eToro Review - Scam or Legit Broker?
The number of users in the social trading arena has dramatically increased over the years and among the pioneering brands that has been known in this market is eToro. As of this writing, this regulated (CySEC and FCA) brokerage firm has millions users worldwide that utilize their unique platform which makes the whole trading process straightforward.
Their strongest advantage is that they have a large customer base which allows their clients to fully diversify their trading portfolio plus the $200 minimum deposit requirement makes it more affordable for anyone who is interested with social trading to participate with a low initial budget. The downside, although minor, is that their platform lacks a feature where users can communicate via live chat to make things more engaging but other than that, the trading experience was exceptional. Please continue reading for the complete narrative of this review.
The demo account can be used for an unlimited time and it comes with $100,000 virtual money. Best of all, the system is fully synchronized with live rates and has the same functionalities of a live account so the trading experience is very realistic. This is also a good way to fully test the platform and discover its features.
There are no differences with the account types and they no longer offer deposit bonuses in accordance with the CySEC’s orders to desist from offering these promotions. What they now offer are credits which are intended for enhancing your trading portfolio. These are non-withdrawable but can be converted into a withdrawable one simply by trading. They also have a refer a friend program where you can earn $20 for every successful referral.
They used to have three different platforms but now they have integrated them all into a single platform which has all the tools that are needed for configuring the portfolio. It’s faster and much more convenient to use since it can now be accessed with just one unified interface.
They have developed mobile apps for Android and iOS devices particularly for traders who are always on the go. It basically has all the same features of the web-based platforms so you can still do the basic tasks on your mobile device such as keeping up with the latest trends, managing the trading portfolio and opening and closing positions.
They have over 1000 instruments covering which includes markets, stocks, currencies, commodities, indices, cryptocurrencies (Bitcoin, Ethererum, Bitcoin Cash, Ripple, Dash, Litecoin, Ethereum Classic, Stellar Lumens, EOS and NEO) and CFDs giving you the ability to diversify your portfolio.
Not only does this broker allow sign-ups via Facebook, but they also allow connect with your friends on the social networking site so you can keep up with their rankings and activities. What’s more, you can even share the posts and comments that you made on your Facebook, Twitter and LinkedIn accounts.
One of the most powerful features of their platform is the CopyTrader which allows you to duplicate trading activities and set the amount that you want to copy automatically. Aside from this, they also have advanced options wherein you have the option to copy all of the currently open trades or only the new trades that are opened by the trader that you selected. They also have an automated risk control system which allows me to effectively manage the portfolio based on actual Profit/Loss values.
They have a Trailing Stop Loss feature will give you the power to protect your profits as it keeps you trades open and increase the gains as long as it continues to move in the right direction. On the other hand, it will automatically close once the price changes its direction thus protecting your account from losses.
One of their biggest advantages is that they have no restrictions on the number of traders that can be copied over their platform. And since there are millions of traders to choose from in their network, you have the opportunity to fully diversify your trading portfolio and increase the success rate.
For a minimum deposit of $200, you can already start trading with real money. This flexibility will give you more control over the money you wish to use as your capital.
Depositing funds into the eToro account was hassle-free since there are plenty of options to transfer money. This can be done via credit and debit cards (Visa, Mastercard, Diner’s Club), China Union Pay, Giropay (Sofortüberweisung), Neteller, Skrill Limited UK, WebMoney, Wire Transfer, Wirecard- Wire and Credit Card, Yandex and PayPal.
The waiting time for the processing of withdrawal requests is just 1 business day. The time it takes for the receive funds to appear is usually 1 to 2 days for most payment methods and 3 to 8 days for credit/debit cards and Wire Transfer.
Getting assistance from the support team is easy because there are plenty of ways to get in touch with them. You have the option to contact them via phone, fax email and live chat. There’s also a Have a Question/Get Instant Answers help box where you can type your question and get an answer immediately.
They are available 24 hours a day but only during weekdays.
Aside from English, they also support other major languages and this includes Spanish, German, Italian, French, Chinese, Russian, Polish and Arabic.
The interface is really well-designed and has a similarity to the simplicity of popular social networking sites. There are no complicated sections or menus and the graphical elements that they used are very simple so it’s easy to keep track of the profitable traders.
The support quality from their customer service team has always been professional. They are very courteous in answering questions and are very prompt in resolving all issues.
eToro is known to be one of the leaders in the forex trading industry because of the unique social network that they have integrated on their platform. The company is also regulated by the Cyprus Securities and Exchange Commission and the Financial Conduct Authority and has millions clients worldwide which makes them a huge and credible name in the online trading community.
eToro delivers a unique and highly intuitive platform allowing their users to tap into the wisdom of other successful traders which enhances the learning curve for making wiser trading decisions. With their competitive trading conditions, large customer base and groundbreaking features, there’s no question that they are the leading social investment network.
Etoro’s copytrading is a cool trading tool. I can automatically copy the trades of the traders that I am following and if they make a profit, I make a profit as well.
Their social trading platform is indeed a game changer. It made trading a whole lot easier and much more profitable than the traditional trading method.
I’m interested with Etoro but I’m scared that they will not give my profits back if I make money.
Nothing to worry. I have been able to withdraw my profits with them without any trouble since I registered with them 2 years ago.
Never had any problems in getting my funds back from EToro. Besides, with the millions of clients that they have I’m pretty sure they won’t mess up with them or they might lose their business.
At first I thought I would have a hard time understanding what trading is all about but the basics have been made simple with this broker. Genius.
etoro social is easy to learn, and the trading volatility isn’t that high so you may enjoy trading and making profit by simply copying other people’s trade.
Is the etoro promo code applicable also to social trading platform? Or was it exclusive to forex platform only?
I found the “Up To 50% Off EToro’s Promotions” today and alongside with it is the etoro promo code which you can use.
So if I am to use that promo code, how much can i make on etoro ?
There are actually no boundaries set on how much profit you can earn from this broker. As long as you know how to work on your trade, you might be able to create more profit for yourself.
What are some of the special features of etoro social?
etoro have this OpenBook option for traders and it is easy to use CopyFunds feature.
Live market updates are also found in the new platform.
I heard that it is now possible to do bitcoin, ethereum etc. exchange via etoro, but still am torn which one is better, is it etoro vs poloniex or what will be your suggestion?
My colleagues in the trading world suggested to me this etoro site for social trading and that includes bitcoin exchange. eToro will provide a highly effective way on how you can earn profit by simply copying successful trades, which I think is pretty unique.