eToro Review 2017

eToro Review 2017

eToro Review 2017

If you’re looking for a way to trade CFDs, but in a way that allows you to maintain contact with the trading community, eToro is the perfect broker for you. This huge company offers its services in almost all countries in the world and has literally millions of faithful traders. Of course, numbers like this didn’t come overnight, but after a lot of hard work to ensure the offer has absolutely everything traders need.

In this eToro review, we will take a good look at what the company has done to make its clients feel comfortable and what they went with in terms of features.

Sit back and read on because you are about to see eToro explained!

PROS

CONS

– unique social trading platform

– accepts PayPal

– diverse account types

– numerous education materials

– demo account readily available

– no live chat

eToro Review | Money Management

The first part of our eToro guide will deal with the broker’s money transfer methods and conditions, probably one of the most important topics for any prospective eToro Trader. So let’s start at the beginning, at the eToro deposit methods. The process begins when you log in to the website and decide on the amount you want to invest. After that, you get to choose how you want to fund your account and the number of choices you have is quite admirable. Much famous credit- and debit card brands are at your disposal (Visa, MasterCard, Diners), but there are also things like wire transfers, Webmoney, Skrill and Yandex to take into consideration. eToro even offers PayPal as a payment method, which will certainly make a lot of people happy. The time it takes for the money to appear in your account varies, but many of the aforementioned methods are instant. We also have to mention that eToro minimum deposit can range from $50 to $1000, but that depends on where you’re depositing from. To find out the minimum deposit requirement for your country, simply head on to your deposit screen.

eToro Deposit Page

eToro Deposit Page

As for eToro withdrawals, the methods available here are the same, but you have to keep in mind that your funds will be delivered to the same account and via the same method you chose when you were depositing. In any case, your funds should reach you in a few days. Furthermore, be aware that there is also an eToro withdrawal fee that will be charged to you during this process. Its size depends on the amount you decide to withdraw and it starts at $5 for withdrawals up to $200, continues at $10 for withdrawals between $200 and $500, and remains at $25 for all withdrawals above $500. Speaking of fees, allow us to mention eToro rollover fees here, also known as overnight fees. There is a full list of them on the Fees page of the broker’s website, so we recommend you check them out. Keep in mind that they can multiply if you leave a position open for a longer period of time and that they can also work to your benefit if they turn out to be credited. But to get back to the main topic of this paragraph, we must mention that the eToro minimum withdrawal requirement is only $20, which puts this company ahead of its many competitors and allows you to be quite flexible when it comes to your trading funds. Let’s now move this eToro review on and see what else this big company has to offer. Stick around!

eToro Payment Methods

eToro Payment Methods

eToro Review | Trading platform

Certainly, one of the most distinctive features you can find on this website is the eToro trading platform. What makes it so special? Well, let’s take a look. The broker bases its platform on the concept of social trading, which means that you can interact with other traders and use the “wisdom of the crowd”, as the company calls it, to make the right call. There are plenty of trading tools to help you do it and the most important among them is eToro’s CopyTrader. This interesting feature of eToro platform allows you to copy trades from whoever you want. So, if you see that someone is on a roll, you can join them and start earning just as much as they do. Of course, there are options to customize the trades you open a bit and you can, for example, choose between copying all trades or just the new ones that the trader you’re following opens, plus there’s the possibility of setting Stop Loss levels. Keep in mind, though, that you will need at least $100 start copying others.

eToro Trading Platform

eToro Trading Platform

If you don’t know which trader to follow, don’t worry. Simply choose the special investment product called eToro CopyFunds and you will automatically start dealing with the very best. There are two types of this product: Top Trader CopyFunds will help you find the best traders, whereas Market CopyFunds will allow you to trade CFD stocks, ETFs or commodities according to a particular strategy. eToro platform also provides you with the latest news and there’s even a widget that shows you data from 1000 most successful traders. You also have an economic calendar and a pips calculator at your disposal, so we can really say that the broker has thought of literally everything. If you want to open trades on your own, however, you can do that too – eToro minimum trade size depends on where you want to invest. Currencies and commodities will require $25 from you, stocks $50, whereas for indices and ETFs you will need to invest at least $200. Don’t have time to trade on your computer? No problem, this eToro review will provide you with a solution for that, too!

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eToro Review | Mobile app

As you would expect from any serious broker, this one also has its app. However, eToro app is more than a product designed just to help you trade. It was designed to replace the company’s old mobile platform called the Mobile Trader and has surpassed it in every possible way. Not only does this new eToro mobile app contain every feature the old platform had, but it also has a bunch of new things added in, as well. Like we already said, eToro approached online trading from the social angle, making its platform essentially a place where you can easily connect with other traders. eToro app makes this even easier, thanks to the fact that it is available on both iOS and Android devices. There are over one thousand different assets you can choose to invest in, including currencies, stocks, ETFs, commodities, indices and more. Of course, given that this is a social trading platform, you can see how other traders are behaving, what their opinion is on a certain asset and even copy trades from the most successful individuals. This way, whatever they win, you win, as well. And it’s all made exceptionally easy thanks to the app’s great design. Best of all, the app is completely free! Thousands of traders already have their product installed on their mobile devices and the reviews are overwhelmingly positive. Therefore, if you’re a busy individual, but would still like to stay in touch with the market and see what others think, this is something you absolutely must have. But there are so many things we still have to cover in this eToro review, so we’d better get moving. Don’t go away!

eToro Mobile App

eToro Mobile App

eToro Review | Account types

Apart from the regular account type you can open, there are several more options you have. eToro Islamic account is one of them and it allows devout practitioners of Islam to trade in full accordance with their religion. This means that they will have zero rollover interest, they will not be charged anything when it comes to account management and even the leverage will be free of any interest. To open this account, you will have to deposit at least $1000 and send in the documents that prove that you are eligible to trade in this way.
Apart from that, you can also open an eToro premium account, which is essentially a top-tier account with many interesting perks. Of course, as is usually the case with these accounts, you will have to deposit a bit more than the minimum requirement to be able to access the premium package. $20,000 is how much you will need in this case, but for that you get things like your personal account manager, detailed market analyses on weekly basis and much more. If you’re a professional trader and often invest larger sums, this is exactly what you need to increase your chances.
In short, you have options. Not just in this respect, but in so many others. As a matter of fact, we still haven’t talked about one last eToro account type you can open, but we have a whole paragraph prepared for that. This is the account that allows you to trade risk-free, something both beginners and experienced traders will appreciate a lot. Here’s what we mean.

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eToro Review | Demo account

There is another important feature associated with eToro’s unique platform and that’s the eToro demo account. This is another thing all top brokers offer, but what really delighted us was how easy to get one of these. You simply have to open an account on the company’s website and the demo account will be waiting for you as a part of your account’s package. Then it’s just a matter of switching between the real and demo (virtual) trading mode. So yes, eToro demo account is completely free for you to enjoy whenever and as much as you want. When it comes to the features this account type has to offer, they do not differ much from the real thing. You get the same type of information here you’d get with a real account, including information about other traders. Additionally, all options you have when trading with a real portfolio will be made available to you if you switch to the virtual version of your account. Therefore, we can say that eToro demo account does exactly what it’s supposed to – it prepares you perfectly to use the platform in real market conditions. You can also use it along with the broker’s educational materials to help you master everything more quickly, but we will talk more about how you can improve your trading skills on this website in the next paragraph. Stay tuned! 

eToro Demo Account

eToro Demo Account

eToro Review | Education

Yes, we will now talk a bit about the eToro education center. This is definitely a topic that deserves a paragraph of its own in this eToro review because the broker really has done its best to make sure even complete beginners can start trading quickly. There are three main sections in this trading academy, each full to the brim with useful features. First up are the trading videos – a quick and easy way to go through all the topics you need to be familiar with on this website. For example, you can learn how to approach stocks, how to best use the aforementioned mobile app, how to copy trades from other traders and more. In our honest opinion, this is an ideal first step for everyone who is encountering this type of trading for the first time. The next part of eToro education center is eCourses. This part digs a little bit deeper and covers more details. Psychology, basic terms, analysis, and strategies are all covered here, so once you’re done with the videos you should come here. Each course is essentially a presentation consisting of short videos that teach you what you need to know. There are even quizzes you can take to test your knowledge. Once you’re done with this part, you should be ready to start trading, but you should seriously consider heading over to eToro webinars. This part of the education center is live and you can sign up for the webinar that interests you and literally watch a trading expert show you what you want to know on their desktop. Apart from all this, eToro education includes some very useful tips and instructions concerning leverage and margins. In other words, absolutely everything you need to know is right here. Head on below; we’re not done yet!

eToro Trading Academy

eToro Trading Academy

eToro Review | Support

The following part of our eToro review is all about the contact methods you can use if you want to get some information from the broker. There are plenty of ways to do that, starting with a vast FAQ section which contains answers to more than 150 different questions, so this is a great place to start looking for the info you need. If you want to contact eToro customer support team, however, you can do so by e-mail and phone. There is no live chat feature, but you can write on the customer support’s team and ask them whatever you want there. After all, this is a social trading platform, so you can expect it to work as other social networks. It is interesting to note that you can choose the representative you want to talk to and the website even has photos of the staff members and their bios to help you choose if you already don’t have a favorite.

eToro Contact

eToro Contact

As you would expect from a company that has been a part of the industry’s elite for quite some time, people supporting you are exceptionally well trained. You will always receive thorough answers from them and they know absolutely everything there is to know about trading on this website. Besides, you can always check how they operate by examining the aforementioned wall where the questions posed by other traders can be seen, as well as the support team’s answer. Be advised, however, that you will need to create a profile on this website if you want to interact with people this way. With that, we think we have covered all the main topics of this eToro review, but there are still more things we have to mention. Keep reading!

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eToro Review | Other information

If you know how this industry works, you have probably wondered can you get some sort of eToro welcome bonus when you sign in. These bonuses often come as some kind of (first) deposit bonus designed to help you start trading when you create your account. However, no kind of eToro bonus is available right now due to the fact that CySEC forbids is. Given that the company is regulated by this agency, they have to abide by their rules and demands, so the bonuses are off the table. You may already know that this agency is based in Cyprus and because eToro headquarters are also in that country (in the city of Limassol) it is logical that they would fall under their authority. But this is not the only important security feature here – read our eToro Scam Test to find out more.
Also, given that this company is based in Europe and operates in accordance with European standards, it is at the moment difficult for them to get things started in the United States. We are sorry to inform our American readers that eToro USA is still not up, which means that traders from that particular country cannot trade here. With that, we will conclude our eToro review – every important feature of this broker’s offer has now been covered, so we can give a short summary of what we experienced while trading here.

eToro Advantages

eToro Advantages

eToro Review | Conclusion

eToro tried to give the online trading market something new and their bravery has paid out significantly. The social trading platform they came up with has become incredibly popular among traders and millions of people are now trading there every day. But it’s not just the platform that is this company’s forte – there are so many other interesting features you need to try out that you will be glued to your screen for hours and this is what we tried to convey in our eToro review. Various account types, an excellent mobile app, loads of money transfer methods and perfectly acceptable financial requirements are just the tip of the iceberg. 
But most importantly, you can be sure you will be treated fairly and that the broker’s staff will help you with whatever you need whenever you need it. The company is fully regulated and adheres to the highest safety standards of the industry and their support team is very well trained, hard-working and friendly. There are also numerous educational materials (webinars, e-courses, training videos…) you can use to quickly improve your trading skills and a huge collection of frequently asked questions answered right down to the slightest detail. Honestly, we really can’t find anything this website is missing. So if you want a professional, reliable and proven broker, eToro is the company for the job. The quality of their offer will amaze you, so open an account with them now and see how CFDs are supposed to be traded.

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Author's overall rating:
Author: Ben Prescott
Updated:

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