eToro: Review, Analysis and Complete Guide
eToro is the most popular online trading platform in the world, with millions of users in hundreds of countries.
Below you will find the secrets to becoming your own broker by buying and selling Forex currencies, crypto currencies such as Bitcoin, stocks and commodities. This way you can invest your money and turn it into a fortune based on your own decisions.
In addition, we’ll show you how to create your eToro account, tips on safe and reliable trading, and of course the opinions of users and experts.
eToro's Pros and Cons
- Copy Trading.
- Various means of payment.
- Allows trading in Bitcoin.
- Available for mobile devices.
- Allows you to trade Forex.
- High commissions to invest in Forex.
- No autotrading allowed.
eToro Financial Products
Stocks and financial products
eToro’s greatest variety is in the ability to create Contracts for Difference (CFDs) with shares from all over the world. These contracts have no commissions, although they do carry some financing costs for brokers.
There are currently more than 2,000 options offered by the company, divided into the following 17 international financial markets:
- New York Tech
- New York
- Hong Kong
- Saudi Arabia
The market for crypt coins like Bitcoin is where eToro is likely to offer the most benefits. These can be traded from as little as US$25.
On the page you can find a wide variety subdivided into four sections from which brokers can choose: currencies, commodity crosses, cryptomonal crosses and currency crosses.
The list includes the following crypto currencies:
- Bitcoin Cash
- Ethereum Classic
- Binance Coin
Which are combined with the following national currencies:
- Dollar (USA)
- Australian Dollar
- New Zealand Dollar
- Canadian Dollar
- Swiss Franc
Quoted investment funds are another possible way to invest safely through eToro. The operation of contracts for difference in these cases is different from the above.
Instead of acquiring individual stocks, what brokers buy is the value of stock market indices, or groups of companies.
Although they are slightly higher in value, they usually bring in big gains for the fastest growing industries. eToro currently offers about 145 different ETF options.
Currency Pairs. Investing in Forex
One of the safest and most traditional ways of investing offered by eToro is in the Forex market. This is where currency pairs are traded. We’ll explain how they work by taking the Euro/USD pair as an example.
What you do when investing in currency pairs is trade on the variation in the price of the euro against the dollar, or vice versa, or both. eToro’s spreads are slightly higher than in other cases.
However, this is offset by the fact that eToro’s spreads are fixed. Unlike variable spreads, they do not change according to current market conditions.
If we take as an example the differential between Euro and Dollar, we will see that it is 3 pips. In the Forex market, a variation of one percentage point in the fourth decimal place of quotations is called a Pip, in almost all cases except those involving the Yen, the official currency of Japan.
The Forex investment options offered by eToro are currently 47 and involve combinations of the national currencies of the USA, UK, EU, New Zealand, Canada, Japan, Switzerland, Australia, Hong Kong, South Africa, Russia, China, Norway, Mexico, Singapore, Turkey, Poland and Hungary.
Other CFD Programs
The list of options for investing in eToro is not complete without these last two items. The first is the stock indices of the world’s major stock exchanges, from which you can choose between thirteen options:
In these cases, similarly to ETFs, the focus is on investing in the growth of a group of companies, rather than in the shares of a particular company. Some of these indices such as the Dow Jones or the NASDAQ are known worldwide even to those who do not know much about the world of Forex and trading in general.
But you can also trade commodities at eToro. The special feature of commodity trading is that CFDs must be placed on both sides of the trade.
The fourteen raw materials available to eToro are oil, gold, silver, copper, natural gas, platinum, palladium (associated with platinum), sugar, cotton, cocoa, wheat, aluminium, nickel and CL.JUL20 (the future price of a barrel of oil).
How to Open an eToro Account
Creating an eToro account is very simple and requires only a few steps. Simply login to the website and click on the ‘Register’ option in the top right corner.
You will then need to enter your first name, last name, e-mail address, telephone number, username and password. The password must contain between 6 and 20 characters and at least one capital letter, number or symbol, to make it more secure.
By creating your account you are agreeing to both eToro’s terms and conditions and the privacy and cookie policies, so please read each of these documents carefully.
eToro also offers the possibility of creating a broker account by logging in via Google or Facebook, although all these methods also require subsequent three step verification.
It is possible to have more than one account with eToro. To do so you will need to register under the same name and provide the same documents as for your other existing accounts. You will need to use a different email address and username.
Requirements and verification
The basic requirements for creating an account with eToro are to be of legal age (which is usually 18 years old but can vary from country to country) and not to have another eToro account registered under the same name and email address.
In addition, there are currently 35 countries from which you cannot trade with eToro. You can find the full list in the ‘Available Countries‘ section.
To use any of the trading services, including eToro Wallet, you need to perform a full identity verification, which consists of three simple steps.
The first is to provide a scan of any type of official identity document issued by the government of the country where you reside, preferably your passport.
Second: the uploading of a document proving your postal address. These may be bank statements, utility bills, social security statements, or official letters from employers and educational institutions.
In all cases they must contain name, current residence address, issuer and date of issue. Scans can be uploaded in .pdf, .jpg, or .doc format.
The third and final step to verify your eToro account is the phone number check, which consists of entering a code received in an SMS on the website.
Documents can be scanned directly through eToro’s mobile app. In cases where it contains additional information, it must be scanned front and back and there must be no hidden or illegible information.
Once you’ve done this you can start trading safely in Bitcoins, Forex and all the financial markets available at eToro.
One of the benefits that has generated eToro’s best positive feedback is the ability to use a practice trading account, also called demo mode, which offers safe and secure learning.
This feature allows users to learn about eToro’s products and features before they start investing with real money, getting the trading experience that any broker has.
Demo accounts allow you to invest in stocks in real time. Even eToro recommends using it simultaneously with the live account for convenience.
You can switch between your eToro account and your other account by choosing from the menu below your profile picture and choosing between ‘Virtual Portfolio‘ and ‘Real Portfolio’.
eToro’s products and features are regulated in over 140 countries worldwide.
However, for various reasons, such as conflict of regulations with investment laws, eToro is not available from the following locations because it cannot offer a totally secure service there:
- Bosnia and Herzegovina
- North Korea
- Republic of Congo
- Democratic Republic of the Congo
In addition, eToro does not provide its services to US citizens residing outside the US.
How To Use eToro
eToro presents itself as a mix of a trading platform with a social network, which is understood from the description we see on its site ‘Social Trading’. eToro recommends that you listen to the opinions and actions of expert brokers.
In addition, eToro encourages the tracking of large traders when investing, through its OpenBooks programs.
To be honest, we have to say that eToro is one of the most aesthetically developed financial trading platforms. Besides having a very nice web site, they complement this with services like TipRank and ProCharts.
The first is to provide eToro users with advice from thousands of analysts, who are experts in forex trading, so that they can safely become their own brokers.
The second is an amazing charting tool that anyone can filter, analyze and export as they wish. There you can customize the user’s statistics for each trade, be it Bitcoin, commodities, currencies or Forex.
Not only is eToro’s website adapted to mobile browsing, but the company also provides a very good application that can be installed on tablets and smartphones.
This app can be downloaded from the official Google Play stores for devices with the Android operating system and from the Apple Store for iOS. In both stores the application has received very good feedback from users.
Research and Visualization Tools
eToro’s social trading platform, both in its mobile and desktop versions, is one of the most enjoyable to look at among all the platforms we’ve reviewed at Wallet Adviser.
The eToro website achieves a high degree of aesthetics through great design combined with high functionality. This is one of the features that has earned it very good reviews among experts and users.
The opinions above all highlight the enormous amount of tools that are made available to the public to help them better understand the direction they should take when investing, whether in Forex, cryptosystems such as Bitcoin or currencies.
In addition to its already mentioned Copy Trading and Copy Portfolio systems, eToro offers detailed market research from one of its leading brokers and analysts, Mati Greenspan.
These studies are in PDF file format and can be downloaded free of charge from the website. You don’t even need an eToro account to access them. They focus mainly on cryptomonies such as EOS, Bitcoin and ZCash.
Each contains detailed information to help the broker invest safely in cryptosystems such as Bitcoin. There is a technical description of its characteristics, its projects and future development, the risks of investing in it and a complete market analysis that includes explanatory charts.
Daily reports are another of eToro’s great tools. They keep a close eye on the main markets such as Forex, Bitcoin and some commodities but also report on the developments in the financial world on a political and business level.
The returns of the most important elements of each trading market are also included there. From each of these, a percentage is established on the basis of which it is recommended to buy or sell.
This useful calendar provides information about the next earnings reports to be published by listed companies. Each item on the list is broken down by financial instrument, sector and expected publication date.
In addition, the distinction made by eToro between reports that will be published before or after the opening of the markets is very important. In many cases projects and decisions can strongly affect the investment decision of brokers.
While eToro concentrates its energies on creating a social network of the trading world, bringing brokers closer and closer together, it also focuses on giving users the greatest possibility of customization.
In this sense, the ability to create and save charts is a great advance over other online trading sites we have reviewed. The automatic saving allows to periodically consult the markets of interest respecting continuous parameters.
eToro’s charting tool allows you to filter by over 65 technical indicators such as analysis frequency, chart style, time zone and many more. This tool is one of the most popular among experts.
The program used, called Pro Charts, can be imported from the user’s Watchlist, and even allows more than one chart to be viewed simultaneously. This allows you to compare between Bitcoin and other crypto currencies or to analyze many currencies and their prices.
eToro Deposits, Withdrawals, Rates and Limits
Deposit Methods and Minimum Deposit
The process for making money deposits at eToro is very simple. You need to login to your account, choose the ‘Deposit Funds’ option, select the amount and the payment method. In most cases, the credit is automatic.
Among the deposit options, the most popular are credit or debit cards from Visa, MasterCard, Diners, Visa Electron and Maestro. It is also possible to do so through digital purses such as PayPal, Neteller or Skrill. However, there is a long list of countries in which PayPal is not available.
Rapid Transfer and Wire Transfer are recently added options, the latter being the only one that offers unlimited amounts, while the rest have a maximum of between $5,000 and $40,000, although it is also the only one whose deposits take a few days.
Some of eToro’s other payment methods are unique to certain countries or regions. For example Klarna / Sofort Banking is available in a few countries.
The minimum deposit amount is $50, although depending on the region this may be increased. Islamic accounts require a minimum deposit of $1,000.
All payment methods offer a safe and reliable service. This can be verified by referring to the users’ opinions.
Unfortunately, we have not found any news about the possibility of making deposits with crypto currencies such as Bitcoin.
Withdrawal methods are all those with which deposits can be made, with the exception of Rapid Transfer.
Withdrawals at eToro usually take one to two business days, although for debit cards this process can take up to a week.
Fees and Commissions
eToro charges a $5 fee for withdrawals over $30, or the equivalent in the currency in which the trade is processed. In order to make withdrawals the account must be verified in advance.
We have not found a maximum amount for withdrawals, although the minimum is $30. As for deposits, the minimum allowed is $50, and the maximum depends on the payment method chosen.
Is eToro Safe?
eToro is fully secure and licensed by the Cyprus Securities and Exchange Commission under license number 109/10. Its brokerage services are operated in Europe through the firm eToro (Europe) Ltd., whose registration number is HE20058.
In the United Kingdom, eToro (UK) Ltd. is registered under number 7973792, and is authorised and regulated by the Financial Conduct Authority (FCA) under reference number 583263.
Both companies operate under the regulation of the Markets in Financial Instruments Directorate (MiFID).
In addition, eToro operates in accordance with FCA, CySEC and ASIC regulations, which means that there are measures in place to protect investors. All of its services and operations are regulated in over 140 countries worldwide.
eToro’s accounts have a compensation scheme of up to £8,500 for financial services in the UK, which includes trading in Forex, crypto currencies such as Bitcoin, commodities, foreign exchange and ETFs.
In Europe, the Investor’s Compensation Fund (CIF), which functions as an insurance for users, has a maximum coverage of
eToro is a company that offers its users a comprehensive and personalized service.
As well as providing the best tools for you to become your own broker, they also take care of solving problems in a safe, fast and effective way when they arise.
In fact, the Technical Support section occupies a large part of eToro’s official website, and various methods of assistance can be found there. Among them is, as a first resource, the Help Center.
The eToro Help Center contains frequently asked questions to answer the most common questions from users.
The topics covered range from how to create an account and trade safely to explanations of general topics such as Bitcoins, brokers, Forex and general trading.
If the eToro user continues to have doubts or has encountered a problem that he could not solve on his own, he is directed to the direct support channels.
This section has a ticketing system and works for both users and visitors. This means that you don’t need to have created an account with eToro to start a new ticket.
If used from the ‘Visitors’ option, it will be necessary to provide some personal data such as full name and email address for reference, in addition to the query in question.
eToro’s customer service has received good feedback and maintains a high positive resolution rate on total cases
Due to the number of inquiries eToro receives on a daily basis, this procedure can be extended by a week until a response is received. For this reason there is also a live chat with specialist representatives for urgent matters.
At Wallet Adviser we are committed to providing readers with a comprehensive view of all aspects that may positively or negatively influence our reviews.
After all, the user visits this guide because he wants to know the opinions of our specialized experts in the subject. But just as important, and even more so in some cases, are the opinions of the users themselves.
Those who have used eToro’s services, and still use them, know more about the quality of this site than anyone else. That’s why we’re leaving you with some opinions and experiences below.
Carmen R. comments: ‘I’ve been using eToro for years. Reading opinions from big investors I managed to buy Bitcoins years ago that now multiplied their value”.
Aida V. writes: ‘To invest in eToro you need to study and learn about many things. This is not a decision to be taken lightly. Luckily, your OpenBook allowed me to get started in trading by copying the best.
Carlo H. explains: ‘I set up my first eToro account on the recommendation of friends who explained to me that it was the best way to manage my savings. Today I have a lot of experience in Forex and I give advice to them.
eToro’s Alternatives and Competitors
At Wallet Adviser we are committed to show you all the options of online brokers where you can trade in a safe way in Forex so you can choose the one that best suits your needs, following the opinions of experts.
Here is the complete list.
Our Selection Best Broker Forex - 2020
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No minimum deposit
|See offer Go to eToro|
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No minimum deposit
|See offer Go to Plus500|
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No minimum deposit
|See offer Go to XM|
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No minimum deposit
|See offer Go to XTB|
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No minimum deposit
|See offer Go to IG Markets|
Our conclusion regarding eToro is generally positive. It is not an online broker in the strictest sense of the word, but adds a strong social network and community component.
Its OpenBooks, CopyTrading and CopyPortfolio tools make investing in them no longer a task for autonomous study, but in many cases a collective effort supported by expert opinions.
Of course, as with many of the brokers in the market, investing in them is a decision that must be made consciously and at the user’s own risk.
About 75% of users lose money in the long run, and that is why it is essential to study in detail the functioning of Forex, contracts for differences and the trading system in general.
Markets fluctuate and stocks, crypto-currencies such as Bitcoin or Forex currencies that have made profits in the past will not necessarily do so in the future.
This is why it can also be somewhat dangerous to copy the trading strategies of large traders if you don’t have the same amount of money to invest and the loss margins that they have.
Despite this, we haven’t found an online broker with better tools than eToro, nor one that is at the same level of aesthetics and functionality.
eToro's Technical Specifications and Features
|Countries where it is regulated||140|
|Time to open account||1 day|
|Bank card deposit|
|Deposit with electronic wallet|
|Demo account available?|
|Easy to use platform?|
eToro Frequently Asked Questions
eToro is a trading company with offices in Cyprus, Israel, Cyprus and the UK. It offers the possibility to invest in the financial markets by being your own broker or account manager, what I used to call a stockbroker.
At eToro’s website it is possible to invest in commodities, crypto currencies such as Bitcoin, company shares or currency pairs through Forex.
eToro allows its users a great deal of freedom of action, with users having the choice of making their own financial decisions or trying their luck by following the opinions and actions of global trading experts.
eToro’s user experience is complemented by graphs and detailed information so that users have all the necessary tools at hand when making the right decision
If you have finally decided to sell your eToro positions, the procedure is very simple. You will need to go to the section called ‘Portfolio’ after you have logged into your account. There you will need to choose the line you want to close and click on it.
Then press the red X and choose the option ‘Close’. Then, you will only have to wait for your trade to be executed during market hours.
Many factors can contribute to the success or failure of investing in online brokerage sites like eToro. While it may seem a bit random at first, it is actually because it depends on the complex rules of the financial markets.
To make money with eToro you need to know what to invest in, how much and when. To do this you need to read the opinions of experts. With shares, for example, you just have to sell them at a higher price than you bought them. Forex trading and currency pairs are more complex.
eToro is completely safe. Both customers’ personal information and money are protected, in the first case, with SSL encryption and two-factor authentication. It is therefore completely safe to invest in Forex, Bitcoin and other markets through eToro.
Of course, eToro operates in accordance with FCA, CySEC and ASIC regulations, which means that there are measures in place to protect investors. In addition, all of its services and operations are regulated in over 140 countries worldwide.
Now that you have all the information at your disposal, you can visit Wallet Adviser for more advice, reviews and opinions about loans, investments and insurance.