eToro was established in 2006 and its headquarters are in Limassol, Cyprus. It also has other offices in other different cities like London, UK and Tel Aviv, Israel. It is a market maker which also incorporates some no-dealing practices, but what makes Etoro special is the social trading element. You can copy successful traders, follow funds, and remove some of the risks in your trading.
Account types offered by eToro
eToro offers two main types of accounts namely: the demo account and the real account. The four types of real accounts from which a retail forex broker can choose from are:
- Bronze Trading Account – 50 USD minimum deposit.
- Silver Trading Account
- Gold trading Account
- VIP trading account
The Bronze Trading Account is for basic level traders with a maximum deposit of 1,000 USD in their accounts while the VIP Trading Account is for the professional traders and requires a minimum deposit of 20,000 USD. eToro also offers an Islamic trading account for the Muslim community. For more information on these accounts, click here.
eToro Trading platforms
eToro has a variety of unique trading platforms which include the eToro Web Trader, eToro OpenBook, and the eToro Mobile Trader app.
The eToro web Trader is for trading on any web browser on the computer and you don’t have to download it. The eToro OpenBook allows you to interact with fellow forex traders logged to it and therefore allowing you to copy their trades. The eToro Mobile Trader app is for the traders who use mobile devices to trade.
eToro also offers an MT4 trading platform especially for traders who have met the following conditions:
- Have/use a transaction size between10 thousand units and 50 million units.
- Use STP type of Order of Execution.
- Use a swap rollover.
- Use a leverage of 1:100.
- Have a minimum deposit of 20 thousand US dollars.
Money transaction to and from your eToro account can easily be done using any of the following transaction methods: credit card, debit card, bank wire, Giro Pay, WebMoney, 1- Pay and Skrill.
All the accounts opened with eToro operate with US Dollars.
eToro has acquired licenses to allow traders in various countries to invest with them in forex trading. Among the various regulating bodies that eToro has registered with are: the Cyprus Securities and Exchange Commission, Financial Conduct Authority, Australian Securities, and Investments Commission and Commodity Futures Trading Commission.
eToro has also acquired a trading license from the Securities Commission Malaysia to allow it to operate in Malaysia.
Other eToro features
- An outstanding feature of eToro is the quick processing of your withdrawals.
- eToro offers a 24-hour customer service for communicating with their customers.
- eToro allows automated trading.
- eToro’s trading platforms are not customizable.
- They have high spreads.