eToro full review - TopForex.Trade

eToro

eToro was founded in 2007. Therefore, it’s been in operation for more than a decade. Staying that long in the market and having developed to success has earned the trust of millions of traders around the world.

Numbers of instruments
2000+
Regulated by
AFSL
MiFID
FCA
CySEC
ASIC
Overall
98
Comissions & fees
97
Licensing & safety
99
Platforms & tools
98

eToro

Your Social Investment Network

If there may be something special in the world of online trading, eToro is exactly that. Sleek visuals, extensive investment programs, a broad range of trade instruments featuring crypto, and many attractive perks – everything suggests that eToro in the world of online trading is like a Mercedes in the world of cars. Let’s check it out.

This trust is also based on the fact that eToro is licensed by reputable regulators such as the FCA (UK), ASIC (Australia), and CySEC (Cyprus/Europe). Not all of its competitors may boast such names in their ”Regulation and License” section.

Finally, after having expanded extensively their field of operation over the years, eToro added cryptocurrencies to their trade instruments list in 2017. That means, while most other brokers have just recently added Bitcoin to their menu, eToro’s users have been navigating the waters of digital assets for about four years already!

eToro broker advantages

More than 2000 assets
Regulated by ASIC, FCA, and CySEC
Active since 2007
101 cryptocurrencies available for trading
0% comission stocks
Withdrawal within one business day

Cryptocurrencies

eToro trade cryptocurrencies

How many cryptocurrencies do you think eToro offers you to trade? Two, five? Ten? Even with twenty five, you’d be wrong – it’s 101!

Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Dash, Litecoin, Cardano, Doge, and dozens of other coins you’ve probably never heard of– that’s the amazing menu of eToro.

Moreover, you don’t only trade crypto against the USD, as it’s usually the case with most brokers. Instead, you’re offered fiat, commodity, and crypto crosses such as Gold/BTC or Stellar/Euro.

In the meantime, with such an impressive crypto sector, eToro doesn’t position itself as a crypto-focused broker. Rather, it prefers to be called a social trading platform.

CopyTrade

eToro CopyTrader service

We could say that eToro’s CopyTrader – which eToro themselves call their most popular feature – is a platform that allows you to copy trade activity of experienced traders and gain with them.

But the thing is that eToro offers something more than that – it invites you to a community of like-minded people who exchange their experiences and tactics. So, with eToro, CopyTrader is not about just downloading the app and copying the gains of top performers. Rather, it’s like joining a club where the process of online trading becomes a truly social activity.

Platforms

eToro trading demo account with virtual funds

As you’ve understood, eToro has its direction pretty much with everything – including trading platforms.

Similar to other brokers, eToro provides access to markets through desktop and mobile platforms. However, it’s not MT4 or MT5 once again – it’s an eToro-developed trading app.

eToro provides a multi-asset trading platform where you can trade more than 2000 instruments. However, the platform’s main feature is not really that it’s multifunctional – other brokers have that, too. Rather, it’s simplicity.

As eToro explains, one of its strategic goals is to make financial markets accessible and understandable to people. Therefore, it’s only possible if the process of online trading becomes technically uncomplicated – if not easy.

eToro’s platform reaches that goal. While multifunctional as the terminals of their competitors, their trading software is genuinely user-friendly and easy to handle. Excessive tools don’t press on you – you only have the required essentials to operate those 2000+ items eToro offers.

Although that might be a slight disadvantage for tech-advanced traders, eToro’s platform is very appealing to many users who are looking for something simply functional and nice, with no extra stuff.

Now, let’s go through the checklist of what exactly you get trading with eToro.

Accounts

Under EU regulation, eToro offers two types of accounts: Retail Client and Professional Client.

If you’re opening a Retail Client account – which most probably you would – here is what you’d have:

  • Full access to all trading instruments
  • Access to CopyTrade
  • Negative balance protection
  • Coverage by Investor Compensation Fund
  • Leverage restrictions
  • Margin closeout restrictions

With a Professional Client account, you’ll have:

  • A test to pass if you want to qualify as a Professional Client – unlikely to be completed by most traders
  • Unrestricted leverage
  • No coverage from Investors Compensation Fund
  • No negative balance protection (unless it’s a market force majeure)

In the meantime, you may have a free Demo account to practice trading as a standard topping to the real accounts.

Education

eToro online trading academy

eToro has a formidable educational program that includes news and analytics, market guidelines, video tutorials, daily market reviews, and online classes within eToro Trading School.

Therefore, while not really focusing on extensive education, this broker provides the core online library and video training enough for most traders to quickly learn online trading.

Summary

eToro is something you want to check out. You’ll probably like most of what you find out about this broker: CopyTrade, crypto items list, trading platforms, and Alec Baldwin in the ad. Overall, it’s a primary player in the world of online trading, and it offers a lot of tools and perks to make your trade as comfortable as potentially efficient. Therefore, whether you are a beginner, a seasoned trader, or just want to try CopyTrade – eToro may be an excellent broker to choose.

eToro overall scores

In this review, you can find all the information you need to decide whether eToro is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how eToro scored in each of our high-priority categories

Overall
98 points
Comissions & fees
97 points
Licensing & safety
99 points
Platforms & tools
98 points
Instrument
Number
Forex currency pairs including most majors, crosses, and some exotics
and counting stocks which you can filter by industry or the stock exchange they’re listed on
Commodities items from gold and nickel to oil, gas, cotton, and sugar
major stock market indices, including the US Dollar Index
Cryptocurrencies items from Bitcoin to coins unknown to most traders
48
800
31
13
101

eToro fees and commissions

Deposit: free of charge Withdrawal: $5 with the minimal withdrawal of $30 Inactivity: $10/month Conversion: from 50 pips Stock trading: no rollover fees, no commissions Crypto trading: spreads from 0.75% to 2.5% for most coins CFD trading: currencies – from 1 pip; commodities – from 2 pips; indices – from 100 pips; stocks and ETFs – 0.09$; crypto – from 0.75%

Pros
Cons
Extensive cryptocurrency menu
Very user-friendly trade and CopyTrade platforms
Trusted by millions of traders for more than a decade
Regulated by reputable authorities such as FCA and ASIC
Socially oriented, CopyTrade as the main feature
Services US nationals
Withdrawal and inactivity fees
Standard education base
High minimum deposit requirements