eToro Review 2020

Overall rating

Overall rating

7.8

/10

eToro Review 2020
Davis J.
Robertson A.
September 2020
Analysis of the Main Features of the Forex Broker

7.8

Overall rating

7.8

/10

Execution of orders

7.7

/10

Investment instruments

7.8

/10

Withdrawal speed

7.5

/10

Customer Support work

7.9

/10

Variety of instruments

8.1

/10

Trading platform

18

Position
in rating

7.8

/10

Overall rating

Trading terminals:

WebTrader
18

Position in rating

7.8/10
Overall rating

Trading terminals:

WebTrader

Summary of eToro Trading Company

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC and eToro (UK) is licensed by the British regulator FCA. The broker also has a representative office in Australia and the USA.

Attention!

We work with eToro accounts only through the Traders Union website.

👍 Advantages of trading with eToro:

  • the minimum transaction amount for copying is $1;
  • handy functionality for passive investing;
  • regulated by independent monitors;
  • it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);
  • it is possible to buy shares at once (not CFDs) on the US stock exchanges.

👎 Disadvantages of eToro:

  • high spreads;
  • periodic technical failures in order execution;
  • lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;
  • no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;
  • there is a commission for withdrawing funds;
  • impolite support staff;
  • inconvenient website.

Overall

The eToro broker is a non-standard broker that focuses exclusively on social trading. It is perfect for passive investors.

Visit eToro

eToro Latest Comments for 2020

0
11
4

The reviews by customers of the eToro indicate that it is a reliable brokerage company. Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of eToro published on the website in 2020 are verified and confirmed by Traders Union as reliable comments by real traders.

The broker eToro casts itself as an online social trading platform with a unique proprietary platform. I was interested so I opened an account and connected to CopyTrader. The boasted platform is no different from other similar offers. The investor connects to the account of a professional trader, and his transactions are copied in automatic mode. However, an investor can copy transactions of no more than 100 traders. It is still not clear to me why the broker applies such limits. In general, eToro does not offer any special conditions, so I am going to change from this broker.

I bought into eToro's licenses issued by such reputable regulators as CySEC, FCA, and ASIC. Moreover, the company has an office in the USA, which is an additional guarantee of reliability for me. The broker offers a wide variety of trading instruments. Except for transactions with currencies, it is possible to purchase contracts for fractional shares, that is, to invest amounts less than the cost of one share. I am testing the trading platform while copying transactions. When there are no problems with withdrawals I will invest in contracts.

On its website, the eToro broker brightly promotes the possibility of buying shares directly on the US stock exchanges. I’ve been trading for 5 years, and during this time I have never found any information that any eToro client buys shares in the real markets. Tech support operators dodge questions about depositories, partner banks, and segregated accounts. It is my understanding that the information on the website does not correspond to reality, and the broker only decoys new clients with beautiful promises, and clients will mindlessly copy the transactions of certain traders.

Two months ago, I bought promises of low spreads from eToro and opened an account with it. The technical component of the company is out of whack. The first thing that disappointed me was the non-availability of MT4 and MT5 platforms. Anyway, if you want, you can master the author's terminal, and I did it. However, I’ve realized again that I can’t get any profit here due to regular technical failures during order execution. Moreover, there was a promise of almost-zero spreads to expand to 2-3 pips, plus a commission for withdrawing funds. I am completely disappointed with eToro as it is a passable enough company which is only suitable for social trading.

The eToro broker only works under the STP scheme with access to specific liquidity providers, so there are no ECN accounts here. Also, their website is very inconvenient and has limited information. Without registration, you can’t find out the information about the types of accounts, spreads, and you won’t have access to the rating of managing traders either. The authoring platform has many unnecessary features. An investor only needs a couple of buttons to select a signal provider and invest their own funds, but the WebTrader developers have added a whole bunch of extra stuff to it.

The broker eToro's support is too slow to answer questions. Sure, this is not the main criterion for choosing a broker, but it still allows me to deduce an inference about the service. In general, the broker is optimal for passive investors. I believe that eToro's investment portfolios are well-formed and tailored to the different trading preferences of traders. It sucks that there are no trust accounts. If you promote yourself as a broker for social trading, then you need to provide clients with maximum opportunities in this field.

I’ve been trading with eToro for just a month, but I’ve already identified the core disadvantages of the broker, such as the constantly widening spread and untimely triggered orders. I tried to trade cryptocurrency, so the spread and commissions for withdrawal immediately erode value a tenth of the profit. Besides, there were slippages due to which transactions were closed at a loss where there should be no loss. All is not right with the transaction copying service as it is impossible to connect to some traders due to some exceeded connection limit. I still don't understand why these limits are set? Other brokers don't have them, so most likely I should take leave.

2 3 >

Expert Review of eToro

The broker eToro has been operating in the over the counter (OTC) financial markets for over 10 years, but there are still questions remaining to fulfill its obligations. First of all, it is worth noting the inconvenient website design. To learn about account types with detailed trading conditions you have to first register on the site.

Trading conditions for investors in comparison with similar conditions of social trading of other brokers can hardly be called attractive. First of all, there is a $5 fee for withdrawing funds. Yes, it seems symbolic, but then its reason is more unclear. Secondly, the number of traders copied is limited to 100. The reason for such restrictions are also unclear.

The broker eToro is rather a platform possessing a specific niche for social trading, with its own advantages and disadvantages. Nevertheless, its longevity suggests that the company confidently maintains an average level in its segment. The broker eToro also occupies an average position in the Traders Union rating of Forex brokers.

Antony Robertson

Traders Union
Financial Analyst

Analysis of the Main Features of the Forex Broker

7.8

Overall rating

7.8

/10

Execution of orders

7.7

/10

Investment instruments

7.8

/10

Withdrawal speed

7.5

/10

Customer Support work

7.9

/10

Variety of instruments

8.1

/10

Trading platform

Dynamics of the Popularity of eToro
in 2019 among the Users of the Traders Union

Dynamics of the Popularity of eToro in 2019 among the Users of the Traders Union

Investment Programs, Available Markets and Products of the Broker

The broker eToro as compared to other platforms in Forex is characterized by its socially-oriented approach and online trading services. The broker casts itself as an online social trading platform with a unique proprietary platform, the CopyTrader system, CopyPortfolios investment strategies, and auto-follow functionalities.

CopyTrader and CopyPortfolios are unique offers of the eToro broker

CopyTrader is a system for transactions copying, allowing to duplicate the actions of other traders in real-time. Technically, the key-point of social trading is classic:

  • the trader is trading. The more effective it is, the best positions he gets in the rating;

  • the investor evaluates the strategies, risks, and performance of traders, selects one or more (no more than 100), links to the account;

  • all transactions are copied online to the investor's account and the trader gets a commission. The commission is both fixed and a percentage of the amount of income depending on the type of asset.

The most popular traders can earn additional income by participating in the Popular Investor program. The program provides for earnings up to 2% per year from the volume of funds managed by a trader. For example, if a trader is copied by 1,000 people with a total amount of 10 million dollars, then the additional income will be 200 thousand dollars per year.

CopyPortfolios is another unique eToro product, which is a ready-made investment strategy formed according to certain criteria. This is a ready-to-use investment formula with a diversified set of assets and optimized risk. It is possible to copy thematic portfolios, conservative portfolios with minimal risk, portfolios of successful traders, and portfolios of the world's leading financial institutions.

Important!

If you are a large investor and plan on investments over $ 10,000, contact us at [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.

eToro affiliate program

The eToro affiliate program provides for a single or multi-level referral network that will bring passive income to the trader (the remuneration amount is not indicated on the website). After registering as a partner, each trader gets unique and effective banners, landing pages, and widgets for free. The personal account displays detailed statistics on partner payments.

Rebate and Discount Programs of the Traders Union for eToro

The Traders Union rebate service is ready to help you reduce your trading costs all the more. Just register with the Traders Union for free, open an account with the eToro broker using the affiliate link, and start earning. Regardless of the results of transactions, partial compensation of the spread will be credited to the balance of the Traders Union Personal Account.

Try it!  You’ll like this!

Trading Conditions for eToro Users

The eToro broker's trading conditions can be considered relatively attractive due to the specifics of the service provided. There are no requirements for the minimum deposit, but there is a requirement for the minimum amount to be reserved for copying transactions for each trader. Leverage is set by the requirements of the European regulators.

$50

Minimum
deposit

1:1-1:400

Leverage

24/5

Support

WebTrader
Trading platform: WebTrader + OpenBook is a proprietary unified platform
Accounts: Standard and demo
Account currency: USD
Replenishment/Withdrawal: Credit cards, bank transfer, Neteller, Skrill, PayPal, Webmoney, GiroPay
Minimum deposit: $50
Leverage: 1:1-1:400
PAMM-accounts: No
Min Order: $1 (when copying transactions)
Spread: From 0.1 pips
Instruments: Currencies, assets of stock and commodity markets, cryptocurrencies
Margin call/Stop Out: n/a
Liquidity provider: n/a
Mobile trading: Yes
Affiliate program: Yes
Orders execution: Market execution
Trading features: Cryptocurrency trade available
Contests and bonuses: Yes

Comparison of eToro with other Brokers

eToro FxPro Admiral Markets UK XM Group AvaTrade
Trading
platform
MobileTrading, WebTrader MT4, MobileTrading, MT5, cTrader MT4, MT5, iPhone, iPad, Android, MT4 Supreme Edition MT4, MT5, MobileTrading MT4, MobileTrading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option
Min deposit $50 $100 $200 $5 $100
Leverage From 1:2
to 1:400
From 1:1
to 1:500
From 1:25
to 1:500
From 1:1
to 1:888
From 1:200
to 1:400
Trust management No No No No No
Accrual of % on the balance No No No No No
Spread From 2 points From 1 point From 0 points From 1 point From 0 points
Level of margin call
/ stop out
No 25%  /  20% 100%  /  30% 50%  /  20% 25%  /  10%
Execution of orders Instant Execution Market Execution, Instant Execution Market Execution Market Execution Instant Execution
No deposit bonus No No No $30 No
Cent accounts No No No Yes Yes

Broker comparison table of trading instruments

eToro FxPro Admiral Markets UK XM Group AvaTrade
Forex Yes Yes Yes Yes Yes
Metalls No Yes Yes Yes Yes
Crypto No No Yes No Yes
CFD Yes Yes Yes Yes Yes
indexes Yes Yes Yes Yes Yes
Stock Yes No Yes Yes Yes
ETF Yes No Yes No No
Options No No No No No

eToro Commissions & Fees

Information

The experts at Traders Union have analyzed eToro’s trading conditions for explicit and hidden commissions. There are no hidden commissions, but the terms are somewhat confusing and differ for each instrument. The principle of accruals for commissions is also different, depending on the type of instrument. A withdrawal fee is fixed at $5 per request.

Account type Spread (minimum value) Withdrawal commission
Standard From $1 Yes

There is a swap (commission for shifting transactions to the next day). We also compared eToro's trading commissions with those of competitors. A ranking was carried out based on the analysis, and according to it each broker was assigned its own level.

Broker Average commission Level
eToro $1 Low
FxPro $13.2 High
FOREX.com $8 Medium
eToro
$1
FxPro
$13.2
FOREX.com
$8
Conclusion

The broker eToro offers low starting commissions which can increase sharply with actual trading. You can reduce commissions with a rebate from the Traders Union.

Detailed Review of eToro

The broker eToro is a fully-featured transactions-copying platform. It is a highly specialized company that has chosen the social trading sector as its main niche. For over 10 years, eToro managed to develop and offer innovative technologies in the field of online trading and auto-following, such as instant copying of transactions with the ability to constantly monitor the actions of a trader in a web terminal.

A few figures about eToro that may be of interest to traders when choosing a company for trading:

  • over 2,000 assets available, including CFDs, stocks, and cryptocurrencies;

  • over 6 million customers;

  • over 140 countries.

How to make money copying transactions on eToro

The broker eToro is focused on providing transactions copying services. In 2007, the company offered the Visual FX social trading platform, which in 2009 was developed into a web version and got the name WebTrader. In 2010, another OpenBook platform was developed and it was powered by the innovative CopyTrader technology. In 2015, the two platforms were merged.

Another unique eToro service is access to the US stock market, where each trader can become a real shareholder (in most cases, other brokers offer to trade only CFDs on shares), and eToro, in this case, acts as a sub-broker.

Other eToro useful services:

  • Copy Portfolios. Thematic investment tool for long-term investors. It is a range of investment portfolios with different structures and risk levels, the management of which involves the use of machine learning technology. The minimum investment amount is $5,000;

  • Trading Central. Conditions apply and eToro provides its clients with free access to restricted exclusive materials of the information and analytical platform;

  • analyst at the Financial Times. Traders/investors can get free access to analytical materials and research results from one of the best information providers;

  • a calendar of the release of reports on the profit of companies.

Advantages:

1

detailed statistics for each trader are available in the personal account;

2

there are ready-made structural investment portfolios; and

3

the minimum amount for copying is $1.

There are no restrictions on choosing a strategy when copying transactions.

How to Start Making Profits — Guide for Traders

The eToro broker has only two accounts: a demo account and a standard trading account. Both are designed for direct trading and copying transactions. In some cases, a separate account may be opened in shares (when working with the US stock exchanges).

Account Type
Description
Demo account
Designed to get acquainted with the functionality of the trading platform and trading skills practice. Starting deposit is $100,000;
Standard account
The minimum amount allocated for copying one trader is $200, the maximum is $2 million. The minimum amount for copying one transaction is $1.

The eToro broker is an interesting company for those who prefer passive investing, who understand approaches to the formation and management of investment portfolios.

Bonuses Paid by the Broker

The eToro broker does not sponsor any tournaments or contests and focuses on social trading development. There is only one bonus program: every trader/investor who brings a friend who made a $200 deposit, gets a $20 bonus. The friend gets the same bonus. Traders must go through the verification procedure to get the bonus.

Bonus from Traders Union.

Thanks to the Traders Union, every trader or investor can get even more bonuses free. Just register on the Traders Union website for free (only takes 10 minutes), verify your identity (classic verification, takes up to 15 minutes), follow the Traders Union affiliate link to the eToro website, and start copying transactions. Traders Union partially compensates for the costs of the spread regardless of the trading result. Every existing eToro trader/investor can also benefit from the spread compensation service.

Investment Education Online

Information

There is a separate "Training" section to help novice traders. It describes the key points of social trading, the scheme for copying transactions, and the principle of choosing a trader by an investor.

Information available in the Analysis and Education section
Unavailable information at eToro site 
Social trading theory
There is no section describing strategies and indicators
News & Analytics
 
Blog
 

Each of these tools can be useful when creating an investment portfolio.

Security (Protection for Investors)

Information

The eToro broker is geographically divided into three companies located in different jurisdictions: eToro (Europe) — the CySEC regulator (Cyprus, license No. 109/10); eToro (UK) — FCA regulator (Great Britain, license  FRN583263); and eToro (AUS) — ASIC regulator (Australia, license  No. 491139). Brokerage is carried out under the European MiFID directive.

👍 Advantages

  • FCA licensed. The regulator is considered one of the strictest in the world
  • Protection from negative balance
  • There is access to the US stock market

👎 Disadvantages

  • Difficulty filing an application in the event of a conflict of interest for an individual trader

Withdrawal Options and Fees

  • eToro carries out withdrawal of money at the first request of the client without restrictions on the number of requests. Commission and withdrawal time depend on the chosen payment system.

  • There are several options for money replenishment or withdrawal: WebMoney, Neteller, Skrill, PayPal, GiroPay, bank cards, and transfer.

  • Processing the application and depositing to the account may take from 2 to 8 days, depending on the selected withdrawal method.

  • Withdrawal and replenishment of currencies occur in USD only.

  • The broker’s commission is $5 per each transaction regardless of the withdrawal amount. There are also commissions of payment systems.

  • The minimum withdrawal amount is from $30 ($500 for bank transfer).

Customers’ Support

Information

The broker's support service is available for each trader twenty-four five.

👍 Advantages

  • No online chat

👎 Disadvantages

  • Does not work on weekends

There are several ways to contact customer support:

  • via feedback form;

  • by phone, as indicated in the “Representatives” section;

  • via social networks.

Support is available on the broker's website and in a personal account.

Contacts

Registration address eToro (UK) Ltd., 24th floor, One Canada Square, Canary Wharf London, E14 5AB, United Kingdom
Official site
Contacts

Review of the Personal Cabinet of eToro

Cooperation with a broker starts with the registration of a personal account. First, register on the Traders Union website and go to the eToro website using the partner link to save on the spread. To register:

1

Click the "Register" button on the top panel regardless of which page of the site you are on.

Cabinet of eToro - Register
Cabinet of eToro - Register
Cabinet of eToro - Register
2

Go through authorization by specifying the following data: email address, name, account password. This data is sufficient to gain access to the personal account.

eToro - Create an account
eToro - Create an account

The following is available in the eToro personal account:

  • Current analytics for major assets with Market Sentiment Indicator;

  • Rating of traders with open statistics and different groups.

Other features of the personal account:

  • investment portfolio statistics;

  • news feed;

  • CopyPortfolios structural portfolios;

  • statistics on accrued bonuses for invited friends;

  • withdrawal of funds;

  • eToro club.

Tags:

etoro etoro.ru etoro.com

The Oldest Reviews of the eToro

The reviews by customers of the eToro indicate that it is a reliable brokerage company. Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of eToro published on the website in 2020 are verified and confirmed by Traders Union as reliable comments by real traders.

The eToro broker is quite fit for traders who use medium-term strategies but hardly for scalpers. Moreover, the company is out of whack in terms of the professionalism of its employees and technical equipment. The terminal constantly has various errors when opening orders, and the support often simply does not respond. The broker does not participate in deposit insurance systems (such as FDIC or SIPC); therefore, your funds are not protected in any way. Withdrawal of funds is made through an intermediary bank, which withholds its commission for the transfer. The broker eToro has a lot of commissions, so I’ve changed it for another broker.

The eToro broker can do nothing right with analytics and tutorials. I have to constantly look for information and follow the news on other websites. At least they could publish forecasts from experts. Doesn’t such an experienced company have such specialists? The eToro author's terminal is generally a separate subject for discussion. There are too many staff using the terminal. Perhaps this is the reason it constantly freezes. Just use the MT4 that is already familiar to all traders, and the number of clients will increase significantly!

I have been working with the eToro broker for several months, and so far, I am OK with it. The platform is convenient but requires an in-depth study. After a week of trading, I got used to it, although I don't use a lot of buttons. The minimum amount of transaction copying is just $1, spreads are on average from 0.8 to 1.5 pips. Unfortunately, there are few bonuses here. For example, I would like to get bonuses for replenishing a deposit to somehow compensate for non-trading expenses. As well, the account currency is only in US dollars, so the conversion fee is inevitable if you are trading from abroad.

I’ve been working with eToro back when their social trading platform was called Visual FX. There were also high commissions, so I had to choose another broker. A few years later I heard that eToro had introduced a newly updated platform. I decided to test it, but, as it turned out, things haven’t changed all that much. The broker offers too few ways to withdraw funds. Besides, he believes that he is rightful to withhold a commission from clients for withdrawing their own money. I understand that no broker works with zero spreads, but it's overkill to withhold a withdrawal commission!

I tried to work with eToro back in 2010, and nothing has changed since then and their website is still crude. The support answers in English but quite often they feign that they do not understand your question. There is practically no analytics on the website and the training section is also rather scanty. Everything is tooled for social trading and not independent trading. It’s good that at least a demo account is available to somehow understand their trading platform. It certainly is not a circumstance for MT4. At the same time, when loading, the computer starts to slow down very much, so how can I trade with profit in such conditions?

I compared the trading conditions of eToro for investors with other brokers and realized that they are not much different. Moreover, there is a $5 commission for each capital transfer, which does not depend on the withdrawal amount. After all, the withdrawal commission is charged not only by the broker but also by payment systems. Whereas, to calculate the size of the total fees and the mandatory spread, it is clear that it is not profitable to trade here. Tech support is also slow and answers even general questions unwillingly. What will happen when the real problems that inevitably arise when trading Forex begin? The broker has too many disadvantages so it doesn't fit me at all.

I decided to try trading with eToro, from the very beginning, although I knew that the brokerage does not provide either MT4 or MT5. Some proprietary platforms are in no way up there with the popular MetaTrader, so I see several problems in the lack of this particular terminal. However, here I have found a nasty surprise: eToro's own platform works the way the broker wishes. It happens you put stops, but they do not work. Once or twice I found positions opened by someone (obviously not me) in the terminal. In these cases, technical support blames you for everything like you put orders incorrectly. I am not happy with such actions by eToro, so I am already looking for another broker.

Author of this Review

eToro broker’s review prepared by

John Davis

Traders Union Author and Analyst

John Davis is a Financial and Economic Analyst working with the Traders Union since 2016. During this time, he has written more than 100 analytical articles on technical and fundamental analysis, reviews of financial companies and has developed more than 10 proprietary trading systems. John's motto is to help everyone go from a novice to a professional trader.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

Do reviews by traders influence the eToro rating?

Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about eToro you need to go to the broker's profile.

How to leave a review about eToro on the Traders Union website?

To leave a review about eToro, register on the Traders Union website or you can also leave a review through Facebook.

Is it possible to leave a comment about eToro on a non-Traders Union client?

Anyone can leave feedback about eToro on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.

Why is it more profitable to work with eToro through Traders Union?

Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.