Forex eToro: Pros Cons, Accounts and Forex Trading Platform

Forex eToro or Go eToro company is a social trading broker founded in 2007 and is an Israeli-owned fintech startup.

This broker serves clients from the UK through an entity regulated by the Financial Conduct Authority (FCA), clients from Australia through a named entity.

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Australian Securities and Investment Commission (ASIC). Customers from other countries are served through a Cypriot entity regulated by the Cyprus Securities and Exchange Commission, or CySEC for short.

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Forex eToro MT5 broker itself is not actually listed on any stock exchange, does not disclose its annual report on the website, and does not have a parent bank. But this company is fairly safe because it has been regulated in a number of countries.

Even though it has been chosen as the best broker for cryptocurrency and social trading based on an in-depth analysis of 57 other online broker eToro.

You should consider carefully if you want to trade eToro CFDs with this broker because it is reported that 75% of small investors lose their money when using the services. this company.

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Pros and Cons of Forex eToro

forex etoro

The company offers commission-free stock and ETF trading in European countries and offers low-cost commissions to its clients outside Europe.

Account opening is also relatively fast and has innovative features such as social trading, which allows you to imitate the trading strategies of other traders.

The minimum deposit is also small at $200 which can be made either via credit card or e-Wallet. The products offered include stocks, ETFs, Forex, CFDs, and Cryptocurrencies, as well as offering demo accounts.

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Above is the plus side, the downside is that the forex fees charged by this company are quite expensive, with a slow withdrawal process and a $5 fee.

The company also only offers a base currency account. In addition, for users and traders in Indonesia, a VPN must be used to access eToro.

This is different from other brokerage companies such as AvaTrade.com and Capital.com which cover the costs of all deposits and withdrawals, and we don’t need to use a VPN to access these two brokers.

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eToro Forex Trading Fees On its Various Products

  1. Stocks and ETF trading, this company does not charge their clients a commission based in Europe but charges their clients outside Europe quite low fees, such as low spread fees.
  2. CFDs, also generally charge a fairly small trading fee, when compared to other brokers.
  3. Forex, charged a fairly high fee when compared with other brokers.
  4. Non-trading fees include a monthly fee of $10 after one year of inactivity and a withdrawal fee of $5

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eToro Forex Account Register

forex etoro

Opening an account on eToro is very fast and smooth, being completely digital with a fairly small deposit of $200.

This company can be accessed in almost all countries in the world, except for 36 countries, most of which are African countries.

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How to open an account is very easy, it only takes one day. You start by registering your email or Facebook account. After that, you can have access to the trading platform and start trading with a $100,000 demo account.

However, if you are trading with real money, you must verify your identity and residence by uploading documents such as a copy of your passport or ID card, and a copy of your utility bill or bank statement.

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What is Forex eToro Minimum Forex Deposit?

In many cases like those of you who are from Indonesia, this company requires a minimum deposit of $200, but it turns out that this is different in some countries, as follows:

  • If you are from Israel, the deposit is $10,000
  • If you are from Australia and the US, then for $50
  • If you are from Russia, China, Hong Kong, Taiwan, and Macau, the deposit fee is $500

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Deposits can be made by credit and debit cards and there is no charge for making a deposit. However, as explained earlier, there will be a withdrawal fee.

In addition, the available accounts are only based on US Dollars (one account base currency). This means, if you make a deposit in Rupiah, your money will be immediately converted to US dollars.

Don’t forget, that conversion also comes at a cost, albeit a very small one. For example, if you deposit in Euro currency, you will be charged a fee of 0.025% for the deposit and also a conversion fee when withdrawing funds later.

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Fees and Multiple Deposit Options

eToro does not charge a deposit fee, and to make a deposit, it can be done by bank transfer, credit and debit cards, Paypal, Skrill, Neteller, and WebMoney.

Bank transfers usually take between 4 to 7 business days, and there is no maximum deposit amount.

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However, if done via credit/debit card and e-Wallet, the deposit process will take place very quickly, but the maximum limit is $40,000, while e-Wallet is also the same, the process is very fast but has a maximum limit of $10,000 or $20,000.

Fees and Multiple Withdrawal Options

For withdrawals, Forex eToro charges a fee of $5, which is quite high compared to other brokers. In addition, the minimum amount that can be withdrawn is $50.

Similar to the deposit process, fund withdrawals can be made by bank transfer, credit or debit card, or e-Wallet.

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In general, the process of withdrawing funds or withdrawing the balance from an eToro Forex account usually takes 2 (two) working days.

Forex eToro Website Trading Platform

forex etoro

eToro offers a trading website platform with a quite attractive and modern design and has a score of 4.4 out of 5 stars, which is available in many languages.

In addition, on this forex eToro platform, there is also social trading. Unfortunately, the website platform has limited customization capabilities including the charts and workspace.

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To log in, you can choose by choosing a two-step login system that will provide double security for your account. The search function is also good and easy to use to find the name of a company and product.

To place an order is also very easy, where you can use the types of orders such as market, limit, stop-loss, and trailing stop-loss.

One thing that should not be forgotten is that the website platform is also equipped with a price notification function to get notifications about the targeted price.

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You can also get a report on your asset portfolio where a chart will show your current portfolio. Not only that, you can also get information on expense reports and fund flow tracking.

Forex EToro Mobile Trading Platform

Works similarly to its website platform and is available in 21 world languages, eToro has a trading platform in the form of a mobile application that can be downloaded from Google Play and the Apple Store.

The platform uses specific intuitive functions such as push notifications or good touch screen interaction. For example, you simply move your fingers from left to right and vice versa to access various charts or open new trades.

Forex eToro Market and Products

Actually, eToro is a broker, especially for CFD and Forex. However, you can trade real stocks, ETFs, and many types of cryptocurrencies. eToro also comes with great features like social trading and CopyPortfolio.

All non-leveraged long positions for equities, ETFs, and Cryptocurrencies will be traded as real assets. This means that when you buy ETF shares or Cryptocurrencies without any leverage, you are actually buying real stocks, ETFs, and Cryptocurrencies, not CFDs.

Keep in mind, when compared to other brokers, the products that eToro has are not too many. For example, eToro has fewer stock, commodity, and currency pairs CFD products. But here, you can also trade with a wide variety of popular Cryptocurrencies.

Forex EToro CopyTrader and CopyPortfolio

It should also be informed here that eToro has two different innovations, namely CopyTrader and CopyPortfolio.

CopyTrader is also known for its excellent social trading features. Here one by one you can copy the portfolios of traders who also trade with eToro.

You can browse through the profiles of other traders, check their performance by month or by year. In addition, eToro also provides a risk score for each trader. Furthermore, you can copy no more than 100 traders at the same time.

Oh yes, the amount of money you can invest in a single trade is $200 and the maximum is $500.000. there is only one drawback of CopyTrader that is, you can not partially close your position, but fully.

As for the CopyPortfolio, practically it is an investment fund, but under the umbrella of a CFD portfolio. With CopyPortfolio, you can invest in either a theme or a portfolio of top eToro traders.

The proportion of CFD on that particular CopyPortfolio is clearly explained. You can check the performance and distribution of assets, as well as read investment strategies.

Forex eToro CopyPortfolio is built around a theme by the eToro algorithm or forex eToro’s outside partners. It looks quite complicated but in the end, this means you can easily invest in semi-funds (quasi-funds).

The minimum investment amount on this CopyPortfolio is $5000. interestingly, eToro will also check your financial knowledge to determine whether this CopyPortfolio is right for you or not.

Forex EToro Stocks and ETFs

If you buy stocks or EFTs that are not leveraged, it means you are buying real assets. Usually, this feature will not be offered by other CFD and forex brokers.

In addition, eToro’s options for access to 16 world stock exchanges are quite good, although compared to other stockbrokers it is not good enough. There are also a number of risks that you need to consider when you choose stocks. Your capital is at risk.

The 16 stock exchanges are Amsterdam, NYSE, New York Tech, Euronext Brussels, Euronext Lisbon, Frankfurt, London, Paris, Madrid, Milan, Zurich, Oslo, Stockholm, Copenhagen, Helsinki, Hong Kong.

Forex EToro Cryptocurrencies

The price of cryptocurrencies can fluctuate heavily and is therefore not suitable for all investors.

Not only that, trade in this type of currency is not monitored by EU regulators, such as MiFID and even Indonesia Bank (BI) still does not recognize this type of currency. Therefore, if you trade this cryptocurrency, then you will not get investment protection.

Some of the currencies offered by eToro are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Litecoin, Cordano, IOTA, TRON, TRON, ZCASH, Binance coin, Dash, Stellar, EOS, NEO, Tezos, and XRP.

Forex EToro Research

EToro broker has a good technical analysis tool. There are a number of recommendations from analysts and market sentiment indicators available. Unfortunately, eToro does not have comprehensive fundamental data and has poor-quality news information.

On some popular stocks, you will find recommendations such as analyst consensus (buy/sell/hold), average price target, hedge fund sentiment, and insider trading sentiment.

In some cases, you can also read a number of analyst reports. Unfortunately, this research feature is only available to a limited number of stocks.

eToro also provides fundamental baseline data, including company profiles and some very basic indicators and ratios such as EPS, dividend yields, and beta. You can also get a daily market analysis newsletter to find out market conditions.

In terms of news feed, keep in mind that the news feed provided by eToro is not as official as Bloomberg, but it is like a market-themed Twitter delivery, which shows messages posted by eToro users and analysts.

Forex EToro Customer Service

In terms of customer service, eToro is a broker that is considered good. You can contact them using a number of methods and then get quick and relevant answers.

But unfortunately, you can’t contact them by phone and can’t contact them on weekends (Saturdays/Sundays) via live chat. In addition, it is difficult to find live chat on its webpage.

Forex EToro Education

Forex eToro educational resources are limited, providing only a few medium-quality videos on investing.

The broker also provides demo accounts and introductory guidance to the platform. This content is intended for educational purposes only, and should not be construed as investment advice.

This social trading is very popular, especially for beginner traders. EToro brokers understand what they have been looking for by offering a variety of experiences from other experienced forex eToro traders.

The explanation is given in a simple and quite transparent with the support of several innovative platforms available in dozens of languages.

Therefore, if you are a beginner trader who is still familiar with the world of trading and investing, then eToro is very suitable for you as a place to trade.

There are two other best alternative brokers that novice and experienced traders can rely on, namely AvaTrade.com and Capital.com, which are also equally proven to have advantages that eToro brokers do not have.

Frequently Asked Questions (FAQ)

Who pioneered the first Forex eToro broker?

Someone named Ronnen and Yoni Assia with a friend named David Ring.

How does Forex eToro work?

Actually, eToro works primarily as a broker on CFDs and forex, but here you can trade stocks, ETFs and various types of real Cryptocurrencies.

It is very popular due to its social trading feature which allows you to follow and copy the portfolios of other traders who trade with eToro.

Who owns Forex eToro?

As of now, eToro is a private company, which is why it doesn’t have to announce its ownership structure. What we do know is that eToro does not have any holding company, so it has little chance of bailing out in the event of bankruptcy.

Who regulates Forex eToro?

eToro is regulated by a number of financial authorities in Cyprus countries by CySEC (the Cyprus Securities and Exchange Commission), United Kingdom by FCA (Financial Conduct Authority), and Australia by ASIC (Australian Securities and Investments Commission).

Can Forex eToro be trusted?

The eToro broker is regulated in a number of countries. This is a good thing. However eToro is not listed on any stock exchange, nor does it disclose its financial information.

But overall, based on websites like brokerchooser.com, eToro is not a scam forex broker. In Trustpilot, Forex eToro Broker also has a good reputation. eToro has a Rating of 3.9 and 9,951 reviews with an Excellent satisfaction level of 44%, Great 14%, and Average of 4%.

Although Forex eToro claims to be a transparent forex broker, it’s not a fully transparent broker either.

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