Overall score: 96Official Site
Available in Colombia?
FCA, miFID, FinCEN, asic
eToro OpenBook, Mobile Trader
Stocks, ETFs, Forex, CFDs, Crypto
This time we are going to talk about the leader in copy trading, the Forex broker eToro. Copy trading is a new type of market trading that allows you to make the same trades in real time as a successful trader. This means that we can replicate the success of that trader by trying to imitate their profits.
eToro Forex Broker Reviews and Analysis
Thanks to the multiple markets where it is possible to trade with eToro it is possible to trade forex, commodities, indices, bonds, stocks, ETFs and cryptocurrencies. In the case of stocks and ETFs there are no commissions and the other products are charged on a spread basis.
The platform is also a big plus point, to ensure access to over 2000 financial instruments eToro forex broker created its unique platform where everything is integrated, you can make your own trades or replicate those of other traders. It is also available for Android and iPhone so trading can be done on any device you have.
Is eToro reliable?
When we talk about the eToro forex broker we are talking about an international company that depending on the country in which we open the account will be regulated by a different governmental organization. This makes them have strict limits and makes them very reliable to operate in more than 140 countries where they provide service.
In the case of opening an account in the UK, it will be regulated by the FCA. For continental European citizens the CySEC and MiFID regulations apply. For US citizens eToro is registered with FinCEN as a Money Services Business. In the case of account openings from Australia or Latin American countries such as eToro Mexico, they will be governed by ASIC. When opening the account it will be clear which jurisdiction the account will be governed under and the rules they will have to follow.
In addition, eToro forex broker has been in business since 2007, has clear data encryption policies, confidentiality and strict withdrawal rules. That is why we can say that eToro is a reliable and extremely transparent broker to trade with.
What is the minimum deposit amount?
Depending on the country of origin of the funds the first deposit will have a minimum of between $50 and $10,000. For most countries the minimum is $200. In the case of Australia and the United States the minimum is even lower at $50. However there are exceptional countries such as Algeria, Lebanon, Maldives and Venezuela where a minimum of $5000 is required, or Israel where the deposit must be higher than $10,000.
In the case of deposits in addition to the account opening the amount must be more than $50 with most funding methods such as Visa, Mastercard, Maestro, Paypal, Neteller and Skrill. If we choose to make a bank transfer we should do it for at least $500.
What is the minimum withdrawal amount?
Withdrawing money is very simple at the eToro forex broker, although we need to have the account verified to comply with international money laundering regulations. Once that is done we can withdraw a minimum of $30 by clicking on the "Withdraw Funds" tab.
How long does it take to pay the money?
For most e-wallets the delay to complete the transaction is 1 or 2 working days. In the case of credit cards, debit cards or bank transfers there may be delays of up to 8 working days. Once the transaction has been processed they send an email notification for our security.
What are the steps to withdraw funds?
As mentioned above, in order to withdraw funds we must first verify the account. To do this we must send a photograph of an identity document or passport. We must also send a utility bill or bank statement to confirm the address.
Once we receive the account verification confirmation we can click on "Withdraw Funds" and follow the steps according to the method we choose.
What is the maximum leverage level allowed?
The maximum leverage allowed depends on the instrument we invest in. This is due to the volatility of each product and can change depending on the volatility of the market. At the time of this review the maximum leverage is:
- 30:1 on more liquid currency pairs
- 20:1 for all other currencies, gold and indices
- 10:1 for other commodities and indices not as well known
- 5:1 for shares and other securities
- 2:1 for cryptocurrencies
As you can see the more volatile instruments like cryptocurrencies and stocks have lower leverage in order to take care of investors.
When choosing a broker there are many issues to consider. Mainly they can be summed up in security, commissions and platform. In all these areas, the eToro forex broker stands out, and additionally has a plus that puts it far ahead of its competitors: copy trading. For these reasons we believe that you should not hesitate to open an account with them, open a demo account and start replicating trades.