eToro is what you will a social investment broker. This means you are able to share trading information, trade socially and follow other traders and profit from their investments. This, combined with their fast response to their clients’ demands, has made eToro a fast-expanding platform for binary options. Recently eToro added the ability to trade in cryptocurrencies, such as Bitcoin and Ethereum. eToro has around 4,5 million traders, giving the social aspect a lot of traders to pull knowledge from.
- Demo Account – Yes, when you start you get $100,000 in virtual funds.
- Minimum deposit – $200
- Minimum trade – $25
- Maximum trade – $100,000
- Signal service – No
- Mobile app – Yes, for all devices
Types of Trading
Strictly speaking, eToro is not a binary broker, but approaches the world of investment very similar. What makes eToro special is their social trading, meaning you can share info with other traders or even attach your fund to other traders, making money out of their investments. This feature is called CopyTrader™. This gives opportunities for traders who lack knowledge of a certain field to make money in them anyways, utilizing other traders’ expertise. When choosing this, you will be copying the traders’ every move in real-time. This instrument is brand new to the investment world and exclusive to eToro. When searching for traders to copy you will be able to see everything from their portfolio to their risk score, before choosing your trader.
Etoro allows you to trade CFD:s, stocks, forex, indices, and commodities. The stock list is definitely their most extensive one, counting over 250 companies.
Scam or Speculation
eToro is regulated and licensed by the Financial Conduct Authority and CySec. But this is just the UK department of the company, which means that the highest security is for users from the UK.
Their Trading Platform
The trading window is made with user-friendliness in mind and is very straight forward to use. It is easy to get a full overview of your own assets and all the assets available on the site. In the ‘markets’ menu you can sort the assets in the 4 main categories (stocks, commodities, currencies, and indices) and then filter those in sectors, such as technology. When opening up a marked all recent conversations about the particular market will be made available on your screen.
You will be presented with a big amount of information when opening up a specific market, but the layout makes it so that clarity is ensured.
The mobile app is made according to their web platform; it is free and works on all devices. All the assets which are available on the web site are also accessible on the app. the search functions for both ‘Markets’ and ‘People’ are built in the same way as the web search. With this app you will be able to do all the things you are used to from the website, but while moving around.
Withdrawal and deposit
The process of making deposits or withdrawal can be a little extensive, but this is put in place to give a more secure transfer. First you will need a color copy of your passport, including your signature. Second you need a copy of a recent utility bill or bank statement as a confirmation of your home address. Third, if you are paying with a credit card, they require a copy of both the front and back of the card, where you cover up the CVV and the last 8 digits of the card number.
eToro will charge you for withdrawals, $5 for withdrawals up to $200, $10 for withdrawals between $200 and $500 and $25 for all withdrawals over $500.