eToro – Forex Broker review

eToro Review and Rating
eToro Review

Name: eToro Review

Description: eToro is a well-known Israeli fintech startup, a social trading broker. They primarily serve UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated body.

74%
74 of 100 1 review
  • Support - 70%
    70%
  • Platform - 80%
    80%
  • Insights - 80%
    80%
  • Leverage - 70%
    70%
  • Commission - 70%
    70%

Summary

eToro currently has more than 5 million users in over 170 countries. eToro’s online platform is one of the world’s best social investment networks. Above all, eToro provides “Trading Academy,” which includes eCourse and live webinars for the newbie. They also reward its most successful clients. However, it has some drawbacks, though. Forex fees are high, and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high in some cases. Read eToro forex broker review, rating, and detailed information for their services below.

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User Review
4 (1 vote)
Comments Rating 0 (0 reviews)

Pros

  • Strict regulation
  • Proprietary Platform
  • Demo Account
  • Low minimum deposit amount
  • Supports cryptocurrency and CFD trading
  • Good amount of Bonus

Cons

  • MT4 not supported
  • High Spread
  • No cryptocurrency deposits
  • Not many cryptocurrencies

eToro founded in 2006 as RetailFX in Tel Aviv, Israel. eToro initially is known as RetailFX and founded by two brothers Ronen and Yoni Assia and their partner David Ring.

eToro is an online Stocks, Currencies, Indices, and Commodities social trading platform. It is currently ranked as one of the best social trading platforms. eToro has also branch offices in London, New Jersey, and Cyprus.

Regulation

eToro is regulated by the Financial Conduct Authority (FCA), United Kingdom. It has a license under the FCA reference number 583263. Also, eToro regulated by the Cyprus Securities Exchange Commission (CySEC). The commission has a compensation scheme, which provides compensation up to $20,000 per case. Furthermore, FCA comes under Markets in Financial Instruments Directive (MiFID). Because of that, eToro is a MiFID compliant broker and authorized for the entire Eurozone.

Trading Platforms

eToro launched its social investment platform “OpenBook” in 2010. This is the first platform that has the “CopyTrading” feature. The social trading platform allows traders to see expert traders trading statistics such as their market positions and profit levels. So the trader can adopt other strategies in real-time. eToro also provides a Mobile trading app onto the smartphone. It was launched in 2010 with all features of a web-based version of “OpenBook”. The app is free and can be downloaded from Google PlayStore and Apple App Store. eToro also introduces CopyFunds features for their traders.

Cryptocurrencies Trading

In 2014 eToro starts to offer cryptocurrency trading for its users. In July 2017, they launched the Crypto CopyCopy portfolio. However, a minimum of $5000 is required for the Crypto CopyCopy portfolio. They support a huge range of cryptocurrencies which include Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Ripple.

Commissions & Spreads

Like other online Forex brokers, eToro doesn’t have any commissions or service fees. They have charged spreads on their price quotes. Spreads for currency pair is starting from 2 pips. It seems the spreads are a bit high for eToro. But it includes spread, overnight fee, and commission.

eToro Spread
eToro Spread

Payment options

eToro Supports Credit / Debit card, Giropay, Neteller, PayPal, Skrill Limited, WebMoney, Wire Transfer, Wirecard, Yandex, China Union Pay for deposits and withdrawal. Withdrawals are also imitated through the same methods used for depositing the funds.

Support

Customer support at eToro is available 24/5. Hence there are several ways in which you can get in touch with the support team such as email, fax, or telephone. You also have the benefit of multi-lingual support. Above all, customers can choose their customer service representatives by clicking on their photographs. This shows the entire bio of the customer service representative. Customer support available in English, German, Spanish, French, and Italian.

eToro Detail Information

Company eToro Inc.
Founded in 2007
Online since 2008
Offices in British Virgin Islands, Cyprus
Payment options Credit/debit cards, Giropay, Neteller, PayPal, Skrill, WebMoney, Wire transfer
Demo platforms eToro Platform, eToro Mobile Trader
Account currencies Australian dollar, Canadian dollar, Euro, Great Britain pound, United States dollar
Currency pairs
AUD/JPY AUD/USD
BTC/USD CAD/JPY
CHF/JPY EUR/AUD
EUR/CAD EUR/CHF
EUR/GBP EUR/JPY
EUR/USD GBP/JPY
GBP/USD NZD/USD
USD/CAD USD/CHF
USD/CNH USD/JPY
USD/RUB
Regulated by ASIC, 335692; CFTC/NFA, 0382918; CySEC, 109/10
Website available in Arabic, Dutch, English, Finnish, French, German, Greek, Hungarian, Italian, Japanese, Korean, Norwegian, Portuguese, Russian, Spanish, Swedish, Turkish
Support available in Arabic, Dutch, English, Finnish, French, German, Italian, Japanese, Korean, Norwegian, Portuguese, Russian, Spanish, Swedish, Turkish
Support methods Email, Live Chat, Phone
Trading server time zone GMT
Conditions for VIP traders
  • A 15% bonus on your first deposit each month (up to $2,000)
  • One on one training sessions with your Account Executive
  • Fast withdrawals – 3 days
  • The full written and video eToro Forex e-Course
  • Free entrance to the real traders’ chat room
  • A daily market report in your mailbox
  • Direct Trading room telephone access
  • Optional Rebate Program — your senior account executive will tailor for you a personal rebate program to suit your trading needs

eToro Features

  • Bonus offers
  • Trading contests
  • Free education
  • Trading by telephone
  • Segregated accounts
  • Affiliate program
  • Islamic accounts available
  • US traders are welcome

Account Types

  • Bronze Account
    • One-click trading
    • Mobile trading
    • Browser-based platform
  • Silver Account
    • One-click trading
    • Mobile trading
    • Browser-based platform
  • Gold Account
    • One-click trading
    • Mobile trading
    • Browser-based platform
  • VIP Account
    • One-click trading
    • Mobile trading
    • Browser-based platform
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