eToro Review 2023
If you find yourself on the market looking for a broker, you should consider looking into eToro. What is eToro, you ask? Well, we are glad you did. It is our aim, in this eToro review, to tell you everything you need to know about this fintech company and help you make your decision on which service to use.
eToro is an Israeli company, first and foremost. It is headquartered in the UK and serves more than 17 million users across a hundred countries worldwide. It is regulated by the Financial Conduct Authority in the UK, by the Australian Securities and Investment Division in Australia , and by CySec in the rest of the world. For those still wondering, “Is eToro legit? Is eToro safe?”, you can stop worrying about it.
Pros and Cons
Now that introductions are out of the way, let us discuss the pros and cons eToro trading brings to the table. We have put it all in a handy table so that you can access it easily.
| Pros | Cons |
|
+ You can choose from among 15 cryptocurrencies that can be traded all day, every day + The website is easy to use, and so is the mobile eToro app + The community is vibrant and helpful, which is perfect for those just starting out in trading + Free eToro stock and ETF trading + The account opening process is seamless. + There is no fee for making deposits using your eToro wallet + The charts it provides are good and interactive + The charts they provide are interactive and intuitive |
– The spreads for trading in these cryptocurrencies are pretty wide – You have to pay a minimum fee of $25 in order to trade in any cryptocurrency – The minimums required for copy trading are pretty high – Only one account base currency is available — USD – Customer service is not always up to par – There is a withdrawal fee worth $5 |
Key Features
A service lives and dies based on the features it can provide to its customers. In this section, we will look at everything eToro forex can do for you. We’ve presented our findings in tabular form for easy access:
| Country of Regulation | UK, Australia, Cyprus |
| Inactivity Fee Charged | Yes |
| Withdrawal Fee Amount | $5 |
| Minimum Deposit | $200 |
| Base currencies supported | USD |
| Instruments | Stock, ETFs, Forex, CFD, Crypto, Indices |
| Demo Account | Yes |
| Islamic Account | Yes |
| Allowed Countries | Angola, Argentina, Australia, Austria, Azerbaijan, Bahrain, Belgium, Bolivia, Brazil, Bulgaria, Cayman Islands, Chile, Colombia, Côte d’Ivoire, Croatia, Cyprus, Czechia, Denmark, Dominican Republic, Ecuador, Estonia, Finland, Georgia, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, India, Ireland, Israel, Italy, Jordan, Kazakhstan, Kenya, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macau, Malaysia, Malta, Mexico, Morocco, New Zealand, Norway, Oman, Peru, Philippines, Poland, Portugal, Qatar, Romania, Saudi Arabia, Senegal, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uruguay, Vietnam |
Account Types
There are two kinds of accounts you can sign up for at eToro. They are:
Retail Clients
All of eToro’s trading assets are available for the retail clients, Leverage is severely restricted for them, but eToro makes it up to them by providing safeguards like coverage by the Investor Compensation Fund and recourse to the Financial Ombudsman Service. Furthermore, you will also be eligible for receiving negative balance protection.
Professional Clients
You need to pass a test that determines whether you qualify for the account to be a professional client.
However, please note that once you have a professional account, you will have to give up the protections enjoyed by those with retail accounts.
Deposit and Withdrawal Options
There are many different avenues through which you can make deposits and withdrawal to trade in eToro stock.
| Payment Option | Processing time | Currencies | Countries | Max Deposit | Withdrawal Available? |
| Credit/Debit Cards | Instant | USD, GBP, EUR, and AUD | International | $40,000 | Yes |
| PayPal | Instant | USD, GBP, EUR, and AUD | International | $10,000 | Yes |
| Skrill | Instant | USD, GBP, EUR | International | $10,000 | Yes |
| Neteller | Instant | USD, GBP, EUR | International | $10,000 | Yes |
| Rapid Transfer | Instant | USD, GBP, EUR | EEA | $5,500 | No |
| iDEAL | Instant | EUR | The Netherlands | $50,000 | Yes |
| Klarna/Sofort Banking | Instant | EUR | Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Belgium, and Poland | $30,000 | Yes |
| Bank Transfer | 4-7 days | USD, GBP, EUR | International | Unlimited | Yes |
| Local Online Banking | Instant | MYR,IDR THB,PHP and VND | Malaysia, Indonesia, Thailand, Vietnam, Philippines | $10,000 | Yes |
| Online Banking — Trustly (EU Region) | Instant | EUR, GBP, SEK, DKK, NOK, PLN, CZK | Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, Germany, Latvia, Lithuania, the Netherlands, Norway, Poland, Slovakia, Spain, Sweden, and the United Kingdom | $40,000 | No |
| Trastra VISA | Instant | USD, GBP, EUR, and AUD | EEA | $10,000 | Yes |
Promotions
There are multiple promotions available to you from the moment you perform an eToro login. Let us look at the most prominent:
Get $500 worth of eToro crypto on signing up
Like it says, you can win 500 USD just by signing in. You have to do the following:
- First and foremost, you have to create an eToro wallet.
- Then, deposit some funds.
- Make trades worth at least 5,000 USD.
That’s all you’ll need to do! After this, $500 will be directly transferred to your eToro wallet.
Best Payment Solutions for Etoro trading
Our main goal in this review is to showcase the features of eToro forex, and in the event that we have convinced you to make eToro your broker, we should mention the best ways you can make payments.
Using services like Neteller and Skrill, you can be sure that your transactions will be completed in a day or two. On top of this, you can also use the services of Trastra, which issues VISA cards that can be used internationally. The most sought-after benefit that Trastra provides is anonymity. A Trastra VISA card limits your spending to 8,000 EUR every day. It also allows you to manage your funds on the go, disable your card at any time, load it up instantly and get notifications for every transaction. This makes it ideal for all your purposes.
FAQ
What is the minimum deposit/withdrawal on eToro forex broker?
The minimum deposit is 200 USD, and the withdrawal cost is five USD.
Are there any deposit/withdrawal fees?
There are no eToro fees for deposits, but there is a withdrawal fee.
How to contact eToro customer support?
You can contact eToro customer support from their website here.
Can I pay in USD with Trastra card?
Magicpuppet, thank you for your comment! No, the only fiat currency available for paying via Trastra VISA card is EUR. Also, there are a number of cryptocurrencies you can pay via Trastra card. You can learn more about it here: https://baxity.com/all-you-need-to-know-about-trastra-crypto-exchange-in-2020
And what is the minimum deposit from trastra card for Germany?
Depending on your region and the conditions of your country, the minimum initial deposit amount varies from $50 to $10,000. To specify the deposit amount for your country, you should contact their support – https://www.etoro.com/customer-service/. If you already have an eToro account, you can use the online chat or view it in the settings.
Please note: for unverified accounts, the highest deposit amount is $ 2,250.
If you are into Social trading then eToro is a good platform to use. Clean design, great functions and everything is easy to learn. But it’s better for advanced users.
Gan983@, thank you for your eToro review! It is great that our website become a platform for users to share their experience in forex world 🙂