Etoro is a market maker which also incorporates some no-dealing practices, but with a special social trading element that allows you to follow successful traders, and even trade funds in the same way. eToro has developed their own trading platform that fully supports this social experience. While eToro does not offer the same low spreads as many other brokers, the benefits of this platform, the 24-hour customer service and the automated trading, make it well worth it.
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 – 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.
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.
Islamic Swap-Free Accounts
eToro offers optional Islamic accounts that are free from interest. In order to get access to this account, 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 to your account.
Trade Cryptocurrencies with eToro
eToro is one of the leaders in trading cryptocurrencies online, and their platform offers traders a unique environment to do so. As of the time of writing, eToro offers 7 currencies for trading including Bitcoin, Dash, Etherium, Litcoin, and others. eToro plans on introducing more cryptocurrencies in the future as they become of interest to the trading community.
Because eToro is a social platform, when you zoom in on a currency with is Bitcoin, in this case, you can find a feed full of commentary and questions, the all-important stats, and a chart to do your analysis.
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. The eToro OpenBook allows you to interact with fellow forex traders to follow and copy their trades. The eToro Mobile Trader app is for the traders who use mobile devices to trade and is available for IOS and Android.
eToro also offers an MT4 trading platform especially for traders who have met the following conditions:
- Have/use a transaction size between 10 thousand 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 20,000 USD.
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 USD and offer quick processing of your withdrawals.
Company & Regulation
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.
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.