|Regulated:||CySEC, FCA, ASIC, MiFID|
|Bonus:||Up to 20% Deposit Bonus|
|Number of Assets:||100+|
|Leverage:||Up to 400:1|
|Fees:||$5-$25 on Withdrawals|
|Free Demo Account:|
|Trading Platform:||WebTrader, OpenBook|
|Types of assets:||Currencies, Indices, Commodities, Stocks (CFDs)|
|GTD Stop Loss:|
eToro is a Forex Trading broker based in Cyprus. The company has revolutionized the aspect of online trading, by introducing new methods and features that traders can capitalize on to make their online trading easier.
Indeed, some claim that the letter “e” for the word eToro is introduced to imply the easiness in trading via social trading platforms. eToro is one of the leading social trading platforms in the world and has grown significantly over the last few years due to increasing popularity in social trading.
The platform enables traders to follow and copy experts with the eToro Openbook, while at the same time providing various tools to help traders trade more effectively.
Currently, eToro offers three different trading platforms to its traders, which include the eToro Webtrader, eToro Openbook, and eToro Mobile Trading platform.
This is the platform typical of any Forex Trading platform, but generally differs in terms of added functions such as the chat section, which allows traders to interact with others in real time. Traders can also choose to remain invisible if they do not wish to chat with other traders.
The Webtrader interface is clean, simple and sleek. It does not have informational overload which makes execution of trades fast. Now, because it is a web platform, traders can access it from anywhere in the world as long as they have access to internet connection.
The eToro Openbook is the Facebook of Forex Trading. This platform allows traders to see what others are doing in real time. As such, it is possible to determine what would be a safe trading strategy to use, as well as examine new strategies.
The social aspect of eToro Openbook also allows traders to learn from others thereby shortening the learning curve. Finally, with eToro Openbook, traders do not have come up with their own trading strategies by doing several sophisticated analysis. They can easily follow and copy expert traders for profitable gains.
eToro Mobile Trading App
Mobile devices are influencing businesses from all walks of life, and Forex Trading is of no exception. Traders now want to monitor their trades and even trade on the go via various mobile devices including tablets, smartphones and phablets.
The eToro mobile trading app allows traders to monitor the traders and trade on the go via the Webtrader platform as well as the Openbook platform. This also ensures that traders do not miss out on key trading opportunities because they are unable to access a personal computer.
Types of Trading Accounts
Just like several online Forex Brokers, eToro has ensured that traders receive various benefits in accordance to the trading account types. The company offers four trading account types which are defined by the level of deposit in the account. There is also an Islamic account for the Muslim faithful looking to do Forex Trading.
- Bronze Trading Account: This is the smallest account type and is tailor-made for beginner traders that deposit less than $1000.
- Silver Trading Account: This account type is for intermediate traders that already have significant trading experience and require a minimum deposit of $1000.
- Gold Trading Account: This if for traders who consider themselves as professionals, and require a minimum deposit of $10,000.
- VIP Trading Account: The VIP Trading Account is the most senior account type at eToro and requires a minimum of $20,000 in deposit.
- Islamic Trading Account: For the Muslim faithful, the Islamic account at eToro allows for ‘No Riba’ trading principle among other features.
Commissions and Spreads
Like most Forex brokers, eToro charges no fees on trades executed by them. However, they do capitalize on the spread on trades which begins from 2 pips going up depending on various instruments.
The broker does not charge any fee for trades left open overnight, but a small fee is charged on trades left open over the weekend.
eToro Trading platforms feature various trading tools and resources including a trading academy, a blog where traders share various tips and insights as well as live webinars.
These tools and resources ensure that traders get a complete trading package for sound decision making, as well as, continuous development in their trading experience and expertise.
Deposits and Withdrawals
Traders at eToro can deposit and withdraw money via Credit/Debit Card, Wire Transfer, Paypal, Webmoney, Skrill and Netteller. Traders can also deposit via Western Union and MoneyGram.
The minimum deposit is $500 for wire transfers, while traders can deposit a minimum of $100 via all the other methods.
The maximum deposit for Credit/Debit card, PayPal and Skrill is $5,000 while the maximum for Neteller and 1-pay is $10,000. GiroPay and Webmoney have a maximum deposit of $50,000 while there is no limit for wire transfer.
The minimum withdrawal amount is $20 (PayPal/Skrill) and attracts a fee of $5 up to a maximum of $200. Withdrawals between $200.01 and $500 attract a fee of $10 per withdrawal while those higher than $500 attract a fee of $25.
Traders at eToro can contact support via Email, FAX and Live Chat. The company has also established an interactive Q/A section where traders can find answers for general enquiries via the eToropedia section.
Live Support: 24/5 Live Chart (Weekdays)