eToro: Review

Read our in-depth review, compare fees and discover alternatives

November 27, 2022


General Information

eToro is a social trading and multi-asset brokerage company that has registered offices in Cyprus, Israel and the United Kingdom with the company’s head office located in Tel Aviv employing over 800 people. The company provides services for CFD and real trading. eToro was founded in 2007 by brothers Yoni Assia and Ronen Assia together with David Ring. eToro has been operating in the financial market for more than 10 years. The company is regulated by CySEC, FCA, ASIC, MAS. Also, eToro is a member of the Investor Compensation Fund (ICF). ICF protects up to €20,000 for each client.

eToro logo

eToro: Quick Facts

Founded 2007
HQ Tel Aviv, IS
Users 27'000'000
Official website etoro.com
Crypto Over 75 coins
Stocks 2600+ stocks
Metals Not available
Card Not available

eToro provides its clients with the following types of accounts:

  • Real account: "Classic" trading experience using real money.
  • Practice account: Get confidence by trading using "demo" money first.
  • Islamic account: eToro provides a special account type for Muslim traders.

The minimum deposit amount for trading on a real account is $50. For a practice account, this amount is $0. You can fund your account using bank cards and payment systems. You can use the same methods to withdraw money from your account. The withdrawal procedure takes 1-3 days.

⚠️ Warning! Investment is never without risk. You may lose your investment due to market risks involved.  ⚠️

Investment products available

All transactions on eToro are conducted through the WebTrader platform and the eToro mobile app. The platforms are available for all types of devices, including computers with Windows and Mac OS as well as iOS and Android smartphones. eToro also has an API interface for automated trading.

WebTrader is a web-based trading platform that does not require installation on your device. The platform has all the necessary tools for effective trading: technical analysis tools, trading robots, market news feed and more. WebTrader supports trading in more than 50 currencies, stocks, cryptocurrencies and other assets.

Cryptocurrencies

Over 75 coins

eToro provides a powerful crypto trading platform that aims to be both beginner-friendly and powerful enough to satisfy the needs of experienced investors. With over 75 cryptoassets to choose from (including, but not limited to Bitcoin, Litecoin, Ethereum, IOTA, Shiba and Doge, Polkadot and Dash), a grand selection of educational material and an ability to copy strategies of select Top Traders in real-time along with a variety of supported payment methods (e.g. via bank cards, PayPal, Skrill, Webmoney and much more), it is no wonder eToro is one of the biggest names in crypto trading today. An additional benefit in trading crypto is that, unlike the stock markets, cryptocurrency market is open 24 hours a day, seven days a week. This means that you can trade at any time that suits you, regardless of your location.

Crypto Staking at eToro: you can now grow your crypto portfolio in a secure and hassle-free way. Staking crypto is a process that allows holders of certain coins to earn rewards (in form of additional coins) by enabling eToro to execute the staking process, with no action needed from the user. Essentially, staking rewards users holding certain crypto assets (eToro provides staking for Cardano ADA, Tron TRX and Ethereum ETH) with rewards that could exceed 10% annually, automatically and absolutely for free.

Stocks & ETFs

2600+ stocks

eToro offers over 2969 stocks and 264 ETFs to choose from, starting at 0% commission and an opportunity to purchase fractional stocks. This means that you no longer need to invest close to $1000 to purchase a single Tesla share and can jump in with as little as $50 to get started. eToro's exchange-traded funds (ETFs) offer investors a flexible and comprehensive way to invest in the financial markets at a low cost. By investing in ETFs as the underlying asset, eToro offers portfolio diversification without management fees.

A massive amount of cryptocurrencies are represented on eToro.

Commodities

15 available

Commodities offer exciting opportunities for eToro investors. With one-click trading and flexible leverage, you can choose how much you want to invest without being limited to units, such as barrels of oil or ounces of gold. Deep liquidity in the market also means you can buy and sell quickly and easily.

Foreign Currency (FX)

49 currencies

You can trade currencies by taking either a long or short position. The foreign currency exchange, also known as FX, is the largest and most active financial market in the world. You can buy and sell a wide range of major USD pairs and various currency crosses utilizing up to 1:30 leverage (which can be expanded to a staggering 1:400 for a Professional Client) to gain greater exposure and an ability to multiply your outcomes while using less of your own capital.

Pros & Cons of eToro

Advantages

  • Plus sign
    Social trading: eToro’s social trading features allow users to copy the trades of other successful investors on the platform. This can help to diversify your investment portfolio and reduce risk.
  • Plus sign
    Over 3000 assets: There is an impressive amount of assets represented on eToro, definitely more than enough to meet every need a beginner-to-intermediate retail investor might have.
  • Plus sign
    Economic calendar: eToro’s economic calendar provides users with up-to-date information on upcoming economic events. This can be helpful in making informed investment decisions.
  • Plus sign
    Market analysis: eToro’s market analysis tools can help users to identify trends and opportunities in the markets.

Downsides

  • Minus sign
    Fees: eToro charges fees for both buying and selling assets on the platform. These fees can add up over time and eat into your profits. It is by no means a downside unique to eToro, but you need to make sure to review the fees applicable in your country prior to executing high-volume trades.
  • Minus sign
    Limited customer support options: eToro’s customer support is limited compared to other online brokerages. This can make it difficult to get help the way you want, however, the support experience using ticket-based helpdesk is mostly positive, based on thousands of reviews by users.

At the end of the day, it is almost impossible to give definitive "one-size-fits-all" advice about a product to a group as diverse as investors are. It is only up to you to decide what your requirements for an investment platform are based on your expectations, previous experience and use cases.

eToro quickly became popular over the world.

Think eToro has what it takes to become your investment platform of choice? Visit eToro's website and download the mobile app to get a hands-on experience with the product used by 27'000'000 users all around the world. And because of no upfront fees for registration and no monthly recurring costs for using it, you can always get hands-on experience with the platform before you fully commit to it. All it takes is spending a minute or two verifying your identity through a third party also used by other financial institutions like bunq or Revolut use due to various regulations and policies. This process should not discourage you - in fact, it should boost your confidence in the service as it ensures the platform (and, subsequently, your funds) are fully protected, and it also is a very minor (and not at all time-consuming!) hurdle to overcome as you are making the first steps on your investment journey.

Unique Features of eToro

eToro offers investors an impressive array of unique benefits you might not see on any other platform. These could be seen as a partial explanation of eToro's success - we will provide a brief explanation of eToro's best products and features in our compilation below.

eToro Money

eToro Money allows users to enjoy fee-free deposits without any currency exchange fees when you deposit money into your investment account, which can save you up to 1,5% in fees. This account also enables instant withdrawals and deposits in and out of your investment account, as well as supporting crypto deposits. You can also use it to send and receive money from your friends and relatives on top of providing first-class account security where your funds are safeguarded by a top-tier bank. And the best part - the account is absolutely free, with no monthly costs nor hidden fees.

Demo Account

Looking to start investing but worried about losing your money? eToro offers a practice virtual account upon sign-up, so you can gain confidence and try out new strategies without risking your own funds. Every user receives a virtual account with $100'000 on it to hone their skills and learn more in real market environment. All you need to do is create a free eToro account and select Virtual Portfolio next to your username. You can then immediately start trading in real-time without risking any capital. Best way to start investing!

eToro Professional Account

Every eToro client who meets certain conditions can opt in to become a eToro Professional Client. These users get a permission to employ more advanced trading strategies to maximize the potential gain they could achieve using their portfolio. The eligibility criteria are simple (and you only need to satisfy any two out of three): having an investment portfolio exceeding €500'000 in value, experience working in the financial sector in a professional capacity for at least a year and executing at least 10 transactions of significant size per quarter over the previous four quarters. Professional Clients may be exposed to higher market risk by utilizing higher margins and enjoy access to more features than a Retail Client would.

Copy Trader

Not yet comfortable making big investment decisions? eToro has a solution that is perfect for you! With eToro's CopyTrader, you can replicate the actions of top investors in real time, allowing you to enjoy the benefits of having an experienced trader manage your portfolio for you. Suitable for beginners and highly valuable for intermediate traders, the best part about this feature is that your funds are essentially managed by top traders without management fees or any other hidden costs involved. On top of this, eToro provides a wide range of additional social features, so you can always keep your eyes on what's trending right now by learning from others, connecting with like-minded individuals and learning new strategies, all on the same platform you use for trading.

eToro Online Trading Academy

The platform also offers a great deal of resources you can freely browse to learn more about becoming a big success in trading and investing. Ranging from guides for complete beginners to courses on advanced trading strategies, eToro Academy is guaranteed to provide you with useful information no matter how experienced you are. Articles, quizzes, webinars, podcasts and video recordings - an abundance of learning material will is bound to keep you occupied for a while!

eToro Wallet

The eToro Money crypto wallet is an extremely easy-to-use fully-digital crypto wallet. It supports multi-crypto asset portfolios and features cutting-edge technology to ensure complete security of your funds. Using the eToro Money crypto wallet, you can buy, sell, store and transfer cryptocurrencies - at this moment, the wallet supports over 500 crypto pairs. Additionally, you get an on-chain address which allows you to store, receive and transfer your cryptocurrency anywhere on the blockchain, using your own personal and completely private address, protected by the unique "unlosable private key".

eToro is suited for both beginners and a more experienced investor

eToro: Frequently Asked Questions

How do I contact eToro?

eToro users have 24/7 access to both amazingly exhaustive Help Center and a fairly quick to respond Customer Support service via submitting a ticket either from within the app or using the web client. Our personal experience using the support service at eToro aligns with most of the reviews online - you can expect your issues to be resolved quite fast and in a professional manner.

Is eToro secure, reliable and trustworthy?

Yes, eToro is a reliable and trustworthy investment platform that has outstanding security - both from technical and regulatory perspectives. As a financial services provider, the platform is fully regulated by the Financial Conduct Authority (FCA), ASIC (Australia), FINRA (USA) and the Cyprus Securities and Exchange Commission (CySEC). Users' funds are stored securely in a separate, segregated account, meaning that you will not lose any of your funds even in the highly unlikely catastrophic event of eToro's bankruptcy.

eToro is available on all of your devices: desktop, tablet, iOS and Android

eToro Alternatives

Looking for an alternative to eToro? We compiled a selection of reviews of competing investment apps that you might find better suited to your needs. Read our reviews to find out which of these could be your next platform of choice you'd enjoy using to multiply your wealth for years to come!

Bitpanda

  • Desktop app
  • Auto-savings
  • Crypto card
  • Referral program
  • Crypto Indices

Trade stocks, ETFs, cryptocurrencies and precious metals - all in one place, starting as low as €1. Use a Visa card to pay with crypto everywhere.

  • HQ: Vienna, Austria
  • Users: >3'000'000
  • Founded in: 2014
  • Stocks & ETFs: ✔️
  • Cryptocurrencies: ✔️
  • Metals: ✔️
  • Card available: ✔️

DEGIRO

  • Low trading fees
  • International
  • Great choice of securities
  • International awards
  • Regulated and compliant

European brokerage company aimed at retail investors that gives users an opportunity to buy and sell stocks, bonds, options and ETFs via powerful online trading platform. DEGIRO has been experiencing explosive growth due to its low fees and high security.

  • HQ: Amsterdam, NL
  • Users: > 2'000'000
  • Founded in: 2008
  • Stocks & ETFs: ✔️
  • Cryptocurrencies:
  • Metals:
  • Card available:

Vivid

  • Cashback rewards
  • Metal crypto card
  • Multiple sub-accounts
  • Shared accounts
  • Automatic savings

Vivid is an up-and-coming financial "one-stop-shop" app: payments and transfers, an interest on your current account, 3000+ ETFs & stocks from companies all over the world along with 50+ cryptocurrencies on top of and an ability to store funds in over 40 currencies.

  • HQ: Berlin, Germany
  • Users: > 145'000
  • Founded in: 2019
  • Stocks & ETFs: ✔️
  • Cryptocurrencies: ✔️
  • Metals: ✔️
  • Card available: ✔️

Our verdict: Is eToro a good choice for beginners?

Our verdict is a strong "Yes". eToro is a good choice for beginner investors - the platform is easy to use and provides access to a wide range of assets. The company also offers a demo account so that new investors can practice trading before committing real funds. The next question to answer is "Is eToro better than the competition?". And the answer is... Well, there is no easy answer when it comes to whether or not eToro is worth it compared to the competition. Each trader will have different preferences, goals, and experiences that will impact their decision on which platform to use. However, eToro does offer some unique features and benefits that may make it a more attractive option for some traders. For example, the ability to copy other traders can be a helpful tool for those who are new to trading or who want to learn from more experienced traders. eToro also has a large community of users that can provide support and advice, which can be beneficial for both new and experienced traders.

Should you try eToro? If you are looking for an online broker that offers a user-friendly platform, a wide range of assets, and social trading features, then eToro may be the right choice for you. However, it is important to remember that eToro is not a traditional broker, so there are some tradeoffs to consider. For example, spreads on some assets can be higher than at other brokers, and the company does not offer traditional investment products like mutual funds or bonds. Overall, eToro offers a great user experience, both on its website and via mobile apps. Crypto assets can be traded alongside more traditional investments, such as stocks, commodities and currencies, so you definitely will not be left wanting more. Besides, there is no downside to just registering an account and trying it out yourself today, so why not?

eToro is a social investment web app

Did you find this review sufficiently informative? Do you have any additional feedback? Follow the links below and tell us what you think! At Fintech Compass, we are always looking for users' feedback to find additional ways to improve our website and the service we provide to our visitors.

⚠️ Warning! Investment is never without risk. You may lose your investment due to market risks involved.  ⚠️


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