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||HYCM Availability||ETORO Availability|
|#||Accepts US traders||❌||✔|
|#||24 hour trading||❌||✔|
|#||Trading by phone||❌||✔|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||❌||✔|
|#||Interest charges on the balance||❌||❌|
|#||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 compare HYCM vs 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. HYCM offers Online Financial Trading and Investment Services Such as Currencies, indices, commodities, Stocks, Cryptocurrencycurrency, while Etoro offers Bitcoin.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. HYCM is Market Maker, ECN, STP, while Etoro is Market Maker, No dealing desk, STP.
Minimum Deposit Requirement: To compare these two FX brokers, 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. HYCM recommended minimum capital is 100, while Etoro has a Minimum Deposit Requirement of 50.
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. HYCM is regulated by CySEC, FCA, MiFID, DFSA, SFC, while Etoro 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.
Account currencies: Next lets consider the Account currencies each broker offers. HYCM offers EUR, USD, GBP, AED, RUB, KWD different account currencies for each account types, while Etoro offers EUR, USD, GBP, JPY, CHF account currencies.
Languages Available: Next lets have a look at each broker's different Language options. HYCM offers English, Chinese, Russian, Arabic, Indian, while Etoro offers English, French, Spanish, German, Russian, Italian Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. HYCM offers Credit/Debit Cards, PayPal, Bank Wire Transfer, WebMoney, Bitcoin different payment methods for each account types, while Etoro offers Credit/Debit Cards, PayPal, Bank Wire Transfer, Bitcoin payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, HYCM makes MT4 available to clients, while Etoro offers eToro webTrader, etoro Openbook, eToro Mobile Trad.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, Etoro is more reliable based on our criteria above. Only Etoro offers demo account, allowing you to test their platform to see which is suitable for you. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. Etoro broker is regulated in more major hubs. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. Etoro has a wider range of languages in which customer service is offered making the broker more accessible.
eToro offers commission-free stock and ETF trading in Europe and offers low fees for non-EU clients. Account opening is fast and seamless. It has innovative features like social trading that lets you copy others.
eToro has an unreliable customer service, and its trading platform freezes sometimes. Also, education tools are very limited.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.