eToro Review 2022

In this full review of eToro, the reader will find all about the broker’s safety features, regulations, and reputation. This guide also looks at how to open an account at eToro, the fees and other charges applied by eToro to Stocks, Commodities, and other trades as well as supported payment methods.

  • author Mohammed Nourallah
  • Last updated 19/05/2022

Regulated By

FCA, ASIC & CySEC

Used By

10,000,000+ Users

Established in

2007

Visit Broker

Capital at risk

Spreads From

EURUSD 1 Points

What Can You Trade?

  • Forex
  • Stocks
  • Indices
  • Commodities
  • ETFS

Platforms

DesktopMobile

Funding Methods

BankVisaMastercardPayPalNetellerSkrillGiro PayUnionPayWire CardYandex

eToro Review 2022

In this full review of eToro, the reader will find all about the broker’s safety features, regulations, and reputation. This guide also looks at how to open an account at eToro, the fees and other charges applied by eToro to Stocks, Commodities, and other trades as well as supported payment methods.

  • author mnourullah
  • Last updated 19/05/2022

Visi Broker

Capital at risk

Regulated By

FCA, ASIC & CySEC

Used By

10,000,000+ Users

Established in

2007

Spreads From

EURUSD 89 Points

Platforms

DesktopMobile

What Can You Trade?

  • Forex
  • Stocks
  • Indices
  • Commodities
  • ETFS

Funding Methods

BankVisaMastercardPayPalNetellerSkrillGiro PayUnionPayWire CardYandex

For more than a decade, eToro has committed to transforming the financial markets and opening them up to everyone, everywhere. To achieve this, the broker designed a trading platform that is regularly updated to onboard different new trading strategies and other innovations that bring about positive disruption. Today, the online trading company has received several awards and honorary mentions for its innovativeness and its ability to leverage superior technologies in online trading.

From the forex-oriented brand founded years ago, the company has morphed into an internationally renowned trading platform. It now supports thousands of trade instruments that are categorized as eToro stocks, eToro indices, and more.

But is the brokerage worth it? What are its features and how does it work? How do you open a trade on the platform and what are the trading fees? Is eToro safe?

We answer all these and tell you everything you need to know about the online trading platform in this eToro review 2022.

eToro at a Glance

eToro was launched in January 2007 by brothers Yoni and Ronen Assia alongside David Ring. At the time, it was referred to as RetailFX, was headquartered in Israel, and specialized in forex trading. It would later rebrand to eToro and on-board several other trading instruments including stocks, commodities, indices, and ETFs.

To achieve the international status the company enjoys today, eToro had to rebrand and undergo several major upgrades. The first came around in 2009, when the broker launched the eToro WebTrader. In 2010, it introduced an OpenBook, before launching the eToro app in 2012. In 2015, the eToro trading platform underwent major reconstructions that ushered in the highly intuitive interface that’s being used today. More recently, the company launched the eToroX platform and the eToro wallet app.

For the past decade, eToro was engaged in an expansionist program that saw it establish a presence in over 140 countries across the world. Besides the Israel office, the broker exchange has also set up other operating bases in the UK, Cyprus, USA, and Australia. It has also drawn in more than 10 million users from all over the world who use the platform to buy and sell different trading instruments and to store their digital assets.

Today, eToro ranks highly among the most reputable social trading platforms in the world. But, as we will highlight in this eToro review UK, there is much more to eToro than just social and copy trading.

Please note that the eToro platform is USD-based. Essentially, when you make a deposit in GBP, it will be converted into USD. You’ll then trade in USD, after which it will be converted to GBP upon withdrawal.

eToro’s Main Features

Multi-asset Trader

eToro is a multi-asset brokerage that hosts 6 trading instruments drawn from different industries and markets all around the world. These include thousands of stocks from diverse industries and exchanges around the world. Therefore, when interacting with the platform, you can choose a stock based on the exchange in which it is listed or its industry.

You will also have access to 249 of the most popular ETFs and up to 13 globally renowned indices. eToro traders in the UK also have access to 31 commodities that range from energies, metals, and agricultural produce.

Social Trading

You cannot mention social trading, especially in the online trading and investments niche, without having eToro crop up. It was the first online brokerage to integrate social trading on its platforms.

Ideally, social trading is a form of online trading/investing that allows for collaboration between expert traders and intermediate or beginner traders. It has two basic tenets: copy trading and social trading.

Copy-trading allows you to copy the trading strategies used by expert traders and mirror their trade settings. Social trading, on the other hand, involves getting an expert trader that is willing to teach you how to trade and share with you their online trading tips and tricks.

By interacting with the eToro social trading tool, you get to earn a living even as you learn how to trade. Further, eToro seems to have set the pace for the industry when it integrated social trading. In the recent past, more brokerages and investment platforms have plugged the tool onto their trading platforms.

 CopyPortfolios

In 2016, eToro sought to push the social trading concept a notch higher – hence the introduction of copy portfolios. Like copy trading, it involves copying winning trades by copying their trade settings and using them to open trading positions. The only difference here is that instead of copying singular trades, Copy Portfolios (previously referred to as CopyFunds) involves copying successful portfolios.

These may be Top Trader Portfolios, Market CopyPortfolios, or Partner Portfolios. Top Trader Portfolios here refer to best-performing portfolios developed by expert traders on eToro. These don’t follow specific trading strategies, rather, they embrace unique and highly personalized trading methods used by top traders. Market CopyPortfolios, on the other hand, refer to equally performing portfolios that are built around a specific investment idea, performance rate, or other algorithmic settings.

Partner CopyPortfolios, as the name suggests, are investment portfolios that have been created by eToro partners. These are created after deep market research and like the market CopyPortfolios, this market research and portfolio development process may be influenced by different investment ideas or performance metrics.

eToro UK currently presents you with 40 Market CopyPortfolios, 3 Top Traders CopyPortfolios, and a dozen Partner CopyPortfolios.

Education and Research

eToro has on several occasions been hailed for being one of the most beginner-friendly platforms based on the amount of education and research tools it promises its novice platform users. eToro has incorporated a wide range of educational and research tools- both on their website and mobile trading platforms- that users can interact with and use in learning how to trade.

These resources include regularly updated blogs, video tutorials, regular webinars, a podcast, and even a trading school. We will be exploring each of these in detail later on in the education and research section later of this eToro review UK.

Multi-platform Broker

eToro is a multi-platform brokerage that is currently available both as a web trader and mobile app. The web trader is compatible with virtually all the popular browsers while the app is only available for Android and iOS devices. Both platforms are highly advanced and integrate some of the most advanced trading and risk management tools. They can also be easily synchronized, making it possible to open a trade on the web trader and monitor or close it using the mobile trading app and vice versa.

Pros and Cons

Pros Cons
Commission-free trades High non-trading fees
Low minimum deposit and trading limits Biased customer support
Safe and highly reputable brokerage Does not support MT4 trading
Access to multiple trading platforms Only one base currency

Pros:

  • Commission-free stock trades: Like most other online trading platforms available today, you will not be charged the broker commission when buying or selling eToro stocks. You also stand to benefit from highly competitive stock trading fees maintained by the broker.
  • Low minimum deposits: UK stock traders using the eToro platform stand to benefit from low minimum deposits and equally low minimum trade amounts. The minimum deposit is $200 while the minimum trade amount is $25. But when using the eToro United States, these amounts are revised to $50 and $25, respectively.
  • Safe and reliable broker: eToro is also considered one of the safest and most reputable online brokers available today. The broker has placed numerous security measures around their platform and come up with equally effective safeguards aimed at protecting client deposits.
  • Multiple trading platforms: When trading on eToro you have access to four of their most popular trading platforms. These include the eToro web trader, the eToro mobile trading app, the eToroX web trader, and the eToro wallet app.

Cons:

  • High non-trading fees: While eToro doesn’t charge a commission for trading stocks on their platforms, some users consider their trading fees to be rather uncompetitive. Most of these have especially taken issue with the non-trading fees charged by the broker, including withdrawal and currency conversion charges.
  • Biased customer support: eToro platform users have bashed the renowned trading platform for its poor and biased customer support. Here, only members of the subscription-based program – eToro club – have access to live chat and phone support.
  • No support for MT4 traders: By making it impossible for eToro traders to interact with the MetaTrader platform, the broker effectively locks them out of advanced and highly versatile trading tools, like the ability to integrate an auto-trader.
  • Only one base currency: Unlike some of the equally popular online brokerages and investing platforms that support multiple base currencies, eToro has one base currency – USD.

Trading Options on eToro

CFDs & Forex trading on eToro

Some of the most popular currency pairs and CFDs that you can trade on eToro include the ones in the table below. Spreads here start from 1 pip, and the maximum leverage in the UK is 1:30 for major pairs and 1:20 for minor pairs.

eToro Forex/CFDs Spreads
EUR/USD 1 pip
GBP/USD 2 pips
NZD/USD 2.5 pips
EUR/JPY 3 pips
USD/JPY 1 pip
USD/CHF 1.5 pips
AUD/USD 1 pip
EUR/GBP 1.5 pips
GBP/CHF 4 pips
Oil 5 pips
Gold 45 pips
Silver 5 pips
Platinum 35 pips
NATGAS 10 pips

These are then availed at different leverage levels based on your country of residence:

Country/region Maximum Leverage
the United Kingdom 1:30 (major pairs) 1:20 (minor pairs)
European Union 1:30 (major pairs) 1:20 (minor pairs)
Rest of the world Up to 1:400

Stocks & ETFs trading on eToro

When trading stocks and ETFs on eToro, you will have access to 1500+ instruments drawn from 17 top of the most popular exchanges in the world. eToro offers both real and leveraged (CFD) stocks. You can access minimum leverage of 1:2 and a maximum of 1:5 in the UK. The most popular exchanges

  • London
  • Amsterdam
  • Brussels
  • Copenhagen
  • Frankfurt
  • Helsinki
  • Lisbon
  • Madrid
  • Hong Kong
  • Milan
  • NASDAQ
  • NYSE
  • Oslo
  • Paris
  • Saudi Arabia
  • Stockholm
  • Zurich

Some of the most popular eToro stocks that you can buy or trade on either the broker’s web/mobile trading platforms from these exchanges include: Tesla (TSLA), Netflix ( NFLX), 3M (MMM), Blackberry Limited (BB), Snowflake Inc. (SNOW), Salesforce.com Inc. (CRM), Admiral Group (ADM.L), Barclays (BARC.L), British American Tobacco (BATS.L) and  Coca Cola Hellenic (CCH.l).

Stock Trading Leverages in and Outside the UK

Country/region Stock trading leverages
the United Kingdom 1:5
European Union 1:5
The rest of the world 1:20

To open a trade, you need a minimum of $25. The broker, however, supports fractional trading, which involves buying just a fraction of a share. For instance, if the Tesla stock costs $620, you can buy a portion of the stock for $50.

Commodities Trading on eToro

Commodities trading on eToro sets you up for 3 main categories. The minimum and maximum leverage for trading commodities on eToro in the UK varies depending on the commodity in question. However, the minimum is usually 1:2 and the maximum is usually 1:5. The major categories are;

  • Metals
  • Energy
  • Agricultural
Category Commodities
Metals Gold

Silver

Platinum

Copper

Nickel

Aluminum

Palladium

Energy Oil

Natural Gas

Agricultural Sugar

Cotton

Cocoa

Wheat

As for spreads, they vary depending on the commodity being traded. For example, at the time of writing this, the spread for gold is 3 pips and for oil, it’s 5 pips. However, keep in mind that leveraged commodities have higher spreads than non-leveraged ones.

Indice Trading on eToro

eToro offers indices from all around the world, and you can trade them with leverage of up to x20 (in the UK). The leverage varies depending on which country you’re trading from. Note that when using leverage, profits as well as losses will be magnified.

When trading indices on eToro, you don’t actually buy or sell the underlying stocks – instead, you’re speculating on whether the value of the index will go up or down. If you think the index will rise, you can open a ‘buy’ position. If you think it will fall, you can open a ‘sell’ position.

eToro offers a range of indices to trade, including; The Dow Jones Industrial Average (DJ30), The S&P 500 index (SPX500), The NASDAQ 100 (NSDQ100), The FTSE 100 index (UK100), The DAX 30 (GER30), The Nikkei 225 (JPN225), The ASX 200 (AUS200)

When it comes to spreads, they vary depending on the asset you’re trading but usually, they’re around 2 pips for indices. Keep in mind that these are variable spreads that can widen or narrow depending on market conditions.

Understanding Popular Investor and CopyTrader

Popular investor

The popular investor program is a concept by eToro that seeks to spot some of the brightest and most successful professional traders on their platform. It identifies traders with exceptional and winning trading strategies and lets them earn a second income on the platform when they let the intermediate and beginner traders copy their trades. For every successful copied trade, the expert trader in the popular investor program will earn 20% of any potential profits made by the copier.

To become a popular investor, you first need to create an account with eToro and make a minimum deposit of $1000. Abide by the set leverage restrictions, draw in copiers, attain assets under management above $500, have an active feed, and use a full name on your profile.

Copy Trading

Copy trading is a method of trading that involves replicating another trader’s positions automatically or via a social platform. On eToro their social trading tools allow you to see the trades that popular investors are placing in real-time while allowing you to copy their trades automatically.

The tool comes in handy for beginner traders and others who do not have enough time to monitor the markets. They get to copy an expert’s winning trades, earn while they learn to trade or simply create a passive income stream.

To copy trades, start by finding your preferred popular investor, determine how much you want to dedicate to the copied trades (minimum required is $1), click copy to have the position automatically replicated as an on the position in your account.

eToro Fees & Commissions

Stock and ETF Fees

We cannot overemphasize the fact that eToro does not charge commission on Stocks, ETFs, and Indices trades. When trading any of these on eToro, you will only have to part with the highly dynamic spread. And you will be notified of this fee before you open a trading position.

CFD Fees

When trading CFDs on eToro you will be charged a spread and overnight fees – if you trade using borrowed funds. Both fees are highly variable implying that you won’t know the actual spread or overnight fee until you open a trade. However, the spread for different financial instruments traded on eToro ranges from:

Instrument (CFDs) Spread
Commodities From 2 pips
Indices From 100 pips
Stocks & ETFs From 0.09%

Examples of the overnight fees charged for popular trading instruments on eToro average:

Instruments (CFDs) Overnight fees
Sell Buy
Currencies (EUR/USD) $-0.000011 $-0.000061
Commodities (Oil) $-0.003671 $-0.004316
Indices (US Dollar Index) $-0.007077 $-0.007699
Stocks & ETFs 2.9%+LIBOR 6.4% +LIBOR

Non-Trading Fees on the Platform

Account opening fee

Opening an eToro trading account is free. According to the broker, they don’t charge management/administration or ticketing fees to new traders.

Deposit fee

eToro does not charge any deposit processing fees. However, depending on your preferred payment method, your payment processor may impose a cash transfer-processing fee. These charges are common with card and bank deposits and we will address them in detail in the deposit and withdrawal section below.

Withdrawal fee

First off, the minimum amount you can withdraw from your eToro account is $30. eToro then charges a withdrawal processing fee of $5 per withdrawal. You can, however, avoid the withdrawal fee by joining the eToro club or if you use the eToro United States.

Commissions

As mentioned earlier, eToro is a commission-free broker. Unlike some online trading platforms that charge a brokerage commission for every stock trade, eToro doesn’t charge a commission for stock trading on its platforms. US clients are also exempted from paying the withdrawal fee.

Conversion fees

eToro has one base currency – the USD. Therefore, all non-USD deposits and withdrawals will be subjected to a fixed 2% currency conversion fee. If you are in the UK and want to deposit into your eToro trader account using the GBP, the amounts will be charged a 2% fee and will reflect in eToro as USD. Similarly, USD withdrawals from the account to your UK bank will be subjected to another 2% conversion fee and will reflect in your bank account as GBP.

Inactivity fee

If you leave your eToro account unattended for more than 12 months, an inactivity fee of $10 per month will be charged against the available balances.

eToro Trading Platform

Web Trader

The eToro Web trading platform was first launched in 2007as RetailFX with forex as its only trading instrument. A decade later, the platform has been subjected to a myriad of upgrades that helped introduce the highly intuitive and beginner-friendly web-trading platform available today.

It is a cross-platform web trader that is compatible with all the most popular browsers available today. One of its key features is the hugely decongested and easily navigable interface with all the crucial features carefully placed on the website. It is versatile and feature-rich in that it supports hundreds of trading tools, indicators, and market research resources. The web trader is also available in 140+ countries and supports the trade of 2000+ financial instruments.

Some of the web trader’s unique features include:

  • Presenting every platform user with a free $100,000 virtual portfolio in the name of a demo account.
  • A one-click trading option that makes it possible for you to open a position with a single click.
  • It features the Pro Charts that allow you to monitor the performance of different financial instruments.
  • eToro features advanced risk management tools that extend beyond stop loss, trailing stop loss, and take profit.
  • It has an offline trading option for select instruments.
  • eToro features a social trading tool, allows for copy trading, and exposes all its users to copy portfolios.
  • It is also multi-lingual and supports 20+ international languages.

Mobile Trading Platform

The eToro mobile trader is similar to the eToro web trader in virtually every aspect. It was launched in April 2012 and has also been subjected to several upgrades that saw it mirror virtually all the features and services availed by the web trader. It, for instance, gives you access to the 2000+ trading instruments and is also available in 100+ countries around the world.

Today, you can download the brokerage app on Google Play Store or the Apple App store. You can log in to the app via the credentials used to create the web trader account. The two can also be synchronised, making it possible for you to monitor the trades on either device from anywhere in the world.

All the trading, risk management, and social trading features on the web trader are mirrored on the mobile trader. The app can, however, be considered more convenient as it makes it possible for you to easily monitor your live trades while on the move.

Types of eToro Accounts

i. Demo account

When you open a real account on eToro, you will also be provided with a free demo account loaded with $100,000 in virtual cash. It doesn’t have an expiry date and these funds will be regularly refreshed. It is similar to the real eToro account in virtually every way – in that it provides you with access to the live market, you get to access all the trading and research tools, and all the trading instruments supported on eToro.

The demo account is intended to be used by the veterans on the platform as well as an educational tool for beginners. Pro traders typically use the demo account to create, try out, and perfect different trading strategies. Novice traders, on the other hand, use the demo account to learn how to interact with the eToro trading platform, how to interact with the live markets, how to open and close trading positions, and also how to create and perfect different trading strategies.

ii. Live account

The live account, popularly known as the standard account refers to the real trading account that you are presented with when you register with eToro. Some of its strongest points include the fact that it does not charge a broker commission for stock trades. For eToro traders in the UK, your deposits into the account are held in segregated bank accounts and are doubly insured. The account opening process is also easy and quite straightforward.

The account gives you access to 2000+ tradable instruments that are drawn from highly diverse markets and industries. When using the eToro live account, you also get to enjoy ultra-fast transaction processing speeds and access to leverages of up to 1:30.

Importantly, the broker has also oversimplified the trading process and broken it down to just a few simple steps. Both the live and demo accounts share similar login credentials, plus, you are free to open more than one live eToro account.

iii.  Islamic Account

eToro will also allow traders affiliated with the Islamic faith to create sharia-compliant trading accounts. These are also referred to as Raw Pricing trading accounts in consideration of the fact that no interest will be credited into or debited from the account. For instance, when operating the eToro Islamic account, you will not be charged the interest on leveraged trades that remain open overnight – also known as overnight trading fees.

Note, however, that eToro does not offer Islamic accounts by default. You have to apply for one by writing to the eToro support team explaining the request via a support ticket. The Islamic account is similar to the live trading account in every other way.

iv.  Corporate Account

The eToro trading accounts are available to businesses that wish to trade or invest online using the company name. It is similar to the live account to the extent that they both have access to the same trading instruments. Corporate accounts, however, have several added advantages not available to standard live accounts. They are, for instance, allowed to cut over the transaction limit red tape and engage in open relatively high transactions. They also have access to higher leverages – up to 500:1 and enjoy customized client support.

As is the case with Special accounts on eToro, you will be required to contact eToro to create the account. Start by accessing the eToro website. Under the “Company” tab, click on the Help Centre button and choose to raise a support ticket. When drafting this request specify that you would wish to open a corporate account.

In the body of the text, provide eToro with the name of your company, the type of legal entity, the country of incorporation, a detailed description of company businesses and engagements, a copy of the company’s Memorandum, and Articles Of Association. To activate the account, you will be required to make the minimum initial deposit of $10,000.

Opening an Account on eToro

The account opening process on eToro may be considered relatively lengthy but it is quite straightforward.

The registration process is open to anyone above the age of majority. And during the registration process, the broker not only asks that you furnish it with your personal details but it also tries to gauge your exposure to the online markets and trading experience.

The regulatory authorities like the FCA and CySEC also require the broker to put you through the KYC and AML tests. When registering for the broker account, therefore, expect the broker to ask about your source of income, your annual earnings, and your savings. Importantly, eToro will want you to verify your identity by requesting you to send them a copy of your government-issued identity documents, as well as your selfie.

The entire process is free and it takes between a few hours to several days to have the registration approved. It is only then that you are allowed to make a deposit and start trading.

How to open an account on eToro

Here is the step-by-step process of registering an account with eToro:

Step 1: Go to the eToro website https://www.etoro.com/ and click on the “Join Now” icon.

Step2: You will be directed to the account creation page. Choose a unique username for your account, enter a valid email address, create a unique password, agree to eToro’s terms and conditions, agree to the broker’s privacy and cookie policies, and hit the “Create Account” icon.

Step 3: You will be directed to the eToro dashboard.

Step 4: Click on the Complete Profile tab on the dashboard.

Step 5: Start creating a trader profile by entering your personal details, your address, your trading experience, exposure to leverage, trading knowledge, pass the knowledge assessment test, choose the instruments you wish to trade, choose your trading strategy, verify your phone number, and send over a copy of your identity document.

Step 6: You will receive an email informing you that the registration was successful and the account is now ready to start accepting deposits.

Depositing and Withdrawing on eToro

eToro is unlike most other online brokerages that maintain multiple base currencies for their trader accounts. The all-popular broker-exchange has one base currency – the USD. It, however, accepts deposits in the form of popular international currencies including EUR and GBP. But as soon as these funds are accepted by the broker, they are converted into USD at a fee – typically 2% of the deposited amounts.

Ideally, how the funds take to reflect as balance in your trading account is largely dependent on your choice of a deposit method. For instance, Credit/Debit card deposits and others from eWallets like PayPal or Skrill are processed immediately, and funds reflect in your account within minutes. Bank wire transfers, on the other hand, take between 2 and 5 business days for the deposit to be processed.

For smooth deposit and withdrawal processing:

  • Ensure that the names on the payment method match the names used to create the eToro account.
  • Ensure that your deposit meets the minimum deposit limits i.e $200.
  • Only withdraw to the payment method used to make the deposit.
  • For bank deposits: ensure that the transaction details (such as sort code, amounts, and account number) entered in the deposit form match the details provided by eToro

Payment Methods and Charges Incurred

Bank wire transfer

eToro accepts deposits from UK bank accounts. However, the initial minimum deposit for bank transfers is $500 with future top-ups capped at a minimum of $50.

eToro doesn’t charge a deposit fee but your bank will probably charge you transfer processing fees. Bank withdrawals are subject to the $5 transaction processing fee.

There, however, is no limit to how much you can deposit or withdraw using wire transfer.

Note: Both deposits and withdrawals via the bank wire transfer take between 3 and 8 business days before the deposit/withdrawal can be processed and funds reflected in your eToro/bank balance.

Credit/Debit Cards

The minimum initial deposit you can make into eToro using a credit/debit card is $200 and $50 for future redeposits. eToro doesn’t impose a deposit fee on this transaction but cards often charge up to 5% in transaction fees.

You can use the card for both deposits and withdrawals from eToro. These deposits are instantaneous but the maximum you can deposit into eToro using a card is capped at $40,000. Withdrawals, on the other hand, may take between 1 and 2 business days.

eWallets (PayPal, Skrill, Neteller)

eToro processes deposits and withdrawals via such popular online wallets as PayPal, Skrill, and Neteller. The minimum you can deposit using either method is $200, future redeposits minimum is $50 and they are instantaneous. Note, however, that the maximum you can deposit using either of these eWallets is $10,000.

Deposits are free but withdrawals are subjected to a $5 fee. It will also take between 1 and 2 days to have the withdrawal request processed and for the funds to reflect in your eToro account.

How to Deposit Funds into your eToro Account

Here is the step-by-step guide to depositing funds into an eToro trader account using a credit/debit card:

Step 1: Start by logging in to your eToro trading account.

Step 2: On the bottom left corner of the user dashboard, tap on the “Deposit Funds” icon.

Step 3: The fund your account window will pop up. Enter the amount of cash you wish to deposit, select the preferred currency for the transaction and choose debit/credit card as your preferred payment method.

Step 4: Enter your card details, including the card number, expiry date, CVV number, and name on the card.

Step 5: Click on the “Deposit” button to authorize the fund transfer.

How to Withdraw from eToro

Here is the step-by-step process of withdrawing funds from your eToro account to the credit/debit card:

Step 1: Log in to your eToro trading account.

Step 2: Click on the “Withdraw Funds” button from the user dashboard.

Step 3: Enter the amount you wish to withdraw and hit the “Submit” button.

Research & Education

News Feed

Under the Education tab of the eToro website is the news and analysis section. It is more of an eToro blog that features up-to-date news, analysis reports, and special content relating to the financial markets. Most of these news and opinion pieces comprise contributions by the eToro team and independent finance industry experts. The content published here ranges from news and announcements by eToro, to highlights about current and upcoming industry news or events, and their impact on different trades.

This section forms part of the research materials provided by eToro. By going through the news, analysis reports, and opinions about the market direction from some of the sharpest trading minds in the industry, eToro users are able to make more informed trade decisions.

Fundamental Data

eToro is not as deep into fundamental research as most other online brokerages. The number of fundamental research tools provided by the broker exchange fade in comparison to the technical tools and indicators integrated within its trading platforms. Most of the fundamental analysis tools provided by the brokerage, especially when it comes to share trading, revolves around company reports and company valuations reports.

Charting

When using eToro, you will have access to both the default charts and ProCharts. Each of the supported trading instruments will have its price-performance chart represented by green and red candlesticks. Green signifies a price jump while Red signifies a price drop. By default, these charts will only show the financial instrument’s selling price – you need to add the current spread to get the current buying price.

The charts are highly customizable in that you are allowed to change the periodicity of the chart from its default period of 1 day and narrow it up to 1 minute or expand it to 1 week. You can also tweak its general features like theme, chart scale, type of chart, and time zone. The chart type can also be changed from the default candlesticks to hollow candles, bars, lines, or a mountain. Additionally, you are also free to interact with the different technical analysis tools and choose from the dozens of studies integrated into the chart.

You can also use the settings button on the menu of eToro’s dashboard to change the default chart types from the basic charts to ProCharts. The primary difference between the two is that ProCharts allows you to view multiple charts simultaneously – either 2 by 2 or by having 1 at the top and 3 at the bottom. ProCharts comes in handy when you monitor the performance of your watchlists.

Training Academy

The broker also runs the eToro Trading School in a section under the Education tab on the eToro website. It is an all-around trading education resource center designed to introduce traders to the basics of online trading and walk them through the trading basics until they learn how to place a trade.

Here, you are taught how to interact with all the trading instruments supported by the broker exchange including eToro stocks, ETFs, Indices, eToro Forex, and commodities.

The trading school can be either physical (for UK clients only) or online – for anyone else. Physical learning is offered in London at the Canary Wharf building and is split into four key parts. These include the introduction to the financial markets, the different types of traders, understanding the different trading terms with simple examples, and the actual trading. This physical training is best for beginner traders.

The online trading school is, on the other hand, designed to serve novice as well as intermediate and experienced traders. It is a 90-minute webinar that is then into three parts: Market and trading basics, Placing trades and strategies, and money, risk, and goal management.

Extended classes on trading, strategies, and risk management practices are offered through regular eToro webinars as well as through the Digest and Invest and Podcast. The webinars are also referred to as Market Watch webinars, they last about one hour, and are held weekly.

Like the webinar, the eToro Digest and Invest podcast is released weekly. It is hosted by Dylan Holman and Henry Ward and each lasts about 20 minutes. In the podcast, the two cover – in detail – the three hottest financial news in a fun and educative manner while exploring the impact they may have on trading.

eToro Customer Service

eToro’s customer service has been praised and criticized in almost equal measure. They have been praised for their quick response to queries and have been criticised for running a relatively biased service department. It means that fast and reliable means of communication (like live chat and phone support) are reserved for their eToro club members.

The rest of the platform users can only access help by consulting the eToro FAQs page or by raising a support ticket via their contact us page or contacting the eToro team via social media pages on:

Twitter: https://twitter.com/etoro

Facebook: https://www.facebook.com/eToro

Instagram: https://www.instagram.com/etoro_official/

LinkedIn: https://www.linkedin.com/company/etoro/

eToro User  reviews on TrustPilot

On TrustPilot.com eToro is ranked 4.2/5 after 14,500+ reviews. And though most of these take into account a barrage of challenges about the platform in general, including withheld funds, blocked accounts, and platform downtime, most of these have also expressed dissatisfaction with the eToro’s customer support team. The majority of these complaints revolve around being unable to contact the eToro customer support team after one’s account has been closed without explanation and their funds withheld.

eToro user reviews on ForexPeaceArmy

On Forexpeacearmy.com, eToro is rated 1.739/5 after 228 reviews. Like in the case with TrustPilot, most of the reviewer complaints capture a wide range of issues with the broker exchange, ranging from unexplained closure and withheld funds. However, they all cite an underlying challenge of the inability to access the support team once the account has been closed.

Other Products & Services

1. eToro Money (https://go.etoro.com/en/money)

eToro recently launched the eToro Money – a money management service currently in beta mode and exclusive to the eToro Club subscribers. It will consist of a card as well as an online account that eToro Club members can use to manage their funds. The card will be managed from the eToro account and the funds.

According to the broker, eToro cards will function like any other Visa Debit card in facilitating online payments. Some of the benefits of subscribing to eToro money include the fact that they give you instant access to eToro funds, facilitating bank transfers, charge highly competitive transaction fees, and maintaining relatively low currency exchange rates.

2. eToro Wallet

eToro wallet is a mobile app-based storage vault and an extension of the eToro Ltd brand. It is designed to help eToro platform users with a free, highly secure, easily accessible storage for their digital assets. It shares parentage with all other eToro products and services and is the official wallet for the eToroX.

But unlike eToro.com and eToroX, the wallet is more versatile. It accommodates more (over 120 digital assets) but is also available in more countries across the world. The wallet’s primary function is to facilitate the transfer of funds in and out of the eToro trading platforms (no transaction fees).

One may also use the wallet to send and receive digital currencies from other eToro and third-party wallets. Alternatively, you can also use its currency conversion feature to convert one digital asset to another – say converting BTC to ETH – for a small dynamic fee.

The wallet is currently only available as a mobile app. But to use it, you first have to register a trading account with eToro and verify your identity. It uses the login credentials used for your eToro.com account but you may choose to add an extra layer of security by activating two-factor authentication or multi-signature functionalities.

3. Professional Account (UK Clients)

eToro UK also provides highly experienced traders with a chance to open professional trading accounts. But to achieve the professional trader status on eToro, you first have to create a standard account as a retail trader. After meeting the minimum requirements for qualifying for a professional account, you may then write to their support team by raising a support ticket applying for the same.

These minimum requirements include: having maintained an investment portfolio that exceeds $500,000 (exclusive of cash and property), having a solid trading history on eToro that involves the placement of significantly large trades in the 12 months, or having proven trading experience as a professional on another brokerage or money management firm that derivative and speculative trading.

The upside of operating an eToro UK professional account is that you get to access relatively high trading leverages – of up to 400:1. The downside is that you lose the negative balance protection enjoyed by retail traders on eToro.

4. Investment Insurance

eToro is not just one of the most regulated but also one of the most insured online trading platforms.

In the UK, client deposits are insured by up to £85,000 per investor by the Financial Services Compensation Scheme (FSCS). This implies that should the company go bankrupt, each of eToro clients may be indemnified by the FSCS with sums of up to £85,000 per trader.

In the USA, eToro client deposits are insured by the Federal Deposit Insurance Corporation (FDIC) with covers of up to $250,000 per client.

The broker has taken investment insurance a notch higher by taking up a free insurance policy cover of up to 1 million for all their clients. This investment insurance is provided by the Lloyds bank of London and covers all your CFD positions, your cash balances, and security investments.

It covers eToro clients in the UK, Europe, and even Australia. It states that in the unlikely event that the broker becomes insolvent, the Lloyds bank of London will indemnify eToro clients for losses with up to 1 million GBP/EUR/AUD (depending on the client’s residency).

5. eToro Club Levels

eToro club is an exclusive program run by eToro. It was designed to help enhance the eToro clients investing experience while engaging with the platform by giving them access to exclusive offers. It is a tiered program with five levels where the perks available on each level are determined by your realized equity.  The different eToro club levels include:

Silver

The silver club level is granted automatically to any member with a realized equity of $5,000+. Here, you will have access to exclusive and in-depth market webcasts, dedicated customer success agents, and data-based CopyPortfolios. Silver club members have also been prioritized and will be among the first to receive the eToro card once it launches.

Gold

The Gold club level is open to individuals with realised equity of $10,000+. Traders on this level have access to all the perks availed to eToro silver club members. In addition to this, Gold members have access to live webcasts, exclusive weekly market analysis reports, and a dedicated customer success agent.

Platinum

To be considered a Platinum club level member, your account must have posted a realized equity of $25,000+. Members at this level have access to all the benefits availed to Gold level members. Additionally, they do not pay withdrawal fees, they get a free subscription to the wall street journal, they get to access the Delta PRO Investment Tracker app as well as the Trading Central Signals platform.

Platinum+

You will need to have posted realized equities exceeding $50,000 before you can join the Platinum+ club level. In addition to all the features offered to the Platinum club level members, Platinum+ level members also have access to one-on-one Zoom meetings with their dedicated account managers as well as access to exclusive sporting and cultural events.

Diamond

The most exclusive club member tier on eToro is the Diamond level which requires members to have posted $250,000+ in realised equities. In addition to all the perks offered to Platinum+ level members, Diamond level members have access to a subscription to the Financial Times magazine, they do not pay exchange fees, one-on-one zoom meetings with a dedicated account manager, and invitations to highly exclusive and prestigious business and sporting events in different locations around the world.

How Safe is eToro?

eToro is a highly regulated online platform. In the UK the broker operations are overseen by eToro (UK) Ltd – a financial services company that is regulated by the FCA under license number FRN583263. In Europe, the company operations are headed by eToro (Europe) Ltd, a financial services company that is authorised and regulated by CySEC under license number 109/10.

In Australia, broker operations are spearheaded by eToro AUS Capital Pty Ltd, a financial service company that is authorised by ASIC under license number 491139.

In addition to the tight regulation, the broker has put in place several safety measures around the platform that guarantee the security of client funds. These include maintaining all their client funds in segregated bank accounts. Further, they ensure that all clients set a strong and multi-character password when creating a trader account and also encourage them to activate two-factor authentication. Importantly, the broker has insured client deposits for up to GBP/AUS/EUR 1 Million.

Parting Shot: Is eToro Worth Signing Up?

eToro has carved out a niche in the online trading industry and positioned itself as one of the safest and most reliable trading platforms. It is not only highly regulated but is also doubly insured – in addition to putting in place adequate security safeguards around its platform. It also carries the day when it comes to maintaining one of the most elaborate social trading platforms. Other unique features that continue to fan its popularity include its commission-free trades, intuitive interface, and dedication to trade education.

Q & A

Yes, eToro is regulated by the Financial Conduct Authority (FCA) in the UK. This means that they are held to high standards of conduct and customer protection. They are also registered with the Category 3 Investment Services provider of the Cyprus Securities and Exchange Commission (CySEC).

It is! eToro is a social trading and investment company with a base in the UK. The company allows users to invest in stocks, commodities, and currencies through its online platform. It also has a very user-friendly interface that makes it perfect for first-time investors.

Yes, you can trade stocks on eToro. eToro is a social trading platform that allows users to trade stocks, indices, commodities, and currencies.

Yes, profits made by trading on eToro are taxable in the UK. However, there may be some instances where you can get away with not paying taxes on your profits, depending on how much money you make and what level of trader you are classified as.

Here’s how the eToro Copy trader works: first, you choose which trader you want to copy. eToro will then track their positions and mirror their trades in your account. So if they’re doing well, you should do well too!

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