Founded in 2007, eToro is a world leading broker renounced for it’s emphasis on social trading. eToro provides a very polished experience for traders. With lots of education and guides available, eToro is also a good home for new traders. One of the key points of differentiation with eToro is the large range of asset classes to trade from. These include: cryptocurrencies, FX, Stocks, EFTs, Commodities and Index Markets. The key selling point of eToro, however, is the easy to use social trading interface. Traders can connect with other traders, discuss trading strategies, and use the eToto patented CopyTrader technology to automatically copy their trading portfolio performance.
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To date, eToro is one of the fastest brokers we’ve used to sign up and trade cryptocurrencies. We were also really impressed with the range of cryptocurrencies that are available to trade from. The cryptos on offer at eToro include:
- Bitcoin Cash
- Ethereum Classic
One of the great features at eToro when trading any asset (including cryptocurrencies) is the community message board that appears when you access an asset. This is a great way to interact with other traders and get trade ideas. Another feature availabe is the option to either copy other crypto traders or invest in crypto orientated portfolios.
Leverage on cryptocurrencies is a low 1:1, but this is really overcome by the range of features that are available to help traders through either copy trading or investing in a portfolio.
With officers in Cyprus and the United Kingdom, eToro’s brokering services are provided by eToro (Europe) Ltd., a registered Cypriot Investment Firm (CIF). The company’s registration number is HE20058. eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) under license number 109/10. In the UK, eToro UK (company registration number 7973792) is authorized and regulated by the Financial Conduct Authority (FCA), under firm reference number 583263. eToro (Europe) Ltd. and eToro (UK) Ltd. both operate under and comply with the Markets in Financial Instruments Directive (MiFID).
The reliability of a broker is one of the most important aspect to consider when choosing a firm to invest with. Unlike cryptocurrency exchanges, derivatives brokers such as eToro are closely monitored and have a range of regulatory obligations to meet. This makes crypto trading at brokers a more reliable experience compared to exchanges that have less regulatory and licensing obligations.
From our review, we found eToro to have a very strong level of reliability. This was based on the ease of depositing and withdrawing, experience with the customer support team, reviews of online community feedback, and by acknowledging the various licenses held by eToro. As a result, we have no hesitations in recommending eToro as a broker of choice for cryptocurrency trading.
eToro Trading Platforms
Trading at eToro is done through their proprietary online platform. The platform is straight forward to use and displays relevant information around the percentage of buyers and sellers of an asset (sentiment), snapshots of the daily change as well as information on the percentage change of an asset.
Clicking on a particular asset will bring up more information around the most recent movements of the asset, charting, and social post from other eToro users.
Copy trading is the core feature and largest point of difference at eToro. There is a great range of information provided to help traders choose the best investment option and the user interface helps to make the experience as easy as possible.
There were three categories of social trading at eToro:
- Top Trader CopyFunds – this is where traders can link their account to top performing investors
- Market CopyFunds – based on algorithm trading, traders can link their account to a portfolio of top performing assets
- Partner CopyFunds – traders can link their accounts to professional partners of eToro.
Experienced and profitable traders can apply to become part of the Partner CopyFunds and receiving on-going remuneration based on the performance of the fund.
eToro Account Types
Accounts are kept simple at eTorro, there is a single account to access all assets on offer. This makes it easier for clients to get started and reduces the hassle (and complexity) of choosing between commission or spread accounts.
The account is a spread based account. The main advantage of trading with a spread only account is that traders do not need to factor in commission charges, which are often not particularly transparent. Spread only accounts are also ideal for traders as it is very easy to see when a trade is in profit and when it isn’t.
eToro offers more than 1,000 CFDs. This is an average offering spectrum within the CFD brokers. The following asset types are available:
The leverage available across assets vary as shown in the below table:
eToro Commissions And Spreads
Similar to other premium brokers, eToro charges no commissions on trades executed. However, they do capitalize on the spread on trades which begins from 2 pips going up depending on various instruments.
eToro does not charge any fee for trades left open overnight, but a small fee is charged on trades left open over the weekend.
Overall, the spreads on eToro are reasonable given the end product the client receives. The spreads also carry over into the copy trading environment – which with other brokers can be particularly expensive and vary from on investment fund to the other. However, things are kept consistent at eToro, which makes understanding the fees straightforward.
eToro Deposits and Withdrawals
There are a large range of deposit methods available at eToro. Logging onto the eToro platform, clients can click on the Deposit Funds button to process a deposit into their account. Below is a summary of the payment methods available as well as the expected time frames for depositing.
|Payment method||Country||Time it takes for funds to appear in my trading account||Maximum deposit per transaction||Regulatory body|
|China Union Pay||Hong Kong||Instantly||20,000 USD||Government of Hong Kong|
|Credit / Debit card (Visa, Mastercard, Diner’s Club)||UK||Instantly||20,000 USD||FCA|
|Giropay (Sofortüberweisung)||Germany||Up to 1 business day||30,000 USD||BaFin|
|PayPal||Luxemburg||Instantly/ e-cheque payment will take 5-7 business days||20,000 USD||CSSF, Luxembourg|
|Skrill Limited UK||UK||Instantly||10,000 USD||FCA|
|Wire Transfer||All||3-5 business days depending on value date||Unlimited||Dependent on remitting Bank|
|Wirecard – Wire and Credit Card||Germany||2-3 business days||Unlimited – Wire 20,000 – Credit Card||BaFin|
|Yandex||Russia||Instantly or up to 5 business days||5000 RUB||Central Bank of Russia|
Similar to deposits, there is a host of withdrawal options available. Logging on to the eToro platform, clients can click on the Withdraw Funds button and withdraw funds from their account. The below table summaries the methods available for withdrawal as well as the expected processing time:
|Payment Provider||Estimated time to receive funds|
|China Union Pay||1-2 Working days|
|Credit / Debit card||Up to 8 working days|
|Neteller||1-2 Working days|
|PayPal||1-2 Working days|
|Skrill Limited UK||1-2 Working days|
|WebMoney||1-2 Working days|
|Wire Transfer||Up to 8 working days|
eToro Bonuses And Promotions
Due to regulatory restrictions, eToro does not offer typical deposit bonuses. However, traders can enjoy additional promotions by registering to be a Popular Investor, where they can enjoy a 100% spread rebate and a 2% management fee. If you’re a regular trader, this is definitely a program that we recommend looking into.
eToro Customer Support
eToro offer customer support 24 hours a day, 7 days a week via email and live chat. We found the customer service at eToro to be prompt and accurate. There was a noticeable difference when dealing with eToro staff when compared with other brokers. As such, the level of customer service was a particularly strong feature for eToro.
Is eToro regulated?
Yes. eToro’s brokering services are provided by eToro (Europe) Ltd., a registered Cypriot Investment Firm (CIF). The company’s registration number is HE20058. eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) under license number 109/10. In the UK, eToro UK (company registration number 7973792) is authorized and regulated by the Financial Conduct Authority (FCA), under firm reference number 583263. eToro (Europe) Ltd. and eToro (UK) Ltd. both operate under and comply with the Markets in Financial Instruments Directive (MiFID).
How safe is eToro?
The rapid expansion, reputation and regulation of eToro gives confidences to traders. Holding licenses in multiple jurisdictions is a benefit for traders as in many circumstances it gives them access to local authorities should complaints need to be escalated and managed through a third party.
Where is eToro based?
eToro’s offices are based in Cyprus and United Kingdom
How does eToro make money?
eToro makes a revenue through a portion of the commission and spread charged on client accounts.
How to deposit in eToro account?
Logging onto the eToro platform, clients can click on the Deposit Funds button to process a deposit into their account.
How to withdraw money from eToro?
Logging on to the eToro platform, clients can click on the Withdraw Funds button and withdraw funds from their account.
How to open an account with eToro?
To open a trading account simply fill out the account opening registration and click submit. You can follow the instructions on eToro’s website.
Is eToro reliable?
Yes, from our review we found eToro to be reputable and reliable broker. There is a clear emphasis on benefiting and supporting clients and a strong focus on regulations through the acquisition of multiple financial licences from around the world.
Does eToro use MetaTrader?
No, eToro uses a proprietary online platform.
What is eToro’s leverage?
eToro’s leverage varies from product to product. In some cases the maximum leverage offered is 400:1 on FX assets. On Cryptocurrencies, a maximum of 1:1 leverage is provided.
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