eToro Review

Advanced Social Trading Network
Editor’s Rating: 93

Very Good

Average User Rating:

Excellent

Introduction

The number of users in the social trading arena has dramatically increased over the years and among the pioneering brands that has been known in this market is eToro. As of this writing, this regulated (CySEC and FCA) brokerage firm has over 4 million users worldwide that utilize their unique platform which makes the whole trading process straightforward.

Their strongest advantage is that they have a large customer base which allows their clients to fully diversify their trading portfolio plus the $50 minimum deposit requirement makes it more affordable for anyone who is interested with social trading to participate with a low initial budget. The downside, although minor, is that their platform lacks a feature where users can communicate via live chat to make things more engaging but other than that, the trading experience was exceptional. Please continue reading for the complete narrative of this review.

Account Features

Demo Account: Fully synchronized with live rates

The demo account can be used for an unlimited time and it comes with $10,000 virtual money. Best of all, the system is fully synchronized with live rates and has the same functionalities of a live account so the trading experience is very realistic. This is also a good way to fully test the platform and discover its features.

Account Types: Replaced with credits

There are no differences with the account types and they no longer offer deposit bonuses in accordance with the CySEC’s orders to desist from offering these promotions. What they now offer are credits which are intended for enhancing your trading portfolio. These are non-withdrawable but can be converted into a withdrawable one simply by trading. They also have a refer a friend program where you can earn $20 for every successful referral.

Trading Details

Platform: Flexible investment solutions

They used to have three different platforms (OpenBook, WebTrader and Mobile Trader) but now they have integrated them all into a single platform which has all the tools that are needed for configuring the portfolio. It’s faster and much more convenient to use since it can now be accessed with just one unified interface.

etoro platform

Mobile Trading: Free to download apps

They have developed mobile apps for Android and iOS devices particularly for traders who are always on the go. It basically has all the same features of the web-based platforms so you can still do the basic tasks on your mobile device such as keeping up with the latest trends, managing the trading portfolio and opening and closing positions.

Minimum Lot Size: Risks are controlled

With an allowed minimum lot size of 0.01, you’ll have more control over the risks since you can set the trade to a value that you prefer. This is also an advantage for those who are new to the online trading scene because they can start with a much lower trade size.

etoro lot size

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Maximum Leverage: Increased profit potential

The maximum leverage that this broker offers is 1:400. Such ratio already gives a bigger opportunity to generate more income with every successful trade that you make.

Spreads: Competitive numbers

This broker provides very competitive spreads of about 2 pips. The lower values that they have on their table mean that the outcomes are much more favourable as the costs are much lower. For the EUR/USD pair the spread is at 3 pips.

Social Trading

Social Network Integration: Linked to Facebook

Not only does this broker allow sign-ups via Facebook, they have also included the functionality of being able to connect with your friends on the social networking site so you can keep up with their rankings and activities. What’s more, you can even share the posts and comments that you made on your Facebook, Twitter and LinkedIn accounts.

etoro social link

Automated Trade Copying: Flexible copy systems

One of the most powerful features of their platform is the CopyTrader which allows you to duplicate trading activities and set the amount that you want to copy automatically. Aside from this, they also have advanced options wherein you have the option to copy all of the currently open trades or only the new trades that are opened by the trader that you selected. They also have an automated risk control system which allows me to effectively manage the portfolio based on actual Profit/Loss values.

etoro copy trade

Traders Allowed to Copy: Infinite choices

One of their biggest advantages is that they have no restrictions on the number of traders that can be copied over their platform. And since there are over 4 million traders to choose from in their network, you have the opportunity to fully diversify your trading portfolio and increase the success rate.

etoro copy trade

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Deposit and Withdrawal

Minimum Deposit: The standard amount

For a minimum deposit of $50 (varies from $50 to $1000 based on your country), you can already start trading with real money. This flexibility will give you more control over the money you wish to use as your capital.

Deposit Methods: Fast and straightforward options

Depositing funds into the eToro account was hassle-free since there are plenty of options to transfer money. This can be done via credit and debit cards (Visa, Mastercard, Diner’s Club), China Union Pay, Giropay (Sofortüberweisung), Neteller, Skrill Limited UK, WebMoney, Wire Transfer, Wirecard- Wire and Credit Card, Yandex and PayPal.

etoro deposit

Withdrawal Processing Time: No delays

The waiting time for the processing of withdrawal requests is just 1 business day. It usually takes 1 to 2 days for your requests to be processed for most payment methods and 3 to 8 days for credit/debit cards and Wire Transfer.

Support

Channels: An array of options

Getting assistance from the support team is easy because there are plenty of ways to get in touch with them. You have the option to contact them via phone, fax email and live chat. There’s also a Have a Question/Get Instant Answers help box where you can type your question and get an answer immediately.

Availability: 24/5

They are available 24 hours a day but only during weekdays.

Supported Languages: Multi-lingual service

Aside from English, they also support other major languages and this includes Spanish, German, Italian, French, Chinese, Russian, Polish and Arabic.

etoro support

User Reviews

Average User Rating: 9.8

This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.

etoro reputation
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Editor’s Opinion

Platform Design: Simple and sleek

The interface is really well-designed and has a similarity to the simplicity of popular social networking sites. There are no complicated sections or menus and the graphical elements that they used are very simple so it’s easy to keep track of the profitable traders.

Support: Courteous and very professional

The support quality from their customer service team has always been professional. They are very courteous in answering questions and are very prompt in resolving all issues.

Reputation: One of the leaders in social trading

eToro is known to be one of the leaders in the forex trading industry because of the unique social network that they have integrated on their platform. The company is also regulated by the Cyprus Securities and Exchange Commission and has over 4 million clients worldwide which makes them a huge and credible name in the online trading community.

Conclusion

Editor’s Rating: 93

eToro delivers a unique and highly intuitive platform allowing their users to tap into the wisdom of other successful traders which enhances the learning curve for making wiser trading decisions. With their competitive trading conditions, large customer base and groundbreaking features, there’s no question that they are the leading social investment network.

 

Is This The Right Broker For You?

Yes
Open Account
No
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21 comments

    • N. Hubsch

      Yes you can as long as you know who to follow and copy. Just like any form of trading, this comes with a risk but the process has been made simpler and much more interesting.

    • Zion DD

      I had the same doubts as well until I tried it myself. The important factor here is to choose the right trader to follow and their moves that you’re going to copy. If you do it right, then you can really make a good investment return out if it.

    • Sebastian Hayward

      You are so agreeable when you say that most of your experience with this brokers is too positive to ignore. I also need to let you all know that the platform speed is one with exceptional performance.

    • Marion Henning

      My trading friends told me that it is much better to trade bitcoins via etoro because there are no restrictions set, unlike coinbase, XBT borders are only made available for high tiered users. And that definitely means that you need to invest more.

    • Vance Pannell

      I think that the it is easier to transfer bitcoins from bitstamp to etoro because you no longer need another platform to do it for you, unlike trading with regular Cryptocurrencies.

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