eToro


Overall Score   How is this Calculated?

9.3

Ranks #3 of 29
In Reviews > eToro


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Details:

  • Min. Deposit: $50
  • Max. Leverage: 400:1
  • First Deposit Bonus:
  • Min. Lot Size: 0.1
  • Regulation: NFA, CySEC, ASIC, CFTC, MiFID, FCA

  RATING

Ease of Access:
8.9
Reliability:
9.4
Support:
9.6
Payouts pct.:
9.5

  AWARDS

eToro Review – One of the Best in Business


eToro is one of the newer brokers in town but is quickly establishing itself as a trustworthy and feature-packed option that is great for beginners.

 

Getting started in the world of online trading can be a nerve wracking experience and it's common to find yourself stressed at the prospect of losing money. With an accessible trading platform and great customer service, eToro aims to prevent these issues and generally has an innovative approach to the world of trading. Best of all is their 'social trading' approach that allows users to benefit from the community when making their trading decisions.

 

eToro is a great choice of online brokers then, especially for beginners. Read on to learn more about the specific services they provide and who can benefit from opening up an account.

 

Types of Account

 

One of the more innovative ideas from eToro is its 'social trading'. Social trading uses similar technology to social media platforms and applies this to the world of online trading giving you access to more information allowing you to learn from others. This transparent social trading platforms enables you to see trends as they develop and to follow and emulate users you trust while at the same time ensuring you aren't compromising the security of your portfolio. The site keeps you up to date on all the latest news, commentary and advice in the world of trading and is generally a great asset to the account that could very realistically give you an edge. This could be particularly useful for any beginner traders who are concerned about going it alone.

 

A demo account is available for those who want to try out eToro's social approach, though this lacks in some features such as the guides and tutorials available to other members.

 

The Trading Platform

 

eToro states that one of its core aims is to encourage all its users to engage in social trading. In support of this, they have a very straightforward and intuitive interface that's highly easy to operate and takes a 'WYSIWYG' approach to design (what you see is what you get).

 

So how does all this social trading work? The idea is that users can build up a following and over time as they establish themselves, will likely be emulated by their adherents. This can then add financial weight to your calls and puts.

 

At the same time, this has the advantage of allowing users to see the direction that the majority of users are trading in – say a specific currency pair. The interface makes this information very easy to find and you can then very quickly and easily choose if you want to get involved in that trade and which way you want to go. You can easily have more than one trade going on at once. You can also easily trade in currencies as well as stocks and other assets.

 

To further help make the platform accessible and flexible, eToro also has smartphone apps and an online platform. This ensures you can access your account from anywhere in the world and ensures smooth and enjoyable operation versus some of the complicated and 'dull' platforms offered by other companies. Apps exist for iPhones, android and more and are just as well designed and feature rich as the main platform.

 

Deposit and Withdrawal Process

 

When you deposit money into your eToro account, you will have the option of using PayPal, MoneyCram, WebMoney or Netelller as well as the traditional card deposits and wire transfers. This again helps to make the service flexible and versatile and means you're likely to be able to choose the option that best suits you.

 

While there are many options available for deposits, the method you use will impact on the initial minimum deposit. Generally though, these minimums are very low across the board ranging from 50-500 dollars.

 

When withdrawing their funds, clients need to fill out an online form. The website provides detailed instructions on how to go through this process and overall it is very quick and easy to get your money out and into your account.

 

Customer Service and Security

 

The company that owns eToro is Tradonomi LLC and is registered with the CFTC and NFA. This ensures you can be safe in the knowledge that they comply with all the regulatory requirements. At the same time, they also provide secure data encryption via industry-standard 'secure socket layer' (SSL) technology. Their privacy policy makes it clear that no information will be shared with third parties.

 

Likewise, eToro also offers a lot of guidance and great customer support – again taking particular care of their beginners. The website contains a large number of tutorials, guides and more while the friendly customer service staff are professional, knowledgeable and patient. You can get hold of support staff quickly at any time of day and they always seem happy to answer any questions.

 

Moreover, the structure of eToro and its focus on the social element ensures that you will always have access to plenty of advice and support from the other users as well. Experienced users are always more than happy to lend their expertise and there are plenty of opportunities to discuss the best trading strategies and more.

 

Conclusions

 

Overall, eToro is not your average broker and the platform is very different from many of the other generic trading platforms out there. It's very refreshing to see brokers that are willing to try something different and to innovate in the industry. More importantly though, these innovations are smart innovations that stand to benefit any trader – especially newcomers who could benefit from the support of a helpful community and an accessible trading platform.

 

Importantly, eToro is a trustworthy and reliable broker that you can feel confident handling your money. At the same time, the trading platform is more than capable of meeting the requirements of even the more advanced traders. Nevertheless, it is the innovative social platform that makes this company really stand out and that potentially gives it potential above and beyond the competition.

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User Reviews (2)

  • There are many countries that etoro doesn't support in their fine print terms and conditions. They still however, allow you to deposit money from those countries and make it VERY difficult to get it back. I recommend you do some more research on this company and check out truetoro.org to find out more user stories of some of the hastles/problems getting money back.

    Mike
    2015-10-09
  • Started using etoro in late 2013 with a initial deposit of $1,000. I'm still using them to this day and Im very satisfied. My profits has by far exceeded the deposit. Withdrawals are usually no problems and sent on time for the most part. Overall a very good forex broker! :)

    Emil Jakobsen
    2015-03-08

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