eToro – Should You Register For An Account With This Broker?
If you’re looking to get started with financial markets then you need to have the right broker available to help you out. Well, eToro is one that’s been getting a lot of attention and a whole lot of interest lately and we’re here to take a closer look and see whether they’re actually all they’re cracked up to be. If you’re unsure whether you should be investing with eToro or not, we’re (hopefully) going to clear that up for you.
We’ve had a number of different traders that are new and traders that are experienced work through this system and give us feedback on just how it worked for them. We were interested in putting together an unbiased review, which is exactly what we did, taking the information our testers provided and creating a comprehensive overview of what you need to know before you start investing with eToro for yourself.
- 1 eToro Broker Review – An Unbiased Look Into A Powerful Trading Platform
- 2 What Makes eToro a Good Broker?
- 3 eToro Trading Conditions
- 4 Educational Resources
- 5 Customer Support
- 6 Frequently Asked Questions (FAQs)
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1 eToro Broker Review – An Unbiased Look Into A Powerful Trading Platform
Throughout this review hopefully you’re going to find a whole lot of information that makes it easier for you to start investing, whether you decide to do it with eToro or another financial broker.
We are going to take a close look at all of the different features that you should know about this system and the way that they operate so you can make an informed choice about whether it’s the best platform for you or whether you should keep looking somewhere else. eToro has a lot to offer, but is it really the platform that you should be using for your own trading?
|Over 1,000 tradable stocks||Not available to users from some countries|
|97 different cryptocurrencies available for trading||Withdrawal fees apply|
|Commodities trading available|
|47 Forex currency pairs available|
|Copy trading services|
|No trading fees|
|No overnight/weekend fees for CFD positions|
|Low minimum required deposit|
|Streamlined and secure deposit and withdrawal processes|
|Access to educational resources|
|Multiple base currencies available to trade|
2 What Makes eToro a Good Broker?
So, just why is this a good option for you to follow when it comes to your investing? It actually has a whole lot of different assets for one thing. There are over a thousand stocks, 97 different cryptocurrencies, 47 forex currency pairs and a whole lot more, including commodities. So, you’re going to have an array of different places to start and ways to do it.
If you want to get started with social trading you can actually do that as well, which means you can copy another trader who’s doing well and make the same trades that they’re making. Add in the user-friendly aspect of the system and the fact that people who are just getting started are still going to have no problem figuring things out and you’re really in business.
There’s not even any fees for trade execution or for overnight holding of CFD positions. This makes it a little bit better than some of the other systems that you might find out there, though there are still some that do offer these benefits.
2.1 eToro Test Run
So, how did our test run go? Well, it actually went pretty well. We were impressed with what our traders had to say and that was all about the ease of use for the interface and the easy execution. There was no latency, minimal slippage and great social aspects. Our team of testers really enjoyed the process of using eToro and felt that it was actually quite exciting.
When it came to money aspects the deposit and withdrawal process was straightforward and simple. There was no problem with adding more money or with withdrawing money. The system made this as easy as possible and allowed our team to keep investing the way they wanted to.
Customer service was another success during our test run. Any questions or concerns were addressed quickly and effectively and the customer service people definitely seemed to know what they were doing along the way. Our trial team was impressed with their interactions here as well.
Overall, our test run seemed like a really great success. Our team was impressed and we felt like eToro was getting things done the right way. But if you’re looking for a little more information make sure that you keep reading to see what else is available with eToro and just how it can help you.
2.2 Is eToro a Trustworthy Broker?
The short answer is that you can trust this company. The have a whole lot of high quality security protocols and systems in place that are designed to make it a whole lot easier for you to invest and feel confident doing it. The system has positive reviews and strict regulations that show it’s definitely operating at a high standard.
They’re regulated by the Cyprus Securities Exchange Commission and the Financial Conduct Authority as well as the Australian Securities and Investments Commission. All of this means that you’re definitely getting a company that’s following the rules and making sure their customers are going to be well protected.
2.3 eToro Safety of Funds and Regulation
The regulations that this company is subject to mean that they have some of the best security and financial systems in place. They are operating on a fully transparent system and the finances that you put in are kept completely segregated from their own operational funds. They also have to follow a number of rules that help to protect you from identity theft, financial theft or any other type of security breach. Your finances are even protected to an extent in case the company fails.
2.4 eToro – Account Types
Not all brokers offer multiple account types but eToro actually has two different options that you can choose from. These will make it easier for you to get a customized process for the type of trading that you’re doing and it depends on whether you’re a more advanced trader or you’re someone who’s just getting started.
Retail Clients – This is where people who are just getting started or are considered more moderate traders will likely want to go. It has all of the same assets you’ll get with the professional version but also comes with protection from the Compensation Fund and rights under the Financial Ombudsman Service. Plus there’s negative balance protection (which is standard).
Professional Clients – This is where the advanced investors may want to play. You’ll get access to all of the assets but no Investor Compensation Fund or Financial Ombudsman Service. You will have more leverage, however. And you’ll still have negative balance protection.
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3 eToro Trading Conditions
The trading conditions with eToro are actually quite straightforward.
– There are no transaction fees
– Offers generous spreads
– Leverage of up to 1:400
– Social trading platforms
– 24/7 trading
– Over 1,000 tradable assets
– Trades in forex, stocks, commodities, cryptocurrencies, ETF’s & indices
3.1 Fees and Spreads
There are absolutely no fees for trades, but you will be charged $25 to make any withdrawals and you’ll be charged for overnight or weekend holding of CFD’s. You’re also going to have some really large spreads with this system.
3.2 Account Registration Process
When it comes to the registration process you’re not going to have a problem getting going. That’s because eToro makes it really simple to get started and create your account. You just go to the website and select ‘join now.’ From there you can fill out the registration form, which will ask all kinds of personal information and set up a username and password.
It only takes a few minutes to fill out everything and then make your first deposit. Once you do you’re going to have no problem starting the investment process. Start trading just that fast.
3.3 Deposit and Withdrawals
If you want to deposit money or withdraw it you want this process to be simple and straightforward as well. You don’t want to be stuck waiting around for your money to get where you need it and that’s not a problem with eToro. You’re actually going to have a simple process for any monetary transfers.
When you deposit money you have to choose the method you’re going to want to withdraw through as well, because your money has to go out the same way it came in. You’ll also have a minimum withdrawal amount of $50 and $25 will be billed as a withdrawal fee. This can make it more expensive than other brokers.
On the other hand, you’re going to have a number of different options for your withdrawals and deposits.
3.4 Wire Transfer
A wire transfer is only available if you are using currency of USD, GBP or EUR but you can deposit as much money as you want at a time. You will also need to wait approximately 4-7 days to get the money into your investing account.
3.5 Credit/Debit Cards
There are a number of different credit and debit cards that are accepted by eToro, including:
– Visa Electron
Once again, the currency must be USD, GBP or EUR, but this method also adds AUD to the list. You also have to deposit less than $40,000 through this method but you’ll have instant transfers.
PayPal allows you to deposit up to $10,000 at a time in USD, GBP, EUR or AUD. Also, it’s an instant process so you’ll be able to start trading with your money almost instantly. It just needs to be approved and you’re ready to go.
You’ll have a $10,000 maximum deposit with this method and you can use it only with USD, GBP or EUR. You’ll also find that there are some countries that aren’t able to use this method, so make sure you check it out for yourself first.
This payment method allows a maximum deposit of $10,000 and provides you access to your funds instantly. It’s also available in USD, GBP and EUR. Just make sure that your country allows this payment method as not all of them do.
This is another payment method that works instantly, but it’s only available in certain countries, which means Russia and CIS countries. It works in USD, GBP and EUR and gives you a maximum deposit amount of $50,000.
If you live in CIS countries or in Russia you can also use this method to trade in USD, GBP or EUR. You have a maximum deposit of only $5,000, however the funds are going to be available to start trading instantaneously.
3.11 Rapid Transfer
If you’re looking for a simple way to deposit money you can use Rapid Transfer, which lets you deposit up to $5,500 at a time in USD, GBP or EUR. You won’t be able to take any money out through this method however.
3.12 Klarna/Sofort Bank
With this method you can deposit up to $30,000 at a time and get the money available to use instantly. You have to work in USD, GBP or EUR currencies and be located in Germany, Austria, Netherlands, Switzerland, Italy, Belgium, Spain or Poland to use this method.
3.13 Online Banking
If you like to use your online banking you can absolutely use this method to do it easily. You’ll be able to deposit up to $10,000 and get access instantly. In order to do this, however, you have to use currency of either IDR, MRY, THB, VND or PHP. You also have to be located in either Indonesia, Malaysia, Vietnam, Thailand or the Philippines.
3.14 China UnionPay
In China, UnionPay is another option that gives you the option of depositing up to $7,000 at a time. It also works only in CNY but it gives you access to your funds instantly.
3.15 eToro Trading Platform
The trading platform for eToro is actually quite intuitive and it’s considered high quality as well. In fact, with all of the tradable assets that are available, the system definitely needs to be extensive. It also offers social trading, so you can see what others are trading and they can see your record as well. And you can choose to copy someone else’s trades if you believe they’re making the best choices.
You won’t have access to MetaTrader 4 with this broker, however, which means you’re going to need to learn an entirely new system in order to trade here. For those who prefer MetaTrader 4 there are a number of other brokers who offer it.
4. Educational Resources
Education is important whether you’re new to trading or you’ve been doing it for a long time. You want to make sure that you are getting into as much education as you possibly can and that you’re paying attention to the latest in market reports, analyses and more. With eToro you’re going to have online guides, articles, market research, news feeds and a whole lot more that are designed to help you make informed decisions.
You’re going to want to know how to take in the right information and how to interpret that information in order to make a skilled trade. That’s all going to be in these resources as well. If you’re looking to improve upon your strategy or to try out different strategies you’ll find that type of information based on your own preferences and your own risk tolerance. It’s going to make it a whole lot easier for you to start.
You can also check out the blog to find out what’s being talked about and to get new information regularly. If you’re looking for new ideas or plans that will help you to become an even better investor this is where you’re going to want to start out. You’ll be able to improve quickly and you’re not going to have a problem getting quality advice.
5. eToro Customer Support
The customer support team with eToro is another area where you’re going to have no problems. Their customer support is touted as one of the best anywhere in the industry and after our traders tested it out we’re definitely inclined to agree with that. Their customer support will provide you with a courteous response and a whole lot of information and background knowledge at the same time.
The team is friendly and professional as well as making sure that you get an answer to your questions quickly. You want to make sure that you never miss a trade and that’s definitely going to happen when it comes to this system. You’re going to have a response to your question quickly enough to get right back to what you were doing.
6. Frequently Asked Questions (FAQs)
If you’re curious about getting started with this platform there are probably at least a few things that you want to know about first. Well, this is where we’re going to answer some of the most popular and commonly asked questions about the service, so you can make an informed choice for yourself.
6.1 Is eToro regulated?
First, is it regulated? Yes, eToro is actually regulated by the Cyprus Securities Exchange Commission, the Financial Conduct Authority and the Australian Securities and Investments Commission, depending on which of the different branches you are working with. These are Europe, UK and Australia respectively and each one offers protections for investors.
6.2 What is eToro?
In short, it’s a financial services firm, offering any investors access to the financial market. Through this platform you’re able to invest in just about any financial assets you want including forex, stocks, indices, CFD’s, commodities and cryptocurrency. You’ll also be able to use this as a social platform, which allows you to see other trades and share your own trades with those who are investing on the platform as well. This creates a more friendly environment and also allows you to see some new trades or things you could be doing.
6.3 Who has experience with eToro?
Anyone can use this system so it doesn’t matter if you’re just getting started with your very first trade or you’ve been trading for decades. Whether you’re brand new or you’re a Wall Street trader already you’re going to have no problem with this system because it’s designed to be used by absolutely anyone. You’ll be able to pick it up without much of a learning curve as well, which is always important in a broker.
6.4 How does eToro work?
This system works by giving you access to a range of different financial systems and markets. You’ll be able to make as many trades as you want without having to pay any fees and you’ll get generous spreads to go along with that. All you need to do is keep trading and make your own choices on just where you’re going to make those investments. You get to make some pretty good profits this way and you don’t have to worry about the process of using eToro because it’s really straightforward.
6.5 Is eToro a reputable broker?
In short, it’s definitely a reputable broker. EToro has a range of different benefits and they’re highly respected and recognized. They also have a high level of regulation, which means that you should be able to trust what you’re doing and what they’re doing to keep you safe.
In general, you’re going to find a number of great features available with eToro and from what our testers have determined it’s definitely a quality place to start. You’re going to have no problem getting into investing here, finding the right types of investments you want to use and a whole lot more. Whether you’ve been trading for ages or you’re just getting started, eToro has a number of great features that you’ll want to consider. Just take a look at the information here to see if it’s right for you, or check out any of the other great brokers around.
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