eToro Broker Detailed Review

With this new approach, eToro strives to make trading more stress-free, and keep beginners out of the complexities of the more traditional way of doing Forex trading.  They know that analysis, news, charts, and indicators can be confusing and be intimidating for the beginner trader, and so eToro has addressed these trader concerns with a more friendly platform and a different approach.

Account Types

eToro is not your typical broker that offers different trading accounts for novice and professional traders.  eToro has a demo account and a live account.  The minimum deposit to open a live account is 200 USD, and it free to open a demo account which will remain open for seven days.

Trading Platform

The trading on eToro is all based on social trading, where traders can see where the best trades are and follow successful traders online. They have a browser version of their software, mobile apps and stocks trading.

Because traders will commonly trade the same pairs, eToro’s platform gives traders a customizable overview of different currency pairs.  This customised layout gives traders a simple dashboard to see where opportunities lie.

Spreads and Leverage

eToro Spreads are 3 pips which is high compared to the rest of the industry, but spreads are not everything.  Leverage at eToro is up to 400:1.

Regulation

eToro is well regulated by Australian broker standards, with licenses in Australia, the United Kingdom, and Europe (Cyprus).  However, if you are client signing up using your Australian residential address, your account will be registered under the ASIC license.  The additional licenses that eToro holds give extra comfort in knowing that more than one regulatory agency is watching eToro’s activity and the peace of mind that you are registering with a very transparent brokerage.

• eToro Aus Captial Pty LTD is regulated by ASIC with  license number 491139
• eToro (UK) Ltd is regulated by the FCA with Reference number 583263
• Etoro (Europe) Limited is regulated by CySEC with Licence Number: 109/10

Deposits and Withdrawals

All credit and debit cards,  other forms of bank wire transfers, as well as internet-based payments are all accepted.  Withdrawals take one business day for eToro to process, and allow time for the money transfer to complete.  eToro returns funds the same way they were deposited.  So if you deposited from Netteller, you would get your money back on Netteller.

Customer Support

As well as the demo account eToro provides lots of guides and tutorials, and they even have a trading forum where members can share information and experiences.  Online client support is available 24/5 and is all through a ticketing system, which is not the level of service I would expect of a broker, where phone contact should be possible during office hours.

Overall

eToro is not your usual broker.  It certainly has a different type of trading platform, and an approach that they believe is a comfortable way for beginners to trade forex. Start with a small deposit, and enjoy the differences in trading on a social platform.