eToro

eToro trading platform review
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eToro Trading Platform Review

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About eToro

Based in Tel Aviv, eToro was established in 2006 as RetailFX by three entrepreneurs, Ronen and Yoni Assia and their partner David Ring. The brokerage firm was founded with the vision To make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. Today, eToro is among the top forex brokers in the world, serving millions of traders worldwide, and considered the world’s leading social trading platform.

In the UK, investors can choose to open an account at eToro UK Limited, thus be protected by the FCA, non UK investors can have their accounts with eToro (Europe) Limited, regulated by the Cypriot Securities and Exchange Commission (CySEC).

eToro’s “CopyTrading” feature which is the company’s flagship trading platform allows beginner traders  to copy the trades of experienced traders. The beginner traders benefit from copying experienced moves while the more experienced traders get the opportunity to leverage their trading skills into an additional revenue stream.

 

Regulations

  • CySec –  eToro (Europe) Ltd is regulated under the Cyprus Securities and Exchange Commission (CySEC) – Licence Number: 109/10.
  • FCA – In the UK, eToro UK (company registration number 7973792) is authorized and regulated by the Financial Conduct Authority (FCA), under firm reference number 583263.
  • MIFID – Both entities operate under and comply with the Markets in Financial Instruments Directive

 

eToro’s Webtrader

The eToro Webtrader is a combined social trading application and web trading platform. The platform was built based on two products of eToro, the first is eToro’s OpenBook which was used to search for traders to follow and eToro’s CopyTrader which enabled to automatically copy their trades. Both the products were integrated into one single platform, the eToro WebTrader, which is the current platform offered by eToro today.
The web-based trading platform is accessible from any computer with an internet connection. It is a web-based application and no download is required. The platform allows the trader to access the platform from any of the popular web browsers like Chrome, Internet Explorer, Firefox and Mozilla.

The WebTrader contains a numeros technical indicators and can also be used to trade selected stock indices, crude oil, cryptocurrencies and gold. The WebTrader is synchronised with eToro’s OpenBook social trading platform, enabling trader’s to copy trades from successful traders listed on eToro’s leaderboard.
Trading on the eToro WebTrader is exclusively under market maker conditions, and trades are executed by a dealing desk.

What is eToro’s CopyFunds?

The eToro CopyFunds program is a managed portfolio account system where traders can simply put funds in a PAMM account (percent allocation management module) allowing the trader to manage simultaneously unlimited quantity of managed accounts all on one trading platform and have a top trader make all the trading decisions. All a trader needs to do to participate is to fund the trading account, find a CopyFund that fits their investment objectives and strategy, and click to join the desired portfolio.

Traders have the choice to trade in two types of CopyFunds:

1. Top Trader CopyFunds, made up of eToro’s best performing and most sustainable traders.

2. Market CopyFunds where assets comprising stocks, commodities or ETFs are bundled together under a chosen trading strategy.

With CopyFunds, traders can get a managed portfolio by simply copying a CopyFund that makes sense for them.

 

Do they offer Cryptocurrency trading?

eToro were among the pioneers in the cryptocurrency trading, offering Bitcoin trading as early as 2014. Since then eToro has expanded its range of cryptocurrencies in its portfolio and offers the following digital assets:

  • Bitcoin
  • Bitcoin Cash
  • Dash
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Ripple

eToro allows the possibility of trading cryptocurrencies through CFDs and not having to deal with the hassle of buying the cryptocurrencies, making it more affordable, more secured and allows the traders the ability to leverage trades with a leverage ratio as high as 1:400. In addition with eToro, it is also possible to copy the trades of popular investors or CopyFunds.

etoro crypto currencies

Bonuses and Promotions

  • eToro Practice Account – The eToro practice account allows the potential customer to test the trading platform without any financial obligation with an initial deposit of up to $100,000 in virtual currency.
  • 100% spread rebates – With the eToro’s Popular Investor program which allows traders to earn additional income from traders that copy his trades. successful investor traders will also get to enjoy a 100% spread rebates for all their trades.

 

Deposits and withdrawals

In order to open a live trading account with eToro, you will need to deposit a minimum of $50. Deposits and withdrawals at eToro are fast and efficient and there is a wide range of payment methods available:

  • Credit / Debit card
  • Skrill Limited
  • Giropay
  • Wire Transfer
  • WebMoney
  • Neteller
  • PayPal
  • China Union Pay
  • Wirecard
  • Yandex

For withdrawals, the user must fill out a withdrawal form in the Cashier section of the website. The withdrawal of funds can be done through credit cards, PayPal and bank wire transfer. The precise method used for the withdrawal of funds will depend on the method that was used to deposit the funds.

 

Platform Advantages and disadvantages

Advantages

  • Reliable and well regulated broker
  • Low minimum deposit of only $50 and above
  • User friendly platform
  • Copy trading and social trading possibilities
  • Wide variety of Cryptocurrency trading

 

Disadvantages

  • Does not allow scalping
  • Customer support available only 25/5. Not during the weekends

 

Conclusion

eToro is clearly at the forefront of social trading offering their social trading platform is fairly easy to use, and offers a free practice account just for signing up. eToro also rewards its most successful clients, since in addition to making money in their own accounts, profitable traders can make money by having other traders follow their trades. eToro offers a great opportunity to connect and learn from other traders as well as allows as well learning the ins and outs of the trading.  Altogether, a great broker for both experience and noobies traders.

 

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