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Title

eToro Broker Review

Review By: Max Webster Review Updated: December 11, 2019

Address: eToro (UK) Ltd. 24th floor, One Canada Square Canary Wharf E14 5AB London, United Kingdom

Phone: Via Help Desk

Email: Via Help Desk

Forex ETF Stocks CFD Crypto Social Trading

Spread

0.31

Max. Leverage

1:30

Deposit Protection

£50,000

Min. Deposit

£100

Spread

0.31

Max. Leverage

1:30

Deposit Protection

£50,000

Min. Deposit

£100

Spread

0.31

Max. Leverage

1:20

Deposit Protection

£50,000

Min. Deposit

$200

Spread

0.31

Max. Leverage

1:30

Deposit Protection

£50,000

Min. Deposit

£100

Spread

0.31

Max. Leverage

1:30

Deposit Protection

£50,000

Min. Deposit

£100

Our Overall Rating

Rating 4.4
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Our eToro review

This eToro broker review will take an in-depth look at the background of the broker and its platform trading tools. Using our multi-pointed approach, we compared eToro’s trading styles, markets, trading tools and trader charts with other stock trading, CFD and forex broker. We would like to hear your feedback on your experiences with the company at the end of our eToro review, as this will help other traders make an informed choice.

eToro was founded in 2007 in Tel Aviv by David Ring and Israeli brothers Yoni Assia and Ronen Assia, and has since gone on to become one of the most innovative and trusted brokers around. The business has grown to the point where it now provides brokerage services to over 10 million global customers from 140 countries. The platform on which users can trade the markets is very user-friendly and the social and copy trading offering is widely seen as market-leading.

Originally founded as a pure Forex brokerage, Fintech giant eToro now offers its clients the chance to trade their own account in popular CFDs, including stocks, ETFs, currencies, indices, cryptocurrencies and commodities. The stand-out feature for eToro is its social and copy trading, which is accessible through the same platform as the self-trading account. eToro traders are therefore able to trade independently or take a more hands-off approach and copy the trades of other users.

Offering an easy to use web-based platform with a good choice of assets to trade, as well as self-trading and copy-trading services it has become one of the biggest names in the sector. The eToro offering is different in nature from most of its peer group and judging by the number of awards it’s gained, that approach would appear to be bringing them much success.

Commissions & Fees

Rating

With eToro broker, there are no separate trading commissions or fees applied to accounts of traders except for in some circumstances they can apply charge/credit overnight and weekend fees.  During our broker review, we found that brokerage fees are instead included within the bid-offer spread.  One consequence of this is that eToro spreads might at face value look wider than those at some other brokers, particularly those that charge commissions separately.  When all costs are analysed on an aggregated basis, however, eToro performs well in comparison to its peer group.

Some fees also apply for specific currencies. For example for CAD,RMB & RUB there is a conversion fee when withdrawing or depositing funds.

Here is a breakdown of the other key fee information that this eToro broker review has found:

Fee Type Fee Amount
Inactive fee if no log in for 12 months $5 per month
   
Conversion fees when withdrawing or depositing in non-US Dollar currencies Euro 250 pips, GBP 50 pips, Australian Dollar 100 pips, Japanese Yen 250 pips
   
Deposit fee No
   
Minimum first deposit amount $200 US dollars (or equivalent in own currency)
   
Withdrawal fee


$25

 

Platforms & Tools

Rating

When you compare the eToro broker platform with other CFD and Forex brokers, you find it is clean and easy to use.  Its simple layout allows smooth navigation through the separate sections.  Particularly eye-catching is the News Feed area where comments and opinions of other traders mingle with official announcements.

eToro Broker Review Copy Trader | We Compare Brokers

The site is cleverly designed and whilst offering access to a lot of information it manages to maintain a clean attractive appearance.

eToro Broker Forum, We Compare Brokers
The platform eToro uses is web-based and this fits in well with the position eToro has taken in the trading world. Rather than go head to head in terms of advanced features with other brokers, they have instead catered to their target audience. This gives an impressive user experience for the new or casual user.

eToro Broker Charts, We Compare Brokers

In terms of features, the platform has basic charting functionality that is simple to use and has an intuitive feel to it. eToro also offers the core technical indicators ranging from Moving Averages to Bollinger Bands and Stochastics. The more experienced trader whilst able to get by may find the range of indicators somewhat limiting.

eToro Broker Charting | Web Page Example | We Compare Brokers

eToro broker demo accounts allow you to do lots of experimentation. For example, with some other brokers we reviewed, we found that they do not allow users to experiment with copy trading. Our eToro broker review found that  things are different and it is possible try it out without spending real money.

 

eToro Broker Platform features, We Compare Brokers

You can trade your Virtual Portfolio and follow someone else’s real trades to get a feel for the process or use the demo account to trade your own strategies.  This is a positive feature of the platform and using the demo account to trade on a stand-alone basis or copy trading is a neat way to get the feel for the site as a whole.

Our own experience of the site is that it’s as reliable as any other.  There is however a range of online comments referring to the site at times, freezing or becoming unresponsive.  There would appear to be too many people voicing this viewpoint for it to not be the case.    Without access to the performance data it’s hard to categorise the extent that this is an issue but not being able to access your positions would be an uncomfortable situation for any trader.

eToro Broker Markets, We Compare Brokers

There is also an eToro app for mobile use which we cover later in the review.

Customer Service

Rating

Customer service at eToro is available 24 hours a day, Monday to Friday and is multi-lingual.  Whilst the provision of 24/5 support gives a degree of comfort, the support desk does have a reputation in the market for slow response times.

Quicker response can sometimes be achieved via a live chat function.

The Help and Education section of the site is the only one where navigation becomes counterintuitive and it’s possible to feel you are being led in a loop back to the Help Section which is an electronic FAQs section, rather than a support desk offering communication with a member of eToro staff.  Traders holding positions in fast-moving markets do sometimes need to be able to get quick answers to their questions and eToro could do more to make this possible.

eToro Broker Review Customer Service | We Compare Brokers

Some traders suggest using social media is the best way to engage with the help desk, others point out that the performance levels improve once traders are up and running rather than trying out the platform on a demo account basis.  This might well be the case but it’s very easy to feel members of the trading community are having to work too hard to find out how to best access support.

The written responses we received from the eToro customer service team were succinct and fully addressed all our issues; there was no need for us to ask any follow-up questions.  Whilst the response was therefore of sufficient quality the turn-around time was measured in hours rather than minutes.

What others say

“etoro’s webtrader is great for new traders. If I didn’t have etoro’s webtrader to help me, I don’t know what I would have done.” – Caroline1s, eToro user on https://www.dailyforex.com/etoro/user-reviews/32

“Etoro’s OpenBook is the best trading platform I have ever used. It has got to be the greatest social trading platforms ever created. Through etoro’s openbook I can see what other traders are doing and copy them. I just hope they know what they are doing.” Elizabeth Jamison on  https://www.dailyforex.com/etoro/user-reviews/32

“Looks like this broker is competitive compared to other companies. On other side, the trading software and services are far more appealing and easier to use than in other companies.” David_SW on https://www.forex-ratings.com/forex-reviews/etoro/

“I used different platforms over time. Etoro is simply the best and easy to use for newcomers.” Pierre on https://www.forex-ratings.com/forex-reviews/etoro/

I opened a ticket and waited for their customer support team response for almost 1 week. One week after they responded your transfer might take up to 10 days. – Manoj Kumar Jain on https://www.forexfraud.com/forex-broker-reviews/etoro

 

Research

Rating

Products and markets offered

There is a wide choice of all the major currency pairs to trade – this amounts to 47 currency pairs on offer in total.

Although eToro does offer a range of asset classes to trade, in the main its focus is on FX and a market standard range of CFD’s. The ability to trade cryptocurrency is a big plus for this broker and the range of crypto on offer gives it an edge over some other brokers. Where it does fall down somewhat is the bias it has towards CFD product and a reduced choice in terms of only around 500 stock options to trade. This may be an issue for the serious stock market trader who wanting to find small or medium size businesses to invest in.

Here is a round-up of the products eToro offers to its traders:

  • Stocks
  • ETF’s
  • Currency (via CFD’s)
  • Indicies (via CFD’s)
  • Commodities (Via CFD’s)
  • Crypto Currency (Via CFD’s)

The offering of markets and instruments to trade is fairly comprehensive and traders across the globe hold accounts with eToro.  If you are a US based trader please refer to our eToro USA review for further details around availability in the USA.

Special Offers

eToro Broker Review| Awards | We Compare Brokers

eToro does not carry much in the way of trade offers and on this particular subject does not compare well with other brokers. There may be the occasional trader contest and the ‘eToro Clubs’ regime allocates certain administrative style privileges according to how many capital users hold in their account.  As you’d expect there is also a referral promotion where traders are rewarded for introducing new users to the platform.

eToro Broker Copy Trades, We Compare Brokers

eToro is undoubtedly underperforming in terms of special offers but focusing on this somewhat misses the point.  The major draw in terms of supplementary income streams is the potential for traders to establish a successful track record and then be a trader that others follow.  At that stage, Popular investors would earn fixed payments and up to 2% of their annual assets under management.

eToro Broker Performance | We Compare Brokers.com

Research and Learning

eToro does provide a range of free materials to help with research and learning but it’s a long way from being considered as a market leader in this area.   Those articles and training videos that are to be found, share the attractive formatting found elsewhere on the site but the actual range of materials can only be described as limited.

One helpful tool is the ‘Guide’ section where users are taken on a two minute introductory tour of the site.  Set in the style of an automated Q&A section it goes as far as outlining how to execute a trade.  It’s another example of the innovative nature of the platform and even more experienced traders will ultimately save time if they take the tour.

eToro Broker Review | Interactive Trading Courses | We Compare Brokers

Basic tools such as an Economic Calendar are available and undoubtedly provide valuable support to traders but services such as this are now expected as standard.  Whilst the education and learning resources available are satisfactory there is little chance of them being described as exceptional.

eToro Broker Review | News Feeds | We Compare Brokers

There is some third-party research available through the site.  It tends to covers such topics as market sentiment but these reports and in-house Daily Reports are lightweight in nature.  Advanced traders in particular would likely prefer to base their strategies on reports that are more substantial in nature.

Overall, while the resources available to traders are useful, they are fairly basic, and the limited amount of genuine market research or insight may be a problem for some.

Ease of Use

Rating

The Guide function is an automated tour of the basic features of the site and takes about 2 minutes to run through.  This is optional rather than compulsory though would certainly benefit the novice trader and is a nice tool to have available.

eToro Broker Review | Guided Tour Platform | We Compare Brokers

One area outlined during the Guide tour is the demo account.  The Guide shows how toggling  to enter the Virtual Portfolio area allows new users to walk through simulated execution of a trade or try out copy trading.

eToro Broker Review | Virtual Portfolio Option | We Compare Brokers.com

Other areas of the site are easy enough to get to grips with and the structure of the layout means it’s hard to imagine it ever feeling cluttered.

eToro Broker Review | Ease of Use Page Example | We Compare Brokers

 

 

Opening a Demo account is very easy to do and provides access to most of the sites functionality.  The site leads new users to ‘complete their profile’ and gain extra user privileges.  The effort appears to have been made to make this a relatively painless experience and the extent of the requests for documentation whilst time consuming, should be interpreted as eToro demonstrating good governance.

eToro Broker Review | User Profile Page | We Compare Brokers.com

Opening an account and trading the Real or Virtual Portfolio is straightforward and introduces traders to the intuitive functionality of the platform.  There is some online comment about the withdrawal of funds not being as smooth a process as deposits and whilst that appears a valid concern we did not experience that particular problem during this review.

Order Execution

The eToro site prides itself on its layout design and this carries over into the area of Order Execution.

Stop Loss and Take Profit fields are a prominent part of the interface rather than an afterthought and trade parameters can be set using cash values (amount) or instrument nominal (units).  A particularly positive feature is that leverage rates can be varied on each trade.

eToro Broker Review | Stop Loss & Take Profit Example | We Compare Brokers

 

What do you think of our eToro review so far?  Please review our review by using the comments box below.

Mobile Trading

Rating

eToro provides mobile trading apps for both iPhone and Android devices. Traders using the mobile apps will benefit from the trading functionality being the same as that of the desktop trading platform.

Although user friendly, it is still a little basic for the more tech savvy professional trader. Users may also find that some of the icons and buttons are not optimally laid out on the mobile apps which can get a little frustrating.

eToro Broker Review | Mobile App | We Compare Brokers

Overall though, the mobile apps that you can use with this broker are well-designed on the whole and allow traders to access their account wherever they may be.  The clean functionality of the trading platform comes across particularly well on a smaller screen.

Robo Trading

When it comes to automated trading, the Copy Trade feature is the main plus here. This allows less experienced users find and copy other successful eToro traders and involves the ‘following’ account automatically opening and closing positions as and when the ‘leading’ account does so. This is where eToro really stands out from the crowd and the firm promotes itself as one of the big social trading pioneers.

 

eToro Broker Review | Robo Trading | We Compare BrokerseToro Broker | Copy Trading Chart Example | We Compare BrokersThis is a really great feature and one of its main selling points. Not only is it easy to do, with a few clicks on the relevant screen, but it can be done in the Demo account environment to ensure traders become familiar with the process before allocating capital.

There are lots of traders to copy. Each offers profile information including historical performance data and risk rating. Supplied with this information, traders who want to copy trade can make a selection according to their preference.

 

Crypto Currency

Cryptocurrency trading has grown in popularity in recent years; the volatility in these markets attracting a lot of traders who are looking to take advantage of significant price movements.  eToro stand out in terms of the number of markets they offer clients and an additional plus point for this broker is the extra information regarding these instruments that is provided to support their clients https://www.etoro.com/en-us/trading/markets/.  There is also a daily crypto specific blog report that many will find useful as it offers an insight into the crypto markets https://www.etoro.com/blog/market-insights/daily-cryptocurrency-tracker/.  As with other markets, the eToro site supports the exchange of news and opinion so that traders can take on the input of traders from over 140 different countries.

The range of crypto markets includes the more established names such as Bitcoin but also includes markets that some other brokers don’t offer.  In total there are in excess of 15 cryptocurrencies to choose from and the choice of currency pairs extends to those such as ETCNZD (Ethereum Classic/New Zealand Dollar).   Having such an extensive range of markets to choose from will suit a lot of traders.  Dependent on your location it is possible for example to take an unleveraged ‘real’ position in Bitcoin or to trade the range of cryptos in CFD format.  There is no need to set up separate accounts or use special wallets.

The full range of markets encompasses Bitcoin, Ethereum, Ripple, Dash, Litecoin, Ethereum Classic, Cardano, Iota, Stellar, EOS, Neo, Tron, XCash and Binance Coin.

The dramatic price fluctuations associated with these markets can lead to significant losses as well as gains and therefore leverage is limited to 1:2. This leverage ratio is in line with other well-established brokers and including trading costs in the bid / offer spread, means that the pricing levels can be easily compared against other platforms.  The spread on Bitcoin cash is 1.9% and some other crypto pairs see this widen to 2.9% but these are in line with the rest of the market.

It’s possible to self-trade or copy-trade these markets.  Self-traders using CFD instruments can sell the market short (as well as take a long position) and one other feature of crypto trading at eToro is that markets are open on a 24/7 basis.

The commitment that eToro have shown to this sector of the markets was recognized at the 2019 Online Personal Wealth Awards where they were awarded the price for Best Cryptocurrency Trading Platform.

[Update: eToro’s commitment to cryptocurrency trading is exemplified by them announcing another crypto to trade. On 5th August 2019 they introduced markets in Tezos, the 16th largest cryptocurrency in the world by market cap]

Regulatory details

One key thing to look at when choosing a broker is the security of the funds you hold there.

Holding FX and CFD licenses with both CySec and the FCA, requires eToro to comply with a range of laws concerning such things as money laundering and the segregation of client funds.

Both regulators can be turned to with complaints and acquiring licenses with them is a considerable plus point for eToro.  The behind the scenes risk management goes further as evidenced by the eToro website operating using the latest 128 SSL technology with which they encrypt and protect user’s personal data.

Historical events in the financial markets act as a reminder that traders need to be vigilant when selecting their counterparties.  Large firms, such as eToro, with global coverage and a highly visible profile have a lot to lose from any regulatory misdemeanors or operational malfunctions.  To some extent the threat of reputational risks helps to align the interest of the platform and the individual account holder as both would have a lot to lose from any problems of this kind.  eToro scores highly in this category.

  • eToro (Europe) Ltd., a Financial Services Company authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) under the license # 109/10.
  • eToro (UK) Ltd, a Financial Services Company authorised and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
  • eToro AUS Capital Pty Ltd. is authorised by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.

What do you think of our eToro review so far?  Please review our review by using the comments box below.

Final Thoughts

As one of the more established FX and CFD brokers, eToro has developed a reputation of being a natural home for the casual or less advanced trader. A market leader in terms of copy and social trading means it has a committed following from the group of traders who prefer a more hands-off approach.  On analysis of our eToro broker review, we found that the platform though is not only about copy trading and the self-trading area of the site offers a good range of assets and markets to trade and with competitive pricing.

With an easy to use and visually appealing web-based platform, many traders will find this one of the most user-friendly brokers around. Web-based platforms are also good for any trader who does not want the hassle of downloading separate charting software, just beware the reported problems other traders have flagged up with the platform freezing at times.

The real downside with this broker is perhaps the lack of appeal it has for more experienced or tech savvy traders. It is certainly not as advanced in terms of charting and research as other brokers on the market. While the general fee structure is favorable compared to others, traders need to factor in the quite steep $25 withdrawal fee. The other major bugbear is the customer service levels and slow response times that many users report.

On the whole though, this eToro review has found it a reliable and enjoyable option to consider. The many awards it has gained including the 2015 and 2017 Best of Show titles amongst others certainly seem to confirm this. Here at WeCompareBrokers, we think it is a professional, reputable website that is ideal for the new trader.

Please ensure you leave us feedback at the end of our eToro review detailing your experiences.  This will help other traders make an informed choice.

Their Most Recent Risk Warning – April 2019

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

 

See how eToro compares with other brokers:

Latest Broker News

eToro managing director on what’s next for its freshly launched crypto exchange, the inevitability of hacks, and high hopes for stablecoins.

  • eToro’s U.K. managing director, Iqbal Gandham, discusses the company’s plans for its month-old crypto exchange aimed at professional traders
  • He says the aim is to list “many” tokens, having already launched the first Chinese Yuan-backed stablecoin, with listing guidelines expected in Q2
  • Gandham praised Binance for its handling of a cyber-attack last week, noting “if you’re online, you’re going to get hacked”Read the whole article at Theblockcrypto.com

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Ratings

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  • Platforms & Tools Rating
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  • Research Rating
  • Ease of Use Rating
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