eToro defines itself as the Social Investment Network and this is where it has a unique offering. The eToro Openbook platform allows investors to connect with each other, offer and receive advice and even follow other investors and copy their investments. The CopyTrader feature allows them to choose the top investors in the e Toro network and copy their actions. They can even automatically copy their investments and choose how much they want to invest inthis automatic investments.
eToro UK is licensed by the Financial Conduct Authority (FCA). Another e Toro company is registered in Cyprus and licensed by the Cyprus Securities and Exchange Commission (CySEC).
As we mentioned before eToro strongest suit is its social trading offering. It prides itself as being the largest online financial trading community in the world. One of the most interesting features in its social trading offering is the CopyTrader, which allows you to copy the trading activity of successful traders.
How does the CopyTrader work? Once you have created your account with eToro or logged in to your existing account you can use the OpenBook social trading platform to look at other traders' activity and performance. You can just look at the trading activity, you can follow some traders and of course copy the trading activity of your favorite traders. You can allocate as many funds as you wish to the copytrading activity and stop copying whenever you want.
The CopyFunds is eToro's Thematic Investment product. It uses predetermined strategies to automatically create investment portfolios. The Top Trader CopyFunds is the next generation of the Copytrader. It creates portfolios of copied top traders. The Market CopyFunds creates portfolios of financial assets like stocks, commodities or currencies. The minimum investment amount for the CopyFunds is $5000.
The Popular Investors Program
The Popular Investors Program rewards popular traders who are copied by other users. As a part of the program they can earn as much as 2% of the annual assets under management (AUM). The most popular and successful traders can also enjoy a full spread rebate on their trades.
Two different apps are available to users. The first is the eToro Open Book Social Trading app which is based on the Open Book platform. The second is the eToro Mobile Trader which is based on the Web Trader platform. The apps are available for iOS and Android devices.
All classic products required from a leading broker are available. You can exchange 28 currency pairs. You can also trade commodities, Indices and stocks.
There are four types of accounts available for users. The Bronze account is the basic account and is dedicated to those who deposit between $50-$1000. The next is the Silver account, which is intermediate, then the advanced level account - the Gold. The highest level account - the premium account has some special features like a special deposit bonus, faster withdrawals, a personal account manager, weekly market analysis videos and more. To open a premium account you must have a total deposit of at least $20,000 in the last 11 months or have a minimum equity of $20,000 in your account.
A demo account is available to registered users.
The maximum leverage varies between the different instruments, as follows:
Like most online forex brokers, eToro.com uses spreads as a commission for its services. Spreads vary between the different currency pairs and instruments. The basic spread for EURUSD is 3 pips, 2 pips for USDJPY and 4 pips for GBPUSD.
You can use credit cards, wire transfers, PayPal, Neteller, Skrill and Web money for the deposit. Deposit process is done using the Secure Socket Layer technology. Min. deposit is usually $50 and the maximum amount varies according to the deposit method. Withdrawals can also be executed with these channels. It takes up to 5 business days to withdraw the funds from your account.
eToro promotions offer new and existing users free eToro credits. The credits act as real money in users' accounts and trading activity but cannot be withdrawn from the account.
New users enjoy a welcome package of up to $4000 in eToro credits. The more you deposit the more credits you receive. Deposit $300-$999 and receive an additional 25% of your deposit amount in credits. Deposit $1000-$2499 and receive an additional 30% of your deposit in credits. Deposit $2500-$10000 and receive an additional 40% of your deposit in credits.
Existing users who invite their friends to the platform enjoy a special reward. For every friend who signs up and deposits a minimum of $500 you receive a $100 worth of credits. You can get a total amount of up to $1000 in credits.
Premium members are entitled to special monthly promotions.
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