eToro Broker Review 2024

eToro, an Israeli broker, provides 3 investment options [CopyTrader, Smart Portfolios, and Crypto Staking]. It offers 4 account types (Personal, Professional, Corporate, and Islamic), with several payment methods, including PayPal, Skrill, and Trustly. Drawbacks include a lack of MT4/MT5 support and no phone calls for customer services.

eToro Company Information & Regulation

eToro was founded in January 2007 by 3 entrepreneurs: David Ring, Ronen Assia, and Yoni Assia, and operates under the legal name eToro Ltd.  The company is headquartered at Tel Aviv, Israel.

Regulating Bodies:

• Financial Conduct Authority (FCA) in the United Kingdom;
• Cyprus Securities and Exchange Commission (CySEC);
• Malta Financial Services Authority (MFSA);
• Financial Services Regulatory Authority (FSRA) in Abu Dhabi;
• Australian Securities and Investments Commission (ASIC);
• Financial Services Authority Seychelles (FSA);
• Gibraltar Financial Services Commission.

Key Features and Specifications

In this section, we will provide a table of important features for a general image of the broker. Here's a quick snapshot of eToro's key specifics:

Trading Accounts in eToro

The mentioned broker offers 4 main account types. Here's an overview:

• Personal Account: Ideal for individual retail traders with a minimum deposit of $10;
• Professional Account: For experienced traders meeting specific criteria;
• Corporate Account: Designed for businesses and institutions;
• Islamic Account: Swap-free account adhering to Islamic finance principles.

The Personal Account is the most common, providing access to all of eToro's social trading features. Professional Accounts offer higher leverage but with reduced regulatory protections.

Also, a demo account is provided containing $100,000 of virtual funds for trading in a 100% risk-free environment.

Guide on Getting Started: Signing Up and Verification

Opening an account on eToro is done very quickly in 2 stages. Here's a tutorial:

1. Visit [eToro.com] and click "Join eToro";
2. Fill in your email address, and create a username and password, or sign up via Google.

Now, your account is technically and officially created on the website. For complete verification of your identity, answer to the questions and submit the required documents and/or photos.

Does eToro Have A Proprietary Platform?

The broker's proprietary trading platform is the only option for clients to enter financial markets. The terminal provides several features and services, including:

• Easy-to-use interface;
• One-click trading for helping with habits;
• Stop loss and take profit levels;
• ProCharts tool for comparing charts from different financial instruments.

The platform is accessible via these operating systems and facilities:

• Web;
• Android (Google Play Store);
• iOS (App Store).

Fees and Costs for Trading/Non-Trading Activities

eToro has a specific structure for trading commissions and spreads on the broker. We will investigate it in the next sections.

Withdrawals

No fee is charged for withdrawals from GBP accounts or EUR accounts to an external account. However, there is a fixed $5 cost for making withdrawals from a USD account.

Trading

The commission for trading varies based on the region and asset. Here's a quick rundown:

• Stocks: Depending on the country and the stock exchange, starts from $0, typically around $1 or $2;
• ETFs: none;
• Crypto: 1% buy/sell fee;
• CFDs: eToro spread fee, varies based on the asset.

Other Costs

There is a monthly $10 inactivity fee for accounts with no activity in the previous 12 months. Also, a conversion fee is charged based on the location, payment method, and club level.

eToro Brokerage Funding and Withdrawal Methods

The brokerage offers a variety of funding options and deposit methods for its clients. Note that not all these options are available worldwide:

• eToro Money;
• Credit/Debit Card;
• Bank Transfer;
• PayPal;
• Neteller;
• Skrill;
• Online Banking (Trustly);
• iDEAL;
• Sofort;
• Przelewy24.

Copy Trading and Investment Services

The broker dedicates a part of its resources to offering investment options. We will mention these methods in the list below:

• CopyTrader: Automatically copy the trades of successful investors, free of charge;
• Smart Portfolios: Thematic long-term investment portfolios with unique strategies, curated by eToro's analysts;
• Staking: Hold and lock your crypto balance to earn a monthly/yearly yield, available for Ethereum [ETH], Solana [SOL], Cardano [ADA], and Tron [TRX].

Bonuses, Promotions, and Incentive Offers

Based on our investigations, currently. eToro offers only a deposit bonus to its clients; you can receive $50 to your account balance for buying $500 worth of crypto assets.

We will update this article if any changes regarding these promotions happen with the broker.

How and When to Contact the Support Department

Customer service is usually provided via phone calls and messages. eToro follows the same rule, offering these contact channels:

• Ticket System: On the website;
• Email Support: support@etoro.com;
• Live Chat: Only available for registered users.

Based on our examinations of reliable sources, support is available 24/5.

Trust Scores on Reliable Websites

According to the numbers shown on relevant websites, such as Trustpilot, REVIEWS.io, and ForexPeaceArmy, eToro's user reviews are generally positive:

• Trustpilot: 4.2/5 (25,000+ reviews) with +60% of 5-star ratings;
• io: 2.6/5, only 11 user scores;
• ForexPeaceArmy: 1.7/5 (220+ ratings).

While opinions vary, most users praise the broker's user-friendly platform and social trading features. Criticisms often focus on withdrawal times and customer support responsiveness.

Conclusion and Final Words

eToro, as a financial broker, offers a $50 bonus for users who purchase $500 worth of cryptocurrencies. The platform charges a 1% fee for buying or selling crypto assets.

Additionally, a $10 monthly inactivity fee applies to accounts with no activity for 12 months. eToro boasts a Trustpilot rating of 4.2/5 based on over 25,000 reviews.