Last Updated : Thursday 9th March 2017
Written By Tim Baudin
Forex Trading Instructor
Regulation : FSA, BaFin, CONSOB, CNMV, Banque de France, Finanstilsynet, FI, CMC, CSSF, AFM, ASIC, CFTC, NFA
Accepts US Clients: Yes
Min. Deposit : $200
Leverage : 1:400
Platforms : eToro Webtrader, eToro Open Book, eToro Mobile Trading App, Copy.me
- Access to world’s largest social investment network (Openbook)
- High leverage ratio 1:400
- Copying other forex trading experts with CopyTrader
We Don't Like
- No desktop trading platform
- Scalping not allowed
- Read our guide : How to Trade Forex Using eToro – Social Trading Platform
Traders can trade with this outstanding social investment network. This is a very useful social trading platform for beginner Forex traders as they can learn and follow expert trader’s trading strategies.
eToro is a highly recommended social trading network, especially for beginner Forex traders and investors.
- Expert Opinion
- User reviews
They have an enormous social trading community with 2.75 million users in more than 140 countries worldwide. They have introduced the world’s first social investment network named eToro OpenBook.
eToro has built themselves as world’s best forex network for social trading, and their platforms are designed for this social forex trading. They provide three different trading platforms.
eToro has web-based trading platform where traders can access and trade instantly without downloading any platform. This web-based trading platform includes all the required features for forex trading. Here is a screen shot of this web-based trading platform.
eToro has web-based Open Book trading platform where traders can judge other successful traders and follow them. Here are some snap shot of this trading platform.
eToro Mobile Trading App:
eToro has mobile based trading platform app for iPhone, iPad, Androids and Windows mobile phones. Traders can trade from their mobile phones using these apps. This trading platform has all the features of other trading platforms of eToro.
Experienced forex traders or Gurus can earn money from their followers using this platform. Traders earn spreads from their followers. This is the benefit of social trading for advanced traders.
eToro require a minimum initial deposit of $50 which is flexible and suitable for most of the beginner forex investors. They provide leverage ratio as high as 1:400 which is another attractive feature of this broker. eToro is a transparent broker with responsible trading policy.
Traders can find out successful traders and trading strategies as these are open information for eToro clients. Premium account holders can access to the e – signal. Stop losses and other trading orders get instant execution as there is minimum slippage. eToro Open Book is particularly useful for social trading. Here, traders can learn and follow trading and trading strategies of experienced traders
Types of Trading Accounts:
eToro offers different type of trading accounts for their clients. Traders can choose their suitable account type among these accounts. Types of trading accounts of eToro are,
• Bronze Trading Account ( suitable for Basic Level Forex Traders)
• Silver Trading Account (suitable for Intermediate Level Forex Traders)
• Gold Trading Account (suitable for Advance Level Forex Traders)
• VIP Trading Account (suitable for Professional Level Forex Traders)
Commissions and Spreads:
eToro does not charge any commission for trading in the forex market. eToro charge tight spreads for their clients and their spread is as low as 2 pips. Another advantage of this platform is they do not charge rollover fees for holding an overnight position. They charge a very small amount for holding positions for a week.
eToro provide 24 hours (Monday to Friday) customer support through live chat, email, telephone and fax. They have international phone number for many countries. Traders can contact their active and friendly customer support through these telephone numbers. Traders can also contact them in their offices situated in British Virgin Islands, Cyprus, USA and Australia.
What We Liked:
Social Guru Trader Program: This is a very good opportunity for expert forex investors & traders to earn extra money besides trading. They can earn money from their follower traders. They earn when their follower earns money by copying their trades. In this way, a trader can earn up to $10,000 per month.
eToro Trading Academy: The eToro Trading Academy is full of forex market and trading resources. This section has been developed to help traders to enrich their forex trading knowledge. This trading academy section consists of Live Webinars, course, eToropedia and Trading Videos.
What We Disliked:
No Desktop Trading platform: eToro is not providing any downloadable desktop trading platform. Desktop trading platforms like MetaTrader 4 is more stable and reliable trading platforms than web based trading platforms.
Scalping is not allowed: Scalping is not allowed in eToro broker. Scalping is a popular method of short term trading. Due to the absence of scalping opportunity, scalpers have to stay away from this broker.
The Bottom Line:
There is not perfect trading platform in the world. Different platforms meets different criteria. Thus, traders should look for their own requirements. Except some minor limitations, eToro has many advantages that attract more and more traders to their social trading platform eToro Openbook. eToro is a highly recommended forex trading network, especially for beginner forex investors.
I trade with eToro for 2 months and I like it. I got fast support when I had a question about the graphs
Portion of actual user comment on About-forex.org
I have an account there, been trading with them for a month or so and cashed out twice. As far as my experience goes, they’re legit.
Portion of actual user comment on Forextopten.com
I’ve been trading with etoro for almost a year and only had a few minor problems which were always fixed promptly. The first time I withdrawn money it took longer, but afterwards withdrawals were quick. eToro is a great platform and I highly recommend it to all traders…
Portion of actual user comment on Forexfl.com
“…Also, it works unceasingly, and it runs expeditiously fast. This eToro is very great! Excellent. We all liked it. It’s pleasant, fast and exact…
Portion of actual user comment on Forexfinder.com
|Trading Platforms||eToro Webtrader, eToro Open Book, eToro Mobile Trading App, Copy.me|
|OS Compatibility||Mac, Microsoft Windows, Mobile, Web, iPhone, Android.|
|Web Based Trading||Yes|
|Platform Languages||English, French, Spanish, German, Russian, Italian, Chinese, Arabic, Turkish, Portuguese, Japanese, Polish, Greek, Dutch, Swedish, Finnish|
|Addition Services||Social trading, Streaming news feed, Charting package, Market commentary, Copy Trade|
|Other Tradable Instruments||Metals, Oil, Gold, indices, Commodities.|
|One Click Trading||Yes|
|Account Details :|
|Min. Initial Deposit||$50|
|Typical Spread (Majors)||EUR/USD – 3|
|Deposit Options||Credit Card, Debit Card, Wire Transfer, Moneybookers, Paypal, Webmoney, Moneygram, Western Union, Neteller.|
|Withdrawal Options||Credit Card, Wire Transfer, Moneybookers, Paypal, Webmoney, Neteller, Moneygram, Western Union|
|Account Types||Bronze, Silver, Gold, VIP|
|Number of pairs offered||16|
|Dealing Desk||No, STP|
|Additional Features||Live Webinars, eCourse, eToropedia, Trading Videos, Social Trading, and Trading Tips.|
|Bonus and Promotion:|
|No Deposit Bonus||NA|
|First Deposit Bonus||NA|
|Other Promotional Offers||Refer a Friend, Social Guru Program|
|Company Information :|
|Headquarter In||Limassol, Cyprus|
|Regulating Authority||FSA, BaFin, CONSOB, CNMV, Banque de France, Finanstilsynet, FI, CMC, CSSF, AFM, ASIC, CFTC, NFA|
|US Clients Accepted||Yes|
|Customer Support Languages||English, French, Spanish, German, Russian, Italian, Chinese, Arabic, Turkish, Portuguese, Japanese, Polish, Greek, Dutch, Swedish, Finnish, Multi-lingual.|
|Support by||Live chat, Telephone, Fax and Email|