eToro Review

Overview

eToro has been around for quite a while now, having been originally founded in 2007 in Cyprus. Over the years, it has gone on to build up a solid reputation… more

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Details

Broker eToro
Website URL https://www.etoro.com/
Minimum 1st Deposit 50$
Free Demo Account Yes
US Traders Allowed No
Overall Score 95

Full Review

eToro has been around for quite a while now, having been originally founded in 2007 in Cyprus. Over the years, it has gone on to build up a solid reputation with traders all over the world, and now boasts a whopping 5 million regular users. With full regulation from major financial bodies and several awards to their name, it’s safe to say that eToro have become one of the biggest names in online options brokers. But how have they reached this point? Let’s take a closer look at their platform and service, and uncover just why so many traders swear by eToro.

First things first, eToro is what’s known as a “social trading” platform. What does that mean? Well, as the name suggests, their platform is geared more towards those who want to work together with other traders to all secure a tidy profit. They’ve made it simple for traders to come together to discuss strategies, and also use their very own CopyTrader technology to mimic the trades of successful users. In this way, beginners can see how things work to learn the ropes of trading, while also making a tidy profit on their initial investment. Likewise, more experienced traders, or those who prefer an automatic approach to options, will welcome this feature with open arms.

Social trading is becoming more and more popular because of the above reasons, and eToro were one of the very first pioneers of this approach. That doesn’t mean, though, that they are content to simply sit back and leave their site the same as it was a few years ago. Instead, they are constantly adding great new features and tweaking existing ones to make their platform the premier social trading solution out there. For instance, they’ve added a handy News Feed that works in much the same way as Facebook’s, allowing you to easily keep on top of what other traders are up to. If there’s something that you want to keep an eye on and maybe come back to later, then no problem- just add it to your Watchlist, and you’ll be notified when something changes. There’s also plenty of data for you to sink your teeth into, too, with personal portfolios, trading histories, stats, and risk levels all there for your viewing pleasure. If you’re one for facts and figures, then social trading could very well be the ideal approach for you!

Not only does eToro provide an enormous range of different features to its users, but it’s also home to a fantastic selection of different assets to trade, too. Whether stocks and shares are your thing, or you prefer more tangible assets like gold or crude oil, you’ll find something tasty here to start trading. One thing that’s unique about eToro’s approach to trading is that they actually list Bitcoin as a stock, instead of as a currency. This means that unlike with other brokers, if you choose to trade Bitcoin on eToro, you’re buying the financial derivatives that track the price, instead of the actual cryptocurrency itself. In practice, that means one less thing to worry about!

You’ll be pleased to hear that eToro also provide some tempting bonuses as well, giving you all the more reason to try out their service. At the time this review was written, they were offering users up to $1000 for inviting 10 friends to join the site- definitely not to be sniffed at! The referred users also get $100 to trade with, too, so it’s a real win-win situation. As for those of you who take your tradin seriously, there are bonuses on offer for you, too. Once traders reach a certain number of copiers for their trades, they will be made a “community leader”. As well as giving you serious bragging rights amongst your fellow traders, this status also brings with it a financial incentive. These leaders are given a bonus of up to 50% in eToro credits on their deposits, depending on how much cash you put in. And for those who deposit $20,000 or more in one transaction, you’ll be given a premium membership, which includes features like a personal account manager, direct access to the eToro trading room, fast-tracked withdrawals, and your very own Payoneer credit card.

So, if you’re interested in social trading, eToro is perhaps the best broker of its kind. Not only were they at the forefront of this more interactive method of trading, but they have also gone to great lengths to ensure that their site has remained top of the class. Beginner traders in particular would do well to give eToro a try, as you can learn by example and copy the trades of the experts. There’s also a wide range of educational materials available for free, so you can also pick up some useful practical advice, too. For more experienced traders, eToro also offers the valuable opportunity to chat with other traders to compare strategies, which is always beneficial if you want to keep your career as an options trader moving forwards. The one thing going against them is their two-pip minimum spread, which might annoy some more experienced traders, but the ease of use and ability to easily copy other trades more than makes up for this minor downside. In all, eToro is by far the ultimate social trading broker out there- so why not give it a try!

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