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eToro – Broker Review and Trader Feedback

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81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

The eToro brand started off as a retail forex brokerage in 2006. Established by two brothers as RetailFX in 2006, the brand was renamed eToro and quickly delved into social trading, which was an emerging concept in retail forex at the time. In the 15 years of the firm’s existence, eToro has grown to become the household name in not just social trading, but also in the copy trading. eToro has developed other products as well to give its retail forex trading product suite a well-rounded base.

General Information

How does the eToro brand operate? What locations does it serve and is the brand regulated?

Due to the changes in the regulatory landscape across the world as from 2018, eToro has had to modify its business structure, creating several subdivisions to align with the regulatory requirements in the various major trading hubs. eToro now operates offices in Cyprus (HQ), Australia, Seychelles and the UK.

  • In Europe, eToro is supervised as a Cyprus Investment Firm (CIF) by the Cyprus Securities Exchange Commission (CySEC) CIF license #109/10. This is the where the global headquarters of eToro is located. This office serves the European Union market.
  • eToro (UK) Ltd is regulated and authorized by the Financial Conduct Authority (FCA) under the license FRN 583263. This branch has assumed jurisdiction over the UK following Brexit.
  • eToro AUS Capital Limited is under oversight by the Australian Securities and Investments Commission (ASIC). This branch operates under the Australian Financial Services License 491139. It has also assumed importance following regulatory changes that came into effect on March 29, 2021.
  • eToro (Seychelles) Ltd now operates the international brand of eToro, and is licensed by the Financial Services Authority Seychelles (FSAS). It has a broker-dealer license #SD076 issued under the Securities Act 2007.
    Such a well differentiated operation allows new users to be taken to the relevant division covering their operations.

Advantages and Disadvantages

What are the advantages and disadvantages of trading forex with eToro? The advantages are shown in green, while the disadvantages are highlighted in red.

Robust Copy Trading Environment: eToro has upgraded its social/copy trading product over the years, making it easy to select pro traders to follow using well-articulated parameters of selection. This makes eToro’s CopyTrader one of the best out there.

Well-Diversified Range of Assets: Currently, eToro’s asset base has been radically expanded from just over 200 assets a few years ago, to more than 2,500 assets cutting across several asset classes.

Regulated Operations: Every operational branch of eToro is authorized to conduct business by the regulator covering that area. This ensures that access to investor protection and trader insurance cover under the various compensation schemes is guaranteed.

Well-Structured Trading Education Suite: eToro’s trading education suite has been refined and restructured to serve beginners, intermediate and advanced traders.

Low Leverage for EU, Australia and UK Traders: Due to regulatory restrictions, leverage in the three jurisdictions is now capped at 1:30 for FX pairs.

External Charting Packages: There are no in-built charts within the copy trading portal. These charts exist as external applications and need to be called up separately, which can be cumbersome.

Trading Conditions

Even the stock trading option comes with 0% commission. Rather, traders pay the difference between BID and ASK prices as the only trading costs. Even the use of the CopyTrading portal on eToro comes at no cost to the Copiers.

The typical spread for the EUR/USD has fallen from 3 pips a few years ago, to 0.9 pips. For the GBP/USD, it is 1.8 pips. These spreads have gradually aligned with what is obtainable within the industry. The “Popular Investor Program” also guarantees even lower spreads for pro traders with a large following.

Underlying Assets

The asset index of eToro has been expanded over time. Presently, you can trade assets listed in six different classes: stocks, indices, commodities, currencies, cryptocurrencies and exchange-traded funds (ETFs). Traders can trade 26 cryptos, 255 ETFs, 13 indices, 31 commodities, 49 currencies and more than 2,000 stocks from various exchanges in the US, Europe and Asia.

Trading Platform

The previous trading platforms on eToro (the WebTrader platform) have been consolidated to produce a web-based social trading portal known as the eToro CopyTrader. The CopyTrader features a system where new traders can select professional traders whose trades they can replicate on their accounts, using a set of carefully set out selection criteria.

Participation in the eToro CopyTrader requires the opening and funding of a live account with a minimum of $200. Once the trader has signed into the CopyTrader portal, the display presents a navigation selection menu on the left side of the screen. One of the tabs displays “Copy People”. This is the tab to click to get a display of the pro traders whose trades can be copied. This portal has undergone some changes along the way. One of these changes has been the classification of the listed traders under several categories such as the Long-Short Investors, Long-Term Stock Investors, Editor’s Choice, Trending Investors, etc. This is a short cut to enable the trader make a choice from the featured traders. More in-depth analysis of trading metrics must be done to select any hidden gems not listed in these methods.

In late 2016, eToro introduced the “CopyPortfolio” product. With CopyPortfolio, eToro has taken social trading to a new level. Instead having to comb through individual profiles to select the preferred “retail investors” and trading strategies, CopyPortfolio allows traders to simplify the entire process by letting them select from a range of prepackaged portfolios. These prepackaged portfolios come in 3 types:

  • Market CopyPortfolio: The Market CopyPortfolios are built around algorithms and performance metrics of certain identified markets
  • Top Trader CopyPortfolio: In the Top Trader CopyPortfolios product assembles the top-performing traders into a single portfolio that the trader can copy.
  • Partner CopyPortfolios: This is a new type of CopyPortfolios product in which some of eToro’s partners perform market analysis and create an investment vehicle that is built around a specific strategy. For instance, a strategy can be built around disruptive stocks or cryptos using machine learning techniques, aiming to replicate a pattern of behaviour of certain assets in the market.

Mobile Trading

eToro continues to offer traders the chance to trade on the go using the mobile apps. The apps for the Android devices can be found on the Google Play store, while the App Store features the iOS version of the app.

Demo Account

A demo account is provided by eToro for potential clients to try out the trading platform. To gain access to the demo account facility, simply register with eToro and log in with your user name and password. eToro has made it easy for a potential client to switch to a real trading account by switching from “Virtual” account mode to “Real” account mode with just a single click of the mouse.

Account Types

eToro does not provide different types of trading accounts. This is in keeping with the principle of some brokers not to segregate clients on the basis of financial muscle. Every trader gets the same type of account, with the same features and access to the same quality of service.

However, traders can decide to work as Copiers or as Pro Traders, providing trades to the Copiers. Pro traders can join the “Popular Investor Program” with a $1,000 deposit, and recruiting a Copier that also needs to make a $500 deposit and copy the signals for two months.

Opening an Account

To open a trading account at eToro, simply fill in the registration form and sign up using your Gmail account, Apple account, Facebook account, or a username and password, separate from your social media accounts. The process of opening an account is the same as that of opening a demo account. There is a button placed beside the trader’s username which allows for an easy switch between the real account or the demo account.

Funds Withdrawal

The following payment methods are available on eToro for depositing/withdrawing funds:

  • Credit Cards (VISA, MasterCard, Diners’ Club)
  • E-wallets: Skrill, Neteller
  • Bank Wire Transfer

To initiate a withdrawal, simply click on the “Withdrawal” tab at the bottom of the menu panel that is located on the left side of the trading screen. Funds withdrawn are channeled through the same means by which the deposit was sent. Card withdrawals clear in 24 hours, while bank wires may take up to 5 days.

Trader Training

Trading education on eToro now comes in two classifications.

The News and Analysis section is for intermediate and advanced-level traders, providing them with news and analysis of what the market sentiment is. Due to the high-tech language and the fact that the trader needs to know how to interpret the content of these pieces, they are not suitable for beginners.

The eToro Academy is where beginners can access the trading resources that will help them kick-start their trading journey. This section features articles, videos, webinars and trading guides.

The essence of differentiating the two educational packages is to ensure that things are not muddled up. An intermediate trader can quickly go to the News and Analysis section, while a beginner can easily jump to the eToro Academy.

Should I Trade With eToro?

eToro popularized social trading and has also expanded its product offerings. If you are a beginner trader with very little knowledge about the financial markets, eToro might be the right fit for you. If you are not trading with a platform like eToro where the process has been designed to get you up and running from day one, where else would you be trading?

Reviews on eToro

Comments about eToro
( 4 )
User rating: 3.9 / 5

Comments: 4

  1. avatar
    Elizabeth Ruth, support at onestandardfinance com

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  2. avatar

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  3. avatar

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  4. avatar
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