eToro – Forex Broker review

eToro – Forex Broker review
3.7 (73.33%) 3 votes

Read eToro forex broker review, rating and detail information for their services below. eToro founded in 2006 as RetailFX in Tel Aviv, Israel. eToro initially 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 platform. 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 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 is come under Markets in Financial Instruments Directive (MiFID). Because of that, eToro is a MiFID compliant broker and authorized for entire Eurozone.

Trading Platforms

eToro launched its social investment platform “OpenBook” in 2010. This is the first platform which has “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 others strategies in real time. eToro also provide Mobile trading app onto the smartphone. It was launched in 2010 with all features of web-based version of “OpenBook”. The app is free and can be downloaded from Google PlayStore and Apple App Store. eToro also introduce CopyFunds feature for their traders.

Cryptocurrencies Trading

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

Commissions & Spreads

Like other online Forex brokers, eToro doesn’t have any commissions or service fee. They have charged spreads on their price quotes. Spreads for currency pair is starting from 2 pips. It seems the spreads are 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 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 representative by clicking on their photograph. 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, Turkishn
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 suite 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

eToro Review and Rating

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. eToro also rewards its most successful clients. Above all eToro provides “Trading Academy” which includes eCourse and live webinars for newbie.

Support
70%
Platform
80%
Bonus
80%
Commission
70%
Leverage
70%

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
7.4

Average Score

 

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