Top Options
93/ 100
Type of Broker: Forex, CFD
Payout: N/A
Min Deposit: $100
Min Trade Amount: $10
US Clients:
Free Demo Account:
Max Trade Amount: Unlimited
Leverage: 1:100
Fees:
Fees: No fees charged
Number of Assets: >200
Types of assets: Forex, stocks, indices, cryptocurrencies
Option Types: N/A
Expiry Times: N/A
Charting Package:
Trading Signals:
Market Analysis:
Education: Yes

Screenshots

Full Review

Is eToro Legit or scam? In this review, we convey enough information to enable you to know so much about the eToro broker.

Introduction

eToro was established in 2008 and started as a developer for financial trading technology. Today, they have evolved into one of the most innovative CFDs brokers around. The company was founded by two siblings, Yoni and Ronen Asia alongside their partner, David Ring. They offer social copy trading, which has enabled them to continue to grow. There are over 4.5 million people who currently use the platform for various trading activities. These clients are drawn from over 170 countries around the globe. The platform can be utilized on both web and mobile and offers CopyFunds functionality, a feature which allows traders to copy the most successful individuals on the network.

Regulation

The Company is regulated in Cyprus by the Cyprus Securities Exchange Commission (CySEC) and is licensed under the Cyprus Investment Firm (CIF) with license number 109/10. In the United Kingdom, the firm is regulated by the Financial Conduct Authority (FCA) with reference number 583263. Similarly, it has passports everywhere in Europe controlled by the Markets Financial Instruments Directive (MiFID). The National Futures Association (NFA) governs its US entity.

Is eToro Scam or Legit?

eToro has earned a reputation as one of the most dependable online brokers in the segment. Many reasons point to eToro being a legitimate trading software solution. These include:

  • As mentioned above, eToro is overseen by both the CySEC and FCA, which are some of the strictest regulatory bodies in the financial world. Both these agencies apply tight regulatory guidelines that do not allow for financial misconduct. This means that the company does not condone any form of mismanagement or abuse of clients’ trust, lest they’d be sanctioned.
  • eToro has been featured on some of the world’s most renowned periodicals such as Finance Magnates, Forbes, Fintech Finance, Financial Times as well as US’ CNBC News. What this means for you as a trader is that your funds are in safe hands. eToro’s reputation as a trustworthy broker is never in doubt.
  • Traders at eToro are protected by the United Kingdom’s Financial Services Compensation Scheme. Therefore, traders are guaranteed a certain percentage of their funds up to a maximum sum in the event that things go south for the company.

eToro Legit Trading Application

eToro offers its traders three different trading platforms. They consist of:

  • This is the standard trading platform. It offers improved functionality such as a chat section, which lets traders converse with others real-time. The system is clean and straightforward, which helps make for fast trade execution.
  • eToroOpenbook allows traders to view the task other traders are performing in real time. This helps new traders to learn and grow by following up on different trading strategies and sophisticated analysis.
  • eToro Mobile Trading Platform. eToro offers mobile versions of the app, which are compatible with all mobile devices including Android and iOS. They allow a trader to execute trades on the go from anywhere in the world.

eToro App’s Special Trading Tools

Some of the most important trading tools featured on the eToro platform Include:

  • This tool allows traders to invest in a portfolio compiled by skilled traders. It works perfect for traders who want to use the system on a passive basis, as it does the work for them by grouping expert traders into a single fund which others can copy. You can automatically copy any pre-selected group of top traders by investing in that specific CopyFund.
  • Dynamic and innovative watch list functions. Traders can create many watch lists and add instruments by exploring available markets. Also, they can place trades from each watch list instantly. Another innovative approach is that traders can add customer service to their watch list.
  • eToro enables traders to trade CFDs directly. As such, traders can trade with leverage. The maximum leverage levels traded include currencies, 400x; stocks, 5x; Commodities and Indices, 100x.

Asset List

eToro provides its traders a wide array of assets for trading. All eToro offerings are built on CFDs. However, traders who use the platform enjoy a wide variety of trading opportunities that cut across:

  • The platform helps traders find stock based on the industry or exchange they are listed on. Some of the major exchange lists they offer include Frankfurt, London, NYSE, Zurich, Milan, Paris, Madrid, and NASDAQ, among others. Thousands of stocks are offered across these lists.
  • eToro allows traders to deal in 59 different ETFs.
  • eToro offers twelve instruments in this category.
  • eToro clients can trade in various commodities, some of which include oil, silver, gold, and copper.

Money Transfer and Withdrawal

Money transfer and withdrawal processes on eToro are safe and secure. All transactions conducted on the platform are transmitted through a Secure Socket Layer (SSL) technology. There are several transfer options available to traders. These include:

  • Wire transfer. You can send funds directly to a dociliary bank account.
  • Debit/Credit cards. eToro allows its traders to use cards such as VISA, MasterCard, and many others.
  • e-wallet options such as Skrill, Neteller, PayPal, and Webmoney can be used to carry out transactions on the platform.

However, most traders prefer using the card option when filling up their trading account because it is the fastest. Clients’ funds are held up in US Dollars and undisclosed segregated bank accounts. So, funds transfers made in currencies other than the US Dollar are converted into the USD at going market rate.

Withdrawal requests are processed within one working day. Once processed, withdrawals initiated through China Union Pay, Skrill, PayPal, Neteller, and Webmoney are received within 1-2 days, while those done through Credit/Debit cards and Wire Transfer take up to 8 business days.

Support

eToro clients can contact support through email, live chat, and fax. The broker also features an interactive questions & answers section (eTopedia) where traders can get answers for general enquiries. The customer support email is [email protected] Customers can also fax the company on +44 8663500881.

Conclusion: eToro is Not a Scam

eToro is a legit, regulated broker that delivers the goods. As a platform, it is an incredible resource for traders who seek copy trading capabilities. The system is user-friendly, secure and rewards ideas. It allows top traders to share their thoughts for maximum reward. We recommend it for all levels of traders and especially beginners who require hand-holding.

In all, eToro is innovative and promises a rich and fun experience, with regulatory licenses to allow you trade in peace.