A Complete eToro Forex Broker Review Forex Brokers Review
The minimum deposit required to open an eToro account varies by country. This minimum amount applies to personal accounts only, as corporate accounts are charged differently. Many users consider the platform more expensive than its competitors, making it less appealing to users on a tight budget.
EToro charges a 1% commission in addition to the spread cost for buying and selling cryptos. An attestation to eToro’s high regulation transparency is its risk notice found at the bottom of the main page. It cautions traders against the risks of cryptocurrency trading and copy trading. This is particularly important given that eToro offers a fairly large amount of cryptocurrency assets structured in different ways.
Diverse Range of Tradable Assets
It allows beginner and less experienced users to copy the practices of successful and seasoned investors in the CopyTrader feature. For international traders, the broker has obtained a licence from Australia’s ASIC, which caters to the Australian market and the entire global clientele. Almost all global traders are offered an account under the company’s ASIC-regulated brokerage, which does offer a great deal of funds safety and investor protection. However, international traders may not expect the same levels of safety offered to Australian clients. Traders are given two different eToro trading account forex etoro review choices; one is the Retail client account, while the other is a Professional client account.
Is eToro an ECN broker?
If you prefer, you can also sign up with your Facebook or Google account. Once you have created your account, you will be taken directly to the web-based eToro platform, where you will be asked to complete your profile by adding your personal information. EToro charges a $5 cash withdrawal fee and a minimum withdrawal fee of $30. There is also a conversion fee ranging from 50 to 100 points for deposit transfers and withdrawals.
Commissions and fees
- This is due to ‘slippage’ which is when volatility is high and the software program is unable to exit the trader at the price requested.
- We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.
- Nevertheless, we will offer all the information you need about the eToro Forex broker and its numerous services in this eToro review.
- As shown in the above image, price action is illustrated clearly; it is remarkably easy to scroll price action up and down.
- You can also change the time frame, change the time zone, choose the chart types and compare different charts through the charting software.
- EToro is an excellent choice for social copy trading and crypto trading (and earned first place ranking for both categories in our 2024 Annual Awards).
- The minimum first deposit amount as well as the subsequent deposits vary depending on the country.
Clients have access to 75+ cryptocurrencies – greater than the industry average. Examples of crypto assets offered by the platform include Bitcoin, Ethereum, Litecoin, and Cardano. As an experienced chart analyst, I found its charts particularly effective for examining price action behavior. This makes the platform suitable for implementing in-depth technical analysis. Furthermore, it supports robust risk management strategies, allowing traders to adjust leverage for each trade, thereby enhancing control over their trading risks. Users may simply access all of eToro’s platform features via eToro’s mobile trading app, which is free to download from the respective app stores for both Android and iOS smartphones.
EToro blends the latest technology with a user-friendly interface, creating an entry point for all traders, including first-timers. The platform offers a unique and enriching social trading experience that allows traders to connect, communicate, and gain from one another. The web-based trading platform supports social trading well, and ProCharts allows manual traders to analyze markets. It does lack advanced features, and algorithmic and API trading are not available.
My Key Takeaways After Testing eToro’s Mobile App
It offers an innovative approach to social trading in a community-driven landscape, where traders can copy the trading practices of seasoned investors. Despite a largely positive experience with the eToro Forex trading platform, we felt more inclined towards the more established platforms, such as the MetaTrader and cTrader terminals. In that respect, we find the eToro broker platform to be one of the best social trading platforms in the entire market. It is very easy to manage positions by allocating funds to different Popular Investors, with traders having complete control over where to invest their capital. Additionally, there is no management fee when you copy other traders and no rollover fees. However, the cost of trading CFDs comes in the form of the spread and overnight fees.
My Key Takeaways After Testing eToro’s Proprietary Platform
You can deposit funds as soon as you sign up for an eToro account, but we recommend you upload your verification documents and wait for the broker to verify your identity before doing so. We can’t stress the importance of account verification enough, as this is one of the most contentious issues between traders and their brokers. The company forayed into the Forex trading industry with an innovative trading platform that showed the world trading could be fun. It had one of the best Windows trading platforms in the market, which took the guesswork out of trading. However, with the launch of several feature-rich third-party platforms such as MetaTrader and cTrader, the company quietly let go of its desktop app and instead developed the WebTrader in 2009.
- The service is very user-friendly and the clean aesthetics of the site work well on a smaller screen.
- The broker also charges dormant accounts an inactivity fee of $10; the fee is charged monthly after the 12th month of inactivity until activity resumes or the account balance drops to zero.
- This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.
- Besides cryptocurrency pairs, eToro offers 14 crypto-to-crypto crosses, 1 Bitcoin-gold cross, and 63 crypto currency cross-pairs quoted against non-USD fiat currencies.
- One of the most ignored trading costs is swap rates on leveraged overnight positions.
- EToro provides excellent in-house research materials and incorporates content from third-party providers.
The broker has fostered a global community of over 20 million traders who provide and follow each other’s strategies and also learn from each other’s trading experiences. The eToro copy people area allows you to see millions of traders on the eToro site and copy them using the copy button. There are several criteria to pick from, including gain, risk score, location, and many others.
You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. The three unique features I found are CopyTrader, CopyPortfolios, and the missing MT4 trading platform. The first two offer social traders the tools they require and using them requires just a few clicks. Some of the thematic CopyPortfolios are from third-party financial firms, and others remain managed by eToro. Portfolios from traders in the popular investor program are equally available.