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eToro Review: Best Discount Broker in 2020?

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eToro Review
  • Features
  • Commission & Fees
  • Customer Support

Summary

With its modern embedded technologies, visually rich interface, host of tools to study financial instruments, and unique features like CopyTrader and CopyPortfolios, eToro is an impressive platform for trading. Other than the minimum deposit fees and withdrawal fees, eToro does not charge a lot for the features it offers.

 

Overall
4.6

Pros

  • CopyTrader
  • Diversified Financial Instruments to Invest in
  • Detailed Charting and Studying Tools

Cons

  • High first-time minimum deposit fees.
  • Slow withdrawal process

Selecting a stockbroker to transact your stocks is as crucial as buying stocks themselves. This is why, in this post, we take an in-depth look at eToro, one of the leading international stockbrokers on the globe, and understand if trading with them is beneficial for you or not.

Introduction

eToro Homepage

eToro is a social trading and multi-asset brokerage company founded by three guys – brothers Yoni Assia and Ronen Assia and David Ring in 2007 in Tel Aviv, Israel. With four rounds of funding, these guys raised a whopping $31.5 million between 2007 and 2013. The company got further investments from Russian and Chinese investors after eToro and CoinDash became partners to develop Blockchain-based social trading.

Gradually, eToro then started expanding and growing and now comes under one of the best stockbrokers in the world. Today, it has got registered offices in Cyprus, Israel, China, and the United Kingdom. eToro is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies.

Services Offered

eToro offers a selection of stocks, currencies, commodities, cryptocurrencies, ETFs, and indices. With its professional tools and analyses, users can track and invest in various financial instruments and other services.

Apart from traditional manual trading, eToro has something called Social Trading. With this, users or clients can follow the portfolio of other clients and use “CopyTrader”, a feature that replicates everything they do in real-time. To achieve this, eToro operates in full transparency. This includes displaying each clients’ data, such as gain percentage, risk score, and portfolio composition.

There is also another instrument called “CopyPortfolios”. These are ready-made investment portfolios comprised of several financial assets and top traders with a predetermined financial strategy.

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Trading on eToro

eToro provides traders a very user-friendly and visually rich platform. In addition to their website, eToro also offers Android and iOS applications so that you can trade on the go or keep an eye on the performance of your portfolio.

1. Dashboard

eToro Dashboard

After logging in, the Dashboard is the first thing you will see on your eToro account. It consists of a live summary of your financial assets. These are constantly updated in real-time when the respective markets are open. You can add stocks, commodities, indices, cryptocurrencies, and even other financial assets such as Forex currencies on your Dashboard.

On the left side of your Dashboard, there is a panel with a bunch of options –

  • eToro Watchlist
  • eToro Portfolio tracker
  • Market News Feed
  • Trade Markets with eToro
  • Copy People – Copy other traders on eToro
  • Invest in CopyPortfolios with eToro
  • eToro Club Dashboard
  • Invite Friends to eToro
  • eToro Help Portal
  • eToro Guides
  • Withdraw Funds from eToro
  • eToro Demo and eToro Live markets toggle
  • Search markets and people on eToro

These options provide many tools that you can use to optimize your trading for yielding the best results.

2. Charts

eToro EUR USD Chart

eToro is a visually and graphically rich trading platform. Its “ProCharts” feature lets you configure each of the charts so that you can view what you want to. eToro currently offers 5 types of charting –

  • Candle
  • Hollow Candle
  • Bar
  • Line
  • Mountain

Apart from charting types, eToro has the following tools for chart marking and studying:

Hotspot Shield
  • Measure
  • Channel
  • Annotation
  • Fibonacci
  • Horizontal
  • Vertical
  • Line
  • Ray
  • Segment
  • Rectangle
  • Eclipse
  • Doodle
  • Pitchfork
  • Accumulation / Distribution
  • Accumulative Swing Index
  • ADX / DMS
  • Alligator
  • Aroon
  • Arron Oscillator
  • Average True Range
  • Awesome Oscillator
  • Bollinger Bands
  • Center of Gravity
  • Chaikin Volatility
  • Chande Forecast Oscillator
  • Chande Momentum Oscillator
  • Commodity Channel Index
  • Coppock Curve
  • Detrended Price Oscillator
  • Donchian Channel
  • Ehler Fisher
  • Elder Ray Index
  • Fractal Choas Bands
  • Fractal Choas Oscillator
  • High Low Bands
  • High Minus Low
  • Highest High Value
  • Historical Volatility
  • Ichimoku Clouds
  • Intraday Momentum Index
  • Keltner Channel
  • Linear Reg Forecast
  • Linear Reg Intercept
  • Linear Reg R2
  • Linear Reg Slope
  • Lowest Low Value
  • MACD
  • Mass Index
  • Median Price
  • Momentum Indicator
  • Money Flow Index
  • Moving Average
  • Moving Average Deviation
  • Moving Average Envelope
  • Parabolic SAR
  • Pivot Points
  • Pretty Good Oscillator
  • Price Oscillator
  • Price Rate of Change
  • Prime Number Bands
  • Prime Number Oscillator
  • QStick
  • Random Walk Index
  • Ravi
  • RSI
  • Schaff Trend Cycle
  • Standard Deviation
  • Stochastic Momentum Index
  • Stochastics
  • Swing Index
  • Time Series Forecast
  • TRIX
  • True Range
  • Typical Price
  • Ultimate Oscillator
  • Vertical Horizontal Filter
  • Weighted Close
  • Williams %R

Besides these study tools, eToro provides in-depth and detailed statistics of the financial asset you want to view. It can display many details like the previous close, days range, average volume, 1-year return, revenue, EPS market cap, 52-week range, profit/earnings ratio, and dividend yield.

3. News Feed

eToro News Feed

A lot of online trading platforms often rely upon other news sources. But eToro has a built-in news feed for its traders. You can read market news about companies you want to and add it to your news feed. However, we recommend not completely relying upon eToro for your share of news and do independent research before committing to any major financial decision.

4. CopyTrader

Perhaps the biggest reason why eToro is so successful, CopyTrader is an innovative tool that allows traders to copy trades of other successful traders on the platform. the CopyTrader page on eToro has a meticulously designed layout that sorts trades by Editor’s Choice, Most Copied, Trending, Top Investors, Lower Risk Score, Medium Risk Score.

eToro CopyTraders

Apart from trades, you can also see news feeds, trading stats, and performance of successful traders since eToro has full transparency. You can even filter traders by a specific country or the type of market as well.

A risk score is also something you need to keep in mind while copying trades from other people. eToro calculates a trader’s risk score by calculating the last week’s average. You can also see the trends between someone’s risk score over a period of time. You can also see how many other traders are copying a particular trader.

5. CopyPortfolios

eToro CopyPortfolios

This feature is similar to CopyTraders. The difference being instead of any successful traders with an unknown strategy, CopyPortfolios allows you to copy markets and traders with a predetermined trading strategy. All the other things like statistics, risk scores, etc. are the same as that of CopyTrader.

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6. Withdrawal and Funding

You can fund and withdraw money from your eToro account using any of the following methods –

  • Credit cards
  • Bank Transfer
  • PayPal
  • Skrill
  • Neteller
  • UnionPay

Please note that these options may vary depending upon where you live. For more information, you can click here.

7. Customer Support

eToro offers customer support in multiple languages such as English, German, Spanish, French, Italian, etc. You can contact their customer support using the live chat option on their website or by sending them an email.

Fees

Here is a breakdown of various ways eToro could charge you fees.

1. Minimum Deposit

eToro requires a minimum deposit of 200 USD/GBP when you open a new trading account with them. Stockbrokers usually charge a minimum deposit amount since they offer more compelling services than others who have a lower minimum deposit. You can use this money towards the transaction of any financial instrument, essentially making it a free trading account.

2. Deposit Fees

eToro does not charge any fees when you are depositing money into your trading account.

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3. Withdrawal Fees

eToro charges $5 for withdrawal requests. Currencies other than USD will also have conversion fees. You can withdraw money to any medium we have mentioned earlier.

4. Inactivity Fees

eToro does not charge any fees for accounts that are no longer active. Some brokers have a certain time limit, after which your account might become inactive. eToro has no such policy.

Final Words

With its modern embedded technologies, visually rich interface, host of tools to study financial instruments, and unique features like CopyTrader and CopyPortfolios, eToro is an impressive platform for trading. Other than the minimum deposit fees and withdrawal fees, eToro does not charge a lot for the features it offers.

Their Android and iOS apps are great as well that enables you to keep getting updated about how your portfolio is performing and most of the other features on the web.

We hope that you now have an idea about how the platform works and what are the things you can do with it. If you have any questions about eToro, you can comment them down below.

eToro Review
  • Features
  • Commission & Fees
  • Customer Support

Summary

With its modern embedded technologies, visually rich interface, host of tools to study financial instruments, and unique features like CopyTrader and CopyPortfolios, eToro is an impressive platform for trading. Other than the minimum deposit fees and withdrawal fees, eToro does not charge a lot for the features it offers.

 

Overall
4.6

Pros

  • CopyTrader
  • Diversified Financial Instruments to Invest in
  • Detailed Charting and Studying Tools

Cons

  • High first-time minimum deposit fees.
  • Slow withdrawal process

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About Author

Mehul Boricha
Mehul Boricha is the founder of Tech Arrival & Astute Links. He is a computer and smartphone geek from Junagadh, Gujarat, India. He is a Computer Engineer by Education & an Entrepreneur by Passion. Apart from technology geek, he is an audiophile & loves to connect with people.

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