|Minimum account size||Varies from $50 to $1000|
|Minimum lot size||0.01|
|Spread on EUR/USD||3 pips|
|Payment methods||Credit/Debit Cards, China Union Pay, Giropay, Neteller, PayPal, Skrill Limited UK, WebMoney, Wire Transfer, Wirecard, Yandex|
|Demo account||Unlimited time|
|Accepts US traders||No|
|Regulated||CySEC (Cyprus), FCA (UK), MiFID (EU), NFA (USA)|
|Support||Phone, Email, Live Chat|
- Advanced social trading network
- Real-time quotes
- All-in-one platform
- Wide range of payment options
- No MT4 platform
eToro is a social investment network company that was founded in 2007. This multi-regulated company is widely known to be the pioneer in integrating online trading with social media and now they have more than 5 million users across the globe. Is this brokerage a good choice for trading? Let’s find out.
They now have an all-in-one platform which integrates all the features of their previous platforms (WebTrader, OpenBook and Mobile Trader) with all the tools you could possibly need to manage your trading portfolio. They have a very flexible social trading system so you can easily set the amount that you want to automatically copy. You’ll have the option to either copy all the open trades or only the new trades of your selected investor. There are no limits on the number of users that you can copy so you have the liberty to browse thousands of profiles and copy their trades to increase your chances of generating profitable yields. This complete set of online investment solutions deserves a Platform score of 9/10 on our table.
They have done a fantastic job in making their page very visually attractive and what’s even better is that they always make constant updates and improvements. This is the main reason why they notched a Design score of 4/5.
Opening an account at eToro necessitates an initial deposit that varies from $50 to $1000. Such flexibility allows everyone to start with their own desired startup capital. This deserves a Minimum deposit score of 4/5.
Minimum Lot Size
With a low lot size, the risks are lowered and you can even do some experimenting on your trades. It’s a good thing that eToro allows a minimum lot size of 0.01 which is why they earned a Minimum Lots Size Score of 4/5.
eToro has a selection of trading instruments including the cryptocurrencies like Bitcoin and Ether (digital currency for the Ethereum blockchain). With more than 1000 choices, it’s very easy to find an instrument that has promising returns and profit opportunities. Such variety warrants a Tradable Assets score of 5/5.
eToro’s spreads are still well within the competitive range as compared with the spreads of other popular brokers. Most of the assets have around 3 to 4 pip spreads which are standard for most platforms. For the EUR/USD currency pair, the spread is 3 pips on average. These numbers warrant a Payouts score of 7/10.
Now how about the withdrawals? While most traders complain about the delays in the processing time of their withdrawal requests with their brokers, our experience with eToro in this part of the test was very smooth and didn’t take too long to accomplish. As long they have all the necessary information, the withdrawal processing time only take 1 business day while the time it takes to receive the payment may vary depending on your payment provider. Such speed gets a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
It’s easy to add funds to the account since they support a wide selection of banking methods. This includes credit and debit cards (Visa, Mastercard, Diner’s Club), China Union Pay, Giropay (Sofortüberweisung), Neteller, Skrill Limited UK, WebMoney, Wire Transfer, Wirecard- Wire and Credit Card, Yandex and even PayPal. Such variety of ways for funding adds more convenience and lessens the hassles. This deserves a Deposit and Withdrawal Methods score of 5/5.
There are plenty of ways to contact the support department but is recommend that you first refer to their FAQ section or enter your queries in the Have a Question/Get Instant Answers window at the lower left-hand corner of the website because you are most likely going to find the answers there. Overall, the excellent customer service warrants a Support score of 13/15.
It’s highly essential to know if the quotes or market prices that you are receiving from your broker are accurate because this is where you will base your trading decisions. This is also a good way to test if they are indeed giving you the correct market prices or if they are controlling the values in their favor. Based on the stringent tests that were done on their platform, the feeds are synchronized with the actual market prices. This earns a Quote Accuracy score of 9/10.
After doing an extensive research about this brokerage, we’ve learned that their reputation remains untarnished in many countries. They are widely known to be the pioneer in the social trading industry and that is proven by their massive 5 million global users. Such integrity deserves a Reputation score of 16/20.
eToro provides a suite of online investment solutions where the turnover opportunities are very promising thanks to their innovative combination of online trading and social media. Regardless if you’re a newbie that is looking for a safe entry into the trading scene or an advanced trader that is looking for higher rewards, this social investment network is your best choice.
Final Score: 86/100