Reviewing The Leading Social Broker
eToro is an Israeli based CFD broker founded in 2007. They have been awarded multiple times as a leading social investment site providing service to over 5 000 000 traders. eToro was founded by two brothers, Ronen and Yoni Assia and partner David ring with the vision of creating a financial trading and investment platform suitable for everybody.
The company has two legal entities, eToro (Europe) LTD and eToro (UK) LTD. eToro (Europe) Ltd is based in Cyprus, Limassol and is a registered Cypriot investment firm with registration number HE200585. The company is currently regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 109/10.
eToro (UK) Ltd has headquarters in London and is a registered United Kingdom Firm under registration number 7973792. The company is regulated and authorized by the Financial Conduct Authority (FCA) under reference number 583263. eToro UK and eToro(Europe) comply and operated under the Markets In Financial Instruments Directives (MiFID).
The social investment platform “open book” was launched in 2010 along with the popular “copy trading” feature. Same year eToro launched their first Android apps enabling investors to make trades over their smartphones.
Features available for investors
Traders depositing $20 000 or more become a premium member and receive exclusive benefits such as a personal dedicated account manager, a Payoneer credit card, and faster withdrawals. Depending on the region a trader resides, the minimum first-time deposit for an eToro live account ranges from $50 – $1 000. Without any obligation, eToro provides a practice account with up to $100 000 virtual currency. The standard account and Islamic account are available with deposit starting from $1 000.
Investment program traders can build and monetize their investment portfolio with accumulated trades, earning an attractive monthly income as well as their profits. They can benefit from personal portfolios, watch-lists, news feed, risk levels, statistics and can use one-click trading from all screens.
eToro has recently introduced a new platform by taking their old web trader and open book platforms and redesigning them to fit all devices. It is a responsive HTML5 web application that is fully optimized and runs on any mobile device.
Cost of spreads
eToro does not charge commissions on trades. The company depends on slightly wider quoted spreads for their compensation. A real-time survey showed that spreads start from 2 pips for USD/JPY pair and three pips for EUR/CHF and USD/CAD. Volatile pairs like the GBP/USD and AUD/USD showed a four pips spread while the NZD/USD spread was five pips wide and the USD/RUB spread as seven pips wide. Spreads on thinly traded pairs showed as wide as 20 pips while bitcoin showed 225 pips.
Deposits and withdrawals
All deposits on eToro are processed via bank transfer, credit cards, PayPal, Skrill, Neteller, Webmoney and money bookers. Withdrawals are made by entering the cashier’s section, clicking on withdrawal and filling in the electronic withdrawal form. For first time withdrawals, clients must submit a clear copy of their passport including their written signature, as well as a clear copy of a utility bill not older than three months. In addition, if the deposit to fund was via a credit card, a clear copy of both sides of the credit card must be submitted.
eToro is an amazing broker when it comes to copy trading, they have proven themselves to be dedicated to providing traders quality services for 10 years. For manual traders and scalpers, spreads could be a huge strain, but over 5 000 000 traders survive them.
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