Founded in 2007, eToro is one of the fastest-growing and most unique brokerage companies operating currently on the global financial markets.
The broker is regulated by Cypriot Securities & Exchange Commission (CySEC), ASIC, Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA).
Etoro, which is a social trading pioneer and technology developer, has more than 5 million customers in more than 170 countries across the globe.
eToro offers a choice of two different types of trading accounts – standard and Islamic. Opening standard trading account at eToro is easy and requires a minimum deposit of $50.
For traders who want to trade the Forex market according to Shariah principles, they can choose to open an Islamic trading account with a minimum initial deposit of $1,000. In order to create an account, the user first has to register by filling a registration form that requires basic details.
For those who want to familiarize themselves with eToro forex trading and eToro bitcoin trading before jumping into real trading, there is a demo account supplied with $10,000 virtual cash.
Deposits and withdrawals
eToro offers you to start your own trading account with a minimum deposit amount that varies between $50-$1,000. As of May 8th 2016, the minimum first time deposit amount for Israeli customers was increased to $1,000.
Deposits and withdrawals at eToro are fast and there is a wide choice of payment methods available: Credit Cards, MoneyGram, Neteller, PayPal, WebMoney and Wire Transfer.
Withdrawals at eToro can be processed only after account’s verification. The minimum amount that can be withdrawn is $20.
eToro provides 3 ways in which traders can trade the markets – eToro WebTrader, eToro OpenBook, and eToro Mobile Trader.
Etoro WebTrader is a web-based trading platform which provides all the tools necessary to analyze one’s trades as well as enabling synchronization with OpenBook to copy the trades of others.
Etoro OpenBook enables following the progress of other traders as well as interacting with them in real time. With the integrated ‘Copy Trader’ feature, it is possible to copy the trades of more successful traders automatically in real time as well.
Due to the launch of eToro Mobile Trader app, traders can access the power of social trading with their smartphones. In addition to forex, trader can trade a selection of commodities and stocks with eToro’s trading platforms.
Commissions and spreads
Considering commissions at eToro, it is important to emphasize that eToro never charges commissions on trades performed by traders. On the other hand, traders have to pay a slightly wider spread on all their trades. In addition, eToro does not charge any fees for rollover trades which are unclosed overnight.
eToro is a broker tailored especially beginners, but also meets the needs of more seasoned and active traders. Low leverage options, very small initial deposit requirements and abundance of educational materials all ensure that the beginner will have a satisfying experience with this broker.
Like every other broker, eToro has its disadvantages. For instance, the lowest spread supported by eToro is two pips, whereas many now support as low as one-tenth of a pip. The service also does not provide the MetaTrader platform.
We invite you to visit their website and explore their trading guides as soon as you can.