eToro Review – Is eToro Legit?

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eToro DEMO

eToro REVIEW

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Summary

eToro is a new breakthrough social trading broker

Read 100% Free eToro Review by Scamorno Team

Details

System eToro
Website URL www.eToro.com
Trial Start Trial
Overall Score 9.4/10

FULL REVIEW OF eToro

Are you looking for more information about eToro and can you really profit from trading simply by copying the best traders on the platform, through a new concept called social trading? This trading platform has been around for several years now, starting from year 2007, and recently has been gaining more popularity after their new innovations in the digital assets and cryptocurrencies space. Today, they have more than 10 million clients all over the world, focusing on copy and social trading which has proven to be a great concept for helping its traders make money more easily and consistently.

Who Is eToro Made For?

This platform is filled with traders who are experienced, follow risk-control rules and have agreed to make their trades available to other members. The unique feature of eToro is how easy they have made it for other individual clients to implement copy-trading through their unique-proprietary algorithms. Even though eToro is not the only broker that have copy-trading functionalities, their uniques social media communication features make this really attractive and effective for users.

Retail account holders can now copy their preferred traders, based on their trading strategies in real-time and automatically. Of course, copying any trader, even if he or she has been successful in the past, does not necessarily guarantee profits in the future, so keep that in mind when it comes to deciding on how much capital you wish to invest into this.

Review Verdict: eToro is a legitimate platform that works

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eToro: Where Financial Market Meets Social Media. | Luxe Society

eToro Overview:

Broker eToro
Regulation FCA (UK), ASIC (Australia), CySEC (Cyprus)
Minium Initial Deposit
$200
Demo Account
Yes
Asset Coverage CFDs, ETFs, Forex, Cryptocurrency, Shares, Commodities, Indices
Leverage 20:1
Trading Platforms Proprietary Web, Mobile Apps

How Do You Get Started With eToro?

Signing up will require you to get some of your information at hand to provide at the registration section. This is similar to all investing platforms since they are under strict oversight by the financial regulators to conduct KYC (know-your-customer) before accepting new money. You will need to verify your account with a government-issued ID, phone number and proof of address. Once done, you will then be able to start trading many financial instruments, including cryptocurrencies, on eToro.

Currently at the time of writing, the options for depositing money to your accounts including domestic wire transfer and online bank account electronic transfers. eToro have announced that they will add additional funding options in future. Transferring money via bank account will require you to add your new bank account through a third-party provider Plaid. This is our recommended way of funding since it would not requiring paying of wire transfer fees.

How Do You Trade On eToro?

Besides the web platform, eToro also provides a great trading experience through their mobile apps. They have managed to maintain the look fo feel of the web version onto their mobile version, and this makes the whole experience even better. You can even synchronise your watchlists across different accounts as long as they are in the same accounts.

Charting functions are also very responsive and are smooth on both the desktop and mobile versions. However, take note that the mobile version only has 5 technical indicators rather than 67 on the web version, so you will have to rely on the web version to do extensive analysis on what you are trading. Overall, the charting experiences is great both on the mobile and web versions.

Why Join eToro Over Other Brokers?

If you have been trading similar instruments for a while now, you probably already know about some of the other brokers like Markets.com and Plus500. From what we have seen, eToro’s platform is more seamless and looks more modern as compared to the competition. They have been the best brokers for us when it comes to CFD trading.

Despite the higher-quality trading platforms, their spreads remain very competitive and lower in most cases. eToro also does not charge commissions or fees, and these add onto the savings and ultimately add to your bottom line when it comes to your trading results. Their only limitation is that in terms of trading altcoins, they are quite limited in numbers and are yet to catch up with more established trading platforms in the cryptocurrency space like Binance.

Review Verdict: eToro is a legitimate platform that works

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How To Trade Stocks on eToro? | CoinCodex

Consumer Fraud Alert Regarding eToro

The success of eToro has given rise to many frauds who try to sell their own fake websites in its name. This is a big issue as many customers have lost their money in joining from such fake sites. It is advised that customers should be really careful when they are subscribing and should do some research before they join any website. To spot these, watch out and avoid sites that claim to write about eToro, yet the writeup is completely garbage as they are created by software and spammed all over the internet. It is always better to avoid buying from any other website other than the official one. Therefore, it is highly advised that consumers do careful research, or only buy join the site from the official website here – http://eToro.com/Official (link opens in a new window). The official website that they have includes the legitimate website.

Conclusion about eToro

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In summary, eToro has proven to be a great platform for trading CFDs and social copy-trading, though that should not be taken as a guarantee of making money from trading. It is a multi-asset platform offering a wide variety of CFD and non-CFD trading products. Traders are ranked by percentage gains and strategies, so clients can always review which types of strategies and risk-levels suit them before they choose which traders to copy. Hence, if you too would like to start trading with confidence and copying the best traders, then we highly recommend you to learn more about eToro at the button link below!

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