Website

 The eToro website seems very sleek upon first view, there is a lot of information on the homepage and this brokerage is marketed in a different way to others in the way that it is marketed as a social trading site where traders can copy trades of other successful traders by simply mirroring them.

etoro website broker review

I do appreciate this website a lot, it is well designed and thought out. It’s easy to use with a lot of graphics in order to help explain certain parts of how they work.

The website is available in 20 different languages which makes it accessible to a larger audience around the globe.

The Company

 eToro is a well known fin-tech company who started in Israel by three co-founders.

The company was formed in 2007 and trades under the eToro name. They have offices in the UK, Cyprus, Australia with their head office based in Israel.

According to their website and after some research online I was able to confirm that they are regulated by CySEC, the FCA and ASIC. They are not listed on any stock exchange but they are a well known startup company. Along with the fact that they are regulated, it reinforces their status as being a safer broker.

Their Platform and Technical Information

 The platform has a variety of different assets to trade from, they primarily offer CFD’s but you can also choose from stocks and cryptocurrencies. One thing to note in regard to their stock trading is that it is commission free in the EU and if you are a non EU citizen it is 0.09% spread cost per side.

The first negative I can find regarding the platform is that they seem to have a wide spread on the majority of the assets they have available to trade. For example the EUR/USD pair, at the time of writing, had a 3 pip spread. Normally you will find around a 1.5 pip spread on average amongst other reputable brokers.

They offer a free demo account if needed and their live accounts are made simple by only having one live account type. It has a minimum deposit being $200 for this account. Although, for US and Australian residents the minimum is $50. And for residents of Russia, China, Hong Kong, Taiwan, and Macau the minimum first time deposit is $500. It’s easy and simple to open and there seem to be no complications when I opened an account to try.

Web and Mobile Platforms

In terms of the platforms they have available to trade on it can only be done via their web trading platform or their mobile app, the app is available on iOS or Android.

etoro platform review

The app is fairly easy to use and simple to navigate. It’s a user friendly app. So that, users won’t have problem in trying to open and close trades or searching for different stocks or forex pairs.

The web platform is also great, it has a nice modern feel and looks good on the eye. Again it’s a user friendly experience and easy to navigate around. Customers should have no problem when getting to grips with it. If you’re a looking for amazing user experience, these are the brokers for you: Robinhood and IQ Option.

Deposits and Withdrawal

One thing that is important to note is that all accounts have to be in US dollars. So, once your local currency is deposited into an eToro account, it’s then converted into US dollars. Deposits can be made via a variety of different ways including debit or credit card, bank wire, PayPal and many other online payment systems.

In order to withdraw money the account holder will need to fill out a withdrawal form. They will, in most cases, authorise withdrawals back to the same account they were deposited from. Also, they normally take five days to arrive in the clients account. Another important factor to note here is that there’s a $25 withdrawal fee which is very high, not good eToro!

Education

 eToro currently offer some educational tools for their traders, these seem to be in the form of live webinars. They do also offer a tool to copy other traders positions. So in essence you can learn by understanding those other traders and how they take trades, as long as they are profitable!

Customer Support

 eToro’s customer support is a 24/5 service available Monday through to Friday and they can be contacted via telephone or email and from past experience they seem to respond within two days.

etoro review contact info

So How Reliable Are They, What Have Clients Said?

 After having a look at some customer reviews it seems there are a mix of the majority being negative, some average and some positive. I have mentioned in an earlier review but this could be down to the fact that when traders lose money (especially new traders) they will tend to blame the markets or their brokers.

There seems to be more complaints of stop losses not being hit or glitches in their system. And, also, failure of trades being copied from one trader to another. These seem like issues with their system to me and are things that can be fixed. There are some complaints of failures to withdraw which investors reading this should be aware of.

I would say that eToro is a reliable company they are regulated by the FCA which is a well respect conduct authority in the UK and they are also regulated elsewhere so will be adhering to those rules which suggests to me that they are a broker that can be trusted.

 

85%
Education

 

70%
Ease of Use

 

85%
Reliabilty

 

60%
Customer Support

In Conclusion

For me I feel that eToro are a reputable broker and although they may not be perfect for professional traders due to their large spreads, they are perfect for new investors who can copy trades from more experienced and profitable traders in order to help them increase their profits.

The social feel to the eToro structure is a new take on trading and it is no wonder they seem to be leading the way in that sense as their user interface is very user friendly .

All in all I would recommend this broker for the new less experienced traders out there.