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eToro Broker Review

FX Scouts By Jeffrey Cammack Updated: September 26, 2019
Average Score
3 / 5
Min. Deposit USD 200
Max. Leverage 400:1
Min. Spread 2.0 pips
Regulators CySEC,FCA,ASIC
Regulator Origin CySEC FCA ASIC
Broker Type Market Maker

Summary

eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. 

Customers will not find a large amount of market research or education; spreads are wider than most other brokers and fees are high, but if you are looking for a fun and simple social trading experience then eToro is the best.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses
Beginner Friendly Good
About our review process

Trading Conditions

Minimum Deposit USD 200
Base currencies USD, EUR, GBP, AUD
Number of FX Pairs 47
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD 3
GBP / USD 4
USD / JPY 2

Company Details

Company name eToro (Europe) Ltd.
Founded 2006
Website Visit Website
Type Market Maker
Regulators CySEC,FCA,ASIC
Office locations UK,US,China,Cyprus,Australia,Israel

Deposit & Withdrawal Methods

Supported Platforms for eToro

eToro Broker Detailed Review

Is eToro safe?

eToro has oversight from all three major international regulators. eToro (Europe) Ltd has been regulated by CySEC (license 109/10) since 2010, eToro (UK) Ltd has been regulated by the FCA (license 583263) 2013, and eToro AUS Capital Pty Ltd has been regulated by ASIC (license 491139) 2017.

The company has won numerous awards from the wider industry for its innovative social trading platform, including the Best in Show award in 2015 and 2017 at Finovate.

While not a criticism of eToro’s security as a company, the social aspect of eToro’s platform does mean that the trading advice you will see from other traders in unfiltered and should be treated with caution.

The social trading aspect aside, eToro is a secure, well-regulated broker that protects client funds.

eToro for Beginners

eToro’s platform runs in-browser and is immediately intuitive.  It has a unique integrated social component and trading opportunities are often discussed by the large community of traders.  Customer support is open 24/7, but is only available through a ticketing system. The educational section is thin, covers assets other than Forex and is mainly focused on the eToro platform.

Educational Material

eToro has published a short course called The Complete Guide to FinTech that covers the basics of trading on the eToro platform. This is not a thorough course and covers multiple asset classes, not just Forex.

eToro also hosts an educational blog with various trading tips, though most of the articles focus on eToro’s platform. eToro also hosts webinars on a variety of subjects but these are held infrequently.

Analysis Material

Most of the market analysis available on eToro comes directly from the community of traders. The news feed is an integrated aspect of the social trading platform and acts as a continuous feed of trading tips and discussion. 

All community-generated analysis should be considered suspect until you have done your own research. As you might expect from a social trading specialist, sentiment analysis is front and centre for all assets. 

Customer Support

eToro’s customer support is open 24/7 but all support is through a ticketing system and there is no phone or chat support available. The ticketing system operates on a first-come, first-serve basis and at peak times it can take a few hours to get a response.

eToro does have a great FAQ section and also operates a Customer Service Wall where you can post help requests while you are waiting for your ticket to be opened.

Trading Conditions

Account Types

eToro offers two types of accounts: the demo account and a single live account which follows a tiered service model.

  • Bronze Trading Account – 500 USD minimum deposit.
  • Silver Trading Account – 1,000 USD minimum deposit.
  • Gold trading Account – 5,000 USD minimum deposit.
  • VIP trading account – 20,000 USD minimum deposit.
  • Islamic Swap-Free Account – 1,000 USD minimum deposit.

After opening a live account with eToro, you will automatically receive the unlimited demo account.

Islamic Accounts

eToro offers free riba-compliant Islamic accounts.  In order to get activate this account type, follow the normal sign up procedure, and fund your account with a minimum of 1,000 USD.  Following this, contact customer service and they will make the necessary changes.

Cryptocurrencies

eToro is one of the leaders in trading cryptocurrency CFDs, and the platform offers a unique trading experience. 

As of the time of writing, eToro offers 16 crypto/USD crosses, 14 crypto/crypto crosses and 63 currency/crypto crosses.  eToro will introduce more cryptocurrencies in the future as demand grows.

eToro crypto offering 2019

Because eToro is a social platform, when you zoom in on a currency you will find a newsfeed full of commentary and questions, as well as stats and a price chart for analysis.

Trading Platforms

The eToro platform is browser-based, and is available in Arabic, English, Chinese, French, German, Greek, Italian, Polish, Russian and Spanish.

The eToro trading platform is also available on mobile devices for IOS and Android.

Deposit & Withdrawal

eToro accepts the following payment options for deposits and withdrawals:

  • Bank transfer
  • Credit/Debit card
  • Paypal
  • Skrill
  • Neteller
  • Webmoney

Be aware that eToro only supports USD accounts and charges a conversion fee for non-USD deposits and withdrawals. 

eToro also charges a 25 USD withdrawal fee. Withdrawals take 1-2 business days but 7 business days for cards. 

Conclusion

eToro has been widely praised for its innovation in online trading – particularly for its revolutionary approach to social trading. The eToro trading platform is unique and if you are unused to social trading, it will take you some time to get used to.

eToro’s focus is on creating a simple and social trading experience. There’s not a large amount of market research or education for new traders and fees are higher than what you might expect, but if you are looking for an easy and social trading experience then eToro is the best.

Most retail CFD accounts lose money. Your capital is at risk.

Compare Brokers

Overall Rating 3/5 4/5 4/5
Minimum Deposit USD 200 USD 100 USD 100
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
ASIC ASIC
FSCA FSCA
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
Broker Type Market Maker Market Maker Market Maker
Read Full Review Read Full Review
Trading Conditions 3 / 5 4 / 5 4 / 5
Trading Platforms 3 / 5 3 / 5 3.5 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker 76% of retail investor accounts lose money when trading CFDs with this provider 76.60% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider
Leverage 400:1 300:1 400:1
Spread 2.0 pips 0.9 pips 0.7 pips
Hedging
Scalping
Account Types
  • Standard
  • Mini
  • Standard
Trading Platforms etoro MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Methods Visa, Mastercard, Neteller, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Paypal POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer
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eToro

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AvaTrade

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Overall Rating 4 / 5 4 / 5 4 / 5
Min. Deposit USD 200 USD 100 USD 100
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
ASIC ASIC
FSCA FSCA
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
Broker Type Market Maker Market Maker Market Maker
Read Full Review Read Full Review Read Full Review
Trading Conditions 3 / 5 4 / 5 4 / 5
Trading Platforms 3 / 5 3 / 5 3.5 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 76% of retail investor accounts lose money when trading CFDs with this provider 76.60% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider
Leverage 400:1 300:1 400:1
Spread 2.0 pips 0.9 pips 0.7 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed No Yes Yes
Platforms etoro MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Visa, Mastercard, Neteller, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Paypal POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Most retail CFD accounts lose money. Your capital is at risk.