K. (reference number 583263). eToro Europe and eToro UK both operate under and comply with the Markets in Financial Instruments Directive (MiFID)
In Australia,Etoro is the holder of an Australian Financial Services Licence (AFSL) 491139 issued by the Australian Securities and Investments Commission (ASIC), and regulated under the Corporations Act (Commonwealth). eToro Australia arranges for its clients to be provided services by eToro Europe.
Does this mean I can only trade from these countries/teritorries?
No. This is a sign of how legitimate they are.
Countries Accepted/Prohibited by Etoro – US, Canada and more
Etoro accepts traders from most countries. This includes all European countries,UK, Asia, Africa and more.
However, due to stringent rules from the U.S. government, they do not accept new U.S. traders. Canadians are not accepted as well.
All blocked countries:
- North Korea
Trading Platform review
Etoro offers a powerful and unique platform. I was able to trade seamlessly! This is thanks to a simple yet elegant trading platform. In fact, I had several platforms to choose from, each with its own set of features.
They have an equally easy WebTrader. This platform is 100% web-based, so I didn’t have any extra downloads. The platforms execute trades in a matter of seconds. This speed reduces trade delays.
Etoro offers a vast array of trading assets. I used various major, minor, and exotic currencies. Also, I was able to trade in ETFs and cryptocurrencies exclusive to their platform. Besides that, Etoro does not offer binary options. Instead, Etoro offers CFD trading.
If you have ever traded Forex, you know they have no minimum trade. The minimum for opening a position is $50. But you can start from $1 on copied trades.
Trading at Etoro can be pretty profitable if you know what you are doing.
Let’s continue with more unique aspects of this Etoro review.
CopyTrader and social trading
EToro helps traders find new ways to become more profitable through some very innovative tools, namely the CopyTrader™ system and CopyFunds™. These social trading features are unique to eToro and what makes this platform so effective.
EToro has a user base numbering more than 6 million users spanning 140 different countries, which certainly tells you something.
How Could CopyTrader™ Help a Beginner Like Me?
CopyTrader allows traders to choose for themselves which traders to copy. If you are new to investing, you’re probably afraid of the risks. But, by using CopyTrader you can find traders with a track record of success to copy. You would set your program up to automatically copy everything those traders do, but with an amount of money you feel comfortable investing. Your trades would all be copied in real time.
What does CopyFunds™ accomplish?
CopyFunds is a themed-based investment program designed to achieve a double-digit return on investments held long term. Each CopyFund pulls together various assets or a group of traders and optimizes the investment through algorithms enhanced with artificial intelligence.
Here is a 3 minutes video by the Founder & CEO of Etoro about Copytrader and Copyfunds:
What is eToro’s Social Trading and how can it benefit me?
Social trading gives you a more effective alternative to the way investments have traditionally been made. By “traditional” we mean typical online retail traders that go up against the market on their own, armed only with their charting tools and whatever insights they may or may not have, not the institutional investment model.
Professional investment companies discovered long ago that a team of traders could be far more effective than reliance on just one trader. Social trading provides typical online traders with the same advantages and more that institutional traders have enjoyed for decades.
A Group of Investors is Far More Knowledgeable Than One Single Investor
The actions of many buyers and sellers are what determine prices in the financial markets.
You may be perfectly happy with the strategy you’ve been using, but you’ll never find out if there could be a better way unless you’re willing to try something new. EToro provides you with a chance to try out various investment strategies by allowing you to copy the traders that use them.
Basic facts review
Etoro Withdrawals review and Deposits
Making a deposit at Etoro was easy, but payment-method verification is required. At first, I made a deposit using my credit card, and everything was okay. Payment reflected instantly. Etoro can use wire transfers, e-checks, and e-wallets. Two such e-wallets include Skrill and Neteller.
Apart from standard payment-processor fees, Etoro does not charge fees on deposits. I had to pay an extra $25 to my bank for a wire transfer. They have deposit limits for new accounts. Deposits have a minimum of $200, which is quite affordable. The maximum depends on the payment method. Unverified accounts can only deposit up to $2,250.
I was able to effortlessly make 4 sizable withdrawals. Similar to deposits, withdrawals at Etoro do not have any hidden charges. Every withdrawal is subject to a withdrawal fee of $25. Most brokers do not charge a withdrawal fee.
Withdrawals may take up to 5 days to complete. You can withdraw at least $50.
Etoro Cryptocurrency trading review
Many traders ask me: Can I buy Ripple XRP on etoro?
The cryptocurrencies you can trade with etoro are:
Bitcoin, Ethereum, Bitcoin Cash, Ripple(XRP), Dash, Litecoin, Ethereum Classic, Cardano, Iota, Stellar, EOS and Neo
You have to notice that:
- offers both crypto CFDs and underlying asset
- US offering and mobile wallet launching soon
- Crypto assets cannot be deposited or withdrawn (only fiat)
- Trading physical crypto is not protected by any regulator (there is no platform offering such protection). CFDs are.
An interesting post on Reddit about if eToro is safe got two really useful replies:
You don’t own any coins but you own the position you buy. As long as etoro doesn’t make bankrupt and as and as long as the price doesn’t go zero, the position is yours. And futhermore you can cash out at any time you want. The only problem is the spread, but I think it’s fair enough since you don’t pay any fee for long holding.
and the second one
eToro can be considered pretty safe for holding crypto, yes. They’re a regulated company, you cannot transfer cryptos away to another wallet (at least that’s how it is right now) and you can only cash out money to an account which is under the account holder’s name.
Another option could be for you to buy cryptos on a crypto-exchange and then immediately transfer those cryptos to an offline-wallet.
Something that my followers asked me to include in this Etoro review. Its fees.
They get the bulk of their income from their slightly higher than other brokers spreads. Maybe this is the price you have to pay for the Copytrader and other unique features this broker offers. However, the good thing is that eToro does not apply slippage when copying a trader. Others do.
They charge conversion fees on deposits and withdrawals if you convert currencies.Etoro does not levy any hidden fees.
Sign up and deposit fees
Joining eToro and depositing is totally free.
If your account remains inactive for a year, then they charge a monthly fee of USD $10.
What are overnight fees?
Also known as an overnight premium, it’s an interest payment that may apply if you hold a position overnight.All brokers charge this. It particularly applies to contracts for difference (CFDs). The interest is based on the value of the contract and is calculated daily. If you hold a short position you earn this interest but if you hold a long position you pay this charge. More about what overnight fees are here
Overnight eToro fees can vary from 1 to 5 percent depending on the assets and trade.
As mentioned above, every withdrawal is subject to a withdrawal fee of $25. If you withdraw $50 this is too much. But if you withdraw, let’s say $300, the $25 does not look so big.
Etoro may look a little expensive. But , apart from the withdrawal fee, the overnight and service fees are not so different from other reputable brokers.
Etoro Demo Account
Their demo account is one of my favorite features. Even before I committed financially, I could use their fast-paced demo platform.
I was only required to submit my email address. And voila, a demo account!
Because of CySEC regulations, they don’t offer welcome bonuses. Instead, existing traders get incentives. These incentives include deposit bonuses and trading credits.
Also, they have a referral program. You can get $20 for each referral that makes a $200 deposit.
Etoro Mobile Trading Apps review
To leverage on market news on the go, you can use Etoro’s versatile mobile trading platform. The app works on iOS and Android devices. Alternatively, you can download the Etoro app via their homepage.
They are all very well-rated apps by the users. This is a factor I always take into consideration in my reviews.
In my experience, Etoro is as user-friendly as they come. From the get-go, the site is a walk in the park.
This is thanks to a simple layout and well-placed buttons. It makes it easy to open and close trading positions. Thus, it’s no wonder I give them a 9/10 score for user-friendliness.
It goes without saying that the efficiency of customer support relies on responsiveness. Without a doubt, Etoro does not disappoint. You can reach customer support at all hours, all week.
live chat (removed) ticket/email, and phone for corporate inquiries. They also provide it in English, German, Portuguese, Danish, and many more languages.
Their main website is also available in multiple languages.
Complaints are part of the business! Here at BinaryOptionsGuru, I strive to be unbiased.I have many negative reviews like the review about Raceoption platform. So, I include complaint samples in most of them.
I searched forums, comments and many webpages to collect them.
Most complaints come from disgruntled traders who lost more than they could stomach. Some complaints hold weight, though. You can be the judge.
Etoro withdrawal Problems
It seems that some traders were unable to withdraw. Most of these problems occur because of unverified accounts,though.
For instance, there’s this review from TrustPilot:
“I have been trying to withdraw my money for 4 weeks now. I just get passed from pillar to post. No one is interested in helping. They blocked my account. Then they asked for everything: CV2 number, tax number, IBAN, SWIFT number, card details, bill statements.”
If he had verified his account before withdrawing, the drama could have been avoided.
According to terms and conditions, you can’t take advantage of price quote delays. It can lead to termination of the trading contract. The proceeds from the same will also be revoked. Here’s what one trader said:
“On April 3rd, 2017, I discovered $7,494.89 USD had been silently wiped out from my balance. I received the first reply from the company on April 7th. They took responsibility for both actions. Then, they alleged that they had suffered delays on their price quotes during the days 20 to 24th of March 2017.
Moreover, they alleged that I had used a strategy based on those delays. Allegedly enabled by their terms and conditions, they blocked my account. They even took the profits I made during those dates.”
To avoid the same fate, always read the fine print. Although I feel bad for the trader, he didn’t have to take advantage of the delay. It’s all on him!
Another trader, unaware that brokers rely on price feeds from different providers, said this:
“I recently bought into a trade with the AUD/USD pair. I hoped to catch the upward blip for a little easy profit. So, I used MT4 for my tech analysis. I sometimes compare it to Etoro’s charts. I watched the bar rise, while Etoro’s plummeted like a rock. Can someone examine this image and explain why I’m seeing a difference? I am newer, so maybe I’m missing something. I bought in at a point that, according to MT4, should be giving me profit. But Etoro says I’m at -3%.”
How to open a demo and real account on etoro
Step 1- Submit registration details
Obviously, to get a demo account at etoro, you have to submit registration details.Simply put, you have to provide your name, a username, a viable email address, a password and your phone number.
Alternatively, you can opt to register using Facebook or Google details. A this point, it is imperative to verify your email address for a seamless experience.
Summary of the Etoro review and Your reviews
Advantages & Disadvantages of Etoro
First of all, Etoro revolutionized trading platforms. Their platform blends their simple WebTrader and CopyTrader. The hybrid platform is easy to use. Also, it comes with a wide set of assets. Unlike binary-options brokers, Etoro offers margin trading. Plus, they offer one of the most flexible Forex banking systems.
Apart from those options, they also offer country-specific payment methods. They provide a superior demo experience. This includes the ability to reset virtual funds whenever you want. Finally, their customer support is responsive and helpful.
The biggest downside is that they have slightly high fees and spreads. Tehy also apply withdrawal fee that many brokers do not apply. These are the two things I do not like about Etoro.
Now something that I could not leave out of the Etoro review. The complaints.
Is Etoro trustworthy or a scam?
A question many traders ask. Is etoro safe? Etoro is one of the safest brokers in existence. Not only from my experience. Millions of traders use it.
It is the most popular trading platform in many countries.And it is regulated by three legal entities.
Have a dispute with the broker? You can escalate it to the regulating bodies for mediation.
For more traders comments you can read Etoro community on Reddit.
- Social trading available
- Copy trading
- Powerful trading platform.
- Wide range of assets.
- They offer margin trading.
- Flexible banking.
- Easy demo-trading.
- Slightly High spreads.
- Withdrawal fee.
Be the first to leave a review.
In addition to the review,I include answers to many popular questions about Etoro.
(I want to thank https://www.investmenttales.com/ for the great answers)
Popular questions on Quora
I am finishing the Etoro review with some popular questions on Quora website.
This was my review of Etoro trading platform. Leave your review above or your questions and comments below.We need them.