eToro Quick reference
eToro is an international broker that claims to provide its services in 140 countries. The company was established in 2006. It was originally called RetailFX. Etoro has offices in the UK, Australia, America and Cyprus. The broker is licensed by FCA, CySEC and ASIC. Since the activities of FCA and CySEC are based on MiFID, the company has the right to serve users from the EU, in particular from the UK.
Etoro calls itself an expert on the Forex market and the guru of social trading. The broker's trading platform is especially attractive for beginners precisely because of social trading. It provides an opportunity for traders to copy the transactions of professional investors and make money on it.
As for financial instruments the broker offers the following:
- Shares of Apple, Google, Facebook and other famous brands;
- commodities, in particular gold, gas, oil, corn and so on;
- currency pairs among which there are EUR / USD, USD / JPY, EUR / GBP and others;
- Bitcoin, Ethereum, Litecoin and other cryptocurrencies;
- Stock market indices, in particular Nasdaq, DAX , Dow Jones and so on.
eToro trading accounts
The broker does not write about trading accounts of traders. On the site there is only a gradation of accounts of popular investors for auto-follow, but we will talk about it a little later.
Before you start trading on the Etero platform, you can test your strength on a demo account. It does not need to make real money, the broker provides virtual capital in the amount of $ 100,000. You can get access to the demo account after registration. By filling out the appropriate form, you should select a "Real" or "Virtual" account.
Minimal deposit, account replenishment and commission fees from eToro
Real money trading begins with the opening of a deposit. When you replenish your account at the first time, you need to deposit no less than $ 200, in the future the minimum deposit amount will be $ 50. When copying transactions, investors will have to bet from $ 200 per transaction.
You can deposit money into your account with a credit card, the operation is carried out in a matter of seconds. Replenishment is available by bank transfer, as well as through popular electronic payment systems.
eToro takes a commission for the provision of services. This commission is average in the market. Details of the spreads are below:
- cryptocurrencies — from 0,75%;
- goods — from 2 to 45 pips;
- Forex — from 3 pips;
- ETF — 0,09%;
- indices — from 75 pips;
- shares — from 0,09%.
Etoro also takes money from traders for inaction. If the user replenishes the account with real money, but does not visit his personal account for more than a year, the broker charges a fee of $ 10 for each month of inactivity. After entering the personal account, the withdrawal of the commission stops. The commission is charged only from the accounts with real money.
Withdrawal of funds
eToro assures that there will be no problems with the withdrawal of funds from traders. You can withdraw the required amount only in the direction in which the replenishment was carried out. As for the withdrawal terms, they are different for different payment systems:
- for bank card and bank transfer — 8 days;
- for other directions — from 1 to 2 days.
To be able to withdraw money, you need to pass verification. The procedure takes a little time. To conduct it, you should fill out a special mini-questionnaire, as well as pass a small test. Next, you need to accept the terms of cooperation, having previously read them, and confirm the phone. Then you should send photos or scans of identification documents, this can be a passport or bank statement. The check lasts three days. Notification of verification results will be sent to the e-mail.
An important point, the money that the trader wants to withdraw should not be in open transactions. You can remove from 50 dollars. Commission is $ 25 for each withdrawal.
This paragraph will tell us about social trading. Etoro makes it possible to earn money for experienced investors by providing their strategies for copying to others, less experienced traders. To use the service you need to register and select the trader you like. The broker has a lot of them, but Vasily Oleynik, aka drvaska, is on one of the first lines of the rating. In the arsenal of a trader with 13 years of experience there is a wide range of effective strategies. Below we offer you to get acquainted with the success chart of Vasily Oleinik in Etoro.
The broker developed a gradation of popular traders. In order to move from level to level and make a profit, it is necessary to fulfill the conditions indicated by the broker. There are four levels on the site:
- "Trainee" - the average capital of $ 500, copiers are from 1, AUM is from $ 200, the time at the level starts from 2 months, there are no payments from the broker;
- “Rising Star” - the average capital is from $ 1,000, copiers are from 10, AUM is from $ 40,000, time at the level starts from 2 months, payments from the broker are in the amount of $ 500;
- “Champion” - average capital is from more than 5,000 dollars, copiers are from 10, AUM is from 150,000 dollars, time at the level starts from 2 months, payments from the broker are in the amount of 1,000 dollars;
- Elite - average capital is from $ 20,000, the number of copiers is unlimited, AUM is from $ 500,000, time at the level starts from 2 months, payments from the broker are in the amount of $ 1,000 + 2% annual interest.
There is no information on training programs on the broker's official website. Etoro provides consultants and analysts as an accompaniment, but the company does not have sufficient training for traders.
Promotions and bonuses from eToro
There is no information on the bonus program on the broker's official website. Promotional offers are also not presented. Perhaps, consultants will tell traders about this, and maybe Etoro does not pamper his customers with bonuses and does not conduct promotions.
Broker’s technical support
To get help from technical support, you need to go down to the bottom of the site and find the option “Contact us” there. After clicking, a transfer is made to the page where the addresses and phone numbers of four representative offices are indicated. You can also get an answer to an exciting question by writing to an e-mail address which is indicated on the same page as the addresses of work offices.
To protect your money as much as possible, you should definitely read the user agreement, which will be available for study during the registration process. It is worth paying attention to the reputation of a broker on the network. There are many feedbacks about eToro, it is advisable to shovel at least a dozen. Do not deposit money into the account without a thorough acquaintance with the company!