eToro vs JustMarkets - 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
1110.503.18/ 5 USD 1The Seychelles Financial Services AuthorityCySEC Regulated BrokersVanuatuSTPCommodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices, Metals6514
    • Not properly regulated
    • Limited education
    • Limited market analysis
    • Extreme leverage
    Read Review 110.5002.5/ 5 111003/ 5 11110.54.5/ 5 100001/ 5 110.5002.5/ 5 11110.54.5/ 5 111104/ 5 03000:10 pips MT4 Pro, MT4 Raw Spread, MT4 Standard, MT4 Standard Cent, MT5 Pro, MT5 Raw Spread, MT5 Standard MT4, MT5Bank Transfer, Visa, Mastercard, Skrill, Neteller, PerfectMoney, SticPay, Bitcoin, Fasapay6 USD round turn

    How do eToro and JustMarkets 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

    JustMarkets

    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 eToro and JustMarkets, 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 eToro or JustMarkets 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 eToro holds two Tier 1 and one Tier 2 licences, and JustMarkets holds no Tier 1 and one Tier 2 licences.

     

    Can I trust eToro?

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

     

    Can I trust JustMarkets?

    Yes as JustMarkets was founded in 2012 and is regulated by CySEC, FSA-Seychelles and VFSC.

     

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

    Does eToro or JustMarkets 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 eToro and JustMarkets have the same trading costs. 

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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
    JustMarkets (formerly JustForex)
    111003/ 5
    USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, ZAR
    1.00 pips
    USD 10
    0.60 pips
    0.70 pips
    1.00 pips
    USD 0

     

    Does eToro or JustMarkets 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, JustMarkets offers support for MT4 and MT5 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 JustMarkets offer copy trading.

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    Broker
    Platform Choice
    Copy Trading
    Platforms
    eToro
    111104/ 5
    etoro
    JustMarkets (formerly JustForex)
    11110.54.5/ 5

     

    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 JustMarkets offers a greater range and depth of instruments to trade than eToro. JustMarkets offers 65 Forex pairs to trade and eToro offers 49 Forex pairs to trade.

    And what about Cryptocurrencies?

    In this case, eToro offers 76 cryptocurrencies while JustMarkets offers 14 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 eToro charges a withdrawal fee and JustMarkets does not. Overall, eToro has better deposit and withdrawal processes than JustMarkets. 

    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. 

    JustMarkets has better educational support than eToro. Neither eToro nor JustMarkets offer educational support for more experienced traders.

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    Broker
    Beginner Course
    Advanced Course
    eToro

     

    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 JustMarkets offers better research analysis than eToro and that eToro offer frequent webinars and JustMarkets does not.

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    Broker
    Economic Calendar
    Autochartist
    Trading Central
    Trading View
    Free VPS
    eToro
    JustMarkets (formerly JustForex)

     

    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.

    Our overall Verdict on JustMarkets

    Founded in 2012, JustMarkets (formerly JustForex) is a multi-asset broker with several glaring problems. Our main concern is that JustMarkets' regulatory oversight is weak compared to other similar brokers and that there are many reports of traders being unable to withdraw their funds.

    JustMarkets offers seven live accounts on the MT4/MT5 trading platforms with minimum deposits starting at 1 USD and spreads of only 1.00 pips (EUR/USD) on its beginner-friendly Cent Account. Trading costs improve further on its Pro and Raw Spread accounts, with spreads on the Pro Accounts starting at 0.6 pips. Spreads start at 0 pips (EUR/USD) on the Raw Accounts in exchange for a commission of 6 USD (round turn). Both the Pro and the Raw Accounts have minimum deposit requirements of 100 USD.

    Beginners should be aware that JustForex also offers extreme leverage of up to 3000:1, which can see many beginner accounts wiped out quickly.

    Overall, because of the lack of regulatory oversight and the difficulty of withdrawing funds at JustMarkets, we recommend that Malaysians look at trading with more reputable brokers, such as Pepperstone or XM

    Which broker has the highest overall rating?

    eToro has an overall rating of 3.58 and JustMarkets has an overall rating of 3.18. For more detail please read our reviews of eToro and JustMarkets.

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