eToro has provided its clients with a mobile-friendly version of its social trading platform. Depending on the operating system of your mobile devices, you can download the app for free at Google Play Store and Apple App Store. Here you can access all the key features of the web-based platform including browsing traders, strategies and assets, managing your account and executing trades.
Trading Features
“Copy other traders strategies and trading positions or self trade using the eToro platform.”
Perhaps one of eToro’s most remarkable products which is certainly pioneering is the CopyTrading product. It allows you to copy the trades of other more experienced traders or have them copy you. As a follower you can invest in two types of CopyPortfolios: Top Trader Portfolios which is built from the best performing traders on eToro, and Market Portfolios that group together a basket of CFD stocks, commodities or ETFs under one chosen strategy.
At the same time, eToro’s trading platform also lets you receive real time notifications regarding the markets and key movements throughout the day.
Commissions & Spreads
“Commission free trading on all asset classes, eToro charges a unified spread on CFD trading and when buying the underlying asset, rollovers are based on LIBOR rates”
eToro is very transparent regarding the trading costs. The broker doesn’t charge any commissions but instead a spread on the Bid/Ask quote. The spread varies according the type of asset traded. For currency pairs, the benchmark EUR/USD is charged a spread of 2 pips. For cryptocurrencies, the spread is based on a percentage rather than pips. This starts at 0.75% for Bitcoin and goes up from there. If you are buying and selling cryptos through the eToroX wallet you will incur other fees too including wallet fees and blockchain fees. Fees do not apply when trading individual cryptocurrencies without leverage. Fees do apply to leveraged BUY positions, as well as to all SELL positions, and to all crypto pair positions. For CFD trading of stocks and ETF’s, the spread on each side is 0.09% also for underlying assets. Additionally they charge no management fees. Indices charge 100 pips on AUS200 benchmark. Stocks, ETFS and in fact all asset overnight prices are charged according to LIBOR rates. This is a benchmark rate that represents the interest rate at which banks offer to lend funds to one another. Furthermore the daily fee/credit is multiplied 3 times for positions carried over Friday nights. The fees will be charged at 17:00 New York time for any position open at this time.
Bonus & Promotions
“No bonuses due to MiFID regulations.”
Due to the MiFID regulations, eToro does not offer its clients any kind of incentivized bonuses.
Customer Support
“24/6 support through telephone and support ticket. Response time is not instant with ticket. We had to wait a while.”
As for eToro customer support, the broker has translated its website into 15 different languages. The support service is available 24 hours a day from Sunday to Friday. Contact with the support team is by means of support ticket or telephone or fax. There is also live chat support at eToro.
The broker also has an active social media presence and can be followed and contacted through Facebook, Twitter, Instagram, Linkedin and YouTube.
Research
“Have real time news feed and they send push notifications on the market. They also have a blog with one or two daily pieces of market news or analysis and an earnings calendar.”
The broker provides an economic calendar and a blog with daily updates on the market highlights. The blog posts are not massively informative of market movements and traders may need to find another source for detailed analysis.
On the trading platform itself, you can also access the real time news feed. This is a live commentary created by the traders and investors at eToro. It gives others traders the opportunity to ask questions and comment.
Education
“Traders education is limited to several videos, this section of the site is very empty and could certainly do with some beefing up.”
With regards to the trading education, eToro has provided an “Interactive Trading Courses” section. The courses are divided into 2 categories, Trader Course and Investor Course. The course is quite limited and certainly not in-depth for traders that want to learn how to trade the markets. Additionally there is a platform guide which walks you through the platform use in 5 quick steps.
Trading Experience
“A platform that seems to genuinely meet the needs of both beginners and experienced traders. Simple to use, for people that want to engage in copy trading or self trading. A great way for expert traders to earn a second income through building up their own group of followers.”
The eToro trading platform suits both novices and experienced traders. For novices, their trading activities may be directed more towards trying to copy the investor traders. As for experienced traders, their trading activities will most likely be geared towards winning over as many followers as possible to capitalize on the 2% management fee earned by the investor. They can do this by marketing themselves and building up followers through the News Feed.
FAQ
Is eToro regulated?
Yes, eToro is regulated in the UK, Cyprus and Australia.
Where is eToro based?
eToro maintain offices in London UK, Sydney Australia, New Jersey USA, Israel and Limassol Cyprus.
How does eToro make money?
eToro makes its money by charging its clients a transparent spread on the Bid/Ask quote.
How do I deposit in eToro account?
Deposits can be done by wire transfer, credit cards or web payment portals.
What is the min. deposit for eToro?
The minimum deposit requirement at eToro depends where you are based but usually ranges between $200 and $500 and can even go up to $10,000.
How do I withdraw money from eToro?
Withdrawal of funds is done through the same methods used for making the initial deposit eg. ewallets, credit cards and wire transfers. They take a day to process and are charged a minimum of $25.
What is the max leverage in eToro?
The maximum leverage at eToro is 1:30 for traders.
How do I open an account with eToro?
The simplest way to open an account at eToro is to sign in using your Facebook account. Otherwise you can create an account by filling out a registration form and supplying your verification documents.
Does eToro use MetaTrader?
No, eToro does not use the MetaTrader trading platform. Instead the broker uses a proprietary platform.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptoassets are highly volatile unregulated investment product. No EU investor protection.
This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.
