eToro: Review, Opinion and Spreads of the Forex Broker
eToro is a broker based in Cyprus. It was founded in 2006 and its servers are located in the Netherlands. It complies with the European Markets in Financial Instruments Directive (MiFID) and is accredited in 40 European countries. In France, eToro has been approved by the Bank of France’s ACPR (control authority), making it perfectly legal. eToro’s website is translated in approximately 20 languages including Inglish of course, which shows it truly operates on an international stage.
This broker is a Forex trading expert and operates solely on that market.
eToro offers services only online, using its own platform (WebTrader). There is hence no need to download software on your PC as everything is done on your web browser. Furthermore, common features developed by eToro are included in the interface. A mobile phone version is in the works.
Rates and Conditions
This broker does not itemise brokerage costs for each currency pair, preferring to charge brokerage fees from 2 pips. This seems sensible but you must open an account (even if it is simply a practice account) to keep track of your costs.
A minimum deposit of 200 units (e.g. £200) is necessary by credit card. If paying by bank transfer the minimum level is raised to £500. The maximum credit card deposit allowed is £5,000, while there is no limit to payments made electronically.
Deposits can be made in euros, US dollars, or British pounds.
Please note that there are withdrawal fees to be paid as well as rather stringent identity checks (you must submit copies of an ID card as well as your bank card before you can withdraw your earnings).
Leverage ratios vary from 1:1 to 30:1.
eToro’s greatest asset is the social network it has developed for investors. The broker’s clients can share ideas and get answers from professionals on forums and chats. eToro spotlights the best traders based on past and present performance.
It is also worth noting that the trading interface is very user-friendly. The broker has striven to achieve this and the resulting product is truly convenient.
- Social and community trading
- The Trading Academy
- Intuitive Beginner Platform
- MT4 not available
Sign up for eToro Highly volatile investment product. Your capital is at risk.
Last Update on 08/05/20