Established in 2007, eToro provides a unique online trading platform that connects investors and traders globally. Regulated by FCA and CySEC, eToro has received many awards also over the years.
It is a leading social trading platform which offers traders with an opportunity to copy other successful traders of their choice and make use of their knowledge and experience to trade their accounts. Traders can also use this platform to connect with the other traders, use the CopyTrade feature of eToro to copy traders’ portfolio, and discuss trading strategies.
Enjoyable and easy to use trading platform
Seamless account opening
Social trading feature
Bad customer services
Limited product range, mainly CFDs
eToro is a perfect multi-asset and social trading platform for the investors and traders who are new to the financial trading world. It is an excellent platform if you are interested in trading cryptos or the tradition assets such as commodities, ETFs, or stocks. The experienced traders also can benefit from eToro’s margin trading. Though not the cheapest one, it gives you access to many trading instruments out there with leverage. The lesser experienced traders also can advantage from its social trading feature using which you can easily follow as well as copy experienced investors, their insights and research.
The platform has a very clean design and useful functions, which is very impressive for the users. The buttons and menus are just where they must be, everything marked properly and colors quite pleasing to the eyes. The watchlist is simple to set up while the page is not customizable. eToro also has a simple to use search. The platform offers you an option of 2-step login. It’s simple to log in at eToro, but it lacks advanced security options. While placing an order, you can select between “Limit,” “Market,” and “Stop-Loss.” You can also select the leverage size when you open a position. eToro’s alert function lets you know when your preferred asset reaches a certain price point. eToro sends a notification when an order is fulfilled. Another excellent feature of this platform is its portfolio report which is simple to use. You can either line up your assets or see them on a pie chart as per your preference.
At eToro, the account opening is a simple and decent process. You can open an account using your email Id, Google+ or Facebook account. Then there are two types of account that you can open with eToro. One is a demo account, and another is the standard account. With the demo account, you get $100,000 using which you can practice trading if you are a newbie. And for the standard account, you need to deposit real money to start trading.
Deposit and Withdrawals
eToro users can deposit fiat currency only in their account unless you transfer crypto directly in the eToro wallet. Other than that, you can make use of your debit/credit card, PayPal, wire transfer, Skrill, and similar other options. All the fiat funds that are held by eToro are in USD. So, in case you deposit GBP or EUR in your account, then eToro will convert that to USD and charge you a conversion fee as well.
Withdrawal work in the same method with debit/credit card, PayPal, and bank transfer. There is a fee of $25 for each withdrawal you do, so ensure to plan the withdrawals to avoid any added costs.
The fee structure of eToro is a bit different from the standard trading platform. As it is a brokerage service, it does not charge any trading fee like the regular exchanges. You will; however, need to pay their spread fee when selling and when buying using leverage. The platform also charges an overnight fee if you take a leverages position on your trade. And these overnight fees at eToro are quite steep as compared to other platforms.
Social Trading Feature
The copy trading feature of eToro lets you copy the actions of other traders who you like. It’s like having experienced traders from the world trade for you. You can follow particular traders in a social feed, inspect their actions, and choose to copy their trades and all that they do. In short, eToro is a social trading platform for traders that bridges the gaps between you, your favorite markets, and traders.
eToro is known to be a unique social investment platform having a diverse range of investment products. Though the costs are higher than the standard trading services, the benefits offered by eToro outweighs all the costs. On the whole, eToro is an outstanding place to begin learning about the world of online trading, connect with other traders, diversify your portfolio, and build your career as a trader.