As an early pioneer in social copy trading, eToro was founded in Israel in 2006 as a financial trading technology developer. After launching its first product, it has since grown to service over 4.5 million users with an innovative platform that continually evolves to be one of the largest social networks globally, with clients in over 170 countries.
eToro is regulated in the UK and Cyprus, with passports throughout Europe under MiFID. It also maintains a dormant US entity regulated with the National Futures Association (NFA). Since our 2017 review, eToro transitioned from its prior generation platforms, including its WebTrader and CopyTrader products, which have been integrated into the new eToro platform experience for web and mobile.
eToro also offers CopyFunds, which are structured portfolios that use baskets of user-driven strategies, and provide a Top Trader module that automatically copies the most successful traders. In 2017, eToro nearly doubled the number of CFDs it offers, bringing the total up to 1,096, including on popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, and Ripple (read our eToro Crypto review).
Trust Score
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of eToro.
| eToro | |
|---|---|
| Trust Score | 86 |
| Year Founded | 2007 |
| Publicly-Traded Company (Listed) | No |
| Regulated in Major Hub | Yes |
| Regulated in Emerging Hub | Yes |
| Authorised in the European Union | Yes |
| CFTC Registered (USA) | Yes |
| FCA Regulated (UK) | Yes |
| IIROC Authorised (Canada) | No |
| FINMA Authorised (Switzerland) | No |
| ASIC Authorised (Australia) | Yes |
| SFC Authorised (Hong Kong) | No |
| MAS Authorised (Singapore) | No |
| FSA Authorised (Japan) | No |
| FMA Authorised (New Zealand) | No |
| CySEC Authorised (Cyprus) | Yes |
Offering of Investments
The following table summarizes the different investment products available to eToro clients.
| eToro | |
|---|---|
| Minimum Initial Deposit | $200 |
| Currency Pairs (Total Forex pairs) | 47 |
| CFDs - Total Offered | 1449 |
| Exchange Traded Securities: US | No |
| Exchange Traded Securities: International | No |
| Cryptocurrency traded as actual | Yes |
| Cryptocurrency traded as CFD | Yes |
Commissions & Fees
eToro is a market-maker broker and lists a typical minimum fixed spread of three pips on the EUR/USD, which is on the high end of the range when comparing brokers with fixed and floating spreads, making it a more expensive platform.
Compared to eToro, other social copy trading platforms charge separate stand-alone fees and/or commissions, such as ZuluTrade, Tradency, or MetaQuote’s signals market on MT4/MT5.
For high volume traders who deposit over $20,000, eToro offers a premium account that provides additional perks such as withdrawal priority and access to an online trading room, among other VIP-style account benefits. It also offers a popular trader program that can further reduce spreads for those who meet strict performance criteria, as explained in the commission notes section further down the page.
It is clear that when comparing fees alone, retail traders don’t choose eToro for its spreads, but rather for its platform and social trading capabilities tools (which are discussed further down), as its pricing is otherwise expensive.
| eToro | |
|---|---|
| Average Spread EUR/USD - Standard | 3.00 |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or Premium/VIP | Yes |
Customer Service
For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.
Results:
- Average Connection Time: 2-3 minutes
- Average Net Promoter Score: 7 / 10
- Average Professionalism Score: 6.4 / 10
- Overall Score: 7.0 / 10
- Ranking: 31st (43 brokers)
Trade Capital Options: globex360 Offers Customers The Opportunity To Trade A Wide Array Of Assets And Financial Instruments With A 30p Per Lot Commission.
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