eToro Types Compared
eToro is a social trading and investing platform that allows users to trade a variety of assets, including stocks, commodities, cryptocurrencies, and ETFs. One of the unique features of eToro is that it offers different account types that cater to different types of investors. In this article, we'll compare the three main types of eToro accounts: Demo, Islamic, and Live.
Demo accounts are designed for new users to get familiar with the eToro platform and to practice trading without risking any real money. Islamic accounts are subject to special regulations that comply with Shariah law, and they don't charge or receive interest on trades. Live accounts are the standard type of account, and they allow you to trade with real money.
Each type of account has its own advantages and disadvantages, so it's important to choose the one that's right for you. Here is an in-depth guide to everything you need to know about these accounts, which will help you make an informed decision.
eToro Trade Account
The eToro standard account is eToro's most popular account type, and it's easy to see why. It offers a wide range of markets, including forex , commodities, stocks, ETFs, indices, and cryptocurrencies. And with commissions starting at just 1 pip, it's very competitive in price. Plus, if you hold CFD assets overnight, you'll only be charged the rollover fee and the eToro WebTrader is an easy-to-use platform, perfect for both new and experienced traders.
The eToro standard account trade size starts from 1 micro lot, and traders get up to 1:30 leverage for CySEC, FCA, and ASIC jurisdictions and up to 1:400 for FSA jurisdiction. Opening this account requires traders to have a minimum deposit of $10 to $10,000, depending on the country of residence.
The account also comes with a number of great features, including the ability to trade fractional stocks and cryptocurrencies, as well as access to eToro's social trading features. Account opening is quick and easy, and you can start trading with as little as $10. With real-time quotes, charts, and analysis tools all in one place, you can quickly spot market opportunities and make informed decisions.
eToro Islamic Account
The eToro Islamic account, also called a swap-free account, is for Muslim traders who follow Sharia law. This religion's rules prevent members from paying interest fees, like overnight charges. eToro is one of the only brokers that provide a separate Islamic account that fits all of sharia law's requirements.
The account gives access to all the same markets and features as the eToro standard account, including forex, commodities, stocks, ETFs, and indices. The only difference is that there are no swaps or overnight fees. Commissions are charged as a spread, starting from 1 pip. The eToro Islamic account is available on the eToro WebTrader platform and offers a Minimum trade size of 1 micro lot.
This account has no swap fees and offers up to 1:30 leverage (CySEC, FCA, ASIC) and up to 1:400 leverage (FSA). To open an Islamic account, traders need to fund $1000 and contact customer support for approval. The eToro Islamic account also has some great special features, including an unlimited demo account.
Is Forex Trading Halal or Haram?eToro Demo Account
By starting with an eToro demo account, you set yourself up for success. You can test different waters by trying out diverse leverages, Stop Losses, and Take Profits. Also, you get to access real-time trends of every instrument along with some handy analysis tools.
The eToro demo account allows you to connect with top traders from all over the world and copy their portfolios. With over 3000+ instruments to trade from leading global markets, eToro is a great place to begin your trading journey.
The account gives traders the full experience of a live account. They get a simple interface that allows them to easily manage their virtual portfolio, follow real-time trends using advanced analysis tools, and they get to try out eToro's ready-made thematic portfolios.
eToro Account Types Comparison
| Standard | Demo | Islamic | |
|---|---|---|---|
| Minimum deposit | $10 to $10,000 | $0 | $1000 |
| Platforms | eToro WebTrader | eToro WebTrader | eToro WebTrader |
| Markets | Currencies, Indices, Commodities, Stocks, ETFs (1000+ assets in total) | Stocks, Crypto, Commodities, ETFs, Indices, Currencies | Currencies, Indices, Commodities, Stocks, ETFs (1000+ assets in total) |
| Trade size | From 1 micro lot | From 1 micro lot | From 1 micro lot |
| Commissions | From 1 pip | From 1 pip | From 1 pip |
| Max leverage | 1:400 | NIL | 1:400 |
| EURUSD average spread | 1 pip | 1 pip | 1 pip |
| Special features | Trade fractional stocks and crypto from $10 Copy and Social Trading | Free to trade | No swap fees |
eToro Account Types vs Competitors
| Admiral Markets | Forex.com | eToro | |
|---|---|---|---|
| Islamic (swap free account) | Yes | Yes | Yes |
| Cent Account | No | No | No |
| Demo | Yes | Yes | Yes |
How to Open eToro Account
Opening an eToro account is a simple process that can be completed in just a few minutes. Just go to the eToro website and hit the "Trade Now" or Join "Now buttons." You'll then be asked to fill out some essential information, such as your name, email address, and date of birth. Once you've entered all of the required information, simply agree to the terms and conditions and hit the sign-up button.
How to open an eToro account
Next, you'll need to complete the KYC (Know Your Customer) process. This involves uploading some documents to confirm your identity and address. eToro will accept a valid passport or ID card as proof of identity and a utility bill or bank statement as proof of address. Once you've uploaded the required documents, simply hit the submit button.
How to open an eToro account
The last step involves filling out a short questionnaire about your professional status, financial liquidity, market knowledge, investment goals, etc. This helps eToro assess your suitability for trading. Once you've finished the questionnaire, simply hit the submit button, and your account will be fully open.
FAQ
What types of accounts does eToro offer?
eToro offers three accounts: a standard, a demo, and an Islamic account.
Which type of account is best for me?
The best type of account for you depends on your investment goals, experience level, and whether you're Muslim.
How do I open an account with eToro?
Opening an account with eToro is easy. Simply visit their website and click on the "Open an Account" button. Fill out the required information, and once approved, you'll be ready to trade.
What are the benefits of the eToro Islamic account?
An Islamic account is designed to be compliant with Sharia law. This means that no interest is charged to the account and no fees for overnight positions.
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