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eToro Review 2017 - Forex Broker Rating

#6 of 11 Forex Broker Comparison - Best UK Forex Brokers

eToro is more than just an online forex broker. The broker gives you the opportunity of trading on the largest social trading network in the world. Although eToro was only founded in 2006, it has a client base of more than 4.5 million customers in more than 170 countries. eToro operates branches in several countries. The broker is authorized and regulated across several jurisdictions, including UK’s Financial Conduct Authority (FCA) and the Cypriot financial regulatory body, CySEC. The broker is also regulated by the US supervisory authority, CFTC, in order to provide their service to US clients.

DEMO
Free unlimited demo account

HIGHLIGHTS

  • FX and CFD trading on their social trading platform
  • Islamic account available
  • Only 1 point spread in the DAX
  • Regulation by FCA and CySEC
  • PayPal deposit/withdrawal option available
  • Free unlimited demo account

User ratings

01Trading Offer & Conditions 8.5
02Trading Platforms & Demo Account 9.0
03Bonus for New and Existing Customers 8.0
04Mobile Trading 9.0
05Payments7.0
06Security / Regulation 8.5
07Customer Service 9.0
08Account Opening 9.0

Make Money with Social Trading

Our eToro reviews show that eToro is a leading broker that grants traders access to a whole new trading experience; social trading. This allows you to copy trades from other successful traders. With eToro, even if you have little experience in FX or CFD trading, your trading account can grow slowly and steadily by when you follow more experienced traders on their social trading platform. If you are already experienced, you can make some side income when you make your trades public so that others can follow and copy your trades. Depending on the account size of your followers, eToro pays you a monthly commission for the "Popular Investor Program".

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Trading Offer & Conditions

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01 Trading Offer & Conditions

The standard eToro account can be traded with as low as $50 but the Islamic account (which is swap-free) can be traded with a minimum initial deposit of $1000. Like many other market makers, eToro charges no commission on trades but makes its money by charging a relatively wider spread than most brokers. A survey of the real time spreads shows that their spreads start at 2 pips for USD/JPY and 3 pips for EUR/USD, USD/CAD and USD/CHF.

Spreads for pairs like GPB/USD and AUD/USD can be as wide as 4 pips, while spreads for NZD/USD is around 5 pips and USD/RUB is as high as 7 pips. The spreads for other minor currency pairs may be as wide as 20 pips and spreads for Bitcoin trades are around 225 pips. eToro allows a leverage of up to 1:100.

The broker started with retail trading in the forex markets only, initially allowing clients to trade on currency pairs only. This service still exists and traders can select from a wide collection of currency pairs but the broker has widened its market offering to cover more asset classes like stocks. eToro gives clients access to trade from several stocks across Europe and the US. They also offer clients the opportunity of trading indices, trading all these asset classes comes with favourable conditions. eToro also offers CFD trading on various instruments including commodities and Exchange Traded Funds (ETFs). The conditions are not the best. If you only want to trade Forex - without social trading - we recommend you to look for a broker from our Forex broker comparison.
  • No account management fees
  • No commissions on FX and CFD trading
  • You only pay the spread
  • Very good conditions with DAX-CFDs
  • Market maker model

Trading Platforms & Demo Account

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02 Trading Platforms & Demo Account

One thing makes this broker’s trading platform offering different; they have no downloadable platform for PCs, and needless to say they don’t run on MT4. Many people will wonder why eToro has a large client base. This is because the broker has a simple, easy-to-use trading platform. Their proprietary trading platform, CopyTrader, gives traders the opportunity of following top traders’ expert trading decisions.

What distinguish their trading platform are the ease, speed and simplicity. The new WebTrader platform uses HTML5 but does not require flash, so the application is fast and does not require the installation of any additional plug-ins. The same application is also available for smartphones running on Android, Windows, and iOS. Transactions are simple on their trading platform which looks a little game-like, all you need to do is select your currency pair, click buy or sell, and select other trade options to open the trade. eToro traders can access personal portfolio, watchlist, newsfeeds, trading history etc., and can use one-click trading from all screens.

The old WebTrader and OpenBook apps have been integrated into a single, responsive HTML5 Web application that is fully optimized and runs on all devices.

  • Easy change between real money account and demo account
  • One-Click Trading possible
  • 24/5 Trading possible

Free demo account

If you have little or no experience in trading, we recommend that you first practice on the eToro demo account. There you can learn to the trade the markets completely without risk. And by the way, you get to know the platform and individual functions even better. The demo account is available for an unlimited period of time.

  • Copy trading also available on the demo platform
  • New strategies are best tested in the demo account
Important: One reason why eToro’s platform is attractive for expert traders is because of the Popular Investor program, where traders can make money by allowing other clients to see and copy their trades. This payment can be in cash or spread rebates. However, there is a requirement for this program; traders must have a minimum deposit of $1,000 and must have not less than one copier for a 2-month period, the trader must also maintain an average equity of $500. Having these requirements makes traders “Cadets,” who are entitled to a 20% spread rebates.

Bonus for New and Existing Customers

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03 Bonus for New and Existing Customers

ETORO REFERRAL BONUS, ETORO VIP PROGRAM AND THE ETORO DEPOSIT BONUS

As part of our eToro reviews, we also looked at the bonuses that this broker offers. eToro offers 3 bonuses: the eToro referral bonus, eToro VIP program and the eToro deposit bonus.

$100 for every referral

The broker offers clients $100 on each referral. If you have an account with them and you consider inviting others too, you can take advantage of this opportunity. Not only would you get $100, the person you refer also gets a $200 bonus. This bonus comes with terms and conditions.

  • The incoming traders must deposit at least $500
  • There’s no limit on the number of traders you can invite
  • The bonus is subject to the eToro bonus terms

If you would like to have a bonus of your deposit, we recommend you AvaTrade. With AvaTrade you have the opportunity to get a bonus up to $7,500.

BONUS
Free unlimited demo account
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    $100 per friend

    Bonus amount
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    Deposit Bonus

    Type of bonus
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    Yes

    Trainings and webinars
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    Unlimited

    Duration of bonus offers
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    $50

    Minimum deposit
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    Yes

    Free demo account
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    Yes

    Personal contact person
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    Yes

    VIP Program
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    Without deposit

    Account opening

VIP program for clients with $ 20,000 or more

eToro also runs a VIP program that offers more interesting packages for traders with a large first-time deposit. A trader qualifies for their VIP program when he makes an initial deposit of at least $20,000. VIP clients also receive a one-time bonus. The amount of the bonus varies between 10 and 15 percent depending on the amount of the deposit. There are also a number of other advantages that traders can enjoy:

  • Personal Payoneer credit card
  • Customized offers
  • Direct access to the eToro "Trading Room"
  • Quick withdrawals
  • Dedicated account managers

eToro Deposit Bonus

The eToro deposit bonus is not usually advertised, but traders can see the opportunity in their client cabinet. The broker currently runs a one-time deposit bonus when a trader verifies and funds his account. The value of the bonus varies depending on the amount deposited. Traders who fund with $300 or more are eligible for this bonus, however, a specific eToro bonus code which will be displayed in advance is usually required. Our Markets.com expierences shows, that you get there a $25 no deposit bonus.

  1. 01 | $100 per referral
  2. 02 | eToro VIP program
  3. 03 | eToro deposit bonus
Open your free unlimited demo account now!

Mobile Trading

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04 Mobile Trading

Mobile apps are available for traders who want to trade on the go when they’re not in front of their PCs, however, the Copytrader features are not currently available on their mobile versions. These apps are available for all handheld Andoid and iOS devices. We have seen in the respective app stores that there are many positive eToro forex reviews about the functionality of the app.

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Apple

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Android

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Windows

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Web App

01 | WebTrader

For traders that use the Windows or would not want to install the app on their phones, the WebTrader is compatible with the smartphone or tablet’s browser since the web based platform is created in responsive design.

02 | tip

Even if a chart analysis by a broker’s app on the smartphone is possible, we recommend that you do a comprehensive analysis on your PC. This would give you more concentration for intensive market analysis.
  • Access the eToro account from anywhere
  • View your account; manage open positions, and more

Payments

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05 Payments

ETORO DEPOSITS: FROM $50

We also considered the broker’s deposit and withdrawal options as part of our eToro trading reviews. With a low minimum deposit limit of $50, the broker makes its services available to all classes of traders. The minimum deposit on bank transfers is, however, higher. Bank transfers require a minimum deposit if $500.
The broker allows payments via credit card, PayPal, Giropay, bank transfer and e-wallet (Neteller and Skrill).

eToro offers you a variety of options for deposits and withdrawals. Apart from bank transfers, all deposits are immediately funded into a trader’s account. There is no maximum deposit threshold. However, traders who have not had their accounts verified cannot make a deposit of more than $2,250.

Important: It is important to note that the broker charges clients on every deposit.

ETORO WITHDRAWALS

A fee is also charged on withdrawals. This fee depends on the amount deposited. The broker also has a minimum withdrawal limit of $20. Traders can withdraw via bank transfer, credit card or PayPal, but is it very important to understand that the deposits and withdrawals must always follow the same channel.

A broker without any fees for deposits or withdrawals, is Plus500.

  1. 01 | $50 minimum deposit
  2. 02 | $20 minimum withdrawal
  3. 03 | Trading account is held in US dollars

Security / Regulation

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06 Security / Regulation

FCA FOR UK CUSTOMERS, OTHERWISE CYSEC

eToro is an online broker that offers forex and CFD trading. These financial products are under the regulatory authority of the Financial Conduct Authority in the UK, making its UK clients get a strong level of protection and financial security. Their regulation under the FCA ensures customers’ safety by because UK clients have access to official channels for disputes and the broker can be reported in any case of financial misappropriations.

LICENSE
license
FCA license 7973792
CySEC license 109/10

BaFin Registration number 123590
Consob register number 2830
CNMV register number 2534

Customers are also enjoy the guarantee of up to £50,000 in the event of the company’s liquidation, making the eToro customer protection far better than the majority of binary option brokers and giving UK investors absolute confidence and fund security.

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    Regulated by FCA and CySEC
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    Compliance with all MIFID regulations
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    Negative balance protection
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    Secure payments
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    Segregated Accounts

In addition to their regulation by FCA and CySEC, the broker adds a layer of security by ensuring the safety of customers’ information using the advanced Secure Socket or SSL technology for the authentication of users and data transfers.

  • Compliance with all European MiFID regulations
  • All customer deposits are held in segregated accounts
  • In the event of insolvency, no creditor has access to clients’ funds
  • Deposit insurance of up to £50,000
  • eToro does not speculate with clients’ funds

Customer Service

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07 Customer Service

One very important thing traders should note in this eToro review is their customer support service. Their customer service department is available 24/5 from Monday to Friday via telephone and email. They do not have a live chat function, instead, a personalized digital customer service provider. Their email average response time is quite long and most customers’ queries are responded to by referring customers to eToro’s Knowledge base and online guides.

Customers interact in a forum-like platform, Customer Service Wall. This enables clients to handle their issues quickly by looking at the issues previously encountered by other clients. A ticket can be opened whenever a client wants to speak with a customer service representative. Customers also have the option of choosing their customer service representatives by clicking on their photographs, which is included with a brief bio the representatives on broker’s customer service team page.

EMAIL

LIVE CHAT

TELEPHONE

Address
ETORO (EUROPE) LTD.

Kanika Business centre 7th Floor 4 Profiti Ilias street Germasogia, Limassol, 4046

Email
[email protected]
Phone
+44-866-350-0881

Customer support is currently available by region in several languages including: English, Spanish, French German, and Italian.

  • Live chat for customers only
  • 24/5 support

Account Opening

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08 Account Opening

With eToro, account opening is easy. There are two kinds of trading accounts; the Standard Account and the Islamic Trading Account.

Opening the Standard Trading Account requires a minimum initial deposit of about $50 and the account can be funded using PayPal, MoneyGram, Neteller, Wire Transfer, Credit cards, among numerous funding options. Withdrawals can also be done after the confirmation of trader’s account. The minimum allowed withdrawal is $20. A withdrawal fee is also charged upon withdrawal, this fee can vary from $5 to $25 depending on the amount to be withdrawn. The typical processing time for most withdrawal options is up to 5 business days.

The Islamic Account is available for traders of the Muslim faith who want to trade trade according to Sharia ideologies. This account, however, can be opened a minimum initial deposit of $1000. With this account, no overnight interest is forced and no commissions are payable.

It takes just a few minutes for the eToro account opening. You only need to enter some personal information. The broker will also ask questions about your previous trading knowledge and financial situation. This only takes a few minutes and you can go straight to your account verification process afterwards.
The verification process requires a valid phone number because a code will be sent to your mobile device. After this verification, you’re good to go; you can immediately fund your account using credit card, Giropay or PayPal.

  1. 01 | Open eToro account
  2. 02 | Pay by credit card, Giropay or PayPal
  3. 03 | Start trading forex and CFDs immediately
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