An Honest Review on eToro
You might have heard of eToro several times now. This is one of the oldest brokers in the forex market. Established on 2006, the broker maintained fairly a very good reputation throughout the world. More or less every forex or binary options trader came across this unique broker. If you have not heard of this forex broker, don’t worry. Because today we are going to look at the broker extensively in our eToro broker review. While it is true that there hundreds of forex brokers to choose from, this broker is in many ways different than other forex brokers in this niche. The Republic has analysed this broker carefully from every possible aspect. Therefore, read our eToro Review before you decide to invest in forex.
A brief history of eToro
Established Since: 2006
Regulated: Yes, SySEC
Payouts: Up to 400%
Bonus: Up to 100%, T&C apply
Min Deposit: $50
Min Invest: $10
Max Invest: $100000
Demo Account: Yes
Assets: All major currencies and commodities.
Accepted Countries: 140 countries.
Mobile trading support
Advanced chart analysis not available
Detailed eToro Review
Is eToro Regulated?
First of all, regulation is one of the most crucial fact you should consider. The first question, you should be asking, whether the broker is regulated or not. Consequently, the next question would be, who is the regulatory body. Probably most of the forex brokers are not regulated. But for eToro, it is regulated by SySEC. Under the regulation of SySEC, brokers are required to keep all their client’s funds in a segregated account. SySEC has the full authority to the account. Hence every client is safe with their investments and profits. Moreover, there is insurance cover for each and every client. Therefore, in terms of investment safety, eToro broker is a great choice to invest.
If you are looking for a broker which has almost all the assets, eToro is certainly one of them. Their long range of assets made them the top forex broker in the market. At first, let’s have a look at the types of assets they have. They have indices, EFTs, technology companies, financial companies, commodities and all major currencies. In indices, you will find EUSTX50, JPN225, FRA40, UK100, NSDQ100 etc. Furthermore, DIA, FXI, WEAT are some of the EFTs. Technology companies are probably the most exciting assets nowadays. They offer Google, Facebook, Yahoo and much more.
In addition, currencies are the must for forex. eToro assets have all the major currencies. So, making a huge list of all the currencies here is not wise. Moreover, unlike binary options, you trade with these assets in real time with the market. In our eToro Review, we found that it is one of the richest forex brokers in terms of underlying assets.
Trading Platform and Instruments
The trading platform is one of the most important fact you should consider before choosing a broker. First of all, you want a platform that is flexible and user-friendly. Another crucial fact is the tools and options. Not so many brokers have a great platform. While most of the brokers will allow you to trade on the web-based platform, eToro actually is innovative about their trading applications. Their windows and android platforms are probably the best tools you will in the market. The mobile application is as effective as the desktop.
At the first look, you will find the homepage very informative. Amazingly, it will give you a great summary of almost all the assets on a single page. If you are a multi-asset trader, you will find this feature invaluable. If you want to get a detailed report on a specific asset, all you have to do is click on it. At the same time, you can keep track of different asset and trade accordingly. Another great feature is, you can keep your favourite assets on the watch list. So, you favourite assets will be one click away in eToro platform. In our eToro Review, we had a look at the educational material within the platform. There are a lot of video tutorials and articles. These educational materials are especially relevant to the beginners.
Another great feature is the built-in news feed. This is a strong tool for the chart analysis. As the market is directly dependent on the news, it is very important to be updated with the latest news. You can also toggle between your real and demo account in the same platform. This is certainly helpful during the learning phase or for the experiment. In summary, you will find all the features including deposit and withdrawal in one place.
You can call eToro the facebook of forex. When they say that they have the social trading option, they actually mean it. This is probably the only broker having social trading to this extent. First of all, if you click on an asset, you will find discussions on that. Hundreds of users are discussing the market in real time. Moreover, many of the users are the expert who provides valuable tips about the market. If you are sceptical about the trend, you can ask it within the platform. Mostly all the questions are entertained as there are thousands of traders online at the same time.
Just like the Facebook, you can like, comment or share any post. The possibilities of the use of social media are unlimited here. You can also look out the legitimacy of someone who posts by looking at his/her follower. Our eToro Review found another handy tool which is the “Research” tab. This feature will give you a valuable insight into the market. You will not only see the percentage of different positions but also the reason behind it. Amazingly, there are even articles explaining the situation.
The most precious feature we found was the “COPY PEOPLE” option. This is a unique feature which will allow you to follow the experts blindly. All you have to do is, select some experts with a very good rating and click copy. Consequently, your trades will be executed automatically following the people you copied. So you do not have to analyse by yourself. Rather your trades will be the same as the person you copy. But you should always research the person you want to copy. The platform will provide you with all the relevant information such as the percentage of return, number of followers, percentage of success.
Deposits and Withdrawals
eToro provides a hassle free deposit and withdrawal process. You can use Visa, MasterCard, Paypal and wire transfer. We found the process very fast and reliable. Withdrawal requests are processed usually within 3-5 days.
The customer service is really impressive. The response is fast and professional. You can ask for the assistance of any type and agents will help you in every step.
The Republic’s Verdict
After our eToro Review, we conclude that this broker is not a scam. The Republic’s verdict is, it is a legit and unique broker. We highly recommend this broker to our clients.