Etoro Forex Broker Review

How are the eToro fees made up?

eToro has its very own model of charging its fees. When placing an order, a fee of 0.09% is due as a spread. The trading volume does not matter here. At first glance, the fees are low, but if you take a closer look at the structure of the fee model, you will quickly notice that the fees are rather high compared to other providers.

However, there are some spreads like eToro Forex that are higher than those of other providers. Trading with their crypto is also comparatively expensive. For example, they charge a 0.75% fee for trading Bitcoin. Equally, fees are incurred when trading via Xetra. The social trading platform charges additional fees for withdrawals and for inactivity of the account.

eToro pros and cons

► Free demo account
► Fast trading app
► Real stocks tradable

► No telephone support hotline

What does the eToro review say?

Many who have seen eToro’s eye-catching advertising may wonder what is eToro anyway? They are a broker focused on social trading. In social trading, trades of other users can be copied in order to, at best, participate in their success.

The eToro review shows some advantages when trading financial products. This includes the large selection of products, the unconventional form of social trading and an excellent range of information. The disadvantages of eToro include poor customer support and the high costs that can arise from the special fee model.

You can trade with indices, stocks, various commodities, foreign exchange, cryptocurrencies, CFDs, Forex and ETFs. Since they offer many different products, it’s pretty easy to put together a diverse portfolio. In addition, eToro is one of the few brokers that offers trading in cryptocurrencies.

The broker offers a normal and a professional. Anyone who has sufficient trading experience can get a professional account. The trader has better leverage here. This means that better profits can be achieved, but also that there is a higher risk of loss.

Unfortunately, they do rather poorly in terms of costs, mainly because there are only fixed spreads, which are also relatively expensive compared to other providers. However, it also depends on the type of trading how much a spread costs, so there may be traders for whom the eToro spreads are advantageous.

The broker offers an unusually large number of payment options. There are classic bank transfers, instant bank transfers, payment by credit card and payment service providers such as PayPal. The versatile payment options make it easier to deposit your money as quickly as possible. A bank transfer can take up to three working days at eToro, and there is a $ 5 fee for withdrawals. Most brokers waive a withdrawal fee. Even those who do not use their account for a longer period of time are rather poorly served with eToro, because there is an inactivity fee of 10 dollars per month. If a deposit has been made, the inactivity fee is only due after 12 months. If not, already after 4.

The eToro web trader can convince in the assessment, but does not particularly stand out from other providers. Overall, it is clearly laid out and easy to handle.

EToro Support & Customer Service is also a thing of its own. Nobody can be reached by phone here. If you have a problem, you can apply for a support ticket and then get an appointment with an employee. Communication takes place via live chat.

With regard to its additional offers, however, eToro convinced again in the review. Above all, the range of training courses should be mentioned positively. In this way, even beginners can familiarise themselves extensively with the subject. The broker also offers videos and webinars on this. There is also a special course that explains step-by-step how trading works.

Deposit insurance is particularly important because eToro is not a global provider. The broker has different headquarters, for example one in Great Britain, where the FCA is the supervisory authority. The ASIC is responsible for the offices in Australia and Cyprus. For global customers, Cyprus is the most interesting location, because the European deposit insurance of 100,000 euros per customer definitely applies here.

Overall, it can be said that eToro is a very special broker that some people may like, but is certainly not for everyone.

Is eToro a scam?

No, eToro and fraud cannot be spoken of. The broker is certainly special and is more suitable for risk-taking investors than for those who rely more on security, but eToro fraud can definitely be ruled out. Above all, it can be said of the online access that it is just as well secured as that of other brokers. There is also a deposit guarantee and the broker’s pricing is transparent for all transactions on the website.

Is eToro reputable?

Since the question of seriousness is asked again and again with regard to unconventional providers such as eToro, the company tried very early to rule out dangers. All pages are encrypted with SSL, which offers a high level of security and is an indication that eToro is working seriously. SSL is only used where a high level of online security has to be guaranteed. Also the location cannot be an indication that they are not reputable, because with Cyprus there is a company headquarters in Europe, where European law applies.

How long is the eToro payout period?

The eToro payout period can take three days. That is a bit more than with other brokers. Here, too, it shows again that conventional traders might have a bit of problems with that, while the platform is more suitable for “the young wild ones”, or those who have remained young, wild and unconventional. The extended eToro payout period doesn’t necessarily have to be a disadvantage, but customers should know about it and accept it.

Is eToro a rip off?

No, there can be no talk of eToro and rip-offs. Although there is controversy about the provider’s unusual price model, it has to be said that the prices can also be cheap in some areas, depending on the trade. Furthermore, the fact that all prices are transparently visible on the provider’s website speaks against an eToro rip-off.

How is the eToro web trader?

Those who trade at eToro must also use the special web trader. Since the broker offers social trading, it would be difficult to install this type of trading on other traders. They are therefore not suitable for the use of trading software. However, the Webtrader is designed in such a way that you can find your way around it quickly and easily, even if you have been used to other solutions or are a beginner.

Is eToro Global?

No, eToro is not global. The broker is a multinational company based in Israel, Cyprus, Great Britain, the United States and Australia. The company was founded in 2007 in Tel Aviv. The first platform on which social trading was possible already existed in 2010. In the same year, the first eToro apps for smartphones came onto the market. Even if eToro is not worldwide, you can trust the seriousness of the provider and use it if the offer corresponds to your personal taste.

What is eToro?

When eToro was founded, one of the goals was to make trading particularly interesting for newcomers to the stock market. Today, more than 8 million customers are already trading with the multinational broker, which offers a number of services that are almost impossible to find anywhere else, such as trading in crypto currencies or making a deposit via PayPal. The great specialty of eToro, however, is social trading, in which customers can copy their business processes from one another and thus benefit from them together or not. In the beginning, they were a broker specialised in Forex trading, today there is everything from conventional stocks and commodities to crypto trading.

How are the eToro ratings?

One thing is clear, the social trading platform is polarising. This is also shown quite clearly in the eToro ratings, because the broker achieves exactly half the number of points almost everywhere. Customers complain about the eToro reviews above all problems with customer service, which is difficult to reach, and technical malfunctions. Users of the reviews rate the fact that social trading is offered as particularly positive, which makes securities trading communicative and fun.

Is there an eToro app?

Yes, an eToro app was made available pretty quickly after the company was founded. The app is available for both Android and Apple. With their help, all functions can be conveniently used from anywhere you are. Of course, there is also social trading in the eToro app. The app is intuitive to use and contains all products that they also offer on their trading platform. The app notifies customers in real time when they need to make important decisions. The app is recommended by eToro as the preferred tool.

Can you trade crypto on eToro?

Yes, eToro is one of the few platforms on which customers can trade cryptocurrencies. Since trading in crypto currencies is often difficult to understand, especially for beginners, it is advisable to familiarise yourself well with the matter before actually trading on eToro crypto. Trading in these new currencies is often very risky, similar to Forex or CFDs. Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, Ripple, Neo, Stellar, Tron and Eos can be traded. The broker provides a demo account and a large number of training videos and learning materials for trading cryptocurrencies.

What is the eToro opinion of customers?

The opinion of customers is quite clearly split into two camps. Some find the unconventional broker particularly good and are enthusiastic about the platform because they offer great freedom in trading, because basically all types of trading are offered and because they love social trading. The other part of the users complains within the eToro opinion about inadequate customer service, technical problems and a price model that is difficult to understand.

What can be said about the eToro spread?

At eToro, all trading costs are charged via spreads. Many investors know the eToro Spread because it is a specialty in the world of brokers. The spread is due when positions are closed and is calculated, depending on the specific financial product, from the difference between the bid and ask prices. The cost of the spread is given in pips.

EToro Support & Customer Service

The eToro Support & Customer Service is criticised by many customers because, like so much at eToro, it is also a bit special. There is no telephone customer service. If you have a problem, you have to contact customer service via a support ticket and you will then be assigned an appointment for a live chat with an employee. However, many users consider this type of support to be too cumbersome and tedious.

How does a deposit work at eToro?

There are a number of options for making an eToro deposit and here too the broker relies on unconventional methods, such as deposits via PayPal. The advantage of a deposit via Paypal is obvious, because it happens very quickly. Deposits via credit cards are also possible and also work very well and quickly. You should make sure that the deposit must always be made from an account or credit card that corresponds to the account holder, otherwise they will temporarily block the account for security reasons. A classic deposit through an instant transfer or a standard transfer are also possible. It should be noted that eToro specifies the duration of a deposit with the standard transfer with up to 48 hours.

How does a payout work at eToro?

In order to initiate an eToro payout, there is a button in the web trader with the name “Pay out money”. After clicking on it, the desired amount must be entered and an electronic form filled out. The eToro payout can only be requested in the amount of the credit. In order to make a withdrawal, the account must be verified. Amounts from 30 dollars can be paid out. Each payout costs $ 5. As long as the payout is still being processed, it can still be canceled.

Is there an eToro demo account?

Yes, an eToro demo account is available. Customers describe the demo account with eToro as a lot better than with most other brokers. Terms such as “outstanding” are used here, because the real platform is mapped 1: 1 in the eToro demo account and the account can be used as long as you want.

How are the eToro costs to be assessed?

The costs are, like so many things with multinational brokers, unconventional. They settle all fees as spreads, which in summary is rather unfavorable for the average user. However, there are also some advantages within the costs, which should be checked on a case-by-case basis. Certain shops can be a lot cheaper than those of the competition. eToro provides its customers with a transparent overview of all costs.

Can you make money with eToro?

Yes, you can make money with eToro. In fact, that will probably be one of the top reasons customers use eToro. It is important to always remember that securities trading is often a risk and that you can not only make money with eToro, but also lose it.

Is it possible to deposit at eToro with PayPal?

Yes, a deposit at eToro with PayPal is actually possible. This makes them one of the few brokers whose service customers can use PayPal. The advantage is very clear: A deposit at eToro with PayPal is not only easy, it also works faster than most other payment methods.

Does eToro have ETFs?

Only recently have customers been able to trade ETFs on eToro. The offer is small, but covers many areas. The emerging markets can now be covered with just one investment using eToro ETF. There are also ETFs on gold mining stocks, for example. A total of 30 different ETFs are currently available from the multinational broker.

Does eToro have CFDs?

Yes, eToro also offers CFD trading. Many traditional brokers who operate in the private customer segment still exclude CFDs from their offer because they are repeatedly criticised for being too risky. On the other hand, the chances of winning are also increased, which is what makes CFDs so interesting. With eToro CFD Trading no securities are bought, rather contracts are concluded with which rising or falling values ​​are speculated.

Does eToro have forex?

EToro has been offering Forex since the beginning of its business activity. Forex trading is the process of buying and selling foreign currency. Forex stands for Foreign Exchange Market, which is only a small part of the financial market, but is very popular, not least because of its high chances of profit. It should again be pointed out that in securities trading, high chances of profit are synonymous with high risk.

eToro FAQs

► Is eToro a rip-off?

No, eToro is properly regulated by the CySEC and transparently presents its costs and fees on its website. In addition, they also ensure maximum online security through SSL encryption.

► Is there an eToro app?

Yes, the social trading broker eToro has a suitable app for Android and also for iOS. This app enables convenient access to trading, no matter where you are.

► Does eToro offer a demo account?

EToro doesn’t just offer any demo account. They provide a demo account which replicates exactly what you can expect later in the real money account 1: 1, including copy trading .

► Can I use PayPal for payments on eToro?

Yes, eToro is one of the few CFD brokers who have included PayPal payments in their payment portfolio . Thus, the broker offers very fast payments, which are rarely found at brokers.