eToro was established in 2006, and since that time this Israeli-based Forex broker has received a lot of positive feedback from traders who have profited from their service. It has more than 5 million users who engage in everything from currency trading to stocks, commodities and indexes as well as cryptocurrencies such as Bitcoin and Ethereum.
Social trading is a revolution in online trading. Social trading and eToro as a company is geared towards new traders who don’t necessarily have the skills or experience to execute trades like a pro. What the social trading platform allows you to do is follow or copy experienced traders and their trades are opened in your account. While you can still open your own trades, being able to copy an experienced trader’s trade makes Forex trading very easy and convenient.
Accounts, Deposits and Withdrawals with eToro
Deposits are in US dollars only, which means if you deposit $50 it will be converted by your bank in the South African Rand equivalent. The minimum deposit is subject to the regulations in your territory, so the range is from $50 to $1000.
If you have a Neteller account, your minimum deposit is between $50 to $1000, with the maximum deposit at $10,000. If you open an account using GiroPay or Webmoney, the minimum deposit is also from $50 to $1000. Yandex minimum deposits vary as well, but the maximum allowed is $5,000.
You can also also open accounts via PayPal, credit cards, debit cards, bank wire transfer, Skrill Limited UK and other options. There is also a special account for Muslims who want to practice currency trading in accordance with the Sharia Law.
To withdraw, simply fill the withdrawal form, available at the Withdrawal tab. Once you have submitted the notification, eToro will send an email confirming the withdrawal process. The most popular withdrawal options are PayPal, bank transfer and credit card.
First time withdrawals require you to submit your passport photo with your signature or ID. You must also provide a utility bill that is no older than 3 months. If you funded your account via credit card, you have to submit photos of both sides of your credit card.
Withdrawal may take 3 to 5 days. eToro Withdrawal fees are:
- $5 for withdrawals ranging from $20 to $200
- $10 for withdrawals $200 to $500
- $25 for withdrawals over $500
One of the company’s strongest points is the tutorials as its education program is easy for beginners to understand. It assumes zero knowledge and helps novices come to grips with trading. eToro also boasts of a large community where you can learn more about Forex trading.
eToro used to have two trading platforms, OpenBook and WebTrader. While both are useful, they have been replaced by a single platform so traders now have easier access to all the tools and resources. The new eToro platform is also available in mobile so if you’re always on the move, just download the app.
A free demo trading account is available too. Are you new to currency trading and don’t feel like risking real money yet? That’s okay: just open the demo account. Here you have access to all of its features. You get $100,000 of virtual money to use during your trade. Once you have learned the ropes it’s easy to switch to the standard account.
eToro allows you to invest in their own copy-funds which could be big banks or cryptocurrencies.
eToro Spreads and Commissions
eToro does not charge any commission on your trade. What the company does is use the spread as a means to compensate. Even so, their pips are still among the most competitive in the business today. For USD/CAD, USD/CHF and EUR/USD, it is 3 pips, while for USD/JPY it is 2 pips.
The pips for GBP/USD is 4, while for the USD/RUB it is 7. A look at their currency pairs shows that the NZD/USD spread is 5. The spread for other currency pairs is around 20 pips, while for Bitcoin it is 225.
eToro had a different platform during its early days, with the emphasis on helping new traders. As has been mentioned here, the original platforms have been discarded in favor of a new one. The new eToro platform integrates all the features from the previous ones so it is more accessible and easy to use.
The new platform provides all the essential tools that is necessary to do trades. The interface is easy to follow and there is no shortage of tutorials to aid beginners. All the essential features like live data, notifications, charts, graphs and trend indicators are here.
eToro Customer Support
The eToro customer support is available 24 hours, 5 days a week Mondays thru Fridays. You can call them on the phone and get a quick response to your inquiries. There’s also email if you want to provide more details.
There is no live chat, but there is a Nano Rep customer service where you can raise your questions and inquiries about their service. There is also a Customer Service Wall where you can interact with other customers via its forum. There is also a knowledge base and online guides to help troubleshoot problems.
If you need to talk with someone right away, just go to their site and choose one of the customer reps. One of the nice things about their customer service is that it is available in several languages: Italian, French, Spanish, German and English. The language barrier has always been an issue, so it’s good to note that eToro has taken care of that problem.
eToro Safety and Security
The company is under the supervision of the FCA and CySEC so you’re assured of its quality. What this means is EToro follows all the rules and regulations in the UK. And as mentioned earlier, the company also relies on SSL encryption technology to ensure the safety of your personal and financial information.
One of the biggest concerns of the budding trader is online security. It is easy to understand why some people don’t feel like sharing their credit card online. However, EToro is a reputable company and has taken all the steps necessary to protect your data.
- Excellent customer support
- Platform is beginner friendly
- Mobile version available
- Easiest way to invest in Cryptocurrencies such as Bitcoin and Ethereum.
- Has withdrawal fees
eToro is a well-rounded Forex broker with an impressive feature list. It has a few shortcomings yes, but the pros vastly outnumber the cons especially for beginners. Its tools are comprehensive but the learning curve is easier compared to other Forex brokers so we are giving eToro our full recommendation