How to Open eToro Account
eToro is one of the world’s largest social trading networks that focuses on providing financial and copy trading services. The platform was among the first online trading companies to support digital currency trading after adding support for Bitcoin (BTC) in 2014.
Now, in addition to many trading assets like stocks, indices, forex, and commodities, eToro also supports several crypto assets on the platform. The broker features an intuitive trading platform, relatively low fees, and strong security.
So, it’s no wonder that many people want to join the platform. Opening an eToro account is easy and only takes a few minutes. But there are several steps you can take to make the beginning of your online investing journey a smooth process. This quick guide will show you how to start your eToro experience.
eToro Account Requirements and Documents
As part of the Know Your Customer (KYC) process, new investors must provide certain documents to verify their eToro account. These documents include confirmation of residence (i.e. utility bill dated to the last 3 months) and proof of identity (i.e. valid passport or other form of officially issued photo ID).
You’ll also need to fill out a questionnaire so that eToro can better determine how they can best suit your unique needs. Examples of the types of questions you may be asked include:
Your professional status
Level of knowledge of capital markets
Financial liquidity
Acceptable levels of risk
Investment goals
Due to regulatory requirements and business decisions based on risk management considerations, eToro isn’t available in certain countries. However, their service is available in the United States, excluding American Samoa, Guam, Hawaii, Minnesota, Nevada, New York, Northern Marianas, and Puerto Rico. For regulatory reasons, eToro can’t provide their service to U.S. citizens who reside outside the USA.
In many countries, you can start investing with eToro with as little as $50. In the United States, you can start trading with just $10. In other countries, you may have to deposit as much as $10,000 to open your account.
eToro Account Types
eToro offers many types of accounts that serve different investors’ needs. Their account types include:
Demo Account: eToro’s demo account allows traders to learn about forex by giving them access to a simulated market that allows them to trade without risking real money. You don’t need anything to open a demo account with eToro, except for your full name, email address, and password. Then, you’ll be given access to up to $100,000 of eToro virtual money.
Live (Standard) Account: A live trading account gives you access to real markets where you can make real money from your trades. To open a live account with eToro, you must provide proof of identity, proof of residence, and your tax identification number. You must also verify your phone number. Your eToro account opening will then be pending verification. While you wait, you can deposit money, with the minimum deposit being $50 in most countries. Spreads and fees are very competitive for a standard account with eToro, with spreads ranging from 1 to 2 pips for major forex pairs.
Islamic Account: eToro offers an Islamic account for those following Islamic law. In the currency market, if you don’t close a trade before 5:00pm New York time, all open trades will automatically be rolled over. This normally isn’t a problem for many traders, but it does for those following Islamic law because of the possible interest charged for the rollover. The Islamic account allows immediate buying and selling of currencies without delay. This means no interest charged or rollover fees. However, Muslim traders can expect wider spreads on eToro, which start from 3 pips on EUR/USD. To offset these charges, there are no commissions or administration fees when trading on eToro’s Islamic Account. You must deposit a minimum of $1,000 for this type of account.
Corporate Account: To open an eToro corporate account, you must provide information about your company and provide proof of its existence. You also need a minimum deposit of 10,000 USD.
eToro Professional Account: To open a professional account with eToro, you must meet two of three criteria: Must carry out large transactions at an average frequency of 10 per quarter over the previous four quarters; Must have a investment portfolio with a value of €500,000; Must have worked in the financial sector for at least one year.
eToro Account Opening Guide
Go to the eToro homepage, and click the Join Now button.
Fill in your personal information, such as your first and last name, username, email, password, and date of birth.
Agree to the terms of use by checking the appropriate box.
Click the Sign Up button to submit your information.
Verify your email address by clicking the link in your email.
Verify your phone number by entering the SMS code sent to your mobile device.
Verify your identity by submitting a valid piece of photo ID.
Provide proof of address by submitting a document with your name, current address, date, and issuing authority (i.e. letter from a bank, a utility company, a government agency, or a judicial authority).
How to Close eToro Account
Sign in to your eToro account.
Go to Settings.
Select the ACCOUNT tab.
Click the button that says “Close your eToro account”.
Click Continue and then, click Confirm.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
"Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more"
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
FAQ
Why do I need to verify my eToro account?
eToro requires each new investor to verify their accounts in order to provide them with the best possible service and comply with financial service regulations.
How do I deposit funds on eToro?
Select the “Deposit Funds'' button at the bottom of the left menu. Then, enter the amount your want to deposit and choose your preferred payment method.
What are the maximum and minimum deposit amounts on eToro?
The maximum and minimum amounts for deposits depends on the payment method. For debit cards, the minimum amount is $10, while the maximum you can deposit is $40,000 per transaction. For online banking, the minimum and maximums are $10 and $10,000 per day. If you’re depositing via wire transfer, you must deposit at least $500, and can deposit up to $1,000,000 per transaction.
Are my funds insured on eToro?
For U.S. residents, their cash holdings are FDIC insured for up to $250,000 and held in an FDIC-insured custodial account.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).