This platform is perfect for beginners, and it also has a lot of depth that more advanced traders might need.
Before we dive in, if you haven’t already signed up to eToro, sign-up here. That way you can click around the platform and get a feeler for exactly how good it is.
The summary of outline of what makes eToro better than other platforms
- It’s incredibly user-friendly
- It looks smart, its modern, and its extremely popular
- They have a number instruments you can trade; stocks, indices, forex, crypto
- They have social trading built-in, so you can communicate and copy other traders moves
- The spread is very reasonable
- There’s a strong amount of customizability both on the main dashboard, and when you want to add indicators to the price charts
- They also have a really nice mobile app
What you can trade on eToro?
eToro has done a great job of ensuring that they bring a bunch of different options to trade on.
It looks user-friendly, but it definitely doesn’t lack any features. And you can trade everything from forex to crypto on eToro.
eToro allows users to trade:
- Crypto; bitcoin, ripple, ethereum, and all the others..
- ETFs; exchange-traded funds
- Stocks; from many exchanges
- Indices; FTSE, NASDAQ and many more
- Commodities; oil, gas, gold, ..
- Currencies; forex; majors and minors
There aren’t many brokers and trading platforms that offer you everything, including crypto.
Each of the choosable trading instruments in the Trade Markets tab comes equipped with price, daily move and a nice visual on the days price.
Another benefit of using eToro is the amount of information you get
One of the powerful tools is the “sentiment” of the markets, this shows you what percentage of people are buying or selling the instrument.
And when you drill into what you want to trade, you’ll find a wealth of content; for example, what drives prices, moves the markets, and what to watch out for.
eToro is well know for it’s social/copy trading feature.
Regardless of asset class, eToro provides social insights and doubles up as a social network of sorts. When you register and login into eToro, the news feed feels similar to what is obtainable on Facebook, Twitter, and other social networking sites. What’s more? You can leverage the feed to stay updated on market events. If you have any professional trader in mind, eToro lets you follow the trader and you can utilize the Popular Investor Program to invest your money in the same way.
Can you trade financial instruments professionally and generate high returns on investment? Then eToro has got you covered. You can join the Popular Investor Program for free. This program allows newbie traders to copy your trades; hence, eToro would pay you commission once they successfully copy your trades.
Popular Investor Program
The Popular Investor Program allows you to copy the trades and trading strategies of popular traders. With the Popular Investor Program, you can look through different traders, their trading portfolio and history, as well as their risk levels. You may even decide to copy some specific investment from their trading strategies. In the event that things go south, you can create a stop-loss as you do the copying. This will help you to mitigate potential losses.
Research and Education
Once you register on the eToro trading platform, you automatically gain access to helpful educational research materials free of charge. These materials will enable you to learn the skills that professional traders leverage to make it big. eToro offers a “Trading Academy” where you get access to live webinars, trading videos, as well as e-course for all categories of traders.
Opening an account on eToro is pretty much simple. eToro offers only one live account type. Plus, there is a demo account which you can try out with play money.
How to open your account
Like I mentioned earlier, opening an account on eToro is very fast, simple, and enjoyable. The whole account opening process can be concluded in one day. To start the registration process, open an email or Google+ or Facebook accounts, and then proceed to the eToro platform to fill out the account opening form. And boom, you are already a step away from trading. You can start learning the ropes with a $100,000 demo account.
If you want to trade with real money, you have a two-tiered customer identification to beat. Either you fill out a profiling test form and deposit money up to $2,000 or you electronically prove your identity and residence and then deposit more than $2,000.
Filling out the customer profiling form is enjoyable. There are lots of pictures to guide you through. Plus, you’d be asked a few trading questions to test your knowledge on trading.
However, if you choose to verify your identity and address, you will provide your mobile number and upload copies of some documents to back your claims such as personal ID or passport and a utility bill with address clearly written on it. After that, you can deposit more than $2,000.
Who Can Use eToro?
eToro was designed by their technical team to be used by all categories of traders provided it is legal to trade financial instruments in your country. In fact, there is a list of blacklisted countries on eToro. These countries were blocked due to regulation changes that conflict with trading laws. A few of the blacklisted countries are Canada, the United States, Japan, Cuba, Iran, North Korea, Syria, Serbia, Turkey, Sudan, and Albania, among other countries.
eToro makes money from charges collected from trading transactions. eToro does not charge users when a position is opened. Instead, it charges based on the spread. Please be aware that the spread can vary based on market conditions and liquidity. On eToro, the daily break spreads are:
- 5% for BCH
- 1.5% for BTC
- 3% for DASH
- 2% for Ethereum
- 5% for ETC
- 3% for LTC
- 5% for NEO
- 5% for XLM
- 3% for XRP
There are no fees for weekends or overnight trades since Cryptocurrency trading is 24/7. The team makes it clear that fees charged are subject to change.
Deposit and Withdraw on eToro
There are several ways to deposit and withdraw money on eToro. So, it beholds on you to choose the method favourable to you. However, keep in mind that each deposit method has varying minimum deposits. The following are some of the deposit methods:
- Wire Transfer
- Bank transfer
- Webmoney UK, among others.
To withdraw your earnings, you will fill out a form and then receive your money through credit or debit card, bank transfer, and PayPal. However, you will need proof of address, colour passport, and a copy of your signature.
Is eToro Safe?
To ensure that users can deposit their money and have peace of mind, the team behind eToro have taken steps to provide extra security. To start with, eToro is fully registered and adhere to the rules and regulations of FCA and CySEC. Additionally, steps have also been taken to guarantee the safety of investors’ funds and personal information.
With all that in mind, be aware that currently there are no safety nets for any crypto-related trading. No insurance whatsoever is made available from investor compensation schemes within the United Kingdom or Cyprus.
Despite the lack of regulation for crypto trading, eToro stands tall in resolving complaints from users. In fact, eToro has several channels where users can register their complaints.
It is not difficult to see why eToro is a trading platform to reckon with considering all the features, user-friendliness, and educational resources. As the company continues to expand its operations into new markets, you should give the thought of registering on eToro a serious consideration as a newbie trader. Creating and registering an account is absolutely free of charge, meaning, you will get started quickly. Regardless of your skill levels, eToro has something unique for everybody.
That would would be it!
And one more thing….
Do you have any experience with eToro? I would like to hear from you. Use the comment box below to share your experiences with me.