To tell you more about eToro licenses, eToro is a name of eToro EU Ltd, it is a company that provides financial services under the license # 109/10 issued by CySec.
- US Traders
- Copy Trading
- MetaTrader 4
- Islamic Account
- Live Support
Besides that, eToro is authorized to perform Forex operations in the USA by cooperating with FXSoltuions broker and eToro accepts the clients from Australia and New Zealand via collaboration with ICMarkets.
As a result, no matter if you are located in Europe, US or Oceania, you will be placing your funds in the fully regulated broker’s hands.
eToro is a great broker that offers a simple set of trading accounts and various types of trading platforms. Besides that, it provides you with the copy trading, a trading system that allows you to find decent traders and copy their positions. Also, if you prefer MT4 trading, then eToro would fit your needs. Besides that, if you are on a go or using an apple computer, then you can make a use of eToro mobile trading apps and WebTrader.
eToro Weak Points
Since our mission is to provide you the most relevant review, the weak sides of eToro are also covered. Generally, eToro is a great broker for the beginners or people that do not really want to spend a lot of time trading. If you are planning to trade professionally, then you would rather have a look at FxPro, a decent MT4 and cTrader broker with superior trading conditions. eToro provides MT4 only at the minimum deposit amount of 5,000 USD and the trading conditions on this account are not the best. We are not trying to say that eToro is not a good broker, we are saying that it is not suitable for everyone.
As eToro places its main emphasis on social trading and copying of the positions, it generally does not offer very generous bonuses, however one can expect a bonus up to 10% on the first deposit at eToro.
Besides that, it is possible to get 10% bonus on re-deposit, but only if your redeposit amount is bigger than 1,000 USD.
Also, if you refer a friend to eToro you can receive up to 100 USD.
Sounds great, isn’t it?
eToro Trading Accounts
When it comes to selecting the best Forex broker, eToro is on top of the list. Trading Forex online becomes more profitable with eToro, due to the provision of a unique and simple set of trading accounts. The following table provides a quick overview:
Generally saying, if you are just looking into trading and not sure if you should start it or would just like to get to know eToro better, we would recommend you starting with:
- Demo and Practice Account
Having such a type of an account with eToro will not only provide you with a virtual money balance of 10,000 USD, but will also give you a full access to the trading eCourses and live webinars.
What is great about eToro is that it is a truly social broker, thus a instead of creating an account with them, you can simple sign in via your facebook or twitter account.
By registering a demo account with eToro you will be entitled to practise on either WebTrader trading platform, eToro open book and mobile trading apps.
Please note that if you are looking to start trading on MT4, then you either have to open a real account with eToro or look for another broker, since MT4 demo is not available.
- Basic Account
Basic account will generally allow you to try all of the eToro services with as little deposit as 50 USD. Unfortunately MT4 trading is not available at this deposit level, in order to start trading at MetaTrader 4 with eToro a minimum deposit of 5,000 USD is required.
By depositing funds to your real account, you will also gain a bonus, which is described later.
- Premium Account
Receiving premium services from eToro requires you to deposit at least 20,000 USD on your trading account. In return you will receive information and consultancy that should help you to get the most out of your trading. By becoming a premium account holder, you will be entitled to receive Dow Jones premium news, trading signals and advises from your personal Account Manager.
eToro Trading Software
eToro provides a great selection of various programs to trade forex, let’s examine each of the possible options.
- eToro WebTrader
This is a browser application that allows trading currencies, commodities and indices.
Generally saying, it is a basic application that is suitable for the beginners or fundamental traders. This software has such great features as 1 click trading, easy access to educational materials and support chat. Traders that use technical indicators in their activities would generally find this software not very efficient.
- eToro OpenBook
This software is available both as a web application or mobile app. Generally, it looks like a large social network of the traders, where they are able to follow each other and copy the trades.
We all know that one smart person is good, but couple of smart heads are even better. With eToro’s OpenBook, a social trading application, all of the eToro users can benefit from one another’s knowledge and market insights.
By using OpenBook you can follow and copy any trades of all of the eToro members, besides that you can monitor their progress and even communicate.
Also, OpenBook is a truly social platform which has a high degree of integration with other social networks.
- eToro CopyTrader
CopyTrader is integration to the OpenBook platform that allows copying the trades and have your positions copied. As a result of a long-term of OpenBook usage, a birth to a term “Guru” has happened. Generally, all of us are trades, but some of us are extremely good trades and eToro calls these trades Gurus. With CopyTrader function you can make a deposit and allocate up to 100% from it to any Guru you prefer. The best thing about this program is that it is totally free, there are no hidden performance based costs, no management fees, nothing like that.
Of course, Gurus have to be paid, but eToro pays them. If you consider yourself a successful trader, then you can apply by writing to email@example.com, but please note that you need to comply with the following criteria:
- An outstanding trading history
- Be an active communicator with your followers
- Be an eye-catchy person and communicate with other successful traders
- Have at least 10 copiers
If you succeed in becoming a Guru trader, then eToro will pay you a monthly fee based on the amount of followers you have. This program is only available for real account holders.
Generally saying, we would only recommend you trading with eToro on MetaTrader 4 if you are planning to become a Guru and if you are planning to become one, then most probably you already know what MT4 is. As a result, we would not explain the platform in detail for this review.
- eToro Mobile apps for OpenBook
You can access OpenBook via iPhone, iPad, Android device or even an old fashioned smart phone. Trading with eToro OpenBook is very social and great for people on the go, so you can do it from any spot with Internet connection.
eToro Deposit and Withdrawal options
It is possible to deposit at least 50 USD via various Credit Card (Visa, MasterCard, Diners Club and American Express*). Also, you can deposit by using various e-wallet services like PayPal, Neteller, Skrill (MoneyBookers) and WebMoney.
*Please note that if you are using American Express, you need to do your deposit via Skrill, without actually creating a skrill account. Also, be aware that you are unable to use AUD for your deposit.
Also, you can deposit to your eToro account by using such services as Western Union, MoneyGram and Bank Wire Transfer, but the minimum deposit amount for these methods is 500 USD.
Withdrawal methods are completely identical to the deposit means, except of Western Union and MOneyGram. Please be aware that every time you withdraw, you will need to pay a processing fee which is:
- 5 USD for the withdrawals between 20 and 200 USD
- 10 USD for the withdrawals between 200.01 and 500 USD
- 25 USD for the withdrawals greater than 500.01 USD
Usually your withdrawal will be completed within 2-7 working days, depending on the method.
One of the key advantages of eToro is their customer support.
First of all, it offers knowledge base; you can simply type a question and instantly have it answered. Also, they offer live chat support available at six languages and generally we were extremely impressed with the quality of their support. A waiting time can be as low as couple of seconds and the support team is very dedicated and friendly.
eToro Review Summary
To sum up, it can be said that eToro is a great broker for the beginners in foreign exchange trading or for the people that are not planning to invest a lot of time in the trading activities. eToro trading software is generally not sophisticated at all and with the help of OpenBook you even do not need to know how to trade to make your deals, you just need to find Gurus that you trust. Besides that, if you are planning to become a good trader, eToro is right for you, since they offer outstanding options to for forex education, live webinars and Internet Courses. Also, you can simply learn a lot by communicating with various traders at eToro’s OpenBook.
It is necessary to point out that any trader can join eToro and be sure that his funds are in the safe place, due to the three regulators supporting this broker.
So do not hesitate click here and join the amazing world of social trading with eToro. After all if you discover that social trading is not for you, you will still meet some fellow traders and will have access to great trading signals!