The eToro is a forex broker, which in 2007 was launched by the brothers Ronen and Yoni Assia, and with their partner David Ring. Now their main office is in Limassol, Cyprus, but they also have an official representation in London, UK.
Now the service is used by more than 7 million people from more than 100 countries. But the main feature of the eToro exchange, which attracts many traders, is the “OpenBook” trading platform. It allows not only using a lot of different financial instruments but also has a unique “CopyTrading” function. This function allows novices to make transactions that are copies of experienced and well-known traders. The benefits are 2% of the annual volume of assets of the person who copied his transactions.
This fund is not only unique in its kind but also very profitable. For a quarter of a year, it brought 125% of profit to his creators. The fund is relatively new, but it already has the most popular currencies. The site has a list of them, where their course is constantly updated in real time. That’s how it looks like:
Is Etoro safe?
By finding a new exchange, any of us naturally asks “Is eToro fraud?” or “Is eToro safe?” To these questions, today’s eToro review is ready to provide you with reasoned answers.
For 10 years of its work eToro has become a much-respected trading platform and has repeatedly received praise from many international financial publications. Etoro is not just an adjustable broker; it is subject to strict regulation both in the UK and Cyprus. In the first case it is under the control of FCA under number 583263, and in the second under the supervision of CySEC where it is licensed as an investment firm under number 109/10.
Is eToro scam? No, all data is protected with modern security features which instantly limits any attempt at dishonest access, in particular, SSL technology.
Another very important feature of eToro is that the platform won’t disclose your personal information in no case unless you have provided an agreement for this by yourself. The principles of openness and ethics are valued above all.
How to use Etoro?
To get started, you will have to get an eToro login. But even here there is some nuance.
Another advantage of this service is that eToro reviews 2 options:
- Standard account;
- Educational account.
This function allows beginners to gain experience in trading without fear for their real savings. The study account is free but to open a standard account, you need to deposit $50. After that, you can fully work with the exchange.
Another nice feature of the service, there is no commission on it. But at the same time, the site earns on spreads, which it adds to market quotes. Detailed information can be found on the website in the form of a table in the corresponding topic at the bottom of the page.
For example, here is a small part. The entire information of the cryptocurrencies is at the very bottom.
How to use eToro? To replenish and withdraw funds on the site provided a variety of options, which makes working with it accessible to more users. Also, money comes into the account very quickly.
To withdraw funds, you must leave a request, which is usually carried out within one working day. But you need to pay attention that the withdrawal is accessible by the same method with which the deposit was made. To support the traders from all over the world, 10 languages are available on the site.
Customer support is available 5 days a week around the clock. E-mail, fax, and even several hotline numbers are available for communication.
The request “Etoro USA not available” is frequent among American traders, but unfortunately, because of the US ban on trading CFD instruments, the exchange is not available for them. For them, as eToro alternatives can be chosen Zulutrade, AvaTrade or Finspreads. They are the most suitable to be used as “eToro USA”.
We have tried to detail the work of the exchange in this eToro review 2018. Now let’s highlight the advantages and disadvantages.
- The simple and user-friendly interface;
- The unique trading platform “CopyTrading”;
- The availability of a training account;
- The presence of mobile trading;
- The legality of the service;
- The variety of support functions.
- Support is not available on weekends;
- Not servicing some countries, in particular, the USA;
- Mandatory payment of $ 50 to start work (a controversial minus, it isn’t the biggest sum ever).