eToro Review – Best Social & Copy Trading App Or A Scam

Last Updated: 01.09.19
Overall Rating
4.5/5
Overall Rating
4.7/5
Features
3/5
Desktop Experience
3/5
Mobile Experience
3/5
Education
3/5
Platform
3/5
Customer Support
3/5
Transaction
3/5
Trust
3/5
Features:
3/5
Customer Support:
4.2/5
Trusts:
2/5
Education:
5/5
Desktop Experience:
4/5
Withdrawal:
3.1/5
Mobile Experience:
1/5
Platform:
5/5
Home » Broker» CFD,Cryptocurrency,Forex,Stock» eToro Review – Best Social & Copy Trading App Or A Scam
1 Min Deposit$200
2 Demo Accountyes
3 RegulationCySEC, FCA, ASIC, FinCEN
4 Mobile Appyes
Overall Rating
5/5

eToro Review: Profitable Social Trading For Everyone

The best social trading platform, eToro has been known as the pioneers of social trading since 2007. Our eToro review will answer the question of whether it is a genuine platform or a scam. 

eToro was founded in the year 2006 with its headquarters located in Tel Aviv, Israel. It was established by three entrepreneurs with a mission to make trading accessible by both new and experienced traders alike. 

They wanted to reduce traders having to rely on financial institutions for accessing and conducting their trades.

Fast forward to today, it is one of the market leaders in social trading and is considered a benchmark in this field. 

In our detailed review, we will take a look at its history, trading instruments offered, regulations, features provided, its trading platform, mobile app and much more. 

Read our review to find out if you can trust this social trading platform.

eToro Review: What is eToro?

eToro was founded by three entrepreneurs in the year 2007. Its headquarters is located in Tel Aviv, Israel. 

They are also based in the UK and Cyprus. In the UK, they are located in London and in Cyprus, they are based in Limassol. 

They are fully licensed and regulated in all three regions by different governing bodies. 

eToroUSA started its operations in the United States but currently, it is not active and does not accept any traders from the USA.

eToro is led by CEO and founder Yoni Assia along with co-founder and CPO, Ronen Assia. Other prominent authoritative members include CFO Shalom Berkovitz, COO Avi Sela, and VP trading Jonathan Dayan.

eToro’s asset portfolio includes currencies, commodities, indices, stocks, ETFs, and Crypto. 

These include 47 forex pairs, 83 ETFs, 13 indices, 6 commodities, 15 cryptocurrencies and stocks of major global brands.

In terms of numbers, no social trading platform comes close to eToro. eToro boasts over 9 million users from over 140 countries. 

To date, approximately 280 million trades have been opened on eToro. Out of these, 124 million trades have been copied. 

Out of these copied trades, 73% of these have been profitable. Currently, there are over 500 employees working at eToro and the number continues to grow. 

This is mainly attributed to the excellent working conditions and popularity of the company. 

More than $200 million has been invested by top investment firms such as Spark Capital, CommerzVentures, and China Minsheng Financial holdings.

eToro Review - Company History

eToro was founded in the year 2007 by two brothers, Yoni Assia and Ronen Assia along with David Ring. 

Initially, they named it RetailFX and later changed it to its current name ‘eToro’. In September 2007, they released their own trading platform ‘Visual FX’. 

They mainly offered forex pairs along with other trading instruments. This platform had various graphical tools to represent the price variations of the assets.

Two years later, in the year 2009, they release ‘WebTrader’, a cutting-edge trading platform allowing trading from anywhere around the globe. 

This platform offered more assets and had professional tools for both beginner and advanced traders.

In 2010, they launch the world’s first social trading platform: ‘OpenBook’.  Using their CopyTradeTM feature, traders could copy other successful traders and gain profits. 

This social trading platform won them the Finovate Europe Best of Show in the year 2011. The following year, eToro made both WebTrader and OpenBook available as mobile apps. Traders could use android or apple to conduct trades on the go.

On July 2013, eToro added   to their existing list of portfolios. Stocks of major global brands were added diversifying their assets offered.

October 2015 marked an important landmark for eToro as they combined and integrated their two platforms, WebTrader, and OpenBook into one single platform. They simply called this ‘eToro’

Features from both the platforms were merged together. WebTrader’s online trading capabilities and Open Book’s social trading features combined together to form eToro’s new trading platform. 

This platform won the Finovate award again in the year 2015 and 2017

In 2016, they introduced CopyPortfolios, which involved copying an entire portfolio of either a top trader or a market portfolio which is a mix of different types of assets such as CFDs, commodities, or ETFs. 

These portfolios follow a predetermined market strategy so you can choose from what strategy suits you the best.

Bitcoins were available for trading via CFDs since 2013. In February 2017, they added other cryptocurrencies such as Ripple, Litecoin, Ethereum, and XRP. 

Currently, there are 15 cryptocurrencies under their portfolio.

Why Choose eToro?

eToro offers some of the best social trading features to its users. Here are the reasons on why you should choose eToro as your preferred broker:

  • Regulated by 3 regulatory bodies.
  • $50 minimum withdrawal
  • $200 minimum deposit
  • Largest social trading community.
  • A wide range of trading instruments. (1000+)
  • Profitable copied trade at 73%.
  • Easy-to-use platform.
  • Implemented Machine-learning AI in trading.
  • Tier 1 regulation and security
  • 24/5 customer support
  • Variety of educational courses and resources
  • Offers demo account
  • Islamic account
  • Segregated account for traders offered.
  • Multiple deposit and withdrawal options
  • Award-winning web-platform
  • Many trading tools and features
  • Automated trading
  • Offers trading signals
  • Easy and convenient for beginners
  • Mobile trading
  • Tools for market analysis

eToro Regulation

eToro is a completely regulated broker. They operate in three countries and are regulated by financial governing bodies in those countries.

The following are the regulatory bodies for eToro:

  • eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) under license number 109/10.
  • In the UK, eToro (UK) Ltd. (“eToro UK”),  company registration no. 7973792 is authorised and regulated by the Financial Conduct Authority (FCA), under firm reference number 583263
  • In Australia, services and products are provided by eToro AUS Capital Pty Ltd. (“eToro Australia”), ABN 66 612 791 803 is the holder of an Australian Financial Services Licence (AFSL) 491139 issued by the Australian Securities and Investments Commission (ASIC), and regulated under the Corporations Act (Commonwealth)
  • In USA, eToro USA LLC is registered with FinCEN as a Money Services Business.

eToro Login and Sign-up process

It is very easy to sign-up for an eToro account. Here are the sequential steps on how sign-up for an eToro trading account. 

Sign Up:

Click on the ‘Sign Up’ button to navigate to the login page.

Once you visit the sign-up page, you will be greeted by the sign-up form. Fill up all the necessary details such as your first name, last name, email, and your mobile number.

Once you have provided these details, you will have to accept the terms and conditions of eToro. Read them carefully before you proceed further.

Finally, click on create an account to finish the process. Your account is created and you are ready to trade.

In addition to this process, you can also use your Facebook or Google account to create an account.

eToro Login

Once you have created an account, you will be logged in to your account automatically.

You can also sign-in using Facebook and Google. You can complete your profile by providing additional details. 

Account Verification

Account Verification-Option Invest

You need to verify your eToro account before you can carry out transactions. eToro’s regulation makes it mandatory to verify each new eToro account. 

Verified accounts ensure the security of the platform and prevents any unwanted activity. 

You can use the eToro app to directly scan the documents straight into the platform.

Here is the process of verifying your eToro account:

Proof of Identity

POI documents should contain name, date of birth, clear photograph, issue and expiry date. For example, passport is a POI document. You can provide any government issued ID, or a driving license.

All the information must be uncropped and clearly visible.

 

Proof of Address

Your POA document must contain your full name, address, issue date, and should not be older than 6 months. Ensure complete visibility of the document.

You can provide any of the document as a proof of address:

  • Bank Statement
  • Credit Card Statement
  • Electricity, Water or Gas Bill
  • Council Tax Bill
  • Tax letter or Bill
    House Rental Official Agreement – Issued from a Rental Agent
  • Letter from employer
  • Letter from your local municipality
    Phone bill
  • Internet bill

The verification process can take a few days, and you will be notified once your account is verified. 

You can also follow your verification status on the eToro platform. Verified accounts have a green tick next to the username on the user’s profile.

eToro Demo Account

eToro offers a demo account to its users. A demo account is where the real market conditions are replicated but there are no risks involved. 

This is because the money used for transactions in a demo account is virtual and holds no value in real trading. 

This allows new traders to practice trading and successful traders to try different trading strategies.

eToro’s demo account has all the features of the real account. You get access to all the markets without any restrictions and can open positions using the $100,000 virtual funds provided by eToro. 

Also, you can copy real trades by other traders, and thus, get the full experience that a real trader would get. 

Following, copying, and interacting with other traders on this site is easy and convenient.

Account Types

Account Types-Option Invest

With eToro, you can choose between 2 types of accounts: Retail and Professional. As the name suggests, professional account is for traders who are expert or professional in trading.

Retail Clients

Retail clients get access to all the trading assets and can both manual and copy trade.

The leverage of retail clients are restricted, however they enjoy benefits such as coverage from the Investor Compensation Fund and recourse to the Financial Ombudsman Service.

Additionally, they receive negative balance protection and margin closeout restrictions.

 

Professional Clients

Not everyone can become a professional client. Traders will have to complete certain tests successfully to qualify as a professional client.

Professional clients have no restriction on leverage. They can also avail the negative balance protection. 

Professional clients can enjoy a leverage up to 400:1 and receive a reduction in the current margin rates.

Islamic Account

In addition to these, eToro offers an Islamic account which eliminates interest out of the equation.

This account is suitable for traders who want to trade in accordance with the Shariah law.

Any contracts that last over 24 hours gets rolled over without any interest or swap fees.

The minimum deposit fee for opening an Islamic account is $1000.

eToro Islamic account provides certain benefits:

  • No interest on contracts, i.e. zero rollover interest
  • No rollover commissions for contracts longer than 24 hours
  • Interest-free leverage

Additionally, eToro introduced eToro clubs for exclusive benefits. Depending on the equity and net deposit levels, eToro offers 5 different tiers of the club:

  • Silver
  • Gold
  • Diamond
  • Diamond Plus 
  • Platinum

When you belong to these clubs, you can enjoy exclusive benefits such as invitation to gala event, analyst consultation, discount on exchange fees, exclusive assets, no withdrawal fees, live webinars, and more. 

Trading on eToro: eToro Trading Platform

eToro Trading Platform-Option Invest

eToro initially released ‘WebTrader’ as their web trading platform. In the following year, they released the world’s first social trading platform ‘OpenBook’ which allowed traders to copy and follow other successful traders. 

In 2015, they combined these two platforms into one integrating features from both the platforms. 

This platform is available on both the web and mobile. We will take a look at the features of the web platform.

When you sign-in to your account, you will be greeted into the trading platform. The platform is one of the simplest yet elegant platforms we have seen. 

The interface looks clean, pleasing to the eyes, and simple to use. The top-right section contains the profile icon which can be used to access your profile. I

n your profile, you can view your feed, stats, portfolio, and chart. You can customize your profile here and view your traders.

The menu bar sits at the left side of the interface. You can switch between real and demo account by clicking on the drop-down button. 

This button lets you choose between the two. The options are neatly categorized under ‘Trade’, ‘Discover’, and ‘More’.

Trade

Under the ‘trade’ category, we have a watchlist, portfolio, and news feed. Watchlist contains the popular and trending assets by default. 

You can customize to include markets of your choice using the ‘add market’ button below. Under the watchlist, you can view the name of the market, price change, the selling, and buying price, and finally the sentiment. 

The sentiment is a unique feature available on eToro that shows what the other traders are doing with this market. 

For example, if the sentiment is shown as 99% buying, that means 99% of the traders who are dealing with this asset has opened a buy position. 

The price change is set to one day by default but it can be adjusted to weekly and monthly changes as well. 

The price change is depicted as percentage change accompanied by a graph. You can open positions by either clicking on the sell or the buy icon.

The portfolio contains the list of all your active trades and pending orders. You can view how many units of the asset you are trading, opening price, the amount invested, profit/loss amount and percentage, and the total value of the position. 

There is a settings icon where you can add/remove funds, add stop-losses and take profits, and close your position.

Newsfeed contains feeds and updates related to the instruments you are dealing with along with updates from other traders.

Discover

Here we have 3 options, ‘trade markets’, ‘copy people’, and ‘Invest in CopyPortfolios’. 

Under trade markets, you can explore all the assets available under eToro’s portfolio. 

There is a featured market which displays popular instruments from major companies. 

You can search assets according to the category they belong to or by querying with the name. You can also search for traders by typing their usernames.

The ‘Copy people’ menu is where the real aspect of social trading begins. It contains the list of traders who you can copy. 

They are categorized under editor’s choice, top investors, trending, most copied, and risk score.

Under CopyPortfolios, there are two types of portfolios you can invest in; Top Trader portfolio and the market portfolio. 

Top trader portfolio is comprised of trades of the most performing traders on eToro and market portfolio is a combination of different types of assets following one market strategy. 

Depending on your choice, you can invest in one of these portfolios by copying them.

More

Under this menu, we have all the additional features such as inviting friends, accessing help, guide, fund withdrawal, settings, and log out. 

 Under these is the deposit button to deposit funds. On the top-right portion of the interface, you have the options to write, share and access notifications. 

On the bottom-middle, you can view your total equity which is the sum of available funds, value of allocated assets, and profit.

eToro Mobile Trading

eToro offers mobile trading on both Android and Apple platform. eToro’s mobile app is available on the Google play store and the iOS store. The app is rated highly with overall positive reviews from users.

From our personal use, trading on the mobile app was very responsive and swift. The interface is well-suited for mobile screens and the features are presented in a clutter-free manner. 

There was no significant delay in placing trades and the overall experience was satisfying. 

Whenever there was an important update, the mobile app would send notifications to alert the users.

For Android users, version 4.4 is the minimum and iOS version needs to be 10 or later for iPhone users

Trading Assets

Trading Assets-Option Invest

eToro offers a wide array of trading assets to choose from. eToro boasts over 1000+ assets under their portfolio. 

You can choose from CFDs on cryptos, ETFs, indices, stocks, commodities, and currencies.

Let’s take a look at each of these assets:

Cryptos are offered for trading as CFDs. You can also trade them as crypto crosses and currency crosses. eToro currently offers 12 cryptocurrencies. They are Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dash, Litecoin, Ethereum Classic, Cardano, IOTA, Stellar, EOS, and NEO.

ETFs are exchange-traded funds. It is a collection of assets such as stocks, bonds, and commodities etc. eToro offers over 80 ETFs to choose from. They are available as CFDs so you can enjoy margin and leverage on them.

Indices are offered as CFDs by eToro. These are a collection of assets from one sector of the industry. eToro offers 13 major indices for trading.

eToro offers common commodities such as oil, gold, silver, copper, natural gas, and platinum as CFDs.

The forex market is the largest market in the world in terms of volume. The average daily forex transaction amounts to $5 trillion a day. eToro offers 47 fx pairs. These include major fx pairs such as EURUSD, GPBUSD, USDCAD, USDJPY, and much more.

eToro’s stock portfolio is one of the largest amongst all the brokers. eToro offers stocks from over 1500 global brands. Amongst these includes Amazon, Facebook, Google, Tesla, and other major brands.

eToro Wallet

eToro offers a unique and regulated crypto wallet to their traders for storing cryptocurrencies. The wallet is provided by eToroX Limited. 

You can store all popular crypto such as Bitcoin, Litecoin, Ripple, Ethereum, and more.

In total there are 15 cryptocurrencies available and more will be added in the future. 

eToroX Limited is regulated by Gibraltar Financial Services Commission under the Investments and Financial Fiduciary Services Act under the license number FSC1333B.

You can convert from one crypto to another, make third-party payments, and store your coins safely.

To use the wallet, you are provided a personal blockchain address and your private key is safeguarded. To start using the eToro wallet, you need to perform the following steps:

  • Sign up for an eToro account
  • Verift your account
  • Login into the eToroX wallet

The Fiat to crypto conversion fees are as follows:

– eToroX fee 1%
– Simplex fee 4%

The maximum daily limit is $20000 and the minimum transaction is $125. For crypto-to-crypto conversion, the fee is 0.1%.

XRP wallet creation fee is 45 XRP and XLM wallet creation fee is 2.5 XLM

Social & Copy Trading

eToro Copy Trading And Social Trading-Option Invest

eToro is known for its revolutionary social trading platform. It was the first broker to introduce social and copy trading into the world of trading.

Copy trading is the form of trading where a trader conducts trading by copying other successful traders.

Social trading is the latest trend in online trading where traders interact, follow, and copy trades of other traders. Copy trading is one aspect of social trading. 

If you are interested to know more about social trading, you can read our in-depth article on social trading.

Now that we know eToro offers social and copy trading, let’s see how to social trade on this platform.

You need to create an account in eToro first. After doing that, you will need to deposit a minimum of $200 to start trading. 

For the residents of Israel, the minimum deposit amount is $10000. Once you have successfully deposited money into your account, you can start trading.

You have access to all the markets in the watchlist tab. If you are not confident about trading yourself, you can copy other successful traders. 

You can choose from a list of successful traders based on their returns, a number of copiers, risk score, or choose from eToro’s recommendations.

To copy a trader, you have to click on the ‘+’ icon next to their profile. This adds them to your watchlist. 

Browse the ‘people’ section in your watchlist and you will find the trader you added. Click on the ‘copy’ button to start copying their trades. 

Note that if you choose to copy a trader, you copy all the opened and pending positions in his portfolio. This happens by default. 

And of course, you can choose which assets you want to copy. To remove a position, you have click on the ‘x’ button to remove it from your portfolio.

eToro USA

USA traders currently can only trade cryptocurrencies. Through their platform, traders get to trade 15 cryptocurrencies. These are:

  • Bitcoin
  • Ethereum
  • Ripple
  • Dash
  • Litecoin
  • Ethereum Classic
  • Cardano
  • IOTA
  • Stellar
  • EOS
  • NEO
  • TRON
  • ZCASH
  • Binance Coin

You can directly copy the crypto portfolios automatically. Cryptocurrency trading on eToro is currently available in all US states except

  • Alabama
  • American Samoa
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Kansas
  • Louisiana
  • Minnesota
  • Nebraska
  • Nevada
  • New Hampshire
  • New York
  • North Carolina
  • Puerto Rico
  • Tennessee
  • Texas
  • West Virginia
  • US Virgin Islands

eToro Popular Investor

Popular Investor-Option Invest

Often, the trader recommends which positions to copy. How long you choose to copy the trader depends entirely on you.

 If you are satisfied with the results you are getting from your expert trader, then you can continue copying them or switch to a new trader to copy from. 

If you are completely unsure about whom to copy, eToro recommends a set of top traders that have achieved considerable success over an extended period of time. 

These traders are referred to as popular investors and eToro has certain conditions you have to meet to become a top trader.

They are:

  • Equity must be equal or greater than $500.
  • Should have at least one copier who isn’t related to them in any way.
  • Assets under management should be at least $200.
  • Should have 2 months of stats in his account.
  • Risk score must be below 6
  • Should include real name, photograph, and a description of your trading strategy.
  • Not more than 25% of your equity should be invested in copying other trader or invested in CopyPortfolio.

If you meet these specific requirements, you can apply to become a popular trader. Depending on your success, you will be recommended by eToro to new and other traders.

You might wonder what the benefits of being a popular investor might be. Well, the biggest advantage lies in additional income. 

Popular investors earn 2% of copier’s asset under management. This adds up with the profits they are currently making with their own trades. 

2% might not sound like much but in the context of social trading it can bring in substantial income for the popular investors. 

To put things into perspective, if there are 1000 copiers of an investor and their average AUM is worth $1500, you earn 2% of $1500000 which amounts to $30000! That’s $30000 earned without having to lift a finger.

eToro has an extensive program for popular investors where there are four levels of ranking popular investors depending on their copier’s AUM (Asset under management).

The four types of popular investors are:

  • Cadet
  • Rising Star
  • Champion
  • Elite

eToro Fees & Market Hours

In this section, we will discuss about eToro’s market hours and fees

Market Hours

The market hours for different assets are listed here. Note that all times are in GMT.

  • The crypto market is open 24/7. You can trade any crypto in their platform any time of the day, any day of the week.
  • The commodity market is open from Sunday 22:00 to Friday 20:30
  • The forex market runs from Sunday 21:05 to Friday 20:30
  • The ETF market has varying opening times depending on the exchange. All exchanges open on Monday and closes on Friday
  • Different indices have different market hours. They either open on Sunday and Monday and closes on Friday
  • All stock exchanges open on Monday and close on either Friday or Saturday
 
Fees

The fees for different assets are listed here:

Crypto: The spreads in crypto vary (0.75%-6%)
Commodities: The spreads vary from 2 pips to 45 pips
Currencies: The spreads vary from 1 pip to 50 pips
ETFs: The spreads for ETFs are unified. The spread is 0.09% per side. There are no ticket or rollover fees
Indices: The spreads vary from 4 pips to 1200 pips
Stocks: Spreads for stocks are unified. The spread is 0.09% per side. There are no ticket or rollover fees.

Trading Academy & Education

Trading Academy-Option Invest

eToro’s trading academy serves as a one-stop solution for all trading related education and information. Here, online trading will be made simple and quicker.

Both beginner and professional traders can benefit from this academy and find the answers to their query. A wide variety of education tools such as videos, guides, webinars, and much more available here.

The trading academy is divided into three sections:

Live webinars: Here, you will find webinars conducted by top experts where they provide trading tips and get to know about the ins and outs of eToro.

eCourse: It contains interactive video lessons for both traders and investors. Topics like forex, order types, strategies, trading glossaries, trading pyschology, capital management, technical analysis, and much more are covered here.

Trading Videos: This contains the trading videos which are covered under the eCourse.

Deposit and Withdrawals

eToro Deposits And Withdrawals-Option Invest

The process of depositing and withdrawing is quite simple and fast in eToro. Let’s start with the deposit process.

Deposits

You have to log in to your account to make deposits. On the trading interface, click the ‘Deposit Funds’ button which lies on the bottom left corner. 

From there, you will be taken to the deposit page. Firstly, you have to enter the amount you want to deposit. Set your preferred currency next. 

The available currencies for depositing are US dollars, Euro, GB pound, Japanese Yen, Australian dollars, and Canadian dollars.

Next, you have to choose the mode of payment. eToro offers a lot of flexibility in payment methods. 

You can pay using credit/debit card, PayPal, Skrill, NETELLER, WebMoney, Yandex, UnionPay, Wire Transfer, and Promotional redeem codes. 

Transactions in eToro are completely safe and reliable. It is secured using secured socket layer (SSL) technology which ensures the safety of your private information.

The minimum deposit amount ranges from $200 to $10000 depending on your region. 

The maximum deposit amount differs from region to region and on the mode of payment. For example, using Neteller from the UK allows you to deposit only up to $10000 while you can deposit unlimited amounts using wire transfer. 

Most deposits occur instantly without any delay but some methods of payment like Giropay can take 1 business day. Using wire transfer or Yandex can take up to 5 business days. 

To pay using an online bank, log into your e-bank account and enter the verification code provided by your bank. 

That completes your transaction and the deposit happens within a few minutes. One thing to note is that if you deposit using currencies other than USD, it will be converted to USD on the basis of the current market rate. 

This also requires a conversion fee. eToro doesn’t accept third-party payments or deposits and expects only the owner to make the payments directly.

eToro Withdrawals

Withdrawing money from eToro account is as simple as depositing. Login into your account and choose ‘Withdraw funds’ from the menu. 

You will be redirected to the withdrawal page. eToro follows a priority order for payment method when withdrawing. Credit card gets the highest priority followed by PayPal and lastly bank transfer.

Regarding the withdrawal process time, it takes up to one business day to process a withdrawal request. 

How long it will take for you to receive this payment depends on the mode of payment you choose. 

China Union pay is the fastest as it takes only 1-2 working days while wire transfer takes up to 8 working days.

In case you want to cancel your withdrawal, eToro allows you to do so. In order to cancel a withdrawal request, visit your withdrawal history and click reverse on the withdrawal request you want to cancel. 

Your withdrawal will stop getting processed. Any fee incurred for withdrawal will be returned to your account. 

However, if your request is already processed, in that case, you can’t cancel your request. You can contact customer support for further assistance on that matter.

The minimum withdrawal amount is $50 and you must possess that amount in your balance. Another condition for withdrawing funds is you need to get your account verified by providing necessary documents. 

If your withdrawal process is completed successfully, you will be notified via e-mail. 

If your withdrawal amount exceeds $50, you will be charged $25 as a withdrawal fee.

eToro Contact And Customer Support

eToro offers customer service 24 hours a day from Monday to Friday. You can also open a ticket if you need assistance. 

You can also find them on Facebook, Twitter, Instagram, LinkedIn, and YouTube.

Their Europe office is located in:

KIBCKanika International Business Center
7th Floor,
4 Profiti Ilia Street
Germasogeia, Limassol, Cyprus 4046

Their UK office is located in:

24th floor, One Canada Square
Canary Wharf E14 5AB
London, United Kingdom

Complaints

eToro is a very popular broker with millions of users using their platform on a daily basis. Their platform and features are reliable and secure. 

From our personal use, we haven’t faced any issues using eToro. Deposit and withdrawals were quick and simple. 

There were no problems or delay in opening positions and stop-orders/ take-profits executed perfectly.

However, this is a social trading platform where the majority of the traders are dependent on the top traders for their profits. 

Hence there are complaints from a small minority of users. From our research, we have found two complaints to be popular among eToro users:

Copying resulted in losses: New or rookie traders who lack trading skills copy from experienced and top traders. 

Some of these traders claim copying these top traders has resulted in losses. Now, these traders have to realize, they are investing their money depending on the trading skills of other traders. 

Therefore, they should understand they are responsible for their own actions. These top traders are humans too and they’re bound to make mistakes every now and then. 

Even the most successful traders have a success rate of around 40%.

Withdrawals taking too long: Another complaint common amongst some users is that withdrawals take longer than they expect. 

eToro claims that the time taken to process withdrawal request is a maximum of one business day. 

The time taken to receive funds depends on the payment provider chosen by the traders.

Pros and Cons

In this section, we will discuss the various pros and cons of this broker so you can know where this broker excels and where they lag behind.  

However, keep in mind that there aren’t many disadvantages in using this broker. 

Pros

  • Largest social trading platform
  • Completely regulated broker.
  • Over 1000+ assets to choose from.
  • Reliable customer support
  • The platform is easy to use
  • The feature-rich platform provides a unique trading experience
  • A vast social network of 9 million users.
  • Interest-free Islamic account.
  • Copy from the world’s best traders.
  • Transactions are secure and fast.
  • Social interaction with other traders makes it fun to trade.
  • Top traders earn attractive incentives.
  • Offers mobile app for trading on the go
  • New traders can learn to trade quickly by copy trading

Cons

  • Spreads higher than competitors.
  • No binary options in their portfolio.
  • Not available on MetaTrader.

Is eToro Safe Or A Scam?

eToro continues to revolutionize the social trading industry by being market leaders and a pioneer. 

If you wish to engage in social trading and copy trading, eToro is the right place for you. 

eToro has the largest social trading network and it keeps growing constantly. From our personal experience, we are very satisfied with the platform. 

We would recommend new traders to try social trading to learn trading from the top traders and eToro serves as the perfect platform to do so.

We can conclude by saying eToro is a completely legit broker. For a world-class trading experience, feature-rich trading platform, diverse and helpful social community, fast and reliable transactions, look no further than eToro.

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Overall Rating
5/5
Overall Rating
5/5