Deposits & Withdrawals5.5/10
- social trading
- many assets
- many deposit methods
- all strategies are allowed
- slow withdrawing process
- slow document verification
- spreads are far from the lowest ones
- many auto responses, less live support
- too large minimal deposits
The main features of this brokerage
- The company is known as a large social trading platform that unites both beginner traders and experienced profitable traders.
- The choice of assets is vast. Except the Forex currency pair, eToro also offers users to work with stocks, indices, ETFs, cryptos, commodities.
- All the trading strategies and styles are allowed here.
- The minimum deposit can differ from $1000 to $10000 depending on the country, as they say on their official website.
The eToro broker was founded in 2006 in Tel Aviv, Israel. Nowadays, it is a Cypriot Investment Firm and has several licenses (CySec, FCA, MiFID). They used to work with the USA clients, but now they paused this activities due to restriction of American Forex market regulations. They say that more than 5 million users from 170 countries trade with eToro.
There are several types of eToro accounts. You can choose from Bronze, Silver, Gold and VIP. The main difference between them is the minimal deposit which is $50 for a Bronze acc and $20000 for a VIP one.
On all the accounts with eToro spread is over 3 pips. It may be a problem for many traders, as they want it to be minimal, from 0 to 1, but not 3. However, the broker offers islamic accounts for Muslims with no spreads at all. As for other fees eToro charges from users, is the % for trading cryptocurrencies. The number differs regarding the currency, so better visit their site to make sure how much they want for every crypto lot.
The maximum leverage is the same of all the trading accounts, it equals 1:400. You can open trades from 0.1 lot volume.
As we have already slightly mentioned, minimal deposit is $50 that can seem too high for newbies who often prefer to try trading with a small capital in their first trading years. For silver account you’ll need to pay $1000, $5000 for Gold and $20K for VIP. It seems to be really very important, as not every trader can allow to deposit such great sums.
So, we can suppose that they will be more suitable for traders who have already gained some experience on the financial markets, have a working trading strategy and can perform manual trading profitably.
The most interesting point for newbies is eToro social trading. Don’t be upset with the fact that the minimal deposit here is so high. At least, the social trading process will show you how the best traders of the Forex market execute their deals.
So, what does this mean to beginners? If you are familiar with the concept of social trading, you may know that Forex rookies can follow the best performing traders and copy other traders signals that will be executed on their own account with their own funds.
Traders that copy the signals from the eToro social trading network can learn from the process. This will help them to grow as financial specialist, understand the market and see how it works from the inside. Plus, if other traders’ signals are profitable, it will bring them money.
So, this system can help newbie traders to find their way in the foreign exchange world.
The fees are already included to the spreads, so there won’t be any need to calculate them manually. Everything is obvious and easy to understand.
The trading platforms
The eToro platform is another distinctive feature of the broker. They offer their own program for online trading. You can use mobile app called eToro, if you prefer working from a smartphone or a tablet. Choose and install the classic trading platform, if you use PC or Mac. Or use web eToro platform from any device in any time you need.
This feature is interesting and exclusive, still, many traders who are used to work with MetaTrader or NinjaTrader can have some problems with adaptation. However, some of them say that trading with eToro platform is as comfortable as with all the others, it is just the matter of habit.
The apps can be downloaded from GooglePlay, AppStore or the official website.
Deposits and withdrawals
eToro does not require clients to use a specific method, they offer people a variety of them. China Union Pay, Credit and debit cards, Giropay, Neteller, PayPal, Skrill, WebMoney, Yandex or Wire transfer are present on their website. The term of depositing and withdrawing differs regarding the chosen method. However, we have met a lot of reviews that sometimes it takes much more time for money to achieve the destination point. Instead of one day, people wait for withdrawals for several days, while this is normal only for wire transfer.
- You can choose from all the majors and some exotics, if you want to trade currency pairs.
- As for stocks, there are NYSE, NASDAQ, London, Frankfurt, Paris, Madrid, Milan and Zurich in the list.
- 12 indices are available for trading.
- eToro also offers trading 53 different ETFs.
- Traders can also choose from the following commodities: gold, oil, copper, silver.
- eToro traders are also offered to trade the main world’s cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Litecoin and Dash.
Social and copy trading are the best prerogatives of eToro. The platform connects newbies with other traders, including the top traders. It gives people a chance to improve their trading and see how professionals work.
In general, this company is normal for those who has already some experience and a capital. Etoro has high spreads, charges many fees and commissions. For example, there are inactivity, conversion, deposit, withdrawal, custody fees and financing rate. Note, that these are only non-trading fees, and for active trading you will need to pay even more. Traders with minimal capital won’t be able to spend money on all that things, so it’s better to find another broker without so many commissions.
We are not against opening an account with eToro. But, the common sense tells us that it is better to think a little bit more and compare all the possible brokers. Anyway, traders are ordinary people who search for something comfortable and profitable.