New eToro Review 2023 (Updated)

In the ever-evolving landscape of investment platforms, it’s crucial to stay informed about the latest trends and options available. In this updated eToro review for 2023, we’ll take a deep dive into the popular investment platform So, buckle up and let’s dive into the world of eToro!

Is eToro Safe?

One of the most common questions traders have is whether eToro is safe to use. Is it a legitimate platform? Is it a scam? Can I trust it with my money?

The short answer is yes, eToro is safe. The long answer is that eToro is regulated by multiple regulatory bodies and holds licenses to operate, ensuring its legitimacy and safety.

⏩ Check out Our full article on: “Is etoro safe“

Regulatory Bodies:

✅ eToro (Europe) Ltd., a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license # 109/10.
✅ eToro (UK) Ltd, a Financial Services Company authorized and regulated by the Financial Conduct Authority (FCA) under license FRN 583263.
✅ eToro AUS Capital Pty Ltd., authorized by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
✅ eToro USA LLC, registered with FinCEN as a Money Services Business, operates eToro USA.

⏩ Check out Our full article on: “Safety and Regulation“

eToro What Makes It Stand Out?

1. A Social Trading Powerhouse 🌐

2. Wide Range of Assets to Invest In 📊

3. User-Friendly Interface and Mobile App 📱

The Pros and Cons of eToro: Weighing the Benefits and Drawbacks

A Brief History of eToro: From Humble Beginnings to Industry Leader

While eToro is best known as a world-leading social trading platform, it’s much more than that. Established in 2007, eToro has grown into one of the most prominent players in the industry.

Founding eToro

In 2007, three entrepreneurs, including two brothers and their friend, set out to create an online platform for traders worldwide. Their goal was to build a platform for trading various financial instruments without the need for traditional financial institutions like banks. They also aimed to provide traders with an array of helpful tools.

The eToro Timeline

1️⃣ 2007-2009: The trio launched an interactive website with easy-to-use graphs for market analysis. Over two years, they refined the platform.
2️⃣ 2009: They introduced Web Trader, an early version of the platform that offered specific tools based on skill level.
3️⃣ 2011: eToro launched the first social trading forum, OpenBook, capitalizing on the rise of social media.
4️⃣ 2012: The platform expanded to include stocks, in addition to commodities and currencies.
5️⃣ 2013: eToro released mobile apps for iPhone and Android, attracting more traders as smartphones gained popularity. The platform also began offering Bitcoin trading.
6️⃣ 2016: eToro introduced CopyFunds, a feature allowing traders to invest in professionally managed portfolios.
7️⃣ 2017: The company expanded its reach to over 100 countries and added more currency options for trading.
8️⃣ 2023: eToro now boasts millions of active traders from approximately 170 different countries.

⏩ Check out Our full article on: “Company Research And History“

Who Can Use eToro?

🌍 eToro welcomes users from 170 countries around the globe, as long as they’re over the age of 21. However, some countries are not yet part of eToro’s family, including Albania, Brazil, Canada, Cuba, Japan, Iran, North Korea, Serbia, Sudan, Syria, and Turkey. Sorry, folks! 😞

Check the full list of who is allowed and who is restricted from trading in our full article linked here below.

⏩ Check out Our full article on: “Countries allowed to trade on eToro?“

Opening an eToro Account: A Walkthrough

Step 1: Register with Your Facebook or Google Account

✅ Setting up an eToro account is as easy as pie! You can register using your Facebook or Google email address, and you’re ready to start trading with your demo account on the platform. Piece of cake! 🍰

Step 2: Verify Your Identity and Address

📄 To trade with real money on eToro, you’ll need to verify your identity and address. Simply upload a proof of identity (such as a government-issued ID or passport) and a proof of residency (like a bank statement or utility bill). Once that’s done, you’re all set to deposit money and start trading with your real account! 💰

⏩ Check out Our full article on: “How to Open an Account on eToro“

Important Trading Rules to Remember

🚨 While creating an account on eToro is quick and painless, you must be aware of some additional rules before diving into trading:

• Minimum deposit: $200 (except for bank transfers, which require a $500 minimum)
• Residents of China, Taiwan, Hong Kong, Macau, and Russia must deposit at least $500 to start trading
• U.S. and Australian residents only need to deposit $50
• Israeli residents must deposit a hefty $10,000 before trading on eToro
• UPDATE 30-3-2023: First deposit amount is now only $100 for traders from Poland, the Czech Republic, Romania, Slovakia and France.

Account Types on eToro: What Are Your Options?

eToro currently offers two account types:

1. Live Account (Real Account)

📈 The live account enables traders to use real money in trading. If you’re looking to leverage the platform for real-world gains, this is the account for you. But beware, as the majority of traders end up losing in trading, so proceed with caution! 😨

2. Demo Account (Virtual Account)

🎮 The demo account, true to its name, lets traders use virtual money in trading. It’s a risk-free environment, perfect for trying new strategies and techniques without endangering your hard-earned cash. Game on! 🕹️

eToro Account Tiers: Climbing the Ranks

🥇 What sets eToro apart from other trading platforms is its focus on the amount of payments received from trading, rather than the amount of deposits. This encourages healthier trading practices among members. If you want to level up, concentrate on increasing your wins, rather than trading non-stop, regardless of your win rate.

🥂eToro VIP Account: Step into the Elite Club

eToro takes pride in offering a prestigious VIP club membership for those who seek an exclusive trading experience. The VIP club is divided into five tiers: Silver, Gold, Platinum, Platinum+, and Diamond, with each tier unlocking additional benefits.

Higher tiers enjoy perks such as market analysis, live webinars (Gold), no withdrawal fees, exclusive assets (Platinum), a Financial Times subscription, and tickets to sporting events (Platinum+). Of course, the crème de la crème, Diamond members receive an invitation to the esteemed eToro Diamond Gala event.

All VIP members, starting from Silver, have access to a dedicated account manager and a daily market summary. The minimum balance required for each tier ranges from $5,000 (Silver) to $250,000 (Diamond).

⏩ Check out Our full article on: “eToro Club Tiers – Why and what to know 2023“

How Does eToro Compare to Competitors? 🆚

eToro is often compared to other well-known investment platforms such as Robinhood, Interactive Brokers, and Plus500. While eToro’s social trading features and diverse asset offerings make it stand out, it’s essential to weigh the pros and cons of each platform before making a decision. Here’s a quick comparison:

eToro Platform Overview

💻eToro Platform: User-Friendly and Sleek

The eToro trading platform boasts one of the most intuitive and user-friendly interfaces we’ve come across. Its simplicity caters to both experienced traders and complete beginners. The platform is designed for seamless navigation, with features like trade placement, watchlist creation, and instrument selection at your fingertips.

⏩ Check out Our full article on: “eToro User Experience“

🔧Indicators & Tools: The Essential Arsenal

What’s a trading platform without an array of indicators and tools? eToro ensures traders have the necessary resources for research and analysis. Some of the notable tools include:

• A comprehensive economic calendar highlighting upcoming and current market-influencing events.
• A social trading feature, CopyTrader, allowing users to explore and discuss trading ideas with others on the platform.
• An embedded market research tool, TipRanks, displaying crucial news headlines for informed trading.
• A collection of 67 indicators catering to various trading strategies, accompanied by drawing tools like lines and rectangles.

⏩ Check out Our full article on: “Chart types on etoro“

🌐CopyTrader: Embrace the Wisdom of the Crowd

CopyTrader, eToro’s innovative social trading feature, allows you to view and replicate the portfolios of other traders on the platform. With the ability to simultaneously copy up to 100 traders, you can diversify your investments based on various strategies and risk profiles.

CopyTrader also enables you to browse traders’ profiles, assess their risk scores, review their portfolio performance, and analyze other vital statistics to make informed decisions on whom to copy.

⏩ Check out Our full article on: “eToro CopyTrader”

📱eToro App: Trade on the Go

eToro’s mobile platform ensures you can trade efficiently, even when you’re on the move. Although the Android app closely resembles the desktop version, it lacks certain features, such as drawing tools and a reduced number of indicators (5 instead of 67).

⏩ Check out Our full article on: “eToro App trading on the go!”

📊eToro Offerings: A Diverse Selection of Assets and Instruments

eToro caters to a wide range of trading preferences with a diverse selection of assets and instruments:

💱Forex

Featuring 47 currency pairs from global markets, eToro covers popular combinations like EUR/USD, AUD/USD, and GBP/JPY.

⏩ Check out Our full article on: “FOREX Trading On eToro – 3 Easy Steps“

📈Stocks

Although eToro offers stocks from 17 global stock exchanges, the selection is limited to the most popular stocks, such as Apple or Tesla. Smaller companies and less-known stocks are not available. For instance, only 10% of the total number of companies listed on the Nasdaq exchange can be traded on eToro, and similar limitations apply to other exchanges on the platform.

⏩ Check out Our full article on: “How to pick stocks on etoro“

📊Indices

eToro also provides access to 13 stock market indices, including the renowned Dollar Index and the S&P 500 Index, which features 500 large companies listed on the Nasdaq and New York stock exchanges.

⏩ Check out Our full article on: “Indices on etoro“

🌐ETFs

With 83 ETF options available on eToro, traders have a plethora of choices. The platform displays ETFs in an easy-to-navigate tiled layout, with additional information provided for better decision-making.

⏩ Check out Our full article on: “Trading ETF basics on eToro“

🏅Commodities

eToro offers a variety of commodities for trading, including gold, silver, copper, platinum, palladium, cocoa, and oil, among others.

⏩ Check out Our full article on: “Trading Commodities on eToro“

📈CFDs

As a CFD broker, eToro provides access to 1,933 CFD trading options, an impressive number compared to other brokers in the industry.

⏩ Check out Our full article on: “What is a CFD contract?“

💸 eToro Fees: What to Expect

While trading online, you’ll inevitably encounter fees, and eToro is no exception. Let’s break down the two types of fees you’ll experience on eToro:

📈 Trading Fees

Trading fees include financing rates, conversion fees, spreads, and commissions. Luckily, eToro’s trading fees are quite competitive, and the platform even offers real stock trading with zero-commission fees. However, eToro’s forex fees are slightly higher than average, so keep that in mind.

📉 Non-Trading Fees

Non-trading fees are incurred outside of trading, such as inactivity fees or withdrawal fees. eToro’s non-trading fees are relatively low compared to other platforms.

⏩ Check out Our full article on: “eToro Fees and Commissions“

💰 Deposits and Withdrawals: Getting Your Money In and Out

Depositing and withdrawing money on eToro is a breeze, but make sure the accounts you use match the name registered on the platform.

🏦 Deposits

The minimum initial deposit is $200, and you can deposit via various options:

• Bank transfer
• Credit/debit card
• PayPal
• Neteller
• Skrill
• China UnionPay
• Klarna/Sofort Banking

News UPDATE 30-3-2023: First-time deposit amount is now only $100 for traders from:

• Poland
• Czech Republic
• Romania
• Slovakia
• France

For instant deposits, choose credit/debit cards or electronic wallets, but be aware of transaction limits. Credit/debit cards have a limit of $40,000, while electronic wallets have a limit of $10,000 or $30,000. Bank transfers take 4-7 business days but have no maximum transaction limit. While eToro doesn’t charge deposit fees, currency conversion fees can reach up to 2.4% since the platform only uses USD accounts.

💸 Withdrawals

Withdrawals on eToro come with a $5 fee per transaction, which is high compared to similar brokers. Additionally, eToro enforces a minimum withdrawal limit of $30. Withdrawals can be made through credit/debit cards or electronic wallets, but make sure your identification matches to avoid issues. Withdrawal processing time ranges from 1-3 business days, depending on the payment provider.

👩‍💼 Customer Service: Getting the Help You Need

eToro offers various ways to reach its customer service team, and users typically connect to a representative quickly, but for more nuanced support tickets, the support has been reported to be slow.

⏩ Check out Our full article on: “etoro Customer Service review“

🚀 Bonus Features: eToro’s Hidden Gems

As if the core features weren’t enough, eToro boasts additional perks:

• Extra security: Two-factor authentication is available for enhanced account security.
• Language support: eToro supports 20 languages, making it more accessible than many other brokers.
• CopyTrading: Although eToro only offers manual trading, you can still copy other traders or groups of traders’ investments.
• Currency wallet: eToroX provides a separate mobile app for all its currencies, featuring a similar interface to the main eToro app and even allowing access to social trading.
• Notifications: eToro provides push notifications on both the web and mobile versions, keeping you informed about your watchlist assets and fulfilled orders.

⏩ Check out Our full article on: “eToro Bonus“

🔎 eToro FAQs

1. When did eToro start? eToro was founded in 2007.
2. Who created eToro? Ronnen and Yoni Assia, along with their friend David Ring, started eToro.
3. Where is eToro’s headquarters? eToro’s main headquarters is located in the UK, with multiple offices worldwide.
4. How many active traders are there on eToro? As of this writing, eToro has approximately 9 million active traders.
5. What’s the minimum deposit on eToro? The minimum deposit on eToro is $200.
6. How much are fees on eToro? Fees depend on your transactions. Deposits are free, but currency conversion and withdrawals can be more expensive compared to other brokers.

⏩Check out Our full article on: “eToro: Question and Answers“

🏁 Conclusion:

In summary, eToro is an excellent platform for both beginners and experienced traders, particularly those interested in currency trading. With its focus on safety, convenience, and ease-of-use, as well as the added bonus of social trading features, eToro stands out among its competitors. However, it’s essential to consider the fees and limitations associated with the platform and compare it to other options on the market. We hope our eToro review has provided you with valuable insights to help you make an informed decision about whether eToro is the right trading platform for you.

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GENERAL RISK WARNING

• ▸eToro is a multi-asset platform that offers: Stocks, Crypto assets, and CFDs.
• ▸CFDs are complicated and can make you lose money quickly because of leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. Think about if you understand how CFDs work and if you can afford to take the risk of losing your money.
• ▸Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
• ▸Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
• ▸Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
• ▸eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity-specific information about eToro.

Be warned!

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Author & Expert Trader - Financial Analyst :

My name is Bart Bregman and I am a full-time professional trader with nine years of experience. I specialize in shorter-term trading using technical analysis, and I have extensive experience with Stocks, CFDs, Options, and Crypto trading. I believe that there is no such thing as a bad trade. I'm currently traveling the world as a digital nomad trader. You can follow my journey on Instagram at https://www.instagram.com/bart_bregman/