eToro Review 2019 | Is eToro a Scam or Legit Forex Broker?

Read our eToro review to find out if eToro is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

2.3/ 5

Rating breakdown

Protection & Regulations
40% Complete (danger)
2.0/5
Trading platforms
40% Complete (danger)
2.0/5
Tradable Products
20% Complete (danger)
1.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
eToro
eToro Overview

eToro is an online trading platform that was founded in 2007. eToro is the pioneering online broker for social trading. They also offer self trading. They are regulated by FCA, CySEC and ASIC.

# Broker's Features ETORO Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review eToro.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. eToro offers Online Financial Trading and Investment Services Such as Bitcoin.

Tradable Products: Covers 6 different asset classes including currency pairs, commodities, ETFs, stocks and market indices with an impressive selection of cryptos. You can trade all of these as CFD’s, some can be traded as underlined assets including cryptocurrencies, stocks and ETF’s.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. eToro is Market Maker, No dealing desk, STP.

Features: Copy other traders strategies and trading positions or self trade using the eToro platform.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. eToro recommended minimum capital is $200.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. eToro is regulated by NFA, CySEC, ASIC, CFTC, MiFID, FCA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: Regulated by FCA, CySEC and ASIC, highly reputable and strict regulatory budies. A broker which enacted the latest encryption technology, they offer risk management tools and they abide by strict regulatory requirements.

Account currencies: Next lets consider the Account currencies each broker offers. eToro offers EUR, USD, GBP, JPY, CHF different account currencies for each account types.

Account Openning: Account opening is enjoyable and super fast. Simple to open an account with eToro. They only offer one account type. You must verify your identification, as of course this is a regulated brand.

eToro offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.

Languages Available: Next lets have a look at each broker's different Language options. eToro offers English, French, Spanish, German, Russian, Italian.

Payment methods: Next lets have a look at each broker's payment options. eToro offers Credit Cards, PayPal, Wire Transfer, Bitcoin different payment methods for each account types.

Deposit and withdrawal: It is easy to deposit with a lot of options, including credit cards. However, there is a withdrawal fee, and only USD accounts are available. One business day to process a withdrawal request. Make withdrawals on credit/debit cards, paypal, e-wallets and wire transfer. Withdrawal fee of $25 applies and minimum deposit is $50.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, eToro makes eToro webTrader, etoro Openbook, eToro Mobile Trad available to clients.

Web & Desktop Trading Platforms: Copy trading platform featuring strategies, that also supports individual trading. The platform is web-based so can be logged into from anywhere.
Mobile Trading Platforms: Mobile trading apps available for both iOS and Android. You can access all the key features of the web-based platform including browsing traders, strategies and assets, managing your account and executing trades.

Other

Trader Education
Traders education is limited to several videos, this section of the site is very empty and could certainly do with some beefing up. 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.

Promotions
No bonuses due to MiFID regulations.

Support
24/6 support through telephone and support ticket. Response time is not instant with ticket. We had to wait a while.

Recup
When looking back, eToro was a bit unreliable in 2017 because of the huge demand for cryptos. It had problems in customer support and the platform sometimes froze. In our latest test eToro improved. On the plus side, eToro has zero-commission stock trading in Europe. The account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

Final Thoughts
eToro can be great for retail traders who want to crowdsource investment ideas using the power of copy trading, or for highly experienced traders who want to be rewarded for sharing their ideas with other traders.

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.

People Also Asked

Is eToro regulated?
Yes, eToro is regulated by top-tier regulators, NFA, CySEC, ASIC, CFTC, MiFID, FCA inclusive.
Where is eToro based?
eToro is based in , Cyprus
How does eToro make money?
eToro charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in eToro account?
With eToro you can deposit money via the following means; Credit Card, Moneybookers, Neteller, PayPal, Skrill.
How do I withdrawal in eToro account?
eToro lets you request a withdrawal of funds from your account via the following means; Credit Card, Moneybookers, Neteller, PayPal, Skril.
What is the minimum deposit for eToro?
eToro has $200 minimum deposit.
What are the available account base currencies with eToro?
eToro trading accounts are offered in EUR, USD, GBP, JPY, CHF. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in eToro?
eToro has a maximum leverage is 1:400 for professional traders.
How do I open an account with eToro?
Opening an account with eToro is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does eToro use MetaTrader?
eToro platforms: No, eToro do not use MetaTrader but it uses the following platforms: eToro webTrader, etoro Openbook, eToro Mobile Trad
What type of broker is eToro?
eToro appears to be a Market Maker, No dealing desk, STP broker which offers market access to a variety of traders.
Does eToro accept US clients?
No
Does eToro offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with eToro: You can trade a wide variety of instruments with eToro: Bitcoin