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eToro Review – Best Social Trading Platform
eToro Review Overview
eToro Review: is a multiasset trading platform that offers over 2300 trading instruments including stocks, EFTs, popular cryptos, indices, comedies, and currencies trading. eToro is best known for its excellent copy trading system and cryptocurrency trading. The company was first founded in Israel in 2007 by three partners, who aimed to create a financial trading platform suitable to traders of all levels, and now one of the top brokers by 2021 with 13 million registered customers worldwide.
PROS:
- Best Social Trading Experience
- Regulated by ASIC, FCA, and CySEC
- Stock and ETF zero fees trading
CONS:
- Only USD support as the base currency
- For Forex and CFDs Slightly Pricier; however, low-cost leaders such as XM Broker.
- Don’t support mt4 & mt5
eToro Review : Is eToro Safe?
The broker is regulated by two top-tier financial authorities. Australian Securities & Exchange Commission (ASIC) and the Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission are extremely strict financial regulatory institutions. This will make traders feel much safer and more secure. The broker won so many prestigious awards “Best Broker for Cryptos”, “Best Broker for Social Trading”. eToro will surely live up to its reputation.
back to menu ↑ back to menu ↑Social Trading (Copy Trading)
They have taken copy trading to another level. Users don’t need to buy any VPS service, they can choose an investor and copy all his trades automatically. Where other brokers charge $5 – $30 per month just for VPS service.
eToro is a very promising platform for both beginners and expert traders. Beginners can copy trades from Expert traders for a certain amount of dividend share, and as an expert investor, he can have a lot of traders from the platform. The expert trader will get dividends from all the users who copied his trades. This feature benefits both beginners and advanced traders.
back to menu ↑ back to menu ↑eToro Fees & Commissions
Trading fees play a special role while choosing a broker. eToro Trading Fish is very transparent. You can easily know the details about all the fees. The broker does not charge any commission for trading, but its spread is double that of their other competing brokers. For example, the Euro USD pair has a spread of 1 pip, while the XM broker spreads to start with 0 pip and no commission fees. For scalpers and day traders eToro might not the best solution.
Inactivity fees
eToro charges inactivity fees if an account not used for 12 months, and eToro doesn’t close any open position to deduct inactivity fees, also there are no inactivity fees if the account balance zero. After 12 months, they charge an inactivity fee of $10 per month. But you can easily get rid of it by logging in once in 12 months.
Stock trading fees
There are no commission fees for stock trading which is a big advantage. But we have seen lots of brokers which charge very high fees for trading stocks.
back to menu ↑ back to menu ↑How to open an Account with eToro
The process of opening an account on eToro is very simple, you can open a trading account using your mobile or computer in a few minutes. First, you have to provide your personal details. Then confirm email and phone number, and then complete the verification process.
The account verification process is the same as other brokers. They will ask for some documents for identity and address verification. You can use your driving license or passport or your national ID card for identity verification. And for address verification, you have to provide a verified document where your address is clearly written and the address matches with your identification document. In this case, you can use the electricity bill or your bank statement, etc.
And the verification process can take up to 3 business days which is much longer than other competitor brokers. In most brokers, the verification process is completed within 1-2 business days.
And it takes about 15 minutes to fully verify an account at XM Broker.
back to menu ↑ back to menu ↑Trading Instrument
This eToro review outlines that the broker offers access to over 2300 trading instruments including stocks, EFTs, popular cryptos, indices, comedies, and currencies trading.
Stocks
There more than 1,500 stocks available to trade on eToro, luckily there is no commission stock trading.
eToro Review: ETFs
eToro’s Exchange-traded funds are created by financial experts, which allows users to invest in the underlying asset.
Cryptocurrencies
Due to the recent cryptocurrency bull run. eToro has a high market demand as it supports 18 major cryptos. And remember cryptocurrencies support only 2X leverage, where other platforms support 100X leverage.
Currency pairs
Currently, eToro supports 47 currency pairs, including majors, minors, and exotics. Currencies are always traded as CFDs on eToro, so there is no need to buy the underlying asset. Currency support as high as 400X leverage.
eToro Review: Indices
eToro offers several Indices which you can trade in the form of CFDs, allowing investors to go long or short and use leverage. Indices support as high as 100X leverage.
eToro Review: Commodities
Commodities have physical representations in the real world, making them a unique investment. On eToro, commodities are only available as CFDs. You can trade commodities with as high as 100X leverage.
back to menu ↑ back to menu ↑eToro Review: Islamic Account
eToro does support Islamic accounts, however, you have to deposit at least $1000 to be able to convert your account to Islamic accounts.
back to menu ↑ back to menu ↑Mobile compatibility
They have their Proprietary mobile app and web trader. They have done an excellent job with their mobile app. The website loads a lot better on mobile which is a lot like web traders. With both Web Trader and the mobile app, you can create watch lists that are synchronized between the website and the mobile app. And the mobile app supports social trading.
However, in the case of mobile, only five indicators are supported and 67 indicators are supported in Web Trader, and you cannot draw like a web trader through the mobile app.
Cryptocurrency Wallet is a completely different mobile app that allows you to make deposits and withdrawals.
back to menu ↑ back to menu ↑Education and training
According to the report of our eToro review team, their education section tip is not very full, but the amount that is available is enough for most traders. eToro Broker Provision Educational Videos and Platform call All in All Learning Lab. Initially, you can use their demo account option to test your trading strategy. The complete guide to fintech includes an introduction and 18 chapters, which will help beginners and medium traders, but there are no special education resources for advanced traders.
However, eToro offers additional education tools for its club members.
However, if you are new, you can also take educational resources from other brokers. XM and BDSwiss’s education resources are much more self-contained, you can take a look if you want.
Demo account
eToro broker offers 100,000 virtual money account, which can be used to test your trading strategy or to copy other traders portfolio and watch real-time portfolio growth.
We prefer to use a cent account (cent account shows 1 $ = 100 $) instead of virtual money. But eToro minimum deposit is $200 and doesn’t offer a cent account. Where XM broker offers cent account and the minimum deposit is only $5. which will help you get a taste of real trading using real money. It’s far better to use a real cent account rather than a virtual currency. For example: If you deposit $5 in a cent account, your account will show you like $500 in your trading platform. This allows you to trade using all the tools like real trading, which will help you to master money management and other things much better. back to menu ↑ back to menu ↑Platform & Tools
The main feature of the broker is its copy trading service.
Ease of use: Rocket makes it easy for you to do basic tasks, such as creating watchlists, finding instruments, and placing trades directly from watchlists. And the watch list is synchronized between the mobile app and the web trader. Which makes it easily accessible through any device at any time. Broker Tier’s user experience is best in the class in the ease of use category, which will be very helpful for beginner traders. We think if Apple brand was a broker then their interface would be like this 🙂
Copyportfolios Tools: Copyportfolios is a wonderful innovative tool, where Tora groups traders into a single fund user can copy trade from. CopyPortfolios creates a bridge for investors who want to use the eToro on a passive basis, as they can create a portfolio depending on any one or more copy portfolios. And self-directed traders can use copy portfolios to diversify their balances.
Cryptocurrency Tools: Cryptocurrency traders can take trading ideas from the community and copy the trades of any individual trader or a group, eToro faculty currently supports 16 cryptocurrencies. However, in the case of cryptocurrency, you will only get twice the leverage. But in other competitor brokers, you can get 100X leverage in the case of cryptocurrency if you want. But keep in mind that the more leverage you take, the more risky the trading will be because the amount of profit and loss will be much higher even with a small change in price.
Copy-Trading Structure: The trades that investors place in eToro are done completely manually. eToro does not support automated trading through MetaTrader 4. So you can be sure that the trades are done manually by the experts, no robots or automatic strategies are used.
back to menu ↑ back to menu ↑eToro Review: Research Tools
eToro research tools are not quite award-winning, it offers fewer research tools compared to most other brokers, most of them have the purpose of copy trading. As a result, low volume recharge tools do not affect traders.
Research tools: Basic flaws for market research, such as economic calendars, earning report calendars, news headlines, daily market analysis, and podcasts, live webinars. Some of these are not directly integrated on their website.
Fundamental Analysis: It must be acknowledged that eToro is doing a great job in terms of fundamental analysis. Every day they are updated with the market. And the quality of the articles is very good and informative. However, the eToro club has 5 different types of membership, according to the membership users can access in-depth market analysis updates and live webcasts. And eToro club platinum users can access private trading signals platform. And they can get a personal professional market analysis if they want to if they think it’s urgent.
Newsfeed: Its interface is a lot like social media, here eToro users can express their own opinion about a particular instrument and other users can like and comment on it, so that a trader can get an idea of ​​what other traders are keeping, that’s a lot. Like Twitter, which is very helpful in building a beautiful social trading community. Although the quality of the posts of general or Tora users is average, the quality of the content of third-party professionals is very good.
back to menu ↑ back to menu ↑eToro Review: Customer support
Our review team little disappointed about customer support, in order to reach customer support users can use the live chat or feeling out a ticket. However, customer support is not available for all regions, but you can send a text message with details through a support ticket, and they will reply to you via email. By the way, email communication is much slower than live chat or phone calls. Typically it takes 10 minutes to get a reply. Maybe it’s due to its high customer demand for the cryptocurrency market. And recently the cryptocurrency market is booming, in this case they can increase support members.
However, in addition to customer support, they have an FAQ option called Help Center, where solutions to common problems are written in detail, you should search for your problem in the help center first. If you don’t found your solution from the help center, then you can directly contact customer support.
back to menu ↑ back to menu ↑Final Thoughts
The eToro as a user interface is much friendly.
For retail traders, eToro can be a very good investment source, where passive income can be made through copy trading. Although there is a fixed amount of interest available by keeping money in the bank, it is possible to make more profit than trading, but there is also a risk of loss.
We do not recommend eToro for medium and expert traders, because of its higher spreads, and smaller amount of trade size, and less leverage. And doesn’t support the MetaTrader platform. Does not support automatic trading. However, for those who want to join eToro as an investor, it is very useful because you will find a lot of customers here. Those who will copy your friends and you will get a share of their profits. Which can be an extra source of income for investors.
In terms of social trading facility, eToro scores number #1 choice for 2021. And in the trading community, they are considered the number one social trading platform. However, we will not refer to it for advanced trading, If you looking for an advanced trading platform with all advanced trading features XM can be the first choice.
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