This CFD broker’s online services are operated by the company eToro Europe Ltd. The company is based in the Cypriot harbour city of Limassol in Cyprus. The broker is strictly regulated by the Cypriot Securities and Exchange Commission CySEC, and is therefore subject to the strict policies of the European Union, which ensures that traders needn’t worry about security. eToro has been online already since 2006, and it counts among the oldest and most reliable providers.
- Well-known broker
- Buy/trade gold safely
- Chat & phone support
This CFD broker’s online services are operated by the company eToro Europe Ltd. The company is based in the Cypriot harbour city of Limassol in Cyprus. The broker is strictly regulated by the Cypriot Securities and Exchange Commission CySEC, and is therefore subject to the strict policies of the European Union, which ensures that traders needn’t worry about security. eToro has been online already since 2006, and it counts among the oldest and most reliable providers. The official website makes a professional and inviting impression, and is available in many different languages. Over 2,8 million traders from over 190 different countries have decided to use the broker eToro by now. This isn’t only due to its popularity or reliability, but especially to the clearly structured and easy-to-browse trade offer of this CFD broker. eToro is definitely one of the most beginner-friendly providers. Thanks to the social trading applications, inexperienced traders can learn from experienced ones, and they can improve their own trade strategies.
eToro’s trade offer is rather unpretentious compared to other forex and CFD brokers. Customers of eToro have the choice between 16 tradable currency pairs, among which all the majors. This broker chose to exclude the less popular exotic currencies from its offer. Besides trading currencies, traders can use eToro to trade CFDs and around 50 different shares, some important commodities and 6 indices. Other brokers may offer a broader range of products, but customers can quickly lose overview of such crowded offers. Because of eToro’s policy, the broker’s offer restricts to the most important underlying assets, which is especially beneficial for inexperienced traders. Moreover, customers of eToro enjoy high leverage. The maximum leverage they can choose is of 1:400, which allows customers to trade high volumes even with small investments, and make huge profits. The leverage is higher than with most other brokers. The average leverage is of 1:50. For the major currency pairs the broker applies a spread of 3 pips, and generally customers can trade currency pairs starting at 2 pips. eToro doesn’t charge commissions or other additional fees. Apart from the usual trade possibilities and functions, eToro also offers its customers social trading, which inexperienced traders can use to gather information about all activities of successful traders. Subsequently they can use the software to automatically copy the strategies that they consider recommendable. This is a truly special particularity that no other forex and CFD broker offers.
The trade platform is another of eToro’s specials. It has been programmed in-house, and it’s very different from the most popular trading platforms. The two applications OpenBook and CopyTrader are the platform’s lifeblood. With eToro OpenBook traders can follow other users’ trade in real time and, if they wish to, they can repeat the same trades with their own trade account. The CopyTrader allows customers of eToro to link the trades of other platform users directly to their own trade account through a special interface, and then to automatically effect the same trades. eToro’s in-house platform makes a clearly-structured and very user-friendly impression, and it’s excellent for beginners. Traders don’t have to install software on their computers, and they can use the platform directly in their browser. Moreover, eToro also offers its customers a special version for mobile devices. This version can be downloaded for free, and you can use it on smartphones and on tablet PCs. This way, customers can easily trade while on the move as well. New customers can test the trade platform and trade possibilities free of charge and free of risk by using the demo account which, unlike the demo accounts that other brokers offer, isn’t limited to a certain amount of time. Customers can trade with virtual money amounting to 10.000 virtual pounds, and for the first deposit they are greeted with a generous bonus, the amount of which depends on the deposit. Traders can receive a maximum of 1.000 pounds bonus to their trade account. Moreover, older customers receive a bonus for bigger reinvestments with eToro. Customers who recommend the broker further and bring in new customers are also rewarded with attractive prizes.
Opening a new account with eToro is done with in only a few minutes and without great effort, and it only requires a minimum deposit of 200 pounds. This minimum necessary amount is considerably lower than with other providers. If yet new customers make a deposit of 1.000 pounds or more, the trade account is opened immediately, without having to wait at all. Should the deposit be lower, the account must be completely verified for security purposes, which is also why customers have to send the provider a certificate of residency and a copy of their identity documents. Unlike many other brokers, eToro doesn’t offer many different account types, and stays true to its clear and easy structure. Customers who make deposits of 20.000 pounds or more automatically receive a Premium Account, which gives them a number of advantages such as a personal account manager and a free data feed via eSignal. Customers can turn to different methods for making deposits. Besides the classical method via credit card or bank transfer, the broker also supports Giropay, Skrill, WebMoney, 1-Pay and Neteller. Depending on the chosen method the money is available in the trade account either instantly or within a few days. Unlike with many other brokers, eToro allows payments via PayPal as well. For outgoing payments traders can use the same methods. The processing time and fees depend on the amount and on the chosen method, and the fees for outgoing payments can reach 25 pounds, which is really high compared to other brokers. Generally, outgoing payments are processed quickly.
eToro offers customers very professional and friendly customer support. The broker’s support team can be contacted anytime via e-mail and live chat, and by phone on workdays from 10:00 to 15:00 o’clock. Generally, the team is very friendly, and tries to solve problems quickly, but many problems and questions find their solution or answer on the very extensive FAQ page of eToro. The most important answers to the most frequent questions are available there. The in-house trading centre of eToro offers customers a broad range of different training and information possibilities, among which free training programs and webinars. The trading centre is especially useful for inexperienced forex and CFD traders.
eToro definitely lives up to its good reputation, and it’s one of the best brokers for newcomers and advanced traders alike. The trade offer may not be as rich as with other brokers, but it does include all the important currencies, shares, commodities and indices. Thanks to its being based in the European Union and to its being subject to the strict regulation of the Cypriot Securities and Exchange Commission, eToro is a secure and reliable provider. Opening an account goes fast, and new customers enjoy generous welcome bonuses. Recommending the broker to other people is also rewarded. eToro allows customers to use all established payment methods, and even the most popular one, PayPal. The higher-than-usual fees taint the positive overall image. The in-house developed platform is very beginner-friendly, and it offers traders many useful functions. Customer support reacts quickly and professionally, while the extremely useful function Social Trading makes eToro stand out from the great mass of forex and CFD brokers out there. The information and training offer is also exemplary and, for all these reasons, this broker can prove a true gem for any beginner.