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Forex Broker Review: eToro


VisiteToro Brokers ReviewRating Analysis published on OnlineForex.Biz

 


eTORO BROKERS GENERAL INFORMATION

Found: eToro was found in 2006 (OnLine 2007)

Headquarters: eToro has offices in British Virgin Islands

US Residents: eToro allows traders from US –NO

■ Regulated: eToro is regulated by CFTC, NFA, ASIC and CySEC

Islamic Accounts: eToro supports Islamic Accounts –YES-

■ Languages: eToro web-site supports 16 Languages

eTORO BROKERS TRADING INFO SUMMARY

Broker Type: STP (Market Maker)

CFD Trading: YES

Platforms: eToro webTrader, eToro Openbook, Mobile Trader, MetaTrader 4

Trading Time Zone: GMT

Demo Account: eToro is providing a Demo Account –YES-

Typical Spread EUR/USD: eToro spread on EUR/USD is 3 pips

Leverage: Leverage at eToro can be up to 1/400

Scalping: is forbidden at eToro –NO-

Bonus: eToro offers Bonus up to 10%

Visit eToro

TRADING ASSETS

eTORO BROKERS TRADING ASSETS

eToro is providing a wide variety of Financial Assets including many Forex Currencies, Stocks & Indices and major Commodities. Here are the major assets offering by eToro plus their spread.

 

■ Forex Currencies / Spreads 

■ Commodities / Spreads

■ Indices / Spreads

Euro/US Dollar 3 Pips

British Pound/US Dollar 4 Pips

New Zealand Dollar/US Dollar 3 Pips

US Dollar/Canadian Dollar 3 Pips

US Dollar/Japanese Yen 2 Pips

US Dollar/Swiss Franc 3 Pips

Australian Dollar/US Dollar 3 Pips

Euro/British Pound 4 Pips

Euro/Swiss Franc 5 Pips

Euro/Japanese Yen 4 Pips

British Pound/Japanese Yen 6 Pips

Euro/Australian Dollar 8 Pips

Euro/Canadian Dollar 9 Pips

Australian Dollar/Japanese Yen 7 Pips

Canadian Dollar/Japanese Yen 8 Pips

Swiss Franc/Japanese Yen 8 Pips

Oil/US Dollar  14 Pips

Gold/US Dollar 90 Pips

Silver/US Dollar 5 Pips


SPX500 1 Pip

NSDQ100 3 Pips

DJ30 6 Pips

UK100 3 Pips

GER30 3 Pips

FRA40 3 Pips

COMMISSIONS & LEVERAGE

eTORO BROKERS TRADING COMMISSIONS

■ eToro Spread on EUR/USD is 3 pips, minimum spread is found on USD/JPY (2 pips)

■ Leverage at eToro can reach up to 1/400

TRADING PLATFORM & MOBILE

eTORO BROKERS TRADING PLATFORM

Demo account is available at eToro -YES-

16 Languages: English, French, Arabic, Chinese, German, Greek,, Japanese, Korean, Portuguese, Russian, Spanish, Swedish, Hungarian, Italian, Turkish, Dutch

Scalping: is not allowed at eToro -NO-

■ Trading Hours: GMT -from Sunday 10PM (GMT) to Friday 9PM(GMT)


eToro Online Platforms include:

1. eToro webTrader

2. eToro Openbook (Expert Advisors Automated Trading)

3. Mobile Trader

4. MetaTrader 4

eTORO BROKERS MOBILE TRADING

eToro  supports Android mobile devices and iPhone, iPad and iPod devices:

Get Android eToro Trader mobile app

NEW ACCOUNT INFORMATION

Types of Trading Accounts

eToro includes 4 types of trading account:

■ Bronze Account (under $1,000)

■ Silver Account

■ Gold Account

■ VIP Professional Account ($20,000 plus)

eToro Deposit Methods:

■ Credit Cards

■ Neteller

■ PayPal

■ Skrill / MoneyBookers

■ GiroPay

■ WebMoney

■ Wire Transfer

■ MoneyGram

■ Western Union

eToro Minimum Account is $50 (Accepted Currencies for Deposits are EUR/USD/GBP)

eToro Withdrawal Methods:

■ Credit Cards

■ PayPal

■ MoneyBookers

■ Western Union / MoneyGram

■ Bank Transfer


eToro Withdrawal Fees:

■ $5 fee from $20 to $200 withdrawal

■ $10 fee from $200 to $500.000 withdrawal

■ $25 fee from $500.000 withdrawal and more

eToro New Accounts Bonus

eToro offers First Deposit Bonus:

■ $20 Bonus for deposits $200 – $1,000

■ $100 Bonus for deposits $1,000 – $5,000

■ 5% Bonus for deposits $5,000 – $20,000

■ 10% Bonus for deposits $20,000 and more

eTORO BROKERS NEW ACCOUNT DOCUMENTATION

eToro broker will demand the below documentation only before the first withdrawal:

1) Color and clear photocopy of Passport (including signature)

2) Bank Statement or Copy of Utility Bill (not older than three moths) with name and address of residence.

3) If credit card is used then color and clear copy of both sides (middle 8 digits and CVV number may be masked)

CONTACT INFORMATION

■ Group: eToro (Group) Limited

Address: 281 Waterfront Drive, Road Town, Tortola, British Virgin Islands

Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

■ BRUNCHES:

1) Company: eToro Worldwide Broker and Service Center (EUROPE)

Address: 7 Omirou St. 3095, Limassol, Cyprus

Phone: +357-2-5030234

Fax: +44-866-350-0881

2) Company: eToro Broker Office (USA)

Address: 1375 Broadway, New York, NY. 10018, USA

Phone: +1-888-993-8676

 

eTORO BROKERS PROS AND CONS (According to competition)

eTORO BROKERS REVIEW CONCLUSIONS

eTORO BROKERS  PROS

eTORO BROKERS CONS

√ Educational Center and Live Webinars

√ Social Trading (enables following and copying Trades using OpenBook Platform)

√ Offering Real Time Trading (assuming a fast internet connection)

 √ No Fees and Commissions

√ Trading Platforms Innovation

X Withdrawal fees on all types of accounts

X No scalping and no hedging

X Only 16 Forex pairs

 

 

eToro Review Conclusion: 

eToro is a huge financial group (1,75 mil trading accounts in more than 140 countries). As a broker, eToro can be considered as a fair and reliable Forex and CFD Broker offering special social trading abilities using eToro OpenBook platform. Its spreads on major currencies (2 pips USD/JPY and 3 pips on EUR/USD) are considered normal keeping in mind that no commissions are charged. As concerns Forex, the only serious disadvantage is the low number of total currencies affered (16). In overall it constitutes a good brokerage choice especially for those who want to use an automated platform with ‘Expert Advisor’s’ capabilities. 


 Visit eToro 

 

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