eToro : Full Review, Testing, and Presentation (2024)

What is eToro?

eToro is a versatile exchange platform, offering a wide range of broker tools from cryptocurrency exchanges to stock trading, contracts for difference (CFDs) and copy wallets.

Founded in 2007 with its headquarters in Tel Aviv, Israel, eToro has played a crucial role in the fintech revolution: from cryptoassets to the financial markets of the past decade.

eToro History

• The eToro platform was founded in 2007 by Ronen Assia, David Ring, and Yoni Assia, even before the advent of cryptocurrencies.
• The founders wanted to push the boundaries of the trading sector, creating a platform with innovative instruments that are accessible anywhere in the world.
• Initially, eToro offered trading information charts. Two years later, the “WebTrader” was launched, offering a variety of trading tools for all types of traders.

The vision of the eToro service provider's site is to provide a multitude of trading and investment options. Whether you are an equity investor at all levels or a cryptocurrency investor, eToro has something to offer you.

eToro regulation

• Today, the eToro platform is regulated and authorized by the Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC), registered with the AMF.

In summary, it is a regulated and authorized trading platform, offering a comprehensive range of instruments, from cryptocurrency trading to CFDs, stocks and copy portfolios.

Its vision of providing trading and investment opportunities makes it a major player in the global financial sector.

Features

eToro is a trading platform that offers a variety of financial market options, research tools, and educational resources. Below, we'll detail some of the key features of eToro.

1. Cryptocurrency exchange options

eToro is a trading platform that offers a range of cryptoassets, although the selection is relatively limited:

• Selection of Active Cryptos: Bitcoin, Ethereum, Litecoin, Ripple, and more
• Limitations: The selection may be insufficient for those looking for less common cryptos.

eToro offers a good selection for your popular crypto asset wallet, but traders interested in less common cryptocurrencies may be disappointed.

2. CFDs

eToro offers a trading platform that is widely recognized as a CFD (Contracts for Difference) trading platform for financial markets.

• Variety of Assets: Suite of cryptocurrencies, indices, stocks, stocks, fiat currencies, fiat currencies, treasury bills, commodities, or currencies (EUR, USD, etc.).
• Risk: High risk of losing money quickly due to leverage.

CFDs offer attractive opportunities, but come with a high level of risk. Investors need to assess whether they can afford to take this risk.

3. CopyPortfolios and Copy Trading

eToro offers innovative broker features like CopyPortfolios and Copy Trading.

• CopyPortfolios: A suite that brings together different assets or traders based on pre-determined strategies for each broker
• Copy Trading: Allows you to automatically copy a set of trades and ideas from other successful traders in the broker community
• Diversification: Opportunity to diversify investments and benefit from the experience of others (Copy trading is not a risk-free investment)

These innovative features offer a great opportunity for novice traders to benefit from the experience of more experienced traders.

4. eTorox

eTorox is a cryptocurrency exchange regulated by Gibraltar Financial Services.

• Efficient interface: Efficient interface with sidebar, numerous languages and a dedicated mobile application.
• Security: Competitive security options.
• International scope: Broad international reach.
• Digital Assets: Sixteen digital assets, fifteen stablecoins, and thirty-seven “crypto to fiat” pairs.

eTorox is a solid option for active crypto traders thanks to its regulation, security, and diversity of assets offered.

5. Price structure

eToro has a transparent fee structure and multiple payment options.

• Transparency: No Hidden Fees for This Broker
• Minimum deposit: $10 - $10,000 to open a live trading account.
• Medium Spread: 1 pip for the EUR/USD pair.
• Premium instruments: Premium broker, discounts or discounts for active or VIP customers.
• Payment methods: ACH or SEPA transfers, PayPal, PayPal, Skrill, Visa/Mastercard, bank transfer.

The site of the service provider eToro offers a transparent fee structure and several payment options, which is valuable for traders.

6. Investment offer

eToro offers a wide range of options, including the option to buy real cryptocurrency.

• Exchange options: Forex, stocks, crypto assets, CFDs, and currencies
• Real: Possibility to buy real cryptocurrency (not just CFDs) with storage in a wallet.

eToro offers a wide range of options, including the ability to buy real cryptocurrency, which is a big plus.

7. Tools

eToro offers an intuitive proprietary platform and a demo account, but lacks some popular platforms.

• Proprietary platform: Platform developed internally.
• Demo account: Free virtual demo account.
• Limitations: No MT4, MT5, DupliTrade, or ZuluTrade.

While eToro offers an intuitive proprietary platform and a demo account, the lack of MT4 and MT5 may be a disadvantage for some traders.

8. Mobile Features

eToro strives to provide an exceptional mobile experience by offering nearly identical features on its web platform and mobile application, which is highly appreciated by multi-device customers.

• Overview of applications: eToro offers two mobile applications: the eToro app and eToro Money for money and cryptocurrency transfers. Both apps are available on Google Play for Android devices and on the Apple App Store for iOS devices.
• Ease of use: In tests on Android, it was found that the eToro mobile app maintains the look and feel of the web version, including useful features such as dark and light mode themes, and synchronized watch lists that help unify the platform experience across different devices.
• Graphics: Like the rest of the mobile application, the charts are responsive and closely match the web platform experience, although only five indicators are present compared to the 67 on the web. Drawing tools are completely absent from the application and would be a welcome addition to an otherwise well-designed and well-integrated mobile application.
• Crypto asset wallet: The eToro wallet, known as eToro Money, is a separate mobile application where users can deposit and withdraw cash and real crypto assets. The eToro Money Wallet is very similar to the eToro mobile app and includes support for trading.

It should be noted that while cryptocurrency instruments are available to investors on the eToro platform, eTorox, the brand's cryptocurrency exchange, is no longer available to retail customers.

In conclusion, the eToro mobile application offers a complete and intuitive user experience, with features that are almost identical to those of the web version. While adding drawing tools would be beneficial, the app is still a solid choice for those who want to trade on the go.

9. Research

The site of the service provider eToro provides daily market commentary, Central (Recognia) analysis, and social feelings for currency pairs.

• Daily Comments: Daily Market Reviews.
• Social Feelings: Social feelings for currency pairs.
• Limitations: No real-time forex news from top-tier sources, or Autochartist, or a dictionary for investors (glossary).

eToro offers solid research tools, but lacks some features, such as real-time news and Autochartist.

10. Education

The eToro service provider's site offers a minimum of ten educational pieces (articles, videos, archived webinars, etc.) about forex or CFDs.

• Educational content: Archived articles, videos, webinars.
• Webinars: Webinars for customers.
• Skill Levels: Videos for beginners and advanced traders.

The site of the service provider eToro offers a good variety of educational resources, although the minimum number of educational coins may be limited for some traders.

11. Regulation

eToro was founded in 2007 and is not a publicly traded company or a regulated bank.

• Listed Company: No.
• Regulated Bank: No.
• Market Maker: Yes.
• Licenses: 3 level 1 licenses (highly reliable), 0 level 2 licenses (reliable), 1 level 3 license (unreliable).

eToro is regulated in every jurisdiction where it operates, although it is not a publicly traded company or a regulated bank.

eToro is a comprehensive and intuitive platform that offers a range of options, research tools, and educational resources.

Its innovative features, such as CopyTrading and CopyPortfolios, offer exciting opportunities for new and experienced traders. However, the lack of some popular platforms and advanced features may be a disadvantage for some traders.

Ultimately, eToro is a solid option for traders of all levels who want to copytrader, but it's always recommended to do your own research and assess whether the platform meets their specific needs.

12. Raw materials

To invest, several options are available to you:

👉 Contracts for Difference (CFD) : These are financial instruments that allow you to speculate on the rise or fall in commodity prices without actually having to own them. With CFDs, you can open a buy position (long position) if you think the price of a commodity will rise, or open a sell position (short position) if you think it will fall. CFDs also allow the use of leverage, which means that you can invest a small amount of your own capital while having more exposure to the market.

👉 Corporate shares : You can invest in shares in companies whose business is closely linked to commodities, such as mining, oil, or agricultural companies. For example, buying shares in Shell Plc, a major international oil company, is a way to invest in oil indirectly.

👉 Funds : These are investment funds that invest in a basket of commodities or in companies related to commodities. These funds allow you to diversify your investments without having to manage each asset individually.

👉 Bonds : Investing in corporate bonds related to commodities is another way of investing indirectly in this sector.

On eToro, you can invest in a multitude of commodities, stocks of companies related to commodities, currencies (EUR, USD, etc.), and commodity funds.

eToro Smart Portfolios, like the Long Gold Industry Portfolio, are also a great option for diversifying your investment without having to select each asset individually.

eToro Club

It's a special loyalty program for members with a wallet with a large balance, starting at $5,000.

This program offers several benefits like zero withdrawal fees, online webinars, and an account manager.

The greater your achieved equity, the higher your level of membership:

👉 Number of levels : Five membership levels: eToro Silver, eToro Gold, eToro Gold, eToro Platinum, eToro Platinum+, and eToro Diamond.

👉 Access conditions : Entry thresholds with a $5,000 portfolio (Silver) to a $250,000 portfolio (Diamond).

👉 Status update : Automatic every 24 hours.

👉 Subscription to specialized information : Available starting at the Platinum level.

Main benefits

👉 Personal account manager.

👉 Smart wallets.

👉 Webinars and educational resources.

👉 No withdrawal fees.

👉 Reduction or exemption from exchange fees.

👉 Invitations to VIP events.

Advantages and disadvantages of membership

Membership offers broker tools, customer management tools, webinars, market analysis, and subscriptions to financial publications. However, the requirements for achieving equity are strict. For example, the silver tier requires a $5,000 equity portfolio, while the gold tier requires twice as much. If the requirements are not met, the status is lost.

The membership status can be viewed in the user account.

eToro account types

👉 eToro Silver Broker : $5,000 entry threshold. Access to smart portfolios, participation in webinars, services from a customer success agent.

👉 eToro Gold Broker : $10,000 entry threshold. Exclusive market analysis, access to partner offers, services from a dedicated customer success agent.

👉 eToro Platinum Broker : $25,000 entry threshold. Exemption from withdrawal fees, 50% discount on exchange fees, free access to premium publications, customer success agent services.

👉 Broker eToro Platinum+ : $50,000 entry threshold No withdrawal fees, 50% discount on exchange fees, free access to VIP events, access to exclusive online seminars, services of a personal account manager.

👉 eToro Diamond Broker : $250,000 entry threshold. No withdrawal fees, no exchange fees, access to exclusive VIP events, access to online seminars with financial experts, services of a personal account manager.

It offers numerous advantages to make the experience more pleasant and effective.

However, it is important to remember that each level has its own requirements for achieving equity, and the status is updated daily. If the requirements are not met, the current status is lost in this regard.

eToro Customer Support

Customer service is a crucial element for any user of a platform like eToro.

Knowing that you can quickly get in touch with a real person in the event of a problem is extremely reassuring. eToro offers this assurance with its responsive customer support, accessible via online chat or ticket system.

Access to the online chat

• You can contact a human advisor via an online chat, not a robot.
• Access to the online chat is not immediately visible. You'll need to go to the eToro Help Center and scroll down until you see “Chat with a representative.”
• After clicking on “Chat with a representative”, the chat window will automatically open and you will be connected to a technical advisor.

Customer Service Responsiveness

• During the tests, the wait to speak to a counsellor never exceeded 5 minutes.
• After contacting support, you will receive a summary of the discussion by email, allowing you to keep track of the exchanges for future reference.

In summary, creating an account with eToro also means being sure that the teams will help you and answer all your questions almost immediately. eToro's customer service is responsive and efficient, although accessing the online chat may be a bit difficult to find at first.

Security and Confidentiality

Security and privacy are crucial aspects for any online platform.

eToro, one of the most popular platforms, is no exception and takes several steps to ensure security.

Regulations and Supervisions

👉 eToro is regulated by several international financial authorities, including the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities & Exchange Commission (CySEC), registered with the AMF.

👉 These regulations contribute to the credibility of eToro and ensure that the platform is in compliance with international security and privacy standards.

Protection of Information and Funds

👉 Users' sensitive information and funds are protected and backed up in tier 1 banks in Europe.

👉 This is particularly important because many retail investor accounts lose money when trading CFDs, cryptocurrencies, or other financial assets.

Cryptocurrency risks

👉 Despite Etoro's efforts to protect user information and funds, cryptocurrency trading still involves a high risk of loss due to the unstable nature of the cryptocurrency market.

👉 eToro does not offer insurance against cryptocurrency risk losses in the UK or elsewhere and, due to the lack of regulation in this area, there is no provision to file a complaint in case of problems.

In summary, eToro goes to great lengths to ensure the safety and privacy of its users.

Although it is regulated by several international financial authorities and protects user information and funds, it is important to note that the exchange of cryptocurrencies remains risky and is not insured by eToro.

Alternatives to eToro

eToro is positioned as a professional cryptocurrency exchange platform, allowing users to implement various advanced strategies.

As one of the world's leading social exchange networks, eToro was one of the first fintechs to support cryptocurrencies before creating a cryptocurrency exchange and a dedicated cryptocurrency wallet for its users.

With 15 years of market experience and a sizeable user base, eToro is poised to become a cryptocurrency powerhouse.

Let's see the different alternatives to eToro:

1. Binance

Binance is one of the largest cryptocurrency exchanges in the world in terms of volume.

It offers a wide range of cryptocurrencies, advanced tools, and relatively low transaction fees.

Features

• Variety of cryptocurrencies: Binance offers access to a wide range of cryptocurrencies like BitCoin or Ether
• Advanced tools: The platform provides advanced tools for experienced traders.
• Low transaction fees: Binance transaction fees are among the lowest on the market.
• READ MORE >> Binance Review and Detailed Test

Pricing

• Transaction fees vary between 0.1% and 0.2% depending on account volume and level.
• Free discounts are available for those who hold the Binance BNB token.

Although Binance offers a greater variety of cryptocurrencies and lower transaction fees, eToro stands out for its option of Copy trading and its ability to invest in stocks and ETFs.

If you're primarily interested in cryptocurrencies and looking for low transaction fees, Binance might be a better option. However, if you want a more comprehensive approach to investing, eToro is more suitable.

2. Kraken

Kraken is another popular alternative to eToro.

It is known for its solid security features, its wide range of supported cryptocoincies/shares, and its margin options.

Features

• Solid Security: Kraken is known for having strong security measures to protect its users' funds.
• Broad Range of Cryptocurrencies and Shares : Kraken supports a variety of cryptocurrencies and stock investing.
• Margin options: Users can trade with leverage on Kraken.
• READ MORE >> Kraken Review and Detailed Test

Pricing

• Kraken transaction fees range from 0% to 0.26% depending on transaction volume and type.
• Additional fees may apply for margin options.

Kraken is a solid alternative to eToro, especially because of its robust security measures and margin options.

However, the eToro platform offers the advantage of Copy trading and the possibility of investing in stocks and ETFs. If safety and margin trading are your main concerns, Kraken might be a better option.

Otherwise, eToro offers a more comprehensive approach to investing.

3. Robinhood

Robinhood is an application that allows users to buy and sell stocks, ETFs, and cryptocurrencies like BitCoin without commission fees.

However, the site does not support social trading and does not offer an option of Copy trading.

Features

• No Fees: Robinhood does not charge transaction fees for shares.
• Buying shares and ETFs: Users can buy and sell stocks and ETFs in addition to cryptocurrencies.
• Social Trading : Robinhood does not support social trading or Copy trading.

Pricing

• Robinhood does not charge transaction fees.
• Transfer fees may apply if you transfer funds to another broker.

Robinhood offers the advantage of having no transaction fees and the site also allows the buying and selling of stocks and ETFs.

How to open an account on eToro

The section explains how to create a new account on eToro, as well as the documents required for the KYC (Know Your Customer) verification process in accordance with European regulations.

• Go to Www.etoro.com and click on “Join Now” or “Trade Now.”
• Complete the electronic form with the required personal information. Logging in via Facebook or Gmail is an option.
• Read and accept the eToro Terms and Conditions and Privacy Policy.
• Submit information by clicking on “Create an account.”

It is important to note that eToro complies with Directive 2005/60/EC on the prevention of money laundering and terrorist financing. Thus, investors need to go through the KYC process.

• Provide a recent proof of address (less than 3 months) and a photo ID.
• Complete a questionnaire to personalize services according to the investor's profile.

For more information about the verification process and the required documents, visit eToro Account Verification.

By following these steps, you will be able to open an account on eToro and start investing safely and in accordance with current regulations.

This simple guide will help you open an account on eToro and comply with regulatory requirements for a secure experience.

eToro Trading Experience

This section provides a detailed overview of the eToro experience, with a focus on the platform's key features, pros, and cons.

eToro Europe ltd as a simple web platform and a well-designed mobile application that allows customers to deposit fiat currency via a debit card or bank account to start trading stocks and cryptos.

Ease of Use

• The easy-to-use “Trading” tab allows users to view current prices, buy, sell, or convert cryptocurrencies like BitCoin or stocks.
• eToro is particularly well known for its feature that allows users to copy the portfolios and trades of the most successful traders.
• eToro offers basic market and limited-price stock orders, as well as the option for non-US users to invest with leverage.
• However, it does not offer some of the more advanced conditional orders, advanced charting capabilities, and cryptocurrency pairs that other competitors offer.

Available cryptocurrencies

• Etoro's platform allows eligible users in certain jurisdictions to trade investments like digital currencies ranging from Bitcoin (BTC), Ethereum Classic (ETH), XRP, and Litecoin (LTC) to 1inch (1INCH), Aave (1INCH), Aave (AAVE), and Compound (COMP).
• Leveraged investments are also available to eligible users.

Although the platform offers solid core features, such as market and limited-price orders, as well as leveraged investments for non-US users.

It lacks some of the advanced options and graphics capabilities that other competing platforms offer.

FAQs

Is eToro safe to invest?

Yes, eToro Europe ltd as a well-known and leading brand in the field of social trading.

Additionally, the company is fully regulated and following FCA and CySEC guidelines.

Are there any requirements to use eToro?

As long as the use of eToro is legally authorized in your country, you can use eToro.

Currently, the countries where eToro cannot be used are Canada, Cuba, Japan, Japan, Japan, North Korea, Iran, Syria, Turkey, Serbia, Serbia, Albania, Albania, Albania, Sudan, and others.

See the full list of countries in the eToro account opening section.

What is the minimum deposit amount required for eToro?

The minimum deposit amount required for eToro varies from country to country, ranging from $50 to a maximum of $10,000.

See the full list of countries in our eToro account opening section. This amount is required to start trading on your account.

What digital assets are available on eToro?

eToro offers a wide range of digital assets, including popular cryptocurrencies like Bitcoin, Ethereum, and more. It is also possible to trade CFDs, stocks, commodities, and other financial assets.

What is the maximum amount of leverage available on eToro?

The amount of leverage available on eToro varies depending on the type of asset you are trading. For example, for stock CFDs, the maximum leverage is 5:1, while for cryptocurrencies like Bitcoin, XRP, or Ethereum, it's 2:1. It is important to note that trading with leverage involves additional risks.

Are there withdrawal fees on eToro?

Yes, eToro charges a $5 withdrawal fee for each withdrawal. Additionally, there may be currency conversion fees if you withdraw funds in a currency other than the currency in your account.

Final Verdict

After the detailed reviews of the eToro Europe ltd platform as a trusted brand, we can say that eToro is a trustworthy and the best forex broker.

The fact that it does not offer too many cryptocurrencies like Bitcoin for trading and investment purposes does not prevent it from being as effective.

Additionally, the platform offers all of the major cryptocurrencies that the majority of traders deal with.

The powerful functions such as the unique blend of CFDs with crypto trading in the form of CopyPortfolio, CopyTrading, Crypto CopyPortfolio, 'Cryptocurrency', 'Gibraltar's Regulatory Verification Process', etc. easily result in a very stable platform for trading and investing in the crypto sphere or stocks.

In addition to this, security features such as being registered with the AMF simply deserve a big boost from us.

However, investors should act with due diligence and only invest when they can afford to take the risks involved.

He should consider whether or not to invest according to his financial standards.

Head over to my list of the best investment platforms, where we've covered various broker platforms tailored to each trader.