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eToro Broker Review

By Jeffrey Cammack Created: Friday, April 19th, 2019 Updated: Tuesday, June 4th, 2019
Average Score

3/5

Min. Deposit $200
Max. Leverage 400:1
Min. Spread 2 pips
Regulators CySEC,ASIC
Regulator Origin CySEC ASIC
Broker Type Market Maker

Summary

With a $200 initial deposit and an ability to copy other successful traders, this broker is best for beginners or those who enjoy the social elements of this platform.  Fully regulated on both sides of the Atlantic, eToro is a member of the NFA and CySEC.  With an attractively simple account setup, eToro offers a single risk-free demo account for trying the social concept, and a standard live trading account so you can get going easily without complication. 

A good choice in broker if you want to try a unique broker with a modern twist.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses None
Beginner Friendly Good
About our review process

Trading Conditions

Minimum deposit $200
Base currencies USD
Number of FX Pairs 47
Hedging Allowed Yes
Scalping No
Swap-Free Accounts Yes

Average Spreads

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

Company Details

Company name eToro AUS Capital Pty Ltd
Founded 2006
Website Visit site
Type Market Maker
Regulators CySEC,ASIC
Office locations Cyprus, UK, Israel

Deposit & Withdrawal Methods

Supported Platforms for eToro

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.

An example currency pair in the web trading platform

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.

My currency watchlist in the web trading platform

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.

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.

Compare Brokers

eToro Plus500 Pepperstone Trade360
Funding Mastercard, Visa, UnionPay, Neteller Bank wire, Visa, Mastercard, Paypal, Skrill Mastercard, Visa, UnionPay, Skrill, Paypal, Bank Transfer Bank wire, Visa, Mastercard, Skrill , Neteller
Regulated CySEC ASIC ASIC ASIC CySEC
Broker Type Market Maker Market Maker ECN/STP Market Maker
Currency Pairs 47
Minimum Spread 2 0.6 0 3
Minimum Deposit $200 $100 $100 $500
Max Leverage 400:1 300:1 500:1 400:1
Visit Website Visit eToro Visit Plus500 Visit Pepperstone Visit Trade360
Expert Review Read review Read review Read review Read review

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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