eToro | Review | CFD Trading Platform Review

Our Review

eTORO Review

 

 

Our Overview

What is eToro?

10 points summary

How Protected are you with eTORO?

Awards

Is eTORO a Scam or Safe?

Account

Trading Instruments

Trading Platforms

Trading Fees

Deposit and Withdrawal Options

Education

Customer Support

Conclusion

 

 

What is eTORO?

Almost everything is being digitalized with each passing moment, from online banking to online shopping. The question that comes forward is, why not trading? Well, we are here to give answers. Allow us to introduce you to eToro, a social trading platform. 

Founded in 2006, eToro has managed to raise itself to the world's leading social trading platform. Initially, the company was considered a safe, low-risk broker meant for Forex and CFD trading. The world is constantly changing, and everyone has to keep up with it. For this purpose, eToro introduced Cryptocurrencies as well. Furthermore, it developed and incorporated certain social features such as CopyTrading and CopyPortfolios to its platforms. So far, it is operating in approximately 140 countries with a total of 11,000,000 to date.

 

Pros	Cons
It offers wide range of cryptocurrencies.	The fees are slightly high.
The minimum amount to fund and start investing is very low	Lack of advanced features.
Commission free-trading

 

 

10 Points Summary

Headquarters	Cyprus
Regulation	CySEC, FCA, ASIC.
Platforms	Proprietary
Instruments	ETFs, CFDs, Commodities, Metals, Stocks, Oil, Gold, Indices
EUR/USD Spread	3 pips
Demo Account	Yes
Minimum deposit	$200
Base currencies	USD
Education	Provided
Customer Support	24/5

How Protected Are You with eTORO?

When you are about to choose a broker, carefully look into their safety and security policies. It is fairly evident that when it comes to brokerage, the first and foremost concern is security. If your broker is cannot provide maximum protection to keep you safe, it is not worth investing in it.

When it comes to eToro, they take the security of their customers very seriously. Several measures are taken to protect the investors as CySec, FCA, and ASIC regulate it to back up their claim. All the personal information of every customer is safe and guarded by SSL encryption. Additionally, all the money is safely secured in tier-1 banks. You must be wondering what tier-1 banks are? Tier-1 banks are the most secure type of bank accounts. 

 

Pros	Cons
Regulation provided by CySEC, FCA and ASIC	None.
Segregated accounts provided for funds.
Tier-1 banks.

 

Awards

The probability of the thought of a review being biased crossing a reader's mind is very high. However, one cannot deny the credibility of awards received by the company. 

eToro has received numerous awards for its thrilling and over-the-edge service for its customers; some of them are:

Best show Award- Finovate Europe. 

8th Invest Cyprus International Investment Awards

Best Social Trading Platform- FX Empire. 

These awards are a very small chunk of the appreciation eToro has received for its contributions. We hope it has helped you build their trust in them.

Is eTORO a scam or safe?

It is a common occurrence that when you think about investing, you question the credibility of the source. It is your right to do so as it is your hard-earned money that you are about to invest. 

When we talk about eToro, there are no doubts about its credibility. It is a licensed brokerage operating in more than 140 countries and regulated by FCA (UK), CySec (Europe), and ASIC (Australia). The countries it operates in are as follows: 

Algeria

Belgium

China

Costa Rica

Denmark

Finland

Italy

Greece etc. 

Account

eToro offers its customers three different types of accounts—Demo, Standard and, Islamic account. The account opening process is very simple. 

Demo account:  If you are new to the world of Forex trading, fret no more? eToro has designed a special demo account for amateurs that have just stepped into the world of forex trading. The users receive a virtual amount of $100,000 to get started. The most exciting feature about the demo account is that it has no expiry date and can be used for as long as needed. 

Islamic account: eToro has been very kind to its Muslim users by launching an Islamic account. Now, what is so special about this Islamic account? This type of account is compliant with all the Shariah Laws. 

Standard account: Opening a standard account is a piece of cake. Well, not literally! The process is straightforward as you only have to deposit $50 into your account to get started. Once your account has gone through the verification process, you can start withdrawing. 

 

 

Pros	Cons
Islamic account available.	None.
Minimum deposit amount is low.
Three different account types offered.

 

Trading Instruments

eToro has a very impressive range of assets as compared to other brokers. It offers its users CFDs, FX pairs, indices, ETFs, virtual assets, and shares. It has the largest range of cryptocurrencies.

 

Pros	Cons
A wide range of cryptocurrencies.	ETF CFDs is slightly costly.
Equity CFDs are commission free.	Financing cost is present.

 

Trading Platforms

The users of eToro trade using its proprietary platform. The best part about the proprietary platform is that it can be easily accessed directly from any computer or mobile device without downloading any supportive software. It is advised to download the mobile software application if trading is done by means of a tablet or mobile phone. It supports multiple languages. 

 

Pros	Cons
Multiple languages.	None.
User-friendly.

 

 

Trading Fees

eToro is based on the pricing model known as “spread pricing”. Allow us to take you on a small journey about what spread pricing is. A small amount of fee is paid on the sale price. The concept is child’s play; a small amount of the fee is paid upon buying, whereas the remaining is paid when you sell. If the value of your cryptocurrency increases, you will be required to pay a relatively more fee. However, if luck’s not on your side and the value of the currency decreases, chances are a portion of the initial payment will be reimbursed.

 

Pros	Cons
Trading fee is low.	None.
CFD ad Forex fee is low.

 

 

Deposit & Withdrawal Options

Depositing and withdrawals are hassle-free. A minimum amount of $200 is necessary to start trading. For depositing, various options are given to the users to make the procedure smooth. Depositing options are listed below: 

PayPal

Credit Cards

Wire Transfer

Web Money

Neteller

Money Gram

Withdrawal is similar to depositing in the sense that it also has a minimum amount; $30. No less than $30 can be withdrawn from the account. Additionally, a fee of $5 is charged on every withdrawal. A standard period of 3–7 days is given to transfer funds into the bank account. Same options are available for withdrawal as depositing. 

Education

eToro is dedicated to providing multiple educational resources to its users and people interested in the world of trading. Giving back to the community and helping bring more people into the trading world uses different strategies to share knowledge, such as online webinars, podcasts, trading schools, and video tutorials. The online webinars are approximately 90-minutes each conducted by experts; it is guaranteed that you will learn something amazing and new that can notch-up your game in the trading world. eToro’s registered users can access the trading school to enroll themselves in different courses. Last but not least, the video tutorials help get a grasp on the platform. 

 

Customer Support

At eToro, live chat is available 24/5 for its user to reach out to in case of any problems. Similarly, a FAQ section is available with all the necessary answers to minimize the traffic on the live chat, so it is always available for more significant problems. To make things easier for its users worldwide, customer support offers multiple languages to be contacted in. Email support is also present, where the response time varied from 3-minutes to 3 days. All in all, eToro has excellent customer service

 

Pros	Cons
Multiple languages supported.	None.
Live chat 24/5.
Email support.

 

 

Conclusion

Trading is not an easy task and requires expertise and knowledge to excel in this field. It may also be someone's path to quick money and an exit from the monotonous 9–5 job. For some people, it is thrilling as it involves risk. 

eToro is the leading social trading platform that has made trading easily accessible to people. It is user-friendly and has an excellent reputation in the market. Only an initial deposit of $200 is required to enter the world of trading and trying your luck. If all goes well, you may be able to turn $200 into $200,000. Get started today!

Frequently Asked Questions (FAQs)

What is the minimum deposit account? 

The minimum deposit amount required by eToro is $200. 

How can I open an account with eToro?

There is an online application form by which you can register yourself.

How can I withdraw money from eToro?

Click on the “withdraw funds” tab and follow the instructions given to withdraw your money.

Is eToro regulated?

eToro is regulated by CySec (Europe), FCA (UK) and, ASIC ( Australia). 

Where is eTORO operated from?

The head office is present in Cyprus.