Founded in 2006 by Ronan Assia, Yoni Assia and David Ring in Cyprus, eToro is among the highest ranked online Forex/ Social Trading Platform today. Its popularity has crossed over 170 countries with more than 5 million users.
Originally, eToro was established to provide a user-friendly trading platform for traders with varied trading experience. It has launched it’s very own trading platform, which added to the success that it has been cultivating throughout the years.
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eToro is separated among the pack of online brokers because it has its own trading platform known as the “Open Book” which was launched last 2010. The Open Book trading platform was known as the first ever social trading platform of its kind. It gave eToro the badge as the first ever online broker to introduce social trading in online trading.
The Open Book allow traders to see trading statistics of their fellow traders which broke the wall between traders in order for them to help one another. It has a copy trading feature where clients especially those who are just new to trading can copy the trades of experienced traders.
Clients can also download the eToro trading platform in their smartphones where they can view real-time feeds between and among traders. Furthermore, clients can monitor their trading account and communicate with other traders from the comfort of their mobile phones.
Etoro offers their clients the ability to trade a variety of cryptocurrencies on the platform. Although traders cannot buy the physical cryptocurrencies but can trade it as a CFD Derivatives. Here are a variety of cryptocurrences available to be traded on the platform – Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Ripple among others.
eToro offers clients two account types to choose from.
- Standard Trading account – In order to open an eToro standard trading account, a minimum deposit of $50 is needed.
- Swap Free Account – Swap-free account or the eToro Islamic Account is specially made for traders of Islamic belief. This account conforms with the principles of Islamic Sharia.
Obviously, eToro has an eye for simple things so that clients who are new in trading will not be confused on what account type they will open.
The eToro demo account gives clients the chance to practice trading at an initial amount of $100,000 virtual money that they can be used when trading. The demo account enables traders to test out different trading strategies without losing or risking their real money. It also allows them to check and test out eToro’s trading platform and services before they choose to trade with them.
A minimum deposit of $200 is needed in order for someone to open a trading account with eToro. Such initial deposit is considered low when compared to other brokers who demand a very high initial deposit in order for clients to open an account.
Traders on eToro can deposit and withdraw through the following: eMoney (PayPal, Skrill, Neteller, etc), credit/debit card, bank transfer.
A maximum leverage of 1:400 is offered to eToro clients. Such leverage is high which also comes with high risk and higher losses. Traders should be careful with such leverage in order to avoid losing money.
Spreads and Commission
No commission is given regardless of the account type. This is done to ensure that traders under them will not slip pages every time they trade.
Regulation and License
eToro is under the regulation of Cyprus Securities and Exchange Commission or Cysec with license number 109/10 and by the Financial Conduct Authority or FCA with license number 583263.
Both regulatory agencies implement strict guidelines wherein eToro is mandated to follow.
eToro Withdrawal Fee
Yes, there is a withdrawal fee attached to every withdrawal with eToro. The withdrawal fee can be seen in the cashier while placing a withdrawal request. Also, the minimum withdrawal allowed is $50.00 and the withdrawal fee for any withdrawals made is $25
Clients can contact eToro for 24 hours, Monday through Friday. They can be reached through email, fax, or call with the numbers that eToro has provided. Furthermore, eToro also has a multilingual feature to cater to the needs of their clients all over the world.
Benefits of Trading with eToro
Traders on eToro enjoy a lot of benefits including the copy trading feature by the Open Book and clients are ensured that trading with eToro is safe as the regulatory bodies are known to be strict with their guidelines. In addition, clients can also take advantage of eToro’s innovative platform which allows them to copy other’s technique and communicate with other traders as well.
- User-friendly trading platform
- Availability of demo account
- Low minimum deposit
- A wide array of Financial instruments
- No trading platform choice
Being a pioneer in social online trading, eToro is a reputable broker where traders where can run to. Trading is made simpler which makes it ideal for beginners in the trading industry. Its copy trading feature is amazing as it guides or helps traders progress and it promotes a healthy environment where traders can learn from one another.
(Your Capital is At risk)