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 (varies from $50 to $1000 based on your country) 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.
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.
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.
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.
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 Network Integration: Linked to Facebook and Google
Not only does this broker allow sign-ups via Facebook or Google, 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.
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.
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 5 million traders to choose from in their network, you have the opportunity to fully diversify your trading portfolio and increase the success rate.
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.
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.
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.
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.
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.
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.
Editor’s Rating: 97
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.