eToro Review 2020

eToro is a regulated forex broker. They are regulated with top-tier regulators i.e. CySec & FCA in UK & ASIC. They offer zero deposit charges but no bonus for clients. Read our review to decide if you should choose them or not!

Max. Leverage
20:1
per trade
Minimum Deposit
$200
Rank
#10
out of 20 Forex Brokers

eToro was established in 2007 in Cypress. And they are regulated with various regulatory such as Cyprus Securities & Exchange Commission (FCA), Cyprus Securities & Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC).

eToro have arounf 7.1 million clients all around and world and they are known for cryptocurrency trading.

They have clean and unique trading platform which makes them different from the other brokers in the South Africa.

eToro allow people to invest in Bitcoin and in various cryptocurrencies available on their Trading Instrument page.

Read this our detailed review based upon their trading fees, regulation, commission and deposit and withdrawal methods.

Below is our full review on eToro’s “good & bad side”.

eToro Pros

  • Wide range of markets and variety of options available.
  • Well Designed and secure Mobile and Web Trading Platform.
  • Wide range of cryptocurrencies.
  • Regulated by FCA, CySEC, ASIC.
  • $200 Minimum Depsit.

eToro Cons

  • Poor Customer Support.
  • eToro does not provide MetaTrader.
  • High Spread as compared to others.
  • Their Live Chat support is not available for un-registered visitors

eToro- a quick look

Broker Name eToro
Year Founded 2007
Website www.etoro.com
Registered Address eToro (Europe) Ltd, KIBC, Kanika International Business Center, 7th Floor, 4 Profiti Ilia Street, Germasogeia, Limassol, Cyprus 4046
eToro Minimum Deposit $200
Maximum Leverage 20:1
Major Regulations Regulated by FCA, CySEC, ASIC.
Trading Instruments CFDs, ETFs, Forex, Cryptocurrency, Shares, Commodities, Indices
Trading Platforms Mobile and Web Trading Platform


Regulation and safety of funds

  1. Cyprus Securities & Exchange Commission: eToro Europe is registered with Cyprus Securities & Exchange Commission (CySEC) under license number 109/10.
  2. eToro regulated with cysec

  3. Financial Conduct Authority (FCA): They are also regulated with Financial Conduct Authority (FCA) under license number 583263 as eToro UK.
  4. eToro regulated with FCA

  5. Australian Securities and Investments Commission (ASIC): In Australia, services and products are provided by eToro AUS Capital Pty Ltd. (“eToro Australia”), ABN 66 612 791 803.

Etoro is an established company and they are regulated by FCA, CYSEC and ASIC. Moreover this broker do not hold your money but records of your deposits and earnings. Incase of slippage, insurance comes in handy, to a tune of $20,000. So you funds and trading with them are safe.

Etoro Fees

  1. Spread: Etoro offer minimum spread of 3.0 pips in case of EUR/USD currency pair. This spread is very high as compared to other brokers in South Africa.
  2. eToro Spread

  3. Zero Commission: They offer Zero commission to their clients. And this means that no commission when opening or closing the position.
  4. No Deposit Charges: eToro charges a $25 fee for withdrawals but the withdrawal should be more than $50. Moreover there are no deposit fees or charges on deposit amount.
  5. Rollover fees: eToro does charge overnight/weekend fees for CFD positions. Rollover fees are charged for the short-term loan you take from the liquidity providers to maintain the position and including the following types of positions: leveraged positions, currency pairs, commodities and SELL (Short) positions on cryptocurrencies, stocks and ETFs.

eToro Account Types

Demo Account

eToro Demo Account

eToro Demo account is one of the best option for the beginner who want to learn or practice a Forex Trading .

In Demo account traders will get free and unlimited access and they can also use $ 100,000 of eToro virtual money.

With eToro demo account doesn’t require and initial deposit as you can use that virtual money by them.

eToro Live Trading account

eToro Live Trading Account

eToro offers a demo account that traders can use to practice and familiarize themself with their platform. Moreover trader can anytime convert his demo account to live account.

eToro does not have types of live trading account as offer by other brokers. But their live trading account comes with below features:

  1. Minimum deposit ($200): For opening a live trading account you only need to make a deposit of $500 as your initial deposit. You can start trading instantly after making the deposit of $200.
  2. eToro Minimum Deposit

  3. Copy Trading: Using Copy Trading the traders can automatically copy any operation compiled by other trader for replicating trading performance with his own live trading account.
  4. eToro Copy Trading

  5. Negative balance protection: eToro offer negative balance protection to their traders. This feature will prevent your balance to go in negative while bearing loss in trading.

How to Open Account with eToro

Step 1) Fill your Personal Information: First of all you need to enter your some personal details to create an account with them. You need to enter phone number and email which you need to be verified.

eToro Create Account

Step 2) Check Account Dashboard: Now you will be in the account dashboard where you can check all the features of eToro Live Trading account.

eToro Check Account Dashboard

Step 3) Complete your Profile: Once done with checking with account dashboard, you need to fill the information by following on screen instructions as shown in the below screenshot.

Step 4) Verify Your Account: At last you need to verify you phone number by sending an OTP. And you also need to upload your documents like ID proof such as driving license, passport etc. and you also need to upload Address poof like electricity bill, postpaid mobile bill, etc.

You have completed the all steps to open and live trading account with eToro. Moreover you have also submitted your documents to verify your account. Normally account verification can take upto 24 hours. You will receive account verified email notification once it is done.

eToro Trading Platforms

  1. Web Trading Platform: eToro web trading platform is very clear and easy to use for traders. The interface of the web trading platform is very user frindly. All features are clearly displayed in the web trading platform. Moreover there is social trading option also available.
  2. Mobile Trading Platform: Mobile Trading platform have same features as of web trading platform. This platform is available for both iOS and Android devices. Mobile Trading platform have also user friendly interface. 2-step verification is also available for securing the account.

eToro Mobile Trading Platform

eToro Deposits & Withdrawals Options

Deposit Method

eToro Deposit Methods

eToro allow their customers to make deposit using the and on of the Bank transfer, Credit/Debit card, Paypal, Skrill, Neteller and Webmoney.

There are no charges if you will make payment in USD. But on case of other currencies they deduct a specified amount of pips from current market rate.

Moreover they do not support ZAR currency but you can deposit in GBP, USD, EUR, AUD and MYR.

Withdrawals Methods

eToro always send withdrawals to the original payment method used to deposit.

Moreover withdrawal can take from 3 business days to 8 business days to be received from the day it is processed.

eToro Bonus

We have already checked it and notice that they do not offer registration bonuses at the moment.

But you can keep checking the post. We will update it once there will be any bonus offered by them.

eToro Customer Support

eToro Chat support is not bad as compared to other brokers. They are offering support during 4 hours a day from Sunday at 17:00 GMT to Friday at 20:00 GMT.

eToro Contact Us

You can contact them via below mediums:

  1. Email Support: You can contact them by sending an email from their contact us page. You need to open a ticket from that page. It is not a direct email address, it is a customer support system. You can email them through the customer support center and the average response time is up to 48 business hours.
  2. Phone Support: Currently they are not offering support via phone. But you can request for call back via email or chat.
  3. Chat Support: There ists no chat support available for un registered clients. But you can contact them via chat after setting up account with them.

Do we recommend eToro?

Yes if you are beginner to Forex Trading. They offer social trading and copy trading option which helps beginner to learn and invest using their demo account.

There are also some drawbacks like poor customer support, high spread as compared to average and no bonus for new clients.

Moreover they are not accepting ZAR without charges. You can make deposit in USD without any charges. But in case of any other currency you need to pay some charges.

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eToro
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