Key FeaturesRegulation: NFA, CySEC, ASIC, CFTC, MiFID, FCA
Min Deposit: $50
Platform: eToro webTrader, etoro Openbook, eToro Mobile Trader
First Deposit Bonus: Yes
Other Bonuses: Yes
What You Should Know About eToro Group, ltd.
Smart investors need to understand where and how they invest, particularly when it comes to online platforms. Our review of eToro Group, ltd. works to ensure you're given the best information prior to making a first trade.
eToro Group, ltd. is one of the largest international online investment firms in the world, serving a world wide consumer base. The firm was founded less than ten years ago in 2006, and it's based in Limassol, Cyprus. eToro Group creates and markets financial trading platforms, enabling users to trade various financial assets. But the current leadership continues to include Jonathan Assia, founder and current Chief Executive Office and Director of the firm.
Accounts are set-up according to initial deposit amounts and limits within your account.
Five different levels bring different access to customer service:
You can start with a 'Practice Account.' It allows time to become fluent in the software and user-ability of the platform with play money. When you're ready, you can trade at one of these levels:
Bronze: For less than $1,000 deposited
VIP: For more than $20,000 deposited
You're able to fund your account at the basic level for as little as $50.00, allowing anyone who wants to the ability to learn how to trade seriously. Not bad.
Commissions and Spreads
Commissions and spreads with eToro are straightforward and depend on the type of deposit. For currency instruments, spreads run between three to seven pips. Commodities run between 5 to 90 pips. Index stocks have a spread between 100 to 1,000 pips. Additionally, traders should factor in transaction fees; these can fall at about 0.1% per one cent of stock fees and 1% of every cent for Bitcoin fees.
We'd say you absolutely need to factor in and weigh currency conversion values against possible gains. Most Forex trading sites charge a fee to start, but eToro does not which makes them a popular platform.
eToro was founded by software developers. They've taken the idea of 'Open Book' financial trading and folded social media interaction and communication into it. Copying top traders and asking for tips and recommendations is encouraged here. Downloading the software is not an option as it's positioned entirely online. But the responsiveness is key and fast. Moving money back to accounts is simple and immediate.
Deposits and Withdrawals
eToro does include a lot of fees. Stay attentive to this when factoring in your gain and particularly in your withdrawal schedule. They charge about a 5% withdrawal fee and a minimum of $20.00 to do so. They make it easy to start, though, accepting almost any kind of deposit, from credit card, bank transfer and Bitcoin.
eToro has a well-rounded help center that's easy to navigate. Almost any question can be answered there and it's intuitive. Customer service really comes into play with this trading platform. First, they don't charge a fee to start and make it extremely easy to use. But the social aspect of the site is the biggest draw. Users enjoy expert accessibility and a high level of trading visibility on this platform. Not to mention there's a 24/7 support option for technical assistance.
Regulations and Safety
The platform uses current SSL encrypted technology ensuring deposits and withdrawals are safe. It also is not affected by the stability of Cypress because all deposits go into non-Cypriot institutions.
eToro has taken care in its trading philosophy to abstain from leverage trading of stock. However, it does provide leveraging of other instruments with a 1:2 to 1:400 ratio.
eToro currently offers a $100 sign up and referral bonus. But they've removed the weekend promotions, considering that fast trades create a high risk or loss scenario.
Compared to other sites, eToro's social platform and Open Book visibility is an attractive option for traders. We'd say be careful of the fees, even though it stacks up as the least expensive platform to get started on, it can be pricey if you're not strategic about when you move money and how. Otherwise, it's one of the better Forex trading sites.
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