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Our note:
eToro has a high rating thanks to its “social trading” or “copy trading” offering. If you’re looking for this service and you’re a beginner eToro is the perfect broker. Its fairly high spread, however, can scare off more sophisticated traders unless they are interested in the 400 leverage. In any case, this broker is ideal for beginners to get started and understand while analyzing the positions of the platform’s traders.
What does the eToro trading experience look like?
Platforms and applications
eToro offers an easy-to-use, customized trading platform, available as both a downloadable program and broswer-based WebTrader. eToro also offers mobile applications for Android and iOS, making it easy to track and execute trades while on the go.
Execute exchanges
eToro allows you to execute a minimum of $25 transaction. This may vary depending on the account you open. eToro allows you to execute a maximum trade of 20% of equity. As eToro offers STP execution, you can expect tighter spreads with more transparency on the price you pay to execute your trades. As with most brokers, margin requirements vary by trader, account and instrument, but as a guideline, eToro offers margin of up to 0.5 on currencies
What will you need to open an account with eToro?
As eToro is regulated by the Financial Conduct Authority, CySEC, each new customer must pass some basic compliance checks to ensure that you understand the risks of trading and are authorized to trade. When you open an account, you will likely be asked to complete the following. A scanned color copy of your passport, driver’s license or national identity card A utility bill or bank statement from the last three months showing your address You will also need to answer some basic compliance questions to confirm the trading experience. It’s best to set aside at least 10 minutes to complete the account opening process. Although you can explore the eToro platform right away, it is important to note that you will not be able to trade until you are compliant, which may take several days, depending on your situation.
Quality customer support
Throughout the course of their investments, eToro members can request assistance from the broker’s team. Customer support is available 24 hours a day, Monday through Friday and can be contacted directly by phone. eToro also has a Frequently Asked Questions area. Virtually all trading topics are covered there, and if the question is very specific, there is a form to ask a question directly on the site.
Technical details in trading
eToro requires a minimum of $200 at the time of registration. Once registered, investors have a choice of 1,000 assets including currencies, stocks, indices, metals and commodities. Advanced traders will be delighted with the very competitive spreads offered on the platform.
65% of retail investors’ accounts lose money when they trade CFDs with this provider. You should ask yourself if you understand how CFDs work and whether you can afford to take the significant risk of losing your money.
A recognized broker
eToro has had over 2 million active members since its launch in 2007. This success is due not only to its various features, but also to its reputation in the market. The broker is indeed recognized by the institutions of control: CySEC and the FCA.
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