eToro is a well-known online brokerage firm, Social trading broker, and fintech company that was first established in 2007. eToro is a key leader in the world of CFDs and cryptocurrency trading; it has over 6 million users. They always offer the high level of technology ever, such as their unique social trading, which will be discussed later in this article.
eToro Regulations
eToro is considered a safe broker regulated by high-level financial authorities. eToro has three licenses from the following financial authorities,
- Financial Conduct Authority (FCA)
- Australian Securities and Investments Commission (ASIC)
- Cyprus Securities and Exchange Commission (CySEC)
Besides, the company has an impressive track record over the past 14 years, with more than 12 million investors and traders. So you are safe with eToro.
Opening eToro Trading Account
You can open a trading account with eToro with ease, as high-level financial authorities regulate the company. So you can open a trading account wherever you are.
The minimum deposit is 200USD. The minimum bank transfer is $ 500.
This value varies according to your place of residence where,
- If you are residing in Israel: the minimum is 10,000 US dollars.
- If you reside in Australia or the United States of America: The minimum is $50
- If you are a resident of China and Macau: the minimum is $500.
- If you are a resident of one of these countries: the minimum is 1000 USD.
India, New Zealand, Russia, Ukraine, Saudi Arabia, South Korea, Bulgaria, Lithuania, Greece, Slovakia, Colombia, Hungary, Peru, Estonia, Latvia, Iceland, Malta, Argentina, Slovenia, Kuwait, Luxembourg, Costa Rica, Jordan, Oman, Isle of Man, Qatar, Morocco, Dominican Republic, Ecuador, Taiwan, Guernsey Bahrain, Uruguay, Bolivia, Jersey, Croatia, Kenya, Egypt, Palestinian Territories, Gibraltar, Cayman Islands, Reunion Island, Kazakhstan, Azerbaijan, Georgia, Senegal, French Polynesia.
Here are the steps to open a real account with eToro – with pictures
- Primary data ” Full name – country – email – phone number – address – date of birth.
- Choose an account type and trading platform.
- Determine the base currencies.
- Some questions regarding your level of trading experience.
- Verify your identity. A government-issued ID such as your passport or driver’s license Or proof of address such as a recent utility bill or bank account statement
Deposit & Withdraw & Fees
As an eToro trader, you have various deposit and withdrawal methods.
- Bank transfer
- Credit / Debit Cards
- PayPal
- Neteller
- Skrill
- Webmoney
- Yandex
- Rapid Transfer
- Klarna
- Sofort Banking
- China UnionPay
These methods are available according to where you live. Withdrawals may be immediate and may reach up to 7 working days.
eToro charges $5 / withdrawal. And you must ensure that the data for your bank account matches your trading account’s data on eToro, following the policy of the Anti-Money Laundering Authority.
Spread with eToro
The spread, which is the price difference between the bid and asks, comes with eToro (without any commissions) on more than 2000 assets and investment instruments.
The spread for the EUR / USD currency pair is 3.0 pips, but the AUD / USD is 1.0 pips. To some extent, these fees are quite high compared to other brokers. However, once you consider eToro as a unique social trading platform, you may accept that cost.
- eToro also charges a trading account inactivity fee of $ 10 per month.
- eToro does have overnight fees, known as swap rates, and is applied to those leveraged positions overnight.
These fees interest capital to maintain your open positions following industry standards for leverage, as most online brokers rely on the LIBOR policy of “London Interbank Offered Rate.”
eToro User Experience
eToro has always been known for its “social trading platform” since, as a new trader to the financial markets, the idea of social trading will surely attract attention where you have the opportunity to see many discussions, trading ideas.
Through the eToro social trading platform, you can act as Twitter and discuss trading points and ideas posted by investors on eToro.
As a beginner in trading, this is an outstanding feature to know the most important points and ideas that may serve your investment goal and clarify some points for trading and reading the market professionally.
eToro also provides a great tool to copy trades from professional investors and traders who have experience trading and take advantage of it.
You do not need to research and study to invest in stocks; all you have to do is choose the right investor that matches your investment goals and just copy trades. This guarantees that you will achieve the equation of gaining a profit return and learn from this investor’s trading ideas and build on them to reach Your own trading strategy that successfully serves your investment goal.
eToro offers an ideal trading environment for all investment types, whether you are a beginner in trading or already a Pro trader.
eToroX
eToro has always been a leader in the world of trading, and given the great interest in cryptocurrencies and the future of the new financial system, eToroX, a subsidiary of eToro, has been launched and is subject to financial regulation and supervision by the Gibraltar Financial Services Authority (GFSC). The eToroX platform aims to meet all the needs of traders and investors in cryptocurrency and exploit the parent company’s distinction in the social trading platform and integrate it with cryptocurrency trading. The eTorX platform is easy to use, has a high degree of security, and offers many trading advantages that characterize the parent eToro platform.
The eToroX platform offers many cryptocurrency assets. You can trade in over 16 familiar digital assets such as Bitcoin (BTC), Bitcoin cash (BCH), Ether (ETH), Litecoin (LTC), Dash (DASH), XRP GOLDX, SLVRX, and 37 cryptocurrency pairs. Also, the company offers eight stable currencies to protect traders from market fluctuations. These are eToro United States Dollar (USDEX), eToro Japanese Yen (JPYX), eToro Euro (EURX), eToro Pounds Sterling (GPBX), eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX), and eToro New Zealand Dollar ( NZDX) and eToro Swiss Franc (CHFX).
Customer Support
eToro provides its clients with customer support to answer any inquiries you may have. You can reach technical support through a phone call, live chat, or browse their blog and FAQs, where you can look for what you want. You can choose your native language to communicate from among the languages supported by eToro. This makes it relatively easy to explain your questions.
The customer support is available 24/5 from Monday to Friday. The languages supported by eToro are English, Arabic, Czech, Spanish, Malay, Italian, Polish, Romanian, Russian, French, Danish, German, Dutch, Norwegian, Swedish, Vietnamese, Chinese, Korean, and Finnish.
eToro Final Thought
Our final thought about eToro, it is clear to see the reason for having over 12 million traders and investors with eToro is not just because of providing a platform that is flexible, simple, and easy to use. Still, you can also buy and trade stocks with a $0 commission for over 2000 market products.
high-level financial authorities regulate eToro
- Financial Conduct Authority (FCA)
- Australian Securities and Investments Commission (ASIC)
- Cyprus Securities and Exchange Commission (CySEC)
