Review

eToro Forex Trading broker logo

A detailed, unbaised review of eToro

Here you can get to know what professional forex traders think about eToro.

6,40 / 10 stars.

Before starting with currency trading at eToro

Below you will find some important points that OnlineForex.net chosen suggests you consider before you start trading forex with eToro.

Payment methods: EToro has many possibilites to get started. Choose between credit card, bank transfer, PayPal, Neteller, Western Union, MoneyGram or WebMoney. By using card payment, PayPal, Netteller or WebMoney you can get started with online forex within a few minutes.

Downloading of software? No, you do not need to download any software with eToro. It is very easy to get started.

Trade currencies by eToro?

Currencies and other instruments: eToro has relatively few currency pairs (16 st) and other instruments (gold and silver) when compared to other forex brokers.

Execution of currencies: When testing eToro’s platform we found some problems with the execution, hopefully temporary. Some of the trades could not be sold without re-quotes.

Spread (buy and sell prices): eToro has a relatively high spread, but it also differs depending on how much you deposit. The two lowest spreads are 3 pips for EUR/USD and 4 pips for USD/GBP. In reality, you will get a few re-quotes and the real spread will be a little wider.

Support: eToro is open between 8-23 (GMT+1). So if you have any problems during the Asian-Pacific trading session, you will most likely not be able to contact anybody before the European Trading session. OnlineForex.net may be a bit problematic and it is not recommend to trade with eToro during the Asian session.

Resources (tools, charts): Many of the resources offered are fun to use. However, it’s hard to take cartoons and arrows running between countries seriously, but we hope it will help forex beginners to understand how forex trading works. A lot of the most important technical indiactors used by professional traders are missing. This platform is perfect for beginners, but not for advanced forex traders.

As an eToro customer, you have access to:

Currency pairs: 16 currency pairs are included when opening up an account with eToro.

For Dollar traders, there are 6 currencies to trade with: NZD/USD, EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD.

For Euro traders, there are 3 currencies to trade with: EUR/JPY, EUR/CAD, EUR/AUD.

For Sterling traders, there are: GBP/USD, GBP/JPY, EUR/GBP.

For Yen traders, the following pairs are to be found: CAD/JPY, AUD/JPY, GBP/JPY, EUR/JPY.

Other currency pairs and commodities: AUD/USD, EUR/GBP, CHF/JPY, EUR/CHF along with gold and silver.

Leverage: You can leverage up to 30:1 with eToro.

Forex Market Analysis: eToro is sporadically sending out market analysis.

About eToro

Financial security: Relatively new company, with an insurance company as its main owner.

Financial regulation: eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC). In the UK, eToro (UK) Ltd. is authorised and regulated by the Financial Conduct Authority (FCA), In Australia, eToro AUS Capital Pty Ltd. is regulated by the Australian Securities and Investments Commission (ASIC).

Software and graphics eToro

You either love or hate eToro’s playful graphics, looking more like a cool computer game than a traditional trading platform. It may take time to get used to the various risk levels which limit how much leverage you can use.

Other names for eToro

eToro LLC has its headoffice in Limassol, Cyprus. Common misspellings are e toro, e torro and eTorro.

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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.