Etoro overview and reviews
eToro is a company known since 2007, it is registered in Cyprus, has branches in the U.S., Europe and the British Virgin Islands. The company holds a license NFA, and is regulated by ASIC and CySEC. In the Russian Federation the company has no regulator and prohibits the residents of this country to participate in Forex trading and the company’s services are available only to professional participants of the market. The minimum trading account starts at $50.
Services and support
The brand offers, among other things, copying transactions, and both losses and profits will be at the level of the trader who opened this transaction, this is also called social trading. There are also some questions regarding contradictory information. On the one hand the main page of the website says that the company only works with experienced traders and on the other hand it says that all new clients receive the necessary support. The support service is available 24 hours a day, but only during working hours.
As for the trading terminal, it is convenient and easy to use, at the same time the design is pleasing to the eye.
Training and analytics
The company eToro thoroughly approaches the topic of training and strives to improve literacy among clients, which is why there are various seminars, competitions, you can sign up for a webinar.
Now we will tell you about some features of working with eToro, which distinguish the company from others:
- Support for operations using cryptocurrency, you can open transactions with the aim of earning on the price difference.
- Function of transactions copying — eToro CopyTrader, this is an opportunity to observe the actions of other traders and copy their transactions, strategies, at the same time, the client should understand that in addition to success and failure is also possible.
- Insurance of the account from the leading insurer — Lloyd’s of London, with the possibility to receive payments up to a million dollars/euros/lb.
- Fees of ten percent are charged at the opening or closing of a trade, including the fee is also charged on positions with financial leverage and on short trades. There are a number of other fees as well.
- eToro training materials are not only suitable for beginners just stepping onto the path of a young investor, but also for experienced traders wishing to learn new strategies and trade in new markets.
- Broker’s podcasts — a popular service that allows you to be informed about the latest news and will be useful for market analysis.
- Profit withdrawal commission of 5 USD, if your withdrawal or deposit currency is different from USD, you will be charged a conversion fee.
- eToro CFD Trading platform is quite a modern development, which allows to meet all the needs of the trading participant.
- CopyPortfolios — investment in two types of portfolios, one type — the most effective traders of the company, the second — market strategy, which includes CFDs (stocks), commodities and ETFs.
- Private community — eToro club, for the most loyal clients, increased set of services and individual service.
- Program of copying market behavior of traders with popular and profitable strategies.
Platform for trading.
Is a unique software allowing to work with cryptocurrencies and trade other assets with the same ease of use, using various options for investment. The company offers an innovation — service CopyFunds (copying investment policy of leading traders). Prior to this, none of the brokers offered such a service.
Additional tools to increase profitability
The platform is not just a program where you can make trades, it’s also a training center. It’s a pity that the focus is on classic assets and very little attention is paid to such a promising area as cryptocurrency.
Demo accounts are available for any client and you can get a virtual $100,000 when you sign up — this will help you build a strategy without risking your own budget.
The economic calendar will be useful for planning transactions with an eye on upcoming events in the world of finance. Market analysis is also available, these are text materials from the company’s analysts with forecasts and calculations.
Clients from what countries are not allowed to open the account
Countries where exchange trading is not allowed by law: Serbia, Sudan, Cuba, Canada, Iran, Japan, Albania, United States, Syria.
Spreads and Commissions
Spreads differ depending on currency pairs, liquidity and the current market situation. For example, for cryptocurrency the spreads are as follows:
ETH — 3%
XRP — 3%
LTC — 3%
BTC — 1.5%
DASH — 3%
XLM — 5%.
In addition, the commission is not charged when trading on weekends and at night. In any case, it is better to ask the support team about the actual commission for this or that asset, because the rules are constantly changing.
What do clients say about eToro?
The platform is convenient and from the first use, it is intuitively clear what is where, it helps to start trading from day one. The terminal works on any Windows, iOS and Android device. Information on the platform is presented in an accessible form, and the charts are quite clear.
As for the reputation of the company, we would call it almost flawless, this is due to the long presence of the brand in the market and a large base of active clients. This is a kind of guarantee for future clients.
There are also minuses, for example, the company states that it provides the ability to buy cryptocurrency through the platform, however, the company does not take responsibility for this. That is, for buying and storing cryptocurrency as an asset, this company is definitely not suitable and it is worth paying attention to services like Coinbase and others.
Depositing and Withdrawing Funds
The company offers a sufficient number of ways to deposit funds to your trading account, including bank transfers, and Visa and MC cards. The electronic payment systems Skrill, Webmoney, YandexMoney, etc. are also available.
To withdraw money either a checking account or a plastic card, as well as PayPal.
Account types — there are only two, one demo and one real. The only thing to mention about the demo account is that it is limited by the amount of virtual money — $100,000, and it is strongly recommended to practice on it at first.
The trading platform is not overloaded with useless information, and users find it convenient and easy to learn.
There are three other varieties of the trading terminal, these are:
eToro OpenBook — for social trading, with the ability to view the actions of other traders, and, if desired, copy their strategies and behavioral factors.
eToro WebTrader is an access to trading from any device, a so-called browser-based platform. All you need is a device with an Internet connection. You can set options, which allow other traders to watch your trading, or the incognito mode. Chat is also built in.
eToro Mobile Trading is an application for downloading to mobile devices. Allows you to open a position literally on the go. It is very important because not all traders want to be tied to the desktop computer.
It makes trading interesting and informative in spite of high commissions and spreads. The training materials need improvement and the analysis is somewhat weak. In terms of security, the company is positioning itself as a regulated broker with strict rules from the Cypriot regulator. As with most companies, client funds are kept separate from company funds to protect clients from losing money. Also, the investment is insured.
Also, they offer a wide range of bonuses and incentives for trading on a real account, for registration. Often there are advertising campaigns and promotions. Popular service — referral bonus for registering your friends on the platform. About all current offers we recommend to study the information at the broker’s web page.
Customer support in several languages is available 24 hours a day without interruption.
We recommend reading the reviews and overview of Golden Stanley