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Wanna see if eToro is a legit broker? Is it safe to trade? Is eToro spread high or low? How long it take to deposit or withdraw?

We provide answers to all the questions in this eToro Review.

We checked eToro licenses and regulation status to see is eToro safe. Compared eToro’s fees like spread & commission from its live account to over 150 brokers. Also the time for deposit & withdrawal and many more essential findings you can get in this Review.

What is eToro

eToro is a global Forex and CFD broker, established in 2006 and is one of the popular Social Trading Broker based on proprietary eToro Copy Trading Portfolios.

The company is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA) in the United Kingdom and Australian ASIC.

eToro Highlights

🗺️ Regulated inUK, Cyprus, Australia
🛡️ Is eToro safe to tradeYes
💵 EUR/USD spread1 pip
🏦 DepositCards, Bank Transfer, PayPal, Giropay, Skrill, WebMoney, Yandex
💰 Minimum depositUS$200
🏦 WithdrawalCards, Bank Transfer, PayPal, Giropay, Skrill, WebMoney, Yandex
💻 Trading platformProprietary Web eToro Platform
💳 Trading marketsStocks, CFDs, Indices, Forex, Commodities, Metals, Cryptocurrencies
📈 Number of product339 and 1112 Shares
📉 Live chat responseInstant and relevant answers

Regulation

License and regulation are the keys to traders’ fund security. There are two factors checked, what licenses the broker carries and how trader is protected if something goes wrong, in addition to the brokers background.

Is eToro legit

It is regulated by several financial authorities, including the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). In addition, eToro’s Crypto Exchange operating under the brand eToroX is regulated by Gibraltar FSC, while registered as MSB with the US FinCEN.

eToro Licenses and Regulatory status

EntityRegistered inRegulatorLicense no.Status
eToro (UK) ltdUnited KingdomFinancial Conduct Authority (FCA)583263Currently Regulated
eToro (Europe) ltdCyprusCyprus Securities and Exchange Commission (CySEC) 109/10Currently Regulated
eToro AUS Capital Pty Ltd.AustraliaAustralian Securities and Investment Commission (ASIC)AFSL 491139  ACN 612 791 803Currently Regulated
eToro X Limited (‘eToro X’)GibraltarGibraltar FSC116348 Currently Regulated
eToro License
eToro register in ASIC website

Is eToro safe

Yes, eToro is considered safe because it is regulated by the top-tier FCA and ASIC.

eToro operates through three legal and regulated entities allowing to serve trades based on the residency. The matter of the entity also applies specific regulatory rules or restrictions and the amount of protection you get in case of insolvency.

eToro Compensation Scheme

EntityCompensation AmountNegative Balance Protection
eToro (UK) ltd£85,000Yes
eToro (Europe) ltd€20,000Yes
eToro AUS Capital Pty Ltd.No compensationYes

We recommend registering your account with the UK entity or Australian entity, if it’s available for you, since we consider those regulations as the best ones.

eToro provides negative balance protection for retail customers, means if the balance on your account goes negative, your loss will reset to zero.

Markets and Products

At eToro you can trade popular assets like CFDs on Forex, Stocks, Commodities, advanced range of Cryptocurrencies, Indices and over 800 Stocks. In addition, there are proprietary portfolios created by eToro available for Investment.

MarketsInstruments
Forex47
Indices13
Commodities14
Cryptocurrencies16
Shares2042

Cryptocurrency (Crypto)

eToro Cryptocurrency trading is excellent, users can easily access, trade and store Cryptos, also copy Crypto traders.

eToro Cypto can be traded as CFDs via Web Platform with Copy Trde portfolios or trade Real Coin using separate App operated as Crypto Wallet by eToroX. eToro Money Crypto supports over 120 Cryptocurrencies and allowing to exchange it to over 500 pairs.

Bitcoin (BTC)

Being the most popular Crypto eToro Bitcoin is available for trading as CFDs or via the CryptoWallet exchange.

Ripple (XRP)

Ripple Live price Charts and investment option via eToro platform is supported for both trading CFDs and eToro wallet.  

Litecoin

Yes, Litecoin is available for sell and buy in eToro platform.

Account types

For Retail clients, eToro offers a Single Account with an easy switch between Demo Account or Practice mode and Live account.

Professional Clients who successfully passed a test will get Professional Account with specified tailored conditions.

In addition, there is eToro Club with various memberships ranging from Silver to Diamond for traders with higher account balance from $5k. eToro Club tiers extra benefits ranging from dedicated account managers to private signals, and discounts on fees.

eToro Account Opening
eToro Account Opening

Fees and commissions

Fees in eToro Review levels we ranked as average or low based on the instrument and compare to 150 brokers that we check through live account spread.

Spread we collect for popular instruments, 6 markets and 150 brokers

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-1.41.5 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher

Spreads

eToro costs are built into a spread, trading Forex and CFDs as Commission Free Stocks. Comparing the spreads derived from Live Account to industry benchmarks, we found the eToro Live spread on Stock indices quite low. While the spreads on Forex and Commodities are in industry averages.

MarketsInstrumentseToro SpreadOther brokers’ avg spread
ForexEUR/USD11-1.5
IndicesUS S&P5000.750.5-1.4
CommoditiesGold0.450.5-2
StocksTesla1.49
0.6-1
ETFsUS Russell20000.370.5-1.4
CryptocurrenciesBitcoin0.75%0.6-0.9%
eToro Spreads
eToro Review – Spread

Other Fees

eToro has low non-trading fees. There is no fee for deposits, while withdrawal will add on 5$ depending on the method you select. Yet, there is an inactivity fee for an account deemed inactive for 12 months.

Trading Conditions

The trading conditions at eToro are pleasant, you can deploy hedging strategy, but scalping is not allowed.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedNo
Change Leverage AllowedYes

For hedging, there are no time limitations for keeping your open hedging positions.

eToro does not allow scalping and mainstays on its own platform so there is no Expert Advisors (EAs) and no VPS too.

eToro also allowing to use of leverage and change its levels to fit the trading need, leverage levels depending on the account regulatory restrictions.

Social Trading

eToro Social trading is excellent. We found eToro one of the largest trading communities with thousands of Copy Accounts and innovative eToro profiles where investors can find trading ideas through Web platform that bridges investors and traders.

Copy Trader

Copy selection is ranked very good with eToro CopyTrader, CopyFund and CopyPortfolio for investors’ choice. You can select and Copy either Trader with a unique trading strategy or to Copy a Fund. Or invest in CopyPortfolio created by eToro where they group successful traders or specific funds into one.

Popular Investor

eToro Popular Investor program is great for trades with its own unique strategy ofering to gain followers and get copiers. Investor program has four levels from Cadet to Elite and giving extra benefits for the achievement of perks.

eToro Social Trading
eToro Review – Social Trading

Deposit

eToro charges no deposit fees. You can use bank transfer, Credit or Debit cards, and range of supported electronic wallets, also with an option to open eToro brand’s Crypto wallet via eToroX.

A bank transfer can take several business days, while payment with credit/debit cards is instant.

Deposit MethodFunding TimeFee
Credit CardsInstantFree
Skrill, NetellerInstantFree
PayPalInstantFree
Wire Transfer4-7 business daysFree
SofortUp to 1 business dayFree
Rapid by SkrillInstantFree
TrustlyInstantFree
iDEALInstantFree
eToro deposit
eToro Review – Deposit and withdrawal – Deposit

Minimum Deposit

The required eToro Minimum deposit depending on clients’ region and its country regulations.  

  • Europe Clients minimum deposit is 200$
  • Russia citizens, Taiwan, China, Hong Kong or Macau minimum is 500$
  • Australia and USA traders may start with the first deposit of only 50$
  • Israel residents minimum deposit is 10,000$

Withdrawal

eToro charges 5$ fee for withdrawal, subject to every withdrawak with a minimum of 50$. However, eToro Club member entitled to free withdrawals.  

Funds are withdrawn using the same methods as deposits and eToro process withdrawal requests within 1 business day.

Withdrawal MethodWithdrawal TimeFee
Credit CardUp to 8 business days5$
Skrill, Neteller1-2 business days5$
PayPal1-2 business days5$
Wire TransferUp to 8 business days5$

Bonus

There is no welcome Bonus available for eToro clients either new or existing ones.

However, there is a referral program that allows existing Traders to invite friends to join eToro. New user should join through the specified link and make trade at list for $100 so the trader and his friend will receive a $50 from eToro.

eToro Rewards Program
eToro Invite Friends Bonus

Trading Platform

eToro mainstays on its own proprietary developed Web-Platform supporting various languages. Platform features easy to use and navigate design, Copy Trading and other Portfolios available.

eToro trading platform is solely web-based so is accessible across all devices and operating system such as Windows, Mac.

App

Android and IOs eToro Mobile App included into the package and is well-designed easy to use App.

eToro trading platform
eToro Review – Web trading platform

eToro Wallet

eToro Wallet is a Mobile App, an additional offering done via brand eToroX, designed for Cryptocurrency services. Cryptocurrency Wallet offering to deposit, withdraw and hold actual Cryptocurrencies through eToroX, acting as a custodian.  

eToro Wallet
eToro Review – Crypto Wallet

Research and Tools

eToro provides a wide range of research tools including standard Economic Calendars, News Feed and Daily market Analysis made by in-house professionals.

Analysis from Top-Tier sources available only for eToro Club members, but a standard range of tools and Sentiments included in the eToro Web-Platfrom available for all. On the flip side, the news feed is basic and the charting tools are rather limited.

eToro Research tools and Copy Portfolio available via:

  • eToro trading platform
  • eToro Blog
eToro Tools
eToro Review – Research – Tools

Education

eToro education content is well organized, you can learn through Trading School and Podcast at the eToro website Education section. Video tutorials, access unlimited demo accounts, and regularly held webinars, also provided by popular investors.

On the negative side is navigation, you can browse specific category by the tag, yet can’t find the full range and browse it through one place.

At eToro you can learn though the following ways:

  • Demo account
  • Educational videos and Platform tutorial videos
  • Webinars and Popular Investors Webinars
  • Quality educational articles and Analysis
  • Podcast
  • Trading School

Demo Account

Demo Account is available on an unlimited basis and available for practice and check of the copy portfolios too. 

eToror Education
eToro Review – Education

Customer Service

eToro customer service we rank as good, there are many common questions answers it its support section, also we got relevant answer via Live Chat. On the downside, the response time was slow, agents often offline and customer service is 24/5 only.

eToro Customer Support is available in various languages via:

  • Live chat
  • Telephone
  • Email
eToro Customer Service
eToro Review – Customer Service

eToro Live chat response is average speed, the chat agents are helpful and give relevant answers

Question AskedWe asked about withdrawal procedure.
Time of ReplyIt was about 10 mins to connect to Live Chat itself and waiting before we connect to customer support representative.
Quality of ReplyThe answer was relative.

Conclusion

eToro is a safe broker to trade. It allows traders to engage to Copy Trading and Social Trading and access good range of trading instruments.

There are various entities eToro operates, while we would recommend trading with its UK entity if its possible for you. For the downsides or eToro, there is no alternative platform available, means for the MT4 platform and EAs you better choose another broker.

We recommend eToro for traders who prefer Copy Trading and Portfolio Investment option, also for Cryptocurrency Trading.  

Author of this review

By Jimmy O'Brien

Author of this review

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

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