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eToro Review (2021)

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eToro review

eToro is an online broker that gives retail investors the opportunity to invest in many different ways. The company was founded in 2007 and has offices in Cyprus, Australia, the United States and Canada. Are you looking for a suitable party to start investing with? Then eTorro might be a good option for you.

To find out, we have written this eToro Review for you. In it you can read more about this broker and we tell you, among other things, what the advantages and disadvantages of investing with eToro are. Other topics covered are the reliability, eToro experiences, security, how to create an account, what accounts are offered, how customer service is arranged and what payment methods you can use to deposit and withdraw money.

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How are the eToro experiences?

According to our research, eToro has its affairs in good order. The eToro experiences we read speak mainly about positive features of the provider. For example, the company is in possession of various licenses and is under the supervision of the Financial Markets Authority, among others.

What is found pleasant by users is that customer service is available day and night. Below you can read the advantages and disadvantages of eToro in a row.

Advantages

To convince you of the advantages of this party, we have listed a few plus points for you:

  • A wide range of instruments is offered such as currency pairs, stocks, indices, commodities, ETF’s and crypto currencies;
  • The broker is regulated by several bodies including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA);
  • Customer service can be reached via live chat, among other ways;
  • Payments can be made, among other things, by using for example iDEAL.

cons etoro

Disadvantages

There is also a disadvantage:

  • The customer service of eTorro is not available in all languages

Is eToro scam: reliability and safety

For eToro reliability and security, we looked at a number of points. It is important that there is good supervision and that your data is safe with the broker. The regulation is in good order at eToro and definitely no scam. The company is monitored by several leading authorities and holds the necessary licenses and permits.

Security is also in good order at the hands of several measures. Your account is well secured and your money is protected in the event of financial problems at the provider. eToro is becoming more popular year by year.

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What about the regulation and licensing of eToro?

Whether eToro is reliable can be gauged from the fact that the company is monitored by many authorities. Compliance with all rules and laws in the countries where the company operates is monitored. These rules are generally very strict, which enhances reliability. The regulation is provided, among others, by the Cyprus Securities and Exchange Commission (CySEC), which is also licensed.

Furthermore, the Financial Conduct Authority (FCA) in the United Kingdom and the Australian Securities and Investments Commission (ASIC) monitor compliance with the rules. The broker also adheres to the regulations set out in the Markets in Financial Instruments Directive (MiFID) guidelines.

Use of SSL encryption

To use an account at eToro, a secure connection must be established. With an SSL encryption, the broker’s website is equipped with the necessary safeguards. SSL stands for Secure Sockets Layer and provides an encrypted connection between your device and eToro’s servers.

As a result, your account, your money and your data are safe. You are therefore the only person with access to the account. Your money is kept separately in accounts that are separate from eToro’s accounts. Should any financialële problems arise at the broker, your money is not at risk.

How to create an account at eToro?

To create an account with which you can invest, you can easily follow the following steps. Creating an account at eToro can be arranged in just a few minutes.

  1. You click on the website of eToro on the button “Register”;
  2. An online form will now open on which you can fill in all the personal data necessary to create an account;
  3. In doing so, you can create a username and password or log in by using services such as Facebook or Gmail;
  4. Next, you need to read the terms and conditions with which you agree to apply for and use an account at eToro;
  5. If you have accepted the terms and conditions, then click on the “Register” button at the bottom of the form;
  6. As part of the registration, you will need to provide additional information. This is information such as proof of your address, valid identification, and information that demonstrates that you have sufficient assets to invest;
  7. After providing all the requested information, a questionnaire will be offered. The questions asked here concern your knowledge and experience of investing. Based on the answers given, a personal package can be composed so that you can start investing in the best possible way.

etoro demo account

Conditions

To open an account at eToro you must meet a number of conditions. You must be 18 years of age or older and prove this with proof of identity while applying for an account. You must provide the correct information regarding your income, your address and other matters.

What is also important is that you answer correctly the questions that are asked regarding the experience and knowledge you have in the field of investing. In fact, based on these answers, the account will be set up for you. If all the information is provided correctly, eToro checks the data. It can then take a few working days before you can actually start investing with the company.

Account

As a user, you can first get acquainted with the services of the broker. You can do this by creating an eToro demo account. With a demo account, you get access to all the services and resources offered by the broker. You can start investing without risk and without it costing you money. This is because you will have a virtual amount of $100,000 at your disposal with which you can practice. When you have enough knowledge and know which strategy you want to use to invest, you can open a real account.

Platforms

To invest you can use the trading platform of eToro. This platform is offered by the company and allows you to trade in more than 2,000 different instruments. With the platform you can get started in a user-friendly way, share knowledge with other investors, make analyses and much more.

The platform of eToro is available for on your computer or laptop and can also be installed on your smartphone or tablet with the eToro app. This is possible for devices with an operating system like Android and iOS. The eToro app then allows you to access and view your portfolio at the broker anytime, anywhere.

eToro payment methods

Dumping money into the account you have opened at eToro can be done in various ways. In the table below you can see which payment methods you can choose, the time a deposit takes, what the maximum amount is for a deposit and in what currency you can transfer money at eToro.

MethodValutaMax. depositTime
VisaUSD, GBP EUR & AUD$ 40.000,-Direct
MastercardUSD, GBP EUR & AUD$ 40.000,-Direct
VisaElectron USD, GBP EUR & AUD$ 40.000,-Direct
MaestroUSD, GBP EUR & AUD$ 40.000,-Direct
PayPalUSD, GBP EUR & AUD$ 10.000,-Direct
NETELLERUSD, GBP EUR & AUD$ 10.000,-Direct
SkrillUSD, GBP EUR & AUD$ 10.000,-Direct
RapidTransfer USD, GBP EUR & AUD$ 5.500,-Direct
iDEALEUR$ 50.000,-Direct
KlarnaEUR $ 30.000,-Direct
SofortEUR$ 30.000,-Direct
Bank transferUSD, GBP EUR & AUDGeen4 till 7 days
TrustlyEUR, GBP, SEK, DKK, NOK, PLN & CZK$ 40.000,-Direct

Withdrawing money at eToro

For withdrawing money you can use fewer options than for depositing money. Nevertheless, the offer for this is still attractive enough. The methods that are available for this you can see in the table below. There you will also see the currency, the transaction time and the eToro fees that you have to pay as a cost for the transaction.

MethodValutaCostsTime
VisaUSD, GBP EUR & AUD$ 5,-4 tot 7 dagen
MastercardUSD, GBP EUR & AUD$ 5,-4 tot 7 dagen
VisaElectron USD, GBP EUR & AUD$ 5,-4 tot 7 dagen
MaestroUSD, GBP EUR & AUD$ 5,-4 tot 7 dagen
PayPalUSD, GBP EUR & AUD$ 5,-1 tot 2 dagen
NETELLERUSD, GBP EUR & AUD$ 5,-1 tot 2 dagen
SkrillUSD, GBP EUR & AUD$ 5,-1 tot 2 dagen
Bank transferUSD, GBP EUR & AUD$ 5,-4 tot 7 dagen

Offers at eToro

If you choose eToro as a broker, you choose a provider with many possibilities. There are many different markets on which you can trade in more than 2000 different instruments. The offer of eToro consists, among other things, of:

  • More than 1700 stocks on exchanges worldwide. This includes stock exchanges in Amsterdam, London, Brussels, New York, Hong Kong, Paris and more;
  • 46 types of commodities such as oil, silver, gold, copper, natural gas, sugar, cocoa and more;
  • More than 250 ETF’s on exchanges worldwide;
  • 15 different indices;
  • 18 types of crypto-currencies including Bitcoin, Ethereum and DASH;

Education eToro

Customers can take advantage of a wide range of educational resources at eToro. You can get more information about investing and things related to online investing. These resources are very useful for beginners and can also help experienced online investors. Tools offered for this purpose include:

  • Content articles;
  • Documents;
  • Videos’s with educational materials;
  • An eToro demo account;
  • Webinars.

etoro trading academy

Customer service

The customer service of eToro can be reached in several ways. With all the information on the website, you can already get many answers to the questions you have. The customer service can be reached from Monday to Friday and is ready to answer all your questions.

It is possible to contact them 24 hours a day on these days. One way to do this is through a live chat with an employee. You can also fill out a contact form so that you will be contacted from eToro.

Conclusion eToro review

In this eToro review you have been able to read what the possibilities are at the broker. The offer is attractive and very extensive. An account is easy to open and the platform is very user friendly. Advantages include the ability to use services such as iDEAL to deposit money and that the website is in good condition and very understandable.

There are no real disadvantages, except for the fact that customer service is only available in English. All facts in a row, eToro is a very attractive, reliable and secure broker with a wide range. In our opinion, an ideal partner to work with as a novice or experienced investor.


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Read more?

Do you need more information after reading this article about eToro and do you want to know what the possibilities are? Then you can easily use the comparator on this website. With the comparator you can make a comparison between eToro and other brokers based on your requirements.

In this way, it is possible to choose the best party to open an account. If you have made a choice, then opening an account with the respective party is also very easy. You can do this directly online, so you can quickly get started with investing.


★★★★★
Reportlab score

★★★★★
Reportlab score

★★★★★
Reportlab score
Learn moreLearn more (review)Learn more (review)
Fees
$0
Per trade
Fees
$0
Per trade
Fees
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Per trade
Minimum Deposit
$50
Minimum Deposit
$50
Minimum Deposit
$50
Promotion
$50 – $5.000
Check conditions
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1 free stock
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1 free stock
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Frequently asked questions

When you open a non-leveraged BUY (long) position on a stock, you are investing in the underlying asset, and the stock is purchased in your name. This also applies to fractional shares: for example, on eToro, you can invest as little as $50 to purchase part of a share whose price per unit is $1,000.

When you open a non-leveraged BUY (long) position on a stock, you will pay zero commission* — no markup, no ticket fee, no management fee.

eToro also offers additional functions using CFD trading. With CFDs, you can open SELL (short) positions and use leverage. Keep in mind that if you hold a CFD stock position, you do not actually own the stock. Any CFD trade will be marked ‘CFD’ in the trade line.

The eToro investment platform is not an exchange or a market. This means that you can BUY or SELL stocks within the eToro investment platform, but it is not possible to move open positions out of your eToro account to another broker or to another person.

You can, however, close positions and withdraw your funds should you choose to. If you open a stock position on the eToro investment platform, eToro will hold the stocks on your behalf in a segregated omnibus account. Should the company issue dividends, your balance will be updated in accordance with your holdings. However, at the moment, you cannot use the allocated voting rights.

Opening an account on eToro is free! No management or ticketing fees are charged and investing in stocks is commission-free. Withdrawals incur a low fee of $5 and FX rates apply to non-USD deposits and withdrawals.

Based on our scoring methodology, eToro is a broker that we can recommend for beginners.

eToro is safe and secure: Always look for security signs on your browser before you trade. On eToro, clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption.

Withdrawn funds usually clear within a few business days. You can check the status of your funds on your withdrawal dashboard. For eToro users in the USA, some withdrawals might take up to 7 business days to appear in your bank account, depending on your bank and payment method.

eToro earns money through spreads on trades, weekend fees, withdrawal fees, currency conversion costs, and inactivity fees. eToro is one of the world’s largest online brokerage firms and was founded in 2007. There are already 20 million people registered for the platform due for public release in late 2021.

  • Overall winner: eToro

If you are trading securities, eToro is your only choice for market access. If you are trading crypto, Coinbase provides wider access to the market. With the addition of margin trading in Coinbase Pro, you have the same basic functionality in this market as eToro provides.

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Freddy Agard
Freddy Agard

Freddy Agard writes daily about financial products and specializes particularly in the equity markets. He is happy to tell you more and enjoys reducing complex material to manageable and understandable information. Questions? Leave a comment at the bottom of the page!

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