eToro Broker Review

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Contents

eToro Review 2020

Summary

Recommended for traders interested in social trading (i.e. copying other investors’ trades)

eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.

eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

We selected eToro as Best broker for cryptos and Best broker for social trading for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

eToro pros and cons

eToro offers commission-free stock and ETF trading in Europe and offers generally low fees for non-EU clients. Account opening is fast and seamless. It has innovative features like social trading, which lets you copy the strategies of other traders.

On the negative side, eToro’s forex fees are high and the withdrawal is slow with a $5 fee charged. Also, it only offers one account base currency.

Pros Cons
• Free stock and ETF trading in the EU • High forex fees
• Seamless account opening • Withdrawing money is slow and expensive
• Social trading experience • Only one account base currency
eToro main features and highlights
��️ Country of regulation UK, Cyprus, Australia
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $5
�� Minimum deposit $200
�� Time to open an account 1 day
�� Deposit with credit card Available
�� Depositing with electronic wallet Available
�� Number of base currencies supported 1
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, CFD, Crypto

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

eToro review
Fees

eToro offers free stock trading in Europe and has low CFD fees. On the negative side, forex trading fees are high and there is a fee charged for inactivity or withdrawal.

Pros Cons
• Free stock and ETF trading in the EU • High non-trading fees
• Low CFD fees • High forex fees
• Withdrawal fee
eToro fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into spread, 0.75 is the average spread cost.
Europe 50 CFD Low The fees are built into spread, 3 is the average spread cost.
EURUSD High The fees are built into spread, 3 pips is the average spread cost.
Inactivity fee Low $10 per month after one year inactivity

How we ranked fees

We ranked eToro’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

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To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of eToro for each asset class. For example, in the case of forex and stock index trading spreads, commissions and financing rates are the most important fees.

We also compared eToro’s fees with those of two similar brokers we selected, Plus500 and MarketsX. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of eToro alternatives.

To have a clear overview of eToro, let’s start with the trading fees.

eToro trading fees

eToro trading fees are low.

We know it’s hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used is:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let’s see the verdict for eToro fees.

Stock fees and ETF fees

As a unique service on the market, eToro offers zero-commission stock and ETF trading for European clients. eToro, which is primarily a CFD broker, also lets you trade with real stocks and ETFs if you set the leverage to one. For non-EU clients, there is no zero-commission trading, but eToro charges low fees, i.e. the spread (the difference between the ask and the bid prices) is low. If you set the leverage higher than one, you will be trading with CFDs.

Stock and ETF commission of a $2,000 trade

eToro IG XTB
US stock $0.0 $15.0 $10.0
UK stock $0.0 $9.6 $10.0
German stock $0.0 $11.0 $8.8

CFD fees

eToro has generally low CFD trading fees. Compared to its closest competitors, its fees are roughly in the same range.

eToro CFD fees for a $2,000 long position held for one week

eToro Plus500 MarketsX
S&P 500 index CFD fee $2.4 $2.1 $2.6
Europe 50 index CFD fee $2.7 $1.3 $2.5
Apple CFD fee $6.3 $8.9 $6.4
Vodafone CFD fee $7.6 $6.7

Forex fees

eToro forex fees are high, although still lower than MarketsX’s.

eToro forex benchmark fees of a $20,000 30:1 long position held for one week

eToro Plus500 MarketsX
EURUSD benchmark fee $19.6 $17.9 $24.5
GBPUSD benchmark fee $16.2 $14.0 $25.0
AUDUSD benchmark fee $12.4 $12.6 $25.1
EURCHF benchmark fee $11.8 $9.0 $22.1
EURGBP benchmark fee $19.9 $14.6 $20.5

Non-trading fees

eToro has high non-trading fees, as it charges $10 per month after one year of inactivity, and its withdrawal fee is $5.

eToro non-trading fees

eToro Plus500 MarketsX
Account fee No No No
Inactivity fee Yes Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $25 $0 $0

eToro review
Account opening

Account opening at eToro is seamless and very fast.

Pros Cons
• Fast None
• Fully digital
• Low minimum deposit

Can you open an account?

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75% of retail CFD accounts lose money

Most likely yes, as eToro serves almost every countries except for 36 (of which a big chunk are African countries).

What is the minimum deposit at eToro?

In most cases the required eToro minimum deposit is $200 . It is different for the following countries:

  • If you are from Israel, it is $10,000.
  • For residents of Australia and the USA, the minimum first-time deposit is $50.
  • For residents of Russia, China, Hong Kong, Taiwan and Macau, the minimum first-time deposit is $500.

Account types

eToro offers two very simple account types: there is a live account, as well as a demo (or virtual) account, where you can try out the platform with play money.

How to open your account

The account opening process is hassle-free and fully digital. In addition, it is also very fast, as we were able to open an account within one day.

You have to start by registering with your email account or with your Facebook or Google+ account. And that’s practically it, you can immediately access the trading platform and start to trade with a $100,000 demo account.

If you want to go further and fund it with real money, you have to verify your identity and residency by uploading the required documents:

  • Proof of identity: a copy of your passport or personal ID.
  • Proof of residency: a copy of a utility bill or bank statement.

eToro review
Deposit and withdrawal

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.

Pros Cons
• Credit/Debit card available • Only one account base currency
• No deposit fee • $5 withdrawal fee
• User-friendly

Account base currencies

eToro only allows USD accounts, which means that your funding will be converted by eToro to USD. For example, if you deposit EUR, a 0.025% fee will be applied at funding and the same fee will also be charged when you withdraw EUR. Alternatively, you can deposit in USD, e.g. using your credit card. In that case, your bank will make the conversion at its own rate.

Base currencies at eToro vs similar brokers

eToro Plus500 MarketsX
Number of base currencies 1 10 9

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

eToro charges no deposit fees.

Similarly to other CFD brokers, there are a lot of depositing options:

  • Bank transfer
  • Credit/Debit card
  • PayPal
  • Skrill
  • Neteller
  • WebMoney
eToro deposit options
eToro Plus500 MarketsX
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer takes 4-7 business days, and there is no maximum deposit. In comparison, while credit/debit card and electronic wallet deposits are instant, there are per transaction limits: $40,000 in the case of credit/debit cards, and either $10,000 or $20,000 in the case of electronic wallets.

You can only deposit money from funding sources that are in your name.

eToro withdrawal fees and options

eToro has a $5 withdrawal fee, which is high compared to other CFD brokers. In addition, eToro has a $50 minimum amount limit on withdrawals.

Withdrawal options are the same as the funding options: you can withdraw money using bank transfer, credit/debit card or electronic wallets, similar to other CFD brokers.

eToro withdrawal fees and options

eToro Plus500 MarketsX
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Withdrawal fee $5 $0 $0

How long does it take to withdraw money from eToro?

We tested withdrawal by bank transfer, and it took 2 business days.

How do you withdraw money from eToro?

  1. Click on the ‘Withdraw Funds’ tab in the left-hand menu.
  2. Enter the amount you wish to withdraw (in USD).
  3. Complete the electronic withdrawal form as required.
  4. Click ‘Submit.’

You can only withdraw money to accounts in your name.

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eToro review
Web trading platform

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.

Pros Cons
• User-friendly • Limited customizability (for charts, workspace)
• Clear fee report
• Two-step (safer) login
eToro platforms to choose from
Trading platform Score Available
Web 4.4 / 5 stars Yes
Mobile 4.9 / 5 stars Yes
Desktop No

eToro’s platform looks like a modern platform should in this day and age.

The web trading platform is available in many languages:

eToro platform languages

Arabic Chinese (simplified) Chinese (traditional) Czech Danish
Dutch English Finnish French German
Italian Malaysian Norwegian Polish Portuguese
Romanian Russian Spanish Swedish Vietnamese
Thai

Look and feel

eToro’s trading platform is a pleasure for the eye. With its clean design and great functions, eToro did a great job of combining good design with functionality. The menus and buttons are where you expect them to be, everything is labelled correctly and the color scheme is pleasant.

It is hard to customize though, as the panels are fixed. One exception is the watchlist, which is easy to configure.

Login and security

eToro has an optional, safer, two-step login system. This can make it more complicated to log in, but in turn it provides you with added security.

Search functions

The built-in search is predictive and easy to use. Type in a company or product name and you can see the results. Also, you can search easily via tickers.

Placing orders

Placing orders is self-explanatory.

You can use the following order types: market, limit, stop-loss, trailing stop-loss.

If you are not familiar with order types, read this overview.

Alerts and notifications

You can set price alerts and notifications easily. eToro’s alert function lets you know when an asset reaches a price target, and you also get a notification when your order is fulfilled. On the web platform, this is in the form of an icon update or a browser notification. On mobile, it is a push notification.

Portfolio and fee reports

You will surely want to know how your portfolio is performing and how much fees you have paid. You can decide how you want to see your portfolio reports: a list of your assets or a pie chart showing your current portfolio.

Finding the fee report is quite complicated at first. Click on the ‘Portfolio’ tab, then go to ‘History,’ and under the gear icon at the top right, you can access and download your account statement. This is a well-structured pdf file showing all of your cash flows, including fees. When you are following someone, you will see all trades separately. However, fees are not added up, but listed individually per fee deduction.

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eToro review
Mobile trading platform

eToro’s mobile platform is well-designed and intuitive. It is a pleasure to use.

Pros Cons
• User-friendly • No Touch/Face ID login
• Two-step (safer) login
• Good search function

The eToro mobile trading platform is available for iOS and Android. We tested it with iOS.

It’s available in the same 21 languages as the web trading platform.

The mobile platform has the same great functionality as the web platform. It uses mobile-specific intuitive functions, such as push notifications or good touch interactions. For example, you can swipe left and right in your portfolio to access charts or open a new trade.

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75% of retail CFD accounts lose money

eToro review
Desktop trading platform

eToro does not offer a desktop trading platform.

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75% of retail CFD accounts lose money

eToro review
Markets and products

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.

eToro is primarily a CFD and forex broker. However, you can also trade with real stocks, ETFs, and a lot of different cryptos. eToro also has some nifty features, such as social trading (Copy People) and CopyPortfolio.

So, let’s break down eToro’s markets and products.

All non-leveraged buy positions for equities, ETFs and cryptocurrencies are traded as real assets. This means that when you buy stocks, ETFs or cryptos without any leverage (i.e. leverage is set to one), you will buy real stocks, ETFs and cryptos, not CFDs.

All other positions are CFDs:

  • leveraged buy positions and all sell positions of stocks, ETFs and cryptos
  • all positions of forex, commodities and indices

Within CFDs, in addition to the traditional way of trading, you can

  • follow and copy other traders’ trading (this is Copy People, also called social trading), or
  • invest in a compiled CFD portfolio (this is CopyPortfolio).

To learn more about CFDs, read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

At eToro, you can trade with an average number of products. For example, there are fewer stock CFDs available than at Plus500, another CFD broker. The same can be said about currency pairs and commodities. On the other hand, eToro offers a wider range of stock and ETF CFDs than its closest competitors, and you can also trade with many of the most popular cryptocurrencies.

eToro Plus500 MarketsX
Currency pairs (#) 47 70 55
Stock index CFDs (#) 13 33 11
Stock CFDs (#) 1,900 1,800 2,000
ETF CFDs (#) 145 92 42
Commodity CFDs (#) 6 22 17
Bond CFDs (#) 4
Futures CFDs (#)
Cryptos (#) 17 14 5

You can change the default leverage level of the products.

Changing the leverage manually is a very useful feature when you want to lower the risk of a trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in the case of stock CFDs. Be careful with forex and CFD trading, since the pre-set leverage levels are high.

CopyTrader

eToro has two distinctive innovations, both being great features, CopyTrader and CopyPortfolio.

CopyTrader is the so-called social trading feature. What is eToro really good at? Well, this is it! One by one you can copy the portfolio of traders who also trade with eToro. This can be quite useful. You can browse through the profiles of other eToro traders, checking their previous performance on an annual and a monthly level. Their portfolio is also public information. Additionally, eToro also applies a risk score to each trader. There are tons of more stats for each profile, like trades per week, average holding time, performance on charts, and you can also see their detailed profiles as well as their news feed comments. Imagine Facebook profiles, but with fewer inspirational and more market quotes.

The minimum amount you can invest in one trade is $200, while the maximum is $500,000. Furthermore, you can copy a maximum of 100 traders simultaneously.

There is one drawback of CopyTrader: you cannot close part of your position, only the full amount.

Disclaimer: Indicative prices; current market price is shown on the eToro trading platform. Past performance is not an indication of future results. The trading history presented is less than 5 years old and may not suffice as a basis for investment decisions. This post is not investment advice.

CopyPortfolio

CopyPortfolio is practically an investment fund, but under the hood it is a CFD portfolio. While with CopyTrader you were following one trader, with CopyPortfolio you can invest either in a theme or in a portfolio of top eToro traders.

  • Investing in themes means for example investing in a portfolio of big banks or cryptocurrencies. Practically, “Big Banks CopyPortfolio” consists of CFDs traded by the largest investment banks, such as Citi, Bank of America, HSBC or others.
  • The other way to invest via CopyPortfolio is to invest in a portfolio comprised of multiple “star” traders.
  • There is also a crypto CopyPortfolio available.

Disclaimer: Indicative prices; current market price is shown on the eToro trading platform. Past performance is not an indication of future results. The trading history presented is less than 5 years old and may not suffice as a basis for investment decisions. This post is not investment advice.

The proportion of CFDs in the specific CopyPortfolio is clearly indicated. You can check performance and asset distribution, and read the investment strategy. CopyPortfolios are built around a theme by eToro’s algorithms or by eToro external partners. This might all sound a bit complicated, but at the end of the day, this means you can invest easily in a quasi-fund. There is a minimum investment amount for CopyPortfolio, which is $5,000. eToro also checks your financial knowledge to determine whether CopyPortfolio is right for you.

Stocks and ETFs

If you buy non-leveraged stocks or ETFs, you are buying the real asset. Usually, this feature is not offered by other CFD and forex brokers. In that sense, eToro’s selection of 16 stock markets to access is great. However, compared to stockbrokers like Saxo Bank (

35 markets) or Interactive Brokers (

80), it is poor. There are also risks you should take into account when you choose stocks. Your capital is at risk.

eToro Plus500 MarketsX
Stock markets (#) 16
ETFs (#) 145

At eToro, you have access to the following 16 stock exchanges:

  • Amsterdam
  • NYSE
  • New York Tech
  • Euronext Brussels
  • Euronext Lisbon
  • Frankfurt
  • London
  • Paris
  • Madrid
  • Milan
  • Zurich
  • Oslo
  • Stockholm
  • Copenhagen
  • Helsinki
  • Hong Kong

Cryptocurrency

Cryptocurrency prices can fluctuate widely and are therefore not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework, such as MiFID. Therefore, when using eToro’s Cryptocurrencies Trading Service you will not get any investor protection.

Disclaimer: Past performance does not guarantee future results. Trading history presented is less than 5 years old and may not suffice as a basis for investment decision. Indicative prices; the current market price is shown on the eToro trading platform. Highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.

You can trade with a wide variety of cryptocurrencies on eToro’s standard trading platform, far more than at other brokers:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Ripple
  • Litecoin
  • Cardano
  • IOTA
  • TRON
  • ZCASH
  • Binance coin
  • Dash
  • Stellar
  • EOS
  • NEO
  • Tezos
  • XRP

Technically, when you go long in any crypto, you will own the real coin. When you go short, it is a CFD.

eToro review
Research

eToro has good technical analysis tools. There are some analyst recommendations and market sentiment indicators available, but no comprehensive fundamental data.

Pros Cons
• Good interactive chart • No fundamental data available
• Trading ideas • No/poor quality news flow
• User-friendly
• Analyst recommendations

Research is available in 21 languages (the same languages that are available on the web and mobile trading platforms).

Recommendations

For some popular stocks, you can find recommendations, like analyst consensus (buy/hold/sell), average price target, hedge fund sentiment and insider trading sentiment. In some cases, you can also read the analyst reports. Unfortunately, these research features are available only for a very limited number of stocks.

Fundamental data

Some basic fundamental data on stocks is available on eToro’s platform. This includes the profile of the company and some very basic indicators and ratios such as P/E, EPS, dividend yield and beta. No fundamental data is available for asset classes other than stocks.

You can also sign up for a daily market analysis newsletter in which you get a useful list of the market highlights.

Charting

eToro’s charting tool is quite good and you can use many, ca. 70 technical indicators. We liked that charts are automatically saved, so you don’t have to waste your time setting up your indicators time and again. On the negative side, you can only see the data for the past ca. 6 months, no longer time horizon can be set.

News feed

The news feed is not really an official news feed, e.g. it is not like an integrated Bloomberg feed. Rather, it is like a market-themed Twitter feed, showing messages posted by eToro users and analysts. Hashtags (#) are used for themes and dollar signs ($) for assets. We were not a huge fan of this feature, but if your tastes differ you might like it.

More research info
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eToro review
Customer service

eToro customer service is good: you can reach it on several channels and get quick and relevant answers. On the flip side, you can’t reach them on weekends and it’s difficult to find the live chat service on the webpage.

Pros Cons
• Live chat • No phone support
• Fast response time • No 24/7 support
• Relevant answers • Difficult to find the live chat service

You can contact eToro’s customer service via live chat and a web-based ticketing system where you will get an answer by email. It was always quick and reliable when we tested it.

On the flip side, the customer service cannot be reached on the weekends, and it’s difficult to find the live chat function on the website as it is hidden under the FAQ under the ‘Help Center’ link.

eToro customer service, in theory, is available in all 21 languages the web and mobile trading platforms offer. We only tested customer service in English.

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75% of retail CFD accounts lose money

eToro review
Education

eToro’s education tools are limited, with only some medium-quality videos about investing available.

Pros Cons
• Demo account • Basic educational videos
• Intro guide to the platform

For practice, you can use a demo account. Other education tools are not really strong at eToro. There is one short tutorial video on how to use the platform, and some basic educational videos about investing and the financial markets.

The content discussed is intended for educational purposes only and should not be considered investment advice.

Visit education page
75% of retail CFD accounts lose money

eToro review
Safety

eToro is regulated by top-tier financial authorities like the FCA, ASIC and CySEC. However, it is not listed on any stock exchange, does not disclose financial information and does not have a bank parent.

Pros Cons
• Majority of clients belong to a top-tier financial authority • Does not hold a banking license
• Negative balance protection • Not listed on stock exchange
• Well-known fintech startup • Financial information is not publicly available

Is eToro regulated?

Yes, it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC).

eToro is based in Israel and was founded in 2007.

Is eToro safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

eToro operates three legal entities and serves customers based on their residency. This matters because the entity you belong to defines the amount of protection you get.

  • Citizens of the United Kingdom can open an account at eToro (UK) Limited and thus they will be protected by the FCA. If eToro becomes insolvent, eToro UK clients can expect to be compensated by the maximum amount of £85,000 guaranteed by the Financial Services Compensation Scheme (FSCS).
  • Australian clients are served by eToro Australia, which is regulated by ASIC, the Australian financial authority. ASIC however does not provide any obligatory investor protection for a pre-set amount.
  • Other investors will have their live trading accounts with eToro (Europe) Limited, which is regulated by the Cypriot watchdog, CySEC. The amount of investment protection coverage at eToro Europe is a maximum of €20,000. This threshold is set by the Cypriot Investors Compensation Fund.

Here is a handy summary table for easy comparison:

eToro investor protection

Country of clients Protection amount Regulator Legal entity
United Kingdom £85,000 Financial Conduct Authority (FCA) eToro (UK) Ltd.
Australia No protection Australian Securities and Investments Commission (ASIC) eToro AUS Capital Pty Ltd.
Other clients €20,000 Cyprus Securities and Exchange Commission (CySEC) eToro (Europe) Ltd.

There is no investor protection for cryptos.

eToro also provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection

Background

eToro was established in 2007. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises. This means that it has already survived one crisis, which is a good sign. eToro is a privately-owned fintech startup, with owners including venture capital funds like Commerz Ventures Gmbh, the VC arm of Commerzbank, as well as Israeli US, and Chinese investors. eToro is lead by Yoni Assia, its well-known founder and CEO.

eToro is still considered a startup. It is not listed on any stock exchange and it also does not provide regular financial statements to the public. Hence, it is hard to know anything about its financial performance. It also does not have a bank parent, which could help provide capital to eToro in case of hard times. At the same time, being regulated by top-tier authorities is a great sign for eToro’s safety.

eToro review
Bottom line

eToro has zero-commission stock trading in Europe. Account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

It has some drawbacks, though. Forex fees and non-trading fees are high, and eToro only allows USD accounts.

Overall, we would recommend eToro for its social trading feature and cheap stock trading.

Risk disclaimer

eToro is a multi-asset platform that offers both investing in stocks and cryptoassets, as well as trading CFD assets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

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75% of retail CFD accounts lose money

eToro review
FAQ

How does eToro work?

eToro is primarily a CFD and forex broker, but you can also trade with real stocks, ETFs and many cryptocurrencies. It is well-known for its social trading feature, with which you can follow and copy the portfolio of a trader who also trades with eToro.

Who owns eToro?

At the time of this eToro review, it is a privately held company, therefore it is not required to publish its ownership structure. What we know is that eToro does not have any banking parent company (little chance for a bailout in case of bankruptcy), and it is currently operating under two legal names. The well-known founder and CEO of eToro is Yoni Assia.

eToro is funded by venture capitalists. Here are a few of them:

  • Anthemis Group, UK
  • BRM Capital, Israel
  • CommerzVentures GmbH, Germany
  • Cubit Investments, Israel
  • MoneyTime Ventures, USA
  • Ping An, China
  • Spark Capital, USA

Who regulates eToro?

eToro is regulated by financial authorities in Cyprus, the UK and Australia, corresponding to one of the three entities eToro operates under:

  • eToro (Europe) Ltd. – Cyprus – is regulated by CySEC (the Cyprus Securities and Exchange Commission) under license # 109/10, for servicing EEA (European Economic Area) member states, and countries outside of it.
  • eToro (UK) Ltd – UK – is regulated by the UK financial authority, the FCA (Financial Conduct Authority).
  • eToro (AUS) Capital Pty Ltd – is regulated by the Australian watchdog, ASIC (Australian Securities and Investments Commission).

How does eToro make money?

eToro makes money through various fees, and the trading services they provide on their website. Although eToro does not make its financial statements public, the main source of revenue for eToro is likely to be:

  • Spreads: Spreads are the gap between the price you and the broker buys/sells at. To put it simply, if an Apple stock costs $100 at market price, eToro will charge $100.1 for it. The difference of $0.1 per CFD is kept by eToro. For further info, read how CFDs work.
  • eTtoro overnight fee: For this, you need to understand two things, leveraged trades and loans. Leveraged means that you can trade with more money than you actually have. Let’s say you want to trade Apple with 1:10 leverage and you have $10. This means that using leverage you can buy $100 worth of Apple with your ten bucks, as the missing $90 will be lent to you by eToro, which will charge you a fee (interest) for this loan.
  • Other non-trading fees: eToro charges fees for several services on their website, which are not directly related to trading, also known as non-trading fees. Some examples of non-trading fees are:
    • Withdrawal fees ($5/transaction): pay to withdraw your money
    • Conversion fees: pay when eToro converts money to fund your account

Can eToro be trusted?

eToro is regulated by CySEC in Cyprus, ASIC in Australia, and the FCA in the UK. This is a good thing. eToro is not listed on any stock exchange, nor does it publish its financial data. Overall, Brokerchooser’s view is that eToro is not a scam, but it is not a fully transparent broker either.

How does eToro copy work?

eToro copy, a.k.a. CopyTrader, is a tool for social trading, which works by you copying the trading decisions of other people, or other people copying your trades. You can search for traders and other users, and see how their portfolio has performed historically. Once you found a trader of your liking, you can copy their every trading decision, which is handled automatically by the platform. You can decide how much money you want to invest in copying another trader, and you can close your investment whenever you wish. If you want, you can also make money by having other traders copy you.

Are eToro profits taxable?

If you make profits by trading on eToro, these can be subject to taxation laws and regulations. This always depends on the country of your origin. For further information about eToro and taxes, we recommend contacting your local tax authority.

Can I use eToro in the USA? Can I use eToro in Canada?

Currently, people from the USA cannot use eToro because US regulation (the SEC) does not allow brokers to provide CFD instruments (eToro is a CFD broker) for US residents. This means no regulated broker will accept retail clients from the USA to trade CFDs, so in this sense it is not only eToro that cannot serve US residents.

eToro cannot be used by the residents of the following countries:

  • United States of America (residents and citizens, including its incorporated and unincorporated territories)
  • Belgium
  • Canada (including Quebec & Ontario)
  • the Republic of Turkey
  • Japan
  • Brazil
  • the Islamic Republic of Iran
  • Democratic People’s Republic of Korea (DPRK)
  • Cuba
  • Sudan
  • Syria

When will eToro be available in the US?

The US SEC (Securities and Exchange Commission) does not allow CFD instruments to be sold to US citizens. Until this law does not change, eToro will not be allowed to operate in the US under its current business model.

eToro Review

eToro is a winner in 2020 for its easy-to-use copy-trading platform where traders can copy the trades of other users across over 1,900 instruments, including CFDs on popular cryptocurrencies. The one downside of eToro is pricing; otherwise, eToro delivers.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on eToro:

  • Founded in 2007, eToro and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (low-risk) for forex and CFDs trading.
  • eToro is excellent for social copy trading and cryptocurrency trading, our top pick for both categories in 2020. Furthermore, eToro offers a user-friendly web platform and mobile app that is great for less experienced investors.
  • For regular CFDs and forex spot trading, eToro is pricier than most of its competitors and charges wide spreads, despite offering a premium account for high deposit clients. Also, while eToro offers traders unique research for social trading, we found its market research tools to be unimpressive.

Overall Summary

Feature eToro
Overall 4 Stars
Trust Score 91
Offering of Investments 4.5 Stars
Commissions & Fees 3 Stars
Platform & Tools 4 Stars
Research 4 Stars
Mobile Trading 4 Stars
Customer Service .1 Stars
Education 4 Stars

Is eToro Safe?

The bottom line is that eToro is regulated, licensed, and is a safe broker to trade forex and CFDs with. eToro is considered low-risk, with an overall Trust Score of 91 out of 99. eToro is not publicly traded and does not operate a bank. eToro (UK) Ltd, a Financial Services Company, is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263. eToro (or one of its subsidiaries) is also authorised by Australian Securities & Investment Commission (Licence 491139) and the Cyprus Securities and Exchange Commission (license # 109/10). Learn more about Trust Score.

Feature eToro
Year Founded 2007
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 2
Tier-2 Licenses 1
Tier-3 Licenses 0
Trust Score 91

Offering of Investments

eToro offers forex and CFD traders a wide variety of investment options. Alongside 47 currency pairs for spot trading, eToro also provides 1,933 CFDs, including on cryptocurrencies.

When it comes to trading cryptocurrency, eToro is our top pick for 2020. Note: Trading in the actual (non-CFD) underlying cryptocurrencies is available through the firm’s eToroX offering, regulated by the Gibraltar FSC, and registered in the US with FinCEN as a Money Service Business (MSB).

Feature eToro
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 47
CFDs – Total Offered 1980
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD Yes

Commissions & Fees

eToro is a market-maker broker and lists a typical minimum fixed spread of three pips on the EUR/USD, which is on the high end of the range when comparing brokers with fixed and floating spreads, making it a more expensive platform.

When comparing fees alone, retail traders don’t choose eToro for its spreads, but rather for its platform and social trading capabilities tools (see further down for more details), as its pricing is otherwise expensive.

VIP accounts: eToro offers a VIP club membership with five tiers ranging from gold to diamond for traders who maintain balances between $5k -$250k. Depending on the level, benefits vary from a dedicated account manager to discounted withdrawal and deposit fees, access to private signals, and exclusive assets, among other VIP-style account benefits.

Account tiers: eToro’s Popular Investor program has four levels – from cadet to elite – where you can can be eligible to receive various perks ranging from spread rebates to a monthly payment and even a management fee for those who reach elite status. Unlike an active trader program, which usually requires volumes or deposit thresholds to be met, the Popular Investor program encourages traders to focus on producing successful results to receive applicable incentives.

Cryptocurrency trading: The fee for exchanging crypto to fiat at eToroX is 5% (based on an eToroX fee of 1% plus a 4% Simplex fee), while converting from crypto to crypto is only 0.1% with a minimum trade size of $20 and maximum of $10,000 per transaction. In terms of crypto trading costs, spreads at eToro range from 0.75% on Bitcoin (BTC) to as much as 4.5% on crypto-assets such as Miota (IOTA).

Feature eToro
Minimum Initial Deposit $200
Average Spread EUR/USD – Standard 3 (as of May 19)
All-in Cost EUR/USD – Active N/A
Active Trader or VIP Discounts Yes

Platforms & Tools

eToro has done well merging self-directed trading and copy trading under a unified trading experience. It’s a winning combination. See Best FX Brokers for Copy Trading 2020.

Ease of use is at the heart of the eToro platform experience. It is easy to carry out basic operations and do things quickly, such as creating several watchlists and adding instruments by searching available markets, as well as placing a trade from each watchlist directly. These qualities helped eToro rank Best in Class in the Ease of Use category, as well as for Beginners in 2020.

CopyPortfolios: One innovative tool is CopyPortfolios, where eToro groups traders into a single fund you can copy trade. CopyPortfolios help bridge the gap for investors who want to use eToro on a passive basis, as they can create a portfolio based entirely on one or more CopyPortfolios. On the other hand, self-directed traders can also use CopyPortfolios to diversify their trading, making it potentially useful for all eToro clients.

Cryptocurrency tools: In addition to self-directed trading across 93 cryptocurrency CFD pairs, users can find crypto trading ideas and copy other individual crypto traders, as well as copy groups of traders. For investors looking to trade the underlying crypto assets, eToroX offers the eToro Mobile wallet app that acts as a custodian using a multi-signature scheme and nearly matches the brand’s forex mobile app.

Copy-trading quality: All traders on eToro trade manually. Fully automated trading systems are not permitted, which means when you copy another trader, you can be sure they are placing each trade manually. This is useful to know as many other social trading platforms that aggregate the performance of traders usually permit both discretionary (manual) trades as well as automated strategies, while eToro’s network consists solely of manual trading.

MetaTrader: Unfortunately, MetaTrader is not available at eToro (see: Best MetaTrader Brokers 2020).

Indicative prices for illustration purposes. Indicative prices; current market price is shown on the eToro trading platform.

Research

Overall, eToro’s research offering has a good foundation but can be improved. Beyond a standard economic calendar (which is only available on the website) and news headlines (also found only on the broker’s site), there are few research options on eToro in the traditional sense of technical and fundamental analysis.

Social Trading: eToro does, however, incorporate many social elements into its available research tools when it comes to market sentiment. For example, rather than show sentiment based on all users – only the trades of top traders are used to calculate sentiment data (taking it a step above the usual sentiment tools brokers provide). In addition, collective commentary about an instrument will appear as a stream of updates from users to give you an idea of what other traders are posting about in the eToro network, compared to StockTwits, for example.

Other market research: In 2020, eToro boosted its research offering with the addition of TipRanks, which powers the new research tab on its platform. That said, adding news headlines and incorporating the economic calendar into the platform experience would help fill the gap in the research tools available on the eToro platform.

Indicative prices for illustration purposes. Indicative prices; current market price is shown on the eToro trading platform.

Mobile Trading

Overall, eToro has done a great job with its mobile experience. Testing the mobile app on Android, eToro maintains the look and feel of the web version, which is great. Functionality such as syncing watchlists helps to unify the platform experience across devices further.

Charting: Like the rest of the mobile app, the charts were responsive and closely matched the web platform, even though just five indicators are present compared to 67 on the web. Drawing tools were missing from the app entirely and would be a welcome enhancement. Otherwise, the charts in the mobile app are nicely integrated and function well, despite the lack of drawing tools.

Cryptocurrency wallet: The eToro Wallet is a separate mobile app where users can deposit and withdraw actual cryptocurrencies that are held by eToroX, which acts as the custodian of their private keys and broker. The eToro Wallet closely resembles the look and feel of the eToro mobile app, including support for social trading.

Indicative prices for illustration purposes. Indicative prices; current market price is shown on the eToro trading platform.

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: (23 brokers)

Final Thoughts

eToro can be great for retail traders who want to crowdsource investment ideas using the power of copy trading, or for highly experienced traders who want to be rewarded for sharing their ideas with other traders.

Less experienced traders requiring handholding may find the user-friendly platform an added benefit. That said, I do not recommend eToro for active or high-volume traders as high spreads and small maximum trade sizes will be a limiting factor. Otherwise, when it comes to social copy trading and crypto trading, eToro is our number one choice in 2020.

About eToro

As an early pioneer in social copy trading, eToro was founded in Israel in 2006 as a financial trading technology developer. After launching its first product, it has since grown to service over 9 million users with an innovative platform that continually evolves to be one of the largest social networks globally, with clients in over 170 countries.

In March 2020, eToro announced it had raised a $100 million round of private equity financing led by China Minsheng Financial, the SBI Group, and Korea Investment Partner, and other investors, valuing the company at $800 million. Read more on Wikipedia about eToro.

eToro Trading Features

Feature eToro
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) No
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) No
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 66
Charting – Drawing Tools (Total) 13
Charting – Trade From Chart No
Watchlists – Total Fields 6
Order Type – Trailing Stop Yes

eToro Research Features

Feature eToro
Daily Market Commentary Yes
Forex News (Top-Tier Sources) No
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment – Currency Pairs Yes
Economic Calendar Yes

eToro Mobile App Features

Feature eToro
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields No
Watch List Yes
Watch List Syncing Yes
Charting – Indicators / Studies 5
Charting – Draw Trend Lines No
Charting – Trend Lines Moveable No
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar No

Disclosures

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75 % 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.

Cryptocurrencies are a highly volatile unregulated investment product. No EU investor protection.

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

eToro Review

eToro offers a good fit for beginning traders with limited time

Investopedia is committed to rigorous editorial standards to provide our readers with the best advice and recommendations. We may receive compensation when you click on links to products we reviewed. Learn more about our methodology and review process.

  • AccountMinimum: $200; $50 for U.S. investors; $50 for Australian investors
  • Fees: EUR/USD 3.0 minimum pips
  • Bestfor: Social trading

Disclosure

63% of retail CFD accounts lose money.

Founded in 2007 and based in Cyprus, eToro’s narrow focus on social and copy trading has underpinned rapid growth that now boasts more than 10,000,000 clients worldwide. The platform also offers these services in the cryptocurrency space.

The key feature of this unique proprietary platform is the ease in which an individual client is able to implement copy trading. The eToro platform features many traders who want to be copied and who follow risk-control rules. This accessibility then allows retail account holders to mimic the trades and trading strategies of the most successful clients, automatically and in real-time. While other brokerages have a similar capability, none have integrated it with social media communication quite as well as eToro has. Copy-trading in and of itself is no guarantee for either gains or losses.

Though the brokerage shows its weakness in comparison to some other forex brokers, its platform is well-tailored for those with a basic understanding of forex and cryptocurrency trading. The platform’s higher than average trading costs for forex trades and an online-only customer service portal create an environment where the customer either likes the platform as is or moves on. Clients use a ticket and chat system to fix trade issues, make account inquiries, and solve other problems. Adequate help and an FAQ database supports those efforts. Still, when traders need an occasional hand-hold or real-time contact to sort out a trade, the eToro platform does not provide this option. This is likely a big factor driving customer complaints.

Opening an account requires just $200 ($50 for U.S. and Australia), but withdrawal fees are higher than average, at $25 plus banking costs.

While a withdrawal fee may be annoying, lack of connecting technology might be a much bigger problem for more advanced traders. eToro doesn’t provide services for customers to hook up third-party software or algorithms (such as MetaTrader 4 Expert Advisors) into the data feed because they offer no API interface or VPS hosting. Combined with wide spreads and a relatively small product catalog, this lack of customization could send higher-skilled clientele to other brokerages.

eToro.com Review Visit site

About eToro.com

Your Capital is at risk.

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Broker Details

Minimum Trade Size: 0.1
Maximum Leverage: 30:1
Minimum to Open Live: $50
Established: 2007
Address: 24th floor, One Canada Square Canary Wharf E14 5AB London, E14 5AB, United Kingdom
Contact: [email protected], +44-866-350-0881
Regional offices:
Regulators: ASIC #491139, CySEC #109/10, FCA #FRN 583263
Prohibited countries:

Yes

Yes

Trading platforms: WebTrader
Web Trading:
Mobile Trading:
Currencies: (45+)
Cryptocurrencies: (30+) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Other Precious Metals, Stocks, Oil, Other Commodities

Yes

EAs/Robots:
Deposit Methods: Bank Wire, VISA, MasterCard, Giropay, Local Bank Deposits, Local Bank Transfers, Neteller, PayPal, Skrill, UnionPay, WebMoney, Yandex Money
Withdrawal Methods: Bank Wire, VISA, MasterCard, Giropay, Local Bank Transfers, Neteller, PayPal, Skrill, UnionPay, Yandex Money

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Consumer Reviews

Service use: Live

Length of use: 6-12 Months

After my failed in January, I decided to give them a try again. Was a mistake. You will guess, ended up the same. I done with them, never again.

Jan 23, 2020 – 1 Star I decided to give a try on their copy trade system. social trading.
As they advertise: “Just find a top investor” and copy their trades. Of course, they just forgot to mention that top investors somehow start to make losing trades after you start following them. Same as Zulu.
I didn’t had too much expectations, but still wondering how they are still in business.

Service use: Live

Length of use: 0-3 Months

Service use: Live

Length of use: 3-6 Months

The biggest question in the Forex & CFD market, how such a scammer broker still exist and get bigger?

They practice every single type of scamming:
1. Fake prices which don’t match any of the other brokers.
2. Manipulating the spreads.
3. Canceling the profits.
4. Showing unrealistic profits of their alleged top traders for copying.
5. Paying people to promote on social media that they are making Millions trading with them.

I lost any kind of faith in the financial authority in Cyprus because of allowing such scammers.

Service use: Live

Length of use: 0-3 Months

Service use: Live

Length of use: over 1 Year

1. This broker trades in USD. When you send your deposit in EUR a 3.2% comission will be charged.

2. Same for withdrawals, another 3.2% comission, plus a $25 fee. Incredible.

3. SL orders are fired with a high slippage. They say they’re NDD (No Dealing Desktop) but actually they’re MM (Market Makers).

There are much better alternatives. Stay away.

Service use: Live

I just wished to advise any e-toro account user that should your account be hacked, e-toro take no responsibility for fraudulent trades placed onto your account.

I’m sure like myself, you will find this deeply concerning as if the same customer service protocols were applied to your bank, you would not deposit 1 penny into any bank however well known.

Below is a response from E-toro following 2 fraudulent positions placed onto my account. Very very concerning for any e-toro user.

Thank you for your emails.

Kindly note that we are not insinuating that you did open the positions. But, since it is the client’s responsibility to protect his account, therefore we are very sorry to inform you that we cannot give any compensation in this regard.
We kindly ask you to change the password and use the 2 layers authentication to protect your account’s privacy.

In case you need any help on how to activate the 2FA please do not hesitate to confirm in a reply to this email.

Thank you for your understanding and cooperation,

eToro Customer Service
Soha Noujeim

Service use: Live

Length of use: 0-3 Months

Service use: Live

Length of use: 6-12 Months

Attention .. they steal your money when you make the withdrawal!

In a totally unjustified way I have seen myself cut off in addition to their exorbitant commissions of $ 25.00 (which moreover no other broker charges), have made a change in their favor of as much as $ 51.00 over $ 25.00 which they had already stayed.

I state that I had asked for a payment to a Paypal account and that paypal does not charge any commission in the payments.

Their justification was that my bank charges the commissions on the money (liars, thieves and scammers) as I had asked for the payment on Paypal and in fact they paid without any cost on Paypal therefore, to steal the money they made a conversion to Euro (thinking obviously I was stupid and I wouldn’t have used the calculator to see how much they changed) and they kept me an additional $ 51.00 (then 51 + 25 for a total of $ 76.00). Practically they have unduly appropriated an additional $ 51.00 over at $ 25.00 which they already take commissions.

I feel strongly to advise against opening any account with them as they have high spread rates, transaction fees, overnight rates (swaps) and in addition they also steal on the withdrawals you make. I advise you to support your money on more honest, serious and transparent brokers.

As proof of what I have written, I proceeded to make a complaint to Consob with file number 2.333 and I am thinking of turning to the Postal Police who will take further action.

I also add that I did not receive replies to my complaints via email, I asked to be contacted and they replied that I was not available. The only answer I had was to call my bank because he charged the fees on the payment (false and liars because there was no bank, they made it to Paypal and Paypal as reiterated does not charge anything )

In modo del tutto ingiustificato mi sono visto decurtare oltre alle loro esose commissioni di $ 25,00 (che oltretutto nessun’altro broker fa pagare), hanno fatto un cambio a loro favore di ben $ 51,00 ulteriori ai $ 25,00 che gia si erano trattenuti.

Premetto che avevo chiesto un versamento su un conto Paypal e che paypal non addebita alcuna commissione nei versamenti.

La loro giustificazione è stata che la mia banca addebita le commissioni sui soldi (bugiardi, ladri e truffatori) poichè il versamento lo avevo chiesto su Paypal e difatto hanno versato senza alcun costo su Paypal pertanto, loro per rubarmi i soldi hanno fatto una conversione in Euro (pensando evidentemente fossi fesso e che non avrei usato la calcolatrice per vedere a quanto hanno fatto il cambio) e mi hanno trattenuto ulteriori $ 51,00 (quindi 51+25 per un totale di $ 76,00). Praticamente si sono indebitamente appropiati di ulteriori $ 51,00 oltre ai $ 25,00 che gia si prendono di commissioni.

Mi sento vivamente di sconsigliare di aprire qualsivoglia conto con loro poichè hanno tassi spread alti, costi di commissioni sulle operazioni, tasso overnight (swap) e in piu rubano anche sui prelievi che farete. Consiglio di appoggiare i vostri soldi su broker piu onesti, seri e trasparenti.

A prova di quanto ho scritto ho provveduto ad effettuare una denuncia presso la Consob con pratica numero 2.333 e sto pensando di rivolgermi anche alla Polizia Postale che prenderà ulteriori provvedimenti.

Aggiungo anche che non ho avuto risposte alle mie lamentele via email, avevo chiesto di essere contattato e hanno risposto che non ero reperibile. L’unica risposta che ho avuto è stata di chiamare la mia banca perchè ha addebitato le commissioni sul versamento (falsi e bugiardi in quanto non c’e stata alcuna banca, loro il versamento lo hanno fatto su Paypal e Paypal come ribadito non addebita niente)

Dec 12, 2020 – 1 Star They are scoundrels and dishonest people who, in addition to having high spreads, commissions and withdrawal costs (as much as 25 dollars).

They cleverly sent my money in Eur (instead of dollars) stealing an additional 54 Eur from the total I should have received. I have all the photographic documentation of my withdrawal in dollars but they have decided to send in Euro taking well 54 € over the already 25 $ that they have taken.
So I advise you to stay away from these deceitful scammers into believing that they have “only 25 dollars” on the withdrawal because when you withdraw your money they still want to eat money.

Their response was that the bank takes money for the exchange, but they are great liars. First, because the money was sent to a paypal account (no a bank) and paypal does not take commissions on the money received! and according to me I did not ask for any conversion of the money into Eur (for this game they did stole a good 54 € ).

I report this scam on as many sites as possible so that other customers do not fall for these dishonest people. In addition to this, I am proceeding to make related complaints. I have all photographic documentation of the withdrawals and the money actually entered and which are far less than those I should have received.

I advise you not to open an account with them if you do not want then (one day you take your money) to be scammed as it happened to me.

I can prove everything and I have proofs with the screenshots where even their operator via chat told me that there was only $ 25 in commission on withdrawals. Dishonest to the end!

eToro Reviews

1,884 • Poor

Write a review

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Reviews 1,884

They are a scam

They are a scam. I’ve been trading currencies for like 15 years and I think I know what I’m doing, yet..

Made 2 open trades 2 weeks ago with close at profit of 20 pips. As I know this market well, I just sat and waited to get a lot of profit in around a week.

Literally 20 hours after opening trades, both trades were closed. My maintenance balance was well over 10k, as I only used half the money I had on both trades.

Ended up with a loss. I will just claim fraud with my bank as this is the most effective way of flagging those. I’m also in a process of reporting them to the police. I’ll surely take it further because I can.

Steer away from them please and find another broker, unless you really want to lose your money. Although, I have recovered 90% of my lost fund last week after the help of the trusted fintech expert: [email protected],com .He filed the charge back for me and they opted to pay before the suit.

The best time to start trading is now!

The best time to start trading is now!

The best time to join the cryptocurrency market is now due to the dip in the Bitcoin rate because makes it easier to get as much Bitcoin now at a lesser rate and in the next couple of months when there is a surge, one can easily make profits from trading.

However, I’ll advise you to be careful in your choice of broker and trading platform. I won’t really recommend this platform for anyone except someone who is ready to lose their money.

I lost about $30000 investment to them September 2020 although I was able to get it back through the help of a trusted fintech expert: [email protected],com But the process might not be easy for many and I’ll advise you not to lose your money at all.

Very bad customer service

Very bad customer service, I have provided the documents 2 weeks ago but they are still under the review. On the platform it is said that if you deposit, the verification will be faster. So I have deposited $500. But because the verification is not complete during 15 days the money has liquidated and now I have not returned money yet. The tickets opened on the customer service is automatically clothing without resolving. 10 day before opened ticket is still under the review? It is very bad and difficult to contact. The customer chat is not working. The only way to cantact is leaving customer ticket.

Stay safe and trade safe

Stay safe and trade safe

The most devastating thing that should happen to anyone is to fall into the gimmicks of this scam trading company at this pandemic era. I know many are at home and would want to try out trading but the I’ll advise you read the reviews and form your decision with that – a luxury I didn’t have before my $20000 was stolen by them. All efforts to withdraw my money for six months proved abortive until I got the service of a fintech expert: [email protected],com filed a charge back my behalf and got me back the money.

Once again, stay safe.

y’all can touch my stick eToro is a…

y’all can touch my stick eToro is a great broker

Worst experience I ever had with a…

Worst experience I ever had with a trading app. I can prove with pictures that they defraud people. They randomly closed my transactions which resulted in loses for me. After being treated like that your only chance is to raise a ticket which will never get an answer or a resolution. I don`t understand why the authorities are not taking measures or a class action lawsuit is not filed against them by the thousands of persons treated so badly.

Unable to close out positions

Unable to close out positions.

As the title suggests I have had significant issues trying to close out winning positions. Error message briefly appears but not enough time to screenshot it as evidence. Have tried to raise a ticket but also getting an error message with this. When you try and ring their London tel number there is just an automated message stating we are receiving a high volume of calls. It then does not put you in a que but just disconnects you. In short there is no way to contact them to complain. Avoid avoid avoid

Absolutely horrible

Absolutely horrible, adjusted stop loss system gave confirmation. Came back later stop loss not adjusted. And even previous closed positions reopened, Wont let you close positions that are in profit. Opened a support ticket WEEKS ago about this. Today they closed my support ticket without answering my question. They literally said they have evaluated support tickets and my question wasn’t important enough, I can contact them again if I wish. I have recorded my screen and will send the video to the appropriate regulating authorities and suggest others who face the same problems do the same! you can download free screen recorders

Server down 3 times today

When it’s up though, you won’t be able to close your positions for 15 minutes – click to close, confirm, repeat. When finally closed, God knows at which loss at that point, those positions will still be stuck as active in you portfolio for other 15 min.

Same thing with opening positions – you will successfully open a trade. But, you won’t see this stock in your portfolio for other 10 minutes. And thinking the trade did not go through – you will be repeatedly buying the same stock until you have 3-5 similar positions. Which they will show to you only in 15 minutes! Awesome – isn’t it? Etoro invented a new type of leverage I guess :D

Stop losses will be triggered at levels that never even close happened to that stock at a given period of time.

If that is how you want to trade – welcome to Etoro! It’s only been couple of weeks ish of active trading, but I have tones of regrets putting my money here

Oh-and if anyone is curious – tried in vain multiple browsers during those 15 horror minutes of my life. Definitely not a browser caching issue. Etoro cheapo software issue

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