Last Updated : Tuesday 5th September 2023
Written By Tim BaudinForex Trading Instructor
Regulation : CySEC, FCA and ASIC
Accepts US Clients: Yes
Min. Deposit : $200
Leverage : 30:1
Platforms : eToro Platform
- Access to world’s largest social investment network
- 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
The Verdict :
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.
65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Expert Opinion
- User reviews
eToro is a Cyprus based social trading network founded in 2007. Their headquarters is situated in Limassol, Cyprus. They are regulated by CySEC, FCA and ASIC . This is a rapidly growing global marketplace where traders can trade in currencies, commodities, indices, and stocks.
They have an enormous social trading community with 8 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.
eToro requires a minimum initial deposit of $200 which is flexible and suitable for most of the beginner forex investors. They provide a leverage ratio as high as 1:30 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 platform is particularly useful for social trading. Here, traders can learn and follow the trading and trading strategies of experienced 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.
What We Liked:
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 Platform|
|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||$200|
|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||CySEC, FCA and ASIC|
|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|
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Highly volatile investment product. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance is not an indication of future results. The content is intended for educational purposes only and should not be considered as an investment advice. Your capital is at risk.