eToro came to be back in 2006 by an Israeli developer. This intuitive social trading broker is one of the best of its kind; perhaps even the best but it doesn’t come without a flip side. Overall, though, eToro is an easy to use and fun financial experience for those who seek reward by putting a fair amount of risk in.
eToro, although originally Israel-based, now facilitates clients across the world except a few countries. Its client base mostly comes from European or UK residents as these clients are protected by FCA while the rest of the world is protected by a Cypriot entity.
Social trading and investment is the gist of eToro and the app allows this to happen with its multiple innovative features. To start your experience with this finance-social trading application, you need to register and make an account on it. Bear in mind that eToro does not accept clients from the US, Canada, Japan, China, Turkey, Iran, Brazil, North Korea, Sudan, Syria and Cuba. These limitations, especially of the US, do set it aback but eToro continues to grow its trader army.
It’s also important to remember that the standard currency used and traded in eToro is USD; all other currencies will be converted at the market rate to USD.
There’s also a minimum funding requirement to open an account on eToro. This first-time deposit has to be $200 or above but Israeli residents can start an account with $10. This is a base account’s fee structure but users can also opt for a demo account to guide you through the workings of the app with paper money trading.
Opening an account on eToro is easy. All you need to do is sign up with your email or Facebook and you’ll be directed into the app immediately. However, you can only start trading once you verify your identity. For this, you need to upload a clear picture of your ID card or your passport. You also need to prove your customer residency by uploading a copy of your utility bills with your address written on it.
On eToro social trading is operated through contract for differences (CFDs) only. Users can either trade with CFDs directly in the Trade Markets, copy other Popular Traders with CFD in Copy People trading or they can opt for CopyFunds where they invest in CFD portfolios made by Popular or Elite traders.
The biggest drawback of this social trading app is that the only available product types are CFDs, albeit in large amounts. The assets that can be utilized on eToro include stocks, currencies, commodities, indices and cryptocurrencies. There is also a particular fee structure involved in trading these assets that some would argue are may be a bit too expensive. When it comes to withdrawing money, eToro offers a number of options including Paypal, Wire transfer, bank transfer, credit card and more. The funding options are equally plenty. Despite the wide variety of options eToro offers, many users have complained of a rather poor withdrawal system. Funds withdrawn are usually delayed and the customer service isn’t also readily available to help or respond. When you’re dealing with money, this could be a risky and frustrating problem especially if you need the money withdrawn quickly.
There are other setbacks to this app as well: ever since cryptocurrency blew up in the financial universe, eToro has become a little more risky and a little more unreliable. Also, some would argue that the security of the app isn’t up to mark. The app only requires a simple one-page login process which is too easy for an app that deals with money and funds.
eToro makes a strong first impression and for many it continues to retain it. There is a certain degree of risk involved in trading on eToro but it does not go without reward. Choose eToro today as your number one social trading and investment app!
eToro: Social Trading is one of the top apps in the Finance app category, which belongs to eToro. It's last update was on December 13, 2017 and it has been already downloaded 1,000,000 - 5,000,000 times. On the app store it has now 11,987 reviews. After you get to eToro: Social Trading page on the app store, click install & enjoy it.