eToro vs Forex.com - 2023 Comparison | Forex Malaysia
AuthorBy Björn Michels
Updated: August 22, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At Forex Malaysia, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.58/ 5 USD 200CySEC Regulated BrokersFCA Regulated BrokersASIC BrokersThe Seychelles Financial Services AuthorityMarket MakerCommodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices4976
  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
Read Review 11110.54.5/ 5 111104/ 5 111104/ 5 110002/ 5 10.50001.5/ 5 111104/ 5 1110.503.5/ 5 67%400:11 pips Professional, Standard etoroBank Transfer, Mastercard, Visa, Paypal, Skrill, NetellerFees Included in Spread
11110.54.33/ 5 USD 100FCA Regulated BrokersASIC BrokersMonetary Authority of SingaporeCayman Islands Monetary AuthorityMarket MakerCommodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals918
  • Well regulated
  • Wide range of assets
  • Excellent education
  • High inactivity fees
  • Limited demo account
Read Review 111115/ 5 11110.54.5/ 5 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 111104/ 5 1110.503.5/ 5 77%200:10.80 pips Commission, DMA Account, MT4, MT5, Standard MT4, MT5, Forex.comBank Transfer, Visa, Mastercard, Maestro, Skrill, NetellerFees Included in Spread

How do Forex.com and eToro stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

eToro

Forex.com

At Forex Malaysia, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare Forex.com and eToro, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does Forex.com or eToro have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that Forex.com holds three Tier 1 and no Tier 2 licences, and eToro holds two Tier 1 and one Tier 2 licences.

 

Can I trust Forex.com?

Yes as Forex.com was founded in 2001 and is regulated by ASIC, CIMA, FCA and MAS.

 

Can I trust eToro?

Yes as eToro was founded in 2006 and is regulated by ASIC, CySEC, FCA and FSA-Seychelles.

 

Based on these findings, Forex.com earned a higher trust rating than eToro.

Does Forex.com or eToro have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Forex.com has overall lower trading costs than eToro. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
eToro
111104/ 5
USD
1.00 pips
USD 10
1.00 pips
2.00 pips
1.00 pips
USD 0
Forex.com
11110.54.5/ 5
USD, EUR, CAD, JPY, CHF, AUD, GBP
0.80 pips
USD 8
0.80 pips
1.00 pips
1.60 pips
USD 0

 

Does Forex.com or eToro offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, Forex.com offers support for MT4, MT5 and Forex.com and eToro offers support for etoro. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both eToro and Forex.com offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
eToro
111104/ 5
etoro
Forex.com
111104/ 5
Forex.com

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Forex.com offers a greater range and depth of instruments to trade than eToro. Forex.com offers 91 Forex pairs to trade and eToro offers 49 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, eToro offers 76 cryptocurrencies while Forex.com offers 8 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with eToro.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that both eToro and Forex.com charges a withdrawal fee. Overall, Forex.com has better deposit and withdrawal processes than eToro. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

Forex.com has better educational support than eToro. Forex.com offer educational support for more experienced traders and eToro does not.

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Broker
Beginner Course
Advanced Course
eToro
Forex.com

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that Forex.com offers better research analysis than eToro and that both eToro and Forex.com offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
eToro
Forex.com

 

Our overall Verdict on Forex.com

Founded in 2001, Forex.com is a well-regulated broker with high minimum deposits and low fees that is more suited to serious beginners and more experienced traders. Beginners with low minimum deposits will be put off by the high trading costs on Forex.com's entry-level Standard and MT5 accounts. But experienced traders will be interested in the Commission and DMA accounts, with minimum deposits of 100 USD and 25,000 USD respectively. These accounts have some of the most competitive spreads (0.0 pips on the EUR/USD) combined with some of the lowest commissions in the industry. 

Forex.com provides support for MT4, MT5, and its own trading platform and experienced traders will appreciate the range of trading tools on offer, including Autochartist, Trading Central, Trading View, SMART Signals, and subsidised VPS hosting.  

Education and market analysis are both excellent and experienced traders will appreciate the wide range of tradable assets, including over 91 currency pairs, 4500 share CFDs, commodities, indices, precious metals, and cryptocurrencies.

Overall, Forex.com ticks all the boxes for those with higher minimum deposits looking for a wide range of assets to trade and a choice of trading platforms.

Our overall Verdict on eToro

Founded in 2007, eToro is a well-regulated and trustworthy broker and remains the most popular social trading broker in Malaysia. eToro’s simple, well-designed trading platform places copy trading and its social network at the heart of its trading experience. However, these features are often more popular among beginners who haven’t yet developed advanced trading strategies.

eToro clients can only use eToro’s trading platform, so they will not have access to the automation tools available on common third-party platforms like MT4 and MT5. We were also disappointed by eToro’s high fees. These include currency conversion fees for deposits and withdrawals in currencies other than USD and a charge of 5 USD for each withdrawal. We also found eToro’s customer service to be generally non-responsive and we were let down by the lack of educational support.

Overall, eToro has many positive features for beginners and others who enjoy social trading, but more experienced traders may find eToro’s limitations and high non-trading fees difficult to overlook.

Which broker has the highest overall rating?

Forex.com has an overall rating of 4.33 and eToro has an overall rating of 3.58. For more detail please read our reviews of Forex.com and eToro.

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