eToro was founded out of Israel in early 2006, as a financial trading technology developer. From the launching of the first product to today, the company has surpassed over four and a half million users. eToro continues to improve and add on to their already impressive offerings, to expand their role as one of the early pioneers of social copy trading.
eToro has users from 170 countries. eToro’s belief is that through the use of collective information being made available to everyone, trading doesn’t have to be only for the experienced. Thus, allowing newcomers to trade in the same level as people who have years of knowledge in this industry.
Spreads, Commissions, and Leverages
eToro has a system where you are provided with abundantly more information on the trades made by others. They collect and provide this information to you in return for the higher spreads offered. eToro doesn’t charge any commissions but where you can get .5 pips on one Forex pair with another company you might pay a spread of 3.0 pips with eToro.
Leverages offered to you are determined by the asset. With most major currency pairs, you will be offered a leverage of 1:400 as your maximum(for non-EU citizens). There are also minimum leverage requirements for you to look for, before trying to open a position.
Regulations and Security
eToro is based in Cyprus and thus is regulated by Cyprus Securities Exchange Commission (CySEC). To allow for coverage under the Markets Financial Instruments Directive (MiFID), eToro also abides by the regulations of the Financial Conduct Authority in the UK. MiFID covers almost all of Europe and is one of the more respected regulatory bodies in the planet.
Banking
To get your money in and out of eToro you can use: wire transfers, credit/debit cards, eWallets (PayPal, Skrill Limited, Giropay, WebMoney, Wirecard, Neteller) and China Union Pay. eWallets and cards work the fastest while almost all methods process rapidly.
To withdraw your money, you will simply need to choose from using a credit card, PayPal or a wire transfer. On average it has been reported this process takes around 1-3 days.
Accounts
eToro has 2 account types available to you their user. Demo and Standard accounts make up that list. The Demo Account allows users to trade with $100,000 in virtual currency. This risk-free investment practice can take some time but help you save a lot of money. After spending your virtual currency, you can move on to you Standard Account.
Standard Accounts in eToro requires you to make a minimum deposit of $200USD. Once your deposit processes, you will gain access to all the charting and technical tools available at eToro. You can also take advantage of the ‘Popular Investment Program’ that rewards active traders. This program will require you to make a minimum deposit of $1000USD.
Trading Platforms
OpenBook was the trading platform for eToro until it was joined with the first version WebTrader, to form the current and new “eToro” trading platform titled after the company. With this new platform, eToro can offer the high-tech and cutting-edge innovations they are famous for, like, CopyTrader system, CopyPortfolios investment strategies and the famous Popular Investor Program.
Being able to watch real-time trades carried out by much more experienced traders is the draw that brings in new and old traders alike. That is the main reason for the 264 million trades opened on eToro. The future is bright for what is considered to be one of the top 5 Forex brokers in the world.