eToro is an innovative and quite useful trading platform with lots of features to offer its clients, especially new ones who aren’t so familiar with the trading market.
The forex broker provides its user access to some professional and experienced trader’s strategies through copy trading features.
A user can learn everything from this social trading app. However, they also provide rewards and cash prizes to its clients, followed by some conditions.
But you can’t buy or sell stock outside the its Trading platform. In this review, we’ll thoroughly discuss eToro. So let’s know what it is and how it’s helpful for traders.
About eToro & Accepted Countries
eToro Trading is an easy-to-use and beneficial social trading platform. It allows the user to do much more than their expectations in the stock market.
Right from the comfort of your home, now buy shares and stocks at this multi-assist platform.
Initially, it is a famous Israel fintech company. It was founded in 2007 by Ronen Assia, David Ring, and Yoni Asia and was accepted by 100+ countries worldwide.
The forex broker is like a gift to the traders to discuss trade ideas, know about trading strategies, etc. Thanks to its innovative Copy Trading Feature.
It’s also a safe platform because it’s regulated by high-end financial authorities based in the UK and Australia.
Hence, it’s the safest social trading platform even though it’s not listed on the stock exchange.
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eToro Trading Platforms
eToro is a fantastic trading platform because it provides its clients access to outstanding trading features.
A user can trade independently from a single interface and earn extra income by being featured as a “Popular Investor.”
Similarly, a user can copy the trades of the professional investor to learn their strategies and executions. That’s why it replaces brokers’ needs because it has much more to offer to its clients.
Luckily, as a user, if you’re able to achieve copiers, you can win rewards in terms of cash, etc. Based on some terms and conditions, you can start using this trading platform.
eToro Mobile App
The broker ensures to provide its clients with full convenience. That’s why you can enjoy their eToro Mobile trading app for free (on both iOS and Android devices).
Simply install the app on your smartphone and have a pleasurable trading experience. The app is easy-to-use, providing users access to the financial market too.
Check out the real-time prices, customer service sections, open news about trading right from your smartphone.
eToro is a fully-secured mobile app, so don’t worry your account will stay safe. Overall, the app is lighter, including an interactive user interface.
eToro Commission or Brokerage or Fees
eToro is a commission-free platform for stock trading. The account opening is also fast and easy-to-understand.
But few users can find fees for forex and stock index trading minor on the downside. Also, a $5 fee is charged from the users on money withdrawals.
As compared to its competitors, they charge relatively low CFD trading fees. Apart from these, the rest of the features and options you get here are quite brilliant.
eToro Exposure or Leverage
When it comes to CFDs, investors often observe a high risk of losing money and the primary reason is leverage.
CFDs are undoubtedly complex instruments, and 75% of retail investors have encountered here.
That’s why traders prefer to open a trading account with here because of its compelling leverage features.
Owing to these features, you earn profits, as the eToro Leverage helps traders in obtaining high exposure with the least equity.
Still, the company provides leverage can be different based on one’s account type to another. Professional clients often receive higher leverage on their account.
That’s why it isn’t similar for all.
Payment Methods provided by eToro
eToro offers its clients the following payment methods-
- Credit cards
- Diners Club
- Debit Cards
- Bank Transfer
- China UnionPay
- Electronic wallets (eWallets)
- Bitcoin Cash
- Ripple XRP
- Litecoin, among other payment methods
Investment in Asset Classes or Markets by eToro
Social trading is a unique way for traders to learn the trading strategies of experienced traders.
Since eToro is recognized as one of the best social trading platforms, its benefits are also noticeable across asset classes.
If you’re using the App, you cannot just trade stocks but a wide range of asset classes. For instance, in the financial market, the most focused asset classes among investors are stocks.
This is for the reason of high volatility in stocks that helps them to identify more trading opportunities. But alongside stocks, they also provides you much more.
Let’s have a glance at what asset classes you can invest in using this App.
eToro Virtual Trading Account or Demo Account
There’s a big list of traders who have earned immense success with this forex broker. eToro is unlike anything that promises you to become rich within few days. Through virtual trading or demo account, you can educate yourself.
You become skilled at planning for trading executions. It’s entirely based on you how well you learn and derive success in your destiny.
They doesn’t want you to lose your money within the first attempt as most of the traders repeat this mistake.
That’s why through its Demo account, you can get an idea about the trading and put down funding payments accordingly. You can also call it an experimental account.
eToro Regulation or Licensing
Why are they considered a safe trading platform? The big reason is that the broking services provided on eToro belong to eToro (Europe) Ltd., a registered Cypriot Investment Firm (CIF).
It’s regulated by Cyprus Securities & Exchange Commission (in short- CySEC) in Europe under license number 109/10.
Similarly, in the UK, they are regulated by the Financial Conduct Authority (FCA).
Hence, it’s worth mentioning that the forex broker is handled by high-end authorities, which assure security to their clients.
In our review, we’ve found the functionality of eToro quite similar to the web-based platform’s functionalities.
For instance, in this forex trading platform, you get –
- Insight into Real-time prices and executions
- Access professional charts and analysts tools
- Access different asset classes, including cryptocurrency
- Investing, trading, and CopyTrading, everything on a single interface
- Become a professional investor and earn.
eToro Account Types
On eToro, you find two types of accounts. For instance, the first is a standard trading account, and the second Islamic Trading account-
eToro Standard Trading account
Opening an eToro trading account is quite simple. But you need to deposit 50 dollars as a minimum deposit amount.
After the verification of your account, you can easily withdraw the money.
Still, make sure that you can only withdraw 20 dollars after that. You’ll also have to pay a small fee on the withdrawal, which varies from 5 to 25 dollars.
However, one thing about this app that can irritate its clients easily. The thing is, it can take up to 5 business days to process your withdrawal request.
Hence, it would be best if you had some patience throughout this time.
Islamic Trading Account
Muslim Traders who follow Shariah Ideologies and seek to trade the forex market can opt for this Islamic trading account.
For the opening, they’ll have to deposit a minimum of 1000 dollars. But the best thing that we’ve found in the Islamic trading account is that you don’t pay any commissions or interest for the overnight positions.
Apart from the above two stated accounts, you also get a demo account. If you seek an eToro Trading Platform trial, you can sign up here and get the trading experience.
Within the Demo Account, you can check the full features of the app without spending a single penny. Also, you can trade through $10,000 virtual cash in the Demo Account.
eToro Account Opening Process
Before opening the eToro account, make sure you’re aware of the selected countries.
For instance- the forex broker is available to use only in the selected countries, so check out whether you’re eligible before you move on.
Major countries where you can’t use the App are as follows-
- Hong Kong
Now let’s have a look at the eToro Account Opening requirements-
Before getting into the account opening process, make sure that you’re carrying the following documents along with you. The whole process of account opening is digitally done.
Provide proof of your identity: personal ID/Passport
Provide proof of your residency: Utility bills etc.
Also, you’ll have to deposit the minimum amount as asked by the company. After that, you can start your trading experience.
Steps for Opening an eToro Account
Once you’re ready with the required documents to open an Account, you’ll first have to visit their official website (www.etoro.com).
- Access the Account Application form
- Click on the button, “Join Now.”
- Fill the information asked in the application form
- Fund your account
- Again, you’ll be asked for verification to verify your originality
- Choose ‘verify now’ or ‘verify later’ if you want to proceed right now
(Note: For the verification, carry the passport and utility bill along as proof that its your true identity and you are living at this particular address)
- Once the verification is done, you can enjoy depositing and withdrawal from your account
- Similarly, choose your preferred deposit method, and provide all the asked details
Now you’re fully prepared to start trading with eToro or copy the strategies of other traders.
Use the discover feature to easily get at the trading interface and explore how other professional traders are using their expertise.
- Free stock trading
- Low trading Fees
- Low CFD fees
- Seamless account opening
- Amazing Social Trading Experience
- High Forex Fees
- Only a single account base currency
- Withdrawal takes a long time
- Withdrawal Fee
- Monthly Inactivity Fee ( in case if you don’t trade after one year)
eToro Trading Hours
The eToro Trading Platform remains open 24/7. Still, you can only trade if the original market of the asset is open.
For instance- if the US markets are open, you buy or sell US stocks, vice-versa. Even though the markets are open at the weekend, you can trade through the platform. Such as- you can enter the market on Sundays as well.
eToro Customer Care or Contact Details
In our eToro review, we’ve also found that their customer support is available to assist you five days a week.
But during these days, you can ask them for a resolution for any grievances at any time. eToro customer support during these days remains active for 24 hours.
Therefore, if you want to submit any query-
Contact by telephone no. 1-888-271-8365
Or email at email@example.com
You can also visit the head office – located on the 7th floor, Kanika International Business Center (KIBC), 4 Profiti Ilia Street, Germasogeia, Limassol, Cyprus.
eToro Safety & Security
eToro Platform isn’t just easy-to-ease, but it’s safe, thanks to its regulatory authorities, named Cyprus Securities & Exchange Commission (in short- CySEC) in Europe and Financial Conduct Authority (FCA).
Similarly, users can trust without any problems. These high-end authorities provide a protective trading environment to the traders.
It’s an important thing that every trading platform should provide to its clients.
eToro Trading – Conclusion
Ultimately, now you’ve gathered all the essential details about the forex broker. Although eToro has lots of things to offers its clients, still there’re a few general things that you must remember.
Before you start using their app, you should have a decent understanding of a particular asset class or market.
You should have a pre-determined financial objective. Only then you’ll be able to understand the features of eToro Trading.
The rest of the things about the platform are quite great, helping out those traders who want to start trading with a professional perspective.
Despite a few shortcomings that are easy-to-skip, you can reap the benefits of the eToro social trading platform for sure.
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