CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. eToro MT5 forex trading broker is a multi-asset platform that offers both investing in stocks and crypto assets, as well as trading CFD assets.
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EToro is a winner for its easy-to-use copy-trading platform where traders can copy the trades of investors across over 2300 instruments, including exchange-traded securities, forex, CFDs, and popular cryptocurrencies.
- EToro was founded in 2007 and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (low-risk) for trading forex and CFDs.
- EToro is excellent for social copy trading and cryptocurrency trading and is our top pick for both categories in 2021. Furthermore, eToro offers a user-friendly web platform and mobile app that is great for casual investors, including beginners.
- For trading forex and CFDs, eToro is slightly pricier than most of its competitors, despite recently cutting spreads and introducing zero-dollar commissions for US stock trading. Also, eToro’s range of traditional research materials and tools is limited compared to its peers.
Is eToro MT5 Safe?
EToro is considered low-risk, with an overall Trust Score of 92 out of 99. eToro is not publicly traded and does not operate a bank. eToro is authorized by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust).
eToro is authorized by the following tier-1 regulators: Australian Securities & Exchange Commission (ASIC) and the Financial Conduct Authority (FCA). Learn more about Trust Score.
Offering of Investments
eToro offers a total of 2361 tradeable symbols. The following table summarizes the different investment products available to eToro clients.
Usability: As a multi-asset broker, eToro goes above and beyond to make the experience smooth for traders. For example, eToro provides the ability to select between CFDs versus trading the underlying asset directly from the trade-ticket window. Subtle, but very useful.
Cryptocurrency: Cryptocurrency trading is available through CFDs and through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker’s UK entity, nor to UK residents. In addition, cryptocurrency trading at eToro is not available in Russia, The Netherlands, and France (including French Territories).
eToro Commissions and Fees
eToro is a market-maker broker and lists a typical variable spread of 1 pip on the EUR/USD, which is slightly higher than the industry average.
When comparing fees alone, retail traders don’t choose eToro for its spreads, but rather for its social copy-trading platform capabilities (see Platform and Tools section below for more details).
VIP accounts: eToro offers a VIP club membership with five tiers ranging from silver to diamond for traders who maintain balances between $5k -$250k. Depending on the level, benefits vary from a dedicated account manager to discounted withdrawal and deposit fees, access to private signals, and exclusive assets, among other VIP-style account benefits.
Popular Investor program: eToro’s Popular Investor program has four levels – from cadet to elite – where you can be eligible to receive various perks. Benefits from this program can range from spread rebates to a monthly payment and even a management fee for those who reach elite status. Popular Investor is for traders who allow other investors to copy their strategy.
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Cryptocurrency trading: Overall, eToro has pricing close to the industry average for trading physical cryptocurrency, such as 0.75% for buying or selling bitcoin, while its fiat to crypto conversion fee is high at 5%. Meanwhile, converting from crypto to crypto at eToro only costs 0.1% in addition to prevailing spreads. With a large number of crypto assets and both CFDs and the underlying, eToro is our number one broker for Crypto Trading in 2021.
Exchange-Traded Securities: In addition to trading CFD shares, eToro also offers zero-dollar commission for US stock trading (not available to US investors) and supports fractional shares. To learn more, see our UK.StockBrokers.com review of eToro.
eToro Forex Broker Platforms and Tools
eToro’s main innovation is merging self-directed trading and copy trading under a unified trading experience. It is a winning combination. See our Best FX Brokers for Copy Trading 2021.
Ease of use: At the heart of the eToro platform experience is the ease of carrying out basic operations and completing tasks quickly, such as creating watchlists and adding instruments by searching available markets, as well as placing a trade from each watchlist directly. These design qualities helped eToro rank Best in Class in the Ease of Use category, as well as for Beginners, in 2021.
CopyPortfolios: One innovative tool is CopyPortfolios, where eToro groups traders into a single fund you can copy trade. CopyPortfolios help bridge the gap for investors who want to use eToro on a passive basis, as they can create a portfolio based entirely on one or more CopyPortfolios. On the other hand, self-directed traders can also use CopyPortfolios to diversify their trading, making it potentially useful for all eToro clients.
Cryptocurrency tools: eToro users can find crypto trading ideas and copy other individual crypto traders, as well as copy groups of traders, across 94 supported cryptocurrency pairs. For investors looking to hold the underlying crypto assets, eToroX offers the eToro Mobile wallet app. This app acts as a custodian using a multi-signature scheme and nearly matches the brand’s forex mobile app.
Copy-trading structure: All traders on eToro trade manually. Fully automated trading systems, such as those supported on MetaTrader, are not permitted at eToro. Therefore, when you copy another trader on eToro, you can be sure they are placing each trade manually. This quality is useful to know as many other social trading platforms that aggregate the performance of traders usually permit both discretionary (manual) trading as well as automated strategies, while eToro’s network consists solely of manual trading.
eToro offers weekly webinars and a respectable range of educational content on its blog, which includes materials from other categories such as research and company announcements.
The one critical downside is navigation; filtering and browsing to find what you want is difficult because education is not centralized in one spot. For comparison, see education leaders FXCM, Saxo Bank or, IG.
Educational articles: On its crypto blog, there are just five articles under a dedicated ‘Education’ link from the main drop-down menu, whereas the main eToro site has video tutorials and a ‘Trading School.
Integrated educational content: eToro has taken it a step further beyond the standard explanatory text found alongside an instrument details section, next to each symbol it offers within its platform.
For example, rather than just list the contract specifications, eToro provides extra information for beginners to learn about symbols such as the EUR/USD, including reasons to consider before trading.
Trading School: There are a handful of videos under eToro’s ‘Trading School’ series, which I found to be very basic. The broker has a good number of videos on its YouTube channel, including seven archived webinars and content covering cryptocurrencies and shares, along with platform tutorials.
YouTube videos: Overall, I found it hard to distinguish between research, promotional, and educational videos as there was occasional overlap across these themes.
eToro MT5 Mobile Trading
Overall, eToro has done an excellent job with its mobile experience. Testing the mobile app on Android, eToro maintains the look and feel of the web version, including a dark and light theme. Functionality such as syncing watchlists helps to unify the platform experience across devices.
Charting: Like the rest of the mobile app, the charts were responsive and closely matched the web platform, even though just five indicators are present compared to 67 on the web.
Drawing tools were missing from the app entirely and would be a welcome enhancement. Otherwise, the charts in the mobile app are nicely integrated and function well, despite the lack of drawing tools.
Cryptocurrency wallet: The eToro Wallet is a separate mobile app where users can deposit and withdraw actual cryptocurrencies that are held by eToroX, which acts as the custodian of their private keys and forex broker. The eToro Wallet closely resembles the look and feel of the eToro mobile app, including support for social trading.
eToro MT5 or MT4 forex trading platform is great for retail traders who want to crowdsource investment ideas using the power of copy trading, or for highly experienced active traders who want to be rewarded for sharing their ideas with other traders.
Less experienced traders requiring handholding may find the user-friendly platform an added benefit. That said, I do not recommend eToro for active or high-volume traders as higher spreads and small maximum trade sizes will be a limiting factor.
When it comes to social copy trading and crypto trading, eToro remains our number one choice in 2021 and won our award for #1 Trader Community with ForexMedia News.
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