EToro Broker Review
Here we will introduce you to the eToro platform through its different features.
Social Trading on eToro
First, eTero is the world’s leading social trading network with 6 million users in more than 170 countries. This is what makes it special.
In addition, eToro can trade currencies but also commodity indices and CFDs: “Contracts for differences”.
Finally, in 2010 the eToro platform created its “Open Book” as well as its “Copy Trading”.
It should be emphasized that this function of Copy Trading is unique and allows to copy the best traders of the network.
Regulation on eToro
EToro has excellent control, which makes it very reliable.
Thus it is regulated by different regulatory bodies in Europe. Mainly by CySEC, Cypriot.
In France, it is regulated by the Banque de France. In Germany it is BaFin, as for the United Kingdom it is the RCA which is its regulator.
In the case of litigation, the Bank of France gives you access to mediation assistance.
Security in Etoro
The eToro platform is very confidential and does not give access to your personal data without your authorization.
It is provided by the Secure Socket Layer system, as well as by SSL with regard to data transfers and user authentication.
Platform type on eToro
Originally there were several types of platforms that have now merged.
The standard, which allows to open a trading account from 50 dollars.
the Open Book is the great originality of this platform. It is a social trading platform. That is, each trader can see the trading of all other traders, their progress but also their losses, with access to a forum to exchange trading strategies. The best traders who are imitated by other customers can earn additional income.
eTero Web, which gives you the analytical tools for your trades.
The Islamic platform suitable for Muslim traders, with a minimum deposit of 1000 dollars and no transaction fees.
Demo platform where you can trade as many times as you want but in simulation, before you get into real trading.
The mobile Trader allows you to trade on your laptops wherever you are.
Recently, eToro has merged these different platforms into one all-in-one, where you can access all these services on all kinds of devices including mobiles.
On the platform there is also the limit stop. This system allows you to limit losses and take profits at the right time.
EToro deposits and withdrawals
Etoro offers several payment options for deposits on its platform.
So you have the option to pay either by credit card or Visa, MasterCard or Diner’s Club credit card. Either by bank transfer. Also by Giropay, China Country Union, Neteller, Skrill, UK Limited, PayPal, WebMoney, Wirecard, Cash U and Yandex.
Withdrawals are done on the same principle, after checking your account you can withdraw minimum 20 dollars with fees of 25 dollars and within a period of about 5 days.
It should be noted that for withdrawals you will need to present a clear color copy of your passport as well as your signature.
In addition, you will be asked for a clear copy of an electricity bill that is less than three months old and which shows your home address.
In addition, if the deposit has been made by credit card, you must also provide a clear copy of both sides of your card.
Finally, minimum deposits range from $ 50 to $ 1,000 with maximums ranging from $ 5,000 to $ 50,000.
Prices on eToro
On eToro, the demo account is free.
As far as commissions are concerned, there are none on eToro.
On the other hand, as far as spreads are concerned, they vary.
So they will be 2 pips for the USD / JPY pair.
3 pips for EUR / USD, USD / CHF, or USD / CAD pairs.
But these pips can reach 7 for pairs like USD / RUB and even 20 pips for rarer pairs.
As for the gaps in Bitcoin trades, they are 225 pips.
What can be traded on the eToro platform?
On the eToro platform you can trade several kinds of assets.
Thus you can trade stocks, commodities (gold, oil …), thirty pairs of currencies in the markets, thirty or so ETFs, as well as the main virtual currencies.
You can also pass CFDs, that is Contracts for Differences. This type of contract allows you to earn the difference between your opening and closing positions. In this way you can make money if the market moves in your favor.
Customer service on eToro
The eToro platform has excellent customer service open 24 hours a day, 5 days a week. It is available by phone or email, with a response time of 48 hours. The service is totally free.
The languages available for customer service are English, German, Arabic, Chinese, Spanish, French and Italian.
In addition, there is a digital and personalized customer service feature on eToro that is available by clicking on a button to the left of the eToro Customer Service page, and provided by the company “Nano Rep”.
In addition, a forum is available on the platform.
If you want to talk to a representative, you can also do it. You just have to open a ticket and the representative will call you back. You can also choose your representative by clicking on his photo where you will also find a brief biography of this representative.
In conclusion, the eToro platform has many advantages.
First, its very good regulation in the European Union, France, Germany and the United Kingdom.
Second, its social trading network, which is one of the largest in the world and is very powerful.
Third, its Copy Trade technology (which allows you to trade with the best traders in real time).
But also, its personalized customer service, ease of use that makes it a very good platform for beginners, its educational tools and its simulation platform.
There are also eToro contests between traders that can win cash prizes and have their trades tracked by other traders.
Finally, the main disadvantage remains the high price of withdrawals, as well as the long withdrawal times, which can last up to five days.