Monday , December 9 2019

eToro Review – eToro Scam or Not

What is eToro?

eToro is a popular social trading platform providing services of online Forex trading, CFDs, and copy trading. It was founded in 2007 and a very popular option amongst the online traders.  I have collected large information about eToro and decided to do a complete eToro review in front of traders.

eToro Review

Company name eToro Group Limited
Founded 2007
Headquarters Israel, Cyprus, London,
Official website etoro.com
Regulation and license CySEC (Cyprus Securities & Exchange Commission) 109/10 CySEC under the license number 109/10.

FCA company registration no. 7973792, under reference number 583263, etc.

Pairs offered 1000 plus
Trading opportunities Currencies, Commodities, Indices, Stocks, ETFs, Cryptocurrencies
Leverage 1:20, 1:30
Demo account Yes
Islamic account Yes
Minimum Trading Amount $ 25
Trading Platforms Web-based, Mobile App
Copy Trading Yes
Minimum Deposit $ 200
Deposit Methods Credit/Debit card, PayPal, Skrill, Neteller, Wire Transfer, Webmoney, Yandex, UnionPay
Customer support Yes 24/5 via email, phone
Recommendation for using Yes

eToro Signup

  • Visit eToro official site
  • Click on signup
  • Enter your first name, last name, user name, and email address
  • Assign a password
  • Enter your valid phone number
  • Accept terms & condition
  • Click on create account button

eToro Login

  • Visit eToro website
  • Click on login
  • Enter your user name
  • Enter a password
  • Click on sign in

eToro Verification

After creating an account on eToro you will go to the verification process to verify your account.

  • Enter your personal detail
  • Phone verification
  • Identity verification: CNIC, Passport, or Driving license
  • Address verification: Bank statement, utility bill

What eToro offers?

First of all, we would like to point out that eToro offers a completely free demo for users to try out trading without risk, thus testing whether you are an online broker.

In addition to the demo, the biggest positive thing about this platform is that it is the only community-based broker on the market, so you don’t have to learn to trade yourself, but you can build relationships, get advice and share with others.

Beyond contacting other merchants that really makes eToro unique, it’s the copy function. The essence of this feature is that you can see on the platform that individual investors are performing, and if you like the positive balance of a professional trader, you can “accurately track” your trades with the amount you choose.

Mostly, they are mentioned as the social network, as well as the follow-up of successful investors’ business, as great strengths. Many of the first ones note how positive it is for users to share their opinions and mix into relevant conversations about stock, cryptocurrencies as if you were reading someone’s news.

In addition, many say that trading with more sophisticated, more difficult to translate instruments is easier due to this feature. There is also a perception that eToro may be beneficial for beginners and more professional merchants.

It is also highlighted by many that copying is a great option for beginners, as they can start to see the different strategies deeper, and the site also offers access to high-quality training materials that many learners can learn.

It is also highlighted in several places that you will not lose extra money due to the stop loss, the size of the spreads and the order levels, as do some other brokers.

Can you make money on eToro?

There are many ways to make money on eToro however it is discussed in brief.

  • Trade by yourself
  • Copy the investments of the best traders
  • Being copied by other beginner or advanced investors
  • Sponsor new members

Is eToro scam or not?

Let us now take the opportunity to write a few words about the service based on our own user experience.

First of all, it is important to note that eToro can be the most favorable online broker if you are completely new to this field. The copy function, as we have already mentioned, allows you to copy and even choose the most profitable investors’ shops, or to take risky decision-making professionals, or those who are sure to go!