eToro is undisputedly one of the top 5 start-up Fintech companies that you should look out for. There are a lot of eToro reviews out there, but this review will help you gain an insight into what eToro is all about. It will also give you an insight on why you should invest your money in this company.
The features of eToro include being tight spread, multiple options for deposits and withdrawals, commission trade fees, default leverage of 1:100, numerous investment and trading options, and being the largest trading company. Aside from that, the minimum deposit is only $200 and $1000 for an Islamic account. It has a practice account upon signing-up with $100,000 so that you can practice trading in different markets. It also boasts of having an interactive interface that is easily used by start-up traders.
You don’t have to worry about scams with eToro because it is regulated by Cyprus and UK and is compliant with MiFiD. Their customer support is also superb and they also have bi-lingual customer support if you need it.
Now that we know all the features of eToro let us look it in—depth so we can understand how it can benefit you as a user of this application.
eToro is a key player in crypto trading, but it doesn’t end there. The company has so many currencies available to trade just like the trading floor. This company was established in 2007 by brothers Ronen and Yoni Assia with their partner David Ring with a clear vision. They wanted a popular financial trading and investment platform that can be accessed by everyone. Of course, they started as the regular trading floor and dealt with currencies, but over time they added cryptocurrency and other trading commodities to keep up with the demands of the market.
Ever since it was founded, it has made its name known in trading networks and as an online forex broker. There are millions of users now all over the world because it is available in over 140 countries. Thousands of accounts are also opened daily because of it’s easy to use features. Today, it is one of the top social investment networks.
The office of eToro is on Limassol, Cyprus. Its a legally registered Cypriot investment Firm with registration number HE200585. Cyprus Securities and Exchange Commission is regulating eToro under the license number 109/10.
eToro also has a headquarters that is based in London. It is a legally registered UK firm and it is registered under number 7973792. In the UK, it is regulated by the Financial Conduct Authority under license number 583263.
Since it is a legal firm and it is regulated, you can be sure that your money is secure if you invest in it.
The history of Etoro
Like I said earlier, eToro was established in 2007 before cryptocurrency ever existed. The three people who started eToro wanted a trading platform that can be accessed by anyone and anywhere. They also wanted to reduce the involvement of banks and other financial institutions in the process. Of course, they could not do without it because it needs to be regulated. It has successfully become a trading platform though that did not depend solely on banks and financial institutions. It started as an online trading platform with only graphs as financial instruments.
In 2009 they saw the demand for an actual trading platform, thus they launched the WebTrader. After a year they launched OpenBook which is the first ever social trading platform in the world. OpenBook had the CopyTrader feature which will let you copy the moves of the successful traders. In 2012, it launched the mobile trading app for both Android and Apple users and it became really popular among traders. The company then added crypto trading exchanging bitcoin with CFDs. In 2013, it added stocks and other commodities to trade.
After that, in 2015, eToro updated their interface and it became a better experience for the users because it was easier to use. In 2016, it added the feature CopyFunds which helps the users manage their portfolio and their market strategies. In 2017, it added the crypto trading feature. Today cryptocurrencies like Ethereum, Litecoin, Ripple, and Bitcoin can be exchanged in eToro.
eToro has user-friendly features and was designed so that new traders that have no knowledge in trading can get all the information that they need to start trading. You can use eToro in your PC, your Mac, and cellphone devices that use Android or iOS. You can always check the information about cryptocurrencies and other assets through the graphs that are easy to access as well as other assets.
Here’s what you will see in your dashboard
• Watchlists – this is your personal trading dashboard and traders that you follow will show up on this list.
• Portfolio – this is where your investments are listed. This is also where you will see what market you are trading and the people you are copying.
• Profile – this is, of course, your personal profile and you can update your profile here. You can also choose to make your profile private if you want to just like in social media. You can also view your news feeds, the statistics of your portfolio and the market charts in this area.
• News Feeds – of course, this is the area where you will get the latest updates on news and events which are related to trading. If you want, you can also join discussions about the markets you are trading in this section.
• Copy people – This is where you can search for the top traders in the market where you can copy trades from.
• Invest Copy Funds – this is the area where you get to choose which bundle of CopyFunds you will invest in.
• Refer a friend – Yes. eToro forex trading has a referral program and you will get money out of referring a person to eToro.
• Support – as the name suggests, it will take you to the support and knowledge base of eToro
• Deposit and withdraw funds – Of course, this is where you will deposit or withdraw your funds from.
• Setting and Logout
Requirements in Opening an Account in eToro
It’s very simple to open an account in eToro. You will only need to provide your full name, username, email, password, and your mobile number for verification purposes.
To complete your profile, however, you will need to answer a few questions so that eToro will know how much trading knowledge you have. Social trading eToro will just take about 10 minutes of your time to answer the questions to complete your profile. Additionally, you also need to be verified to make sure that you are giving the right information. You will be asked to provide a scanned copy of your passport, a driver’s license, or your national ID card. Additionally, they may require you to provide a utility bill or a bank statement showing your address.
What are the Countries Where eToro is Available?
As mentioned earlier, eToro can be used by anyone as long as it is legal in their country. There are trading law conflicts in some countries like the US, Canada, Cuba, Japan, North Korea, Iran, Syria, Turkey, Serbia, Albania, and Sudan so users from these countries cannot legally use eToro.
Safety, Security, and Privacy
Like I mentioned earlier, eToro is regulated by CySEC and FCA. Also, eToro forex trading has a risk management feature which makes sure that their clients’ money is safe. All the client’s information is also secured. Your personal information is kept safe by the Secured Socket Layer or SSL technology. If you want to invest in crypto trading remember that there are no regulations that govern cryptocurrencies. There is no insurance from the investor compensation schemes, but eToro takes pride in resolving these issues.
eToro has about 1000 trading instruments. These are 6 commodities, 14 cryptocurrencies, 47 currencies, over 150 EFTs, 13 indices, and over 700 stocks.
4 Ways to Make Money on Social Trading eToro
Trading is very easy in eToro. To trade all you need to do is click on the watchlist tab on the dashboard and then view all the available markets on which you can trade. You can also select the market instrument so that you can see the price, performance, graph, and also the community opinion for each instrument. If you like what you see and you want to trade, then you need to click trade, enter the amount, stop loss and, the take profit positions. That’s it! You have already traded in eToro forex trading.
2. Copying People
You can copy the Pro traders through this feature with just a few clicks. When you copy a trader, any move that he makes will automatically be copied by you. Your copied trade will also automatically close once the pro trader has closed the deal. Don’t worry, however, if you don’t like what the pro trader is doing you can always manually close the deal. To copy a trade, all you need to do is click on copy people tab on the dashboard so that you can view the available traders to copy. Then you can choose between the editors choice or the top investors to view more traders. Click on the trader to see more information about that trader which includes past records and investment decisions. If you like that trader then all you need to do is just click on copy, enter the amount you would want to invest, take profit, and stop loss.
3. Copy Funds
These are instruments that are guided by the market strategy that you have chosen like cryptocurrency, stocks, commodities, etc. To copy funds, all you need to do is click on the invest CopyFunds on the dashboard, choose between top trader copy funds and market copy funds, and then click on partner copy funds. You can then enter the amount and the other parameters that you want to set and click on invest.
4. Referral and Investment Program
eToro rewards people that refer eToro to their colleagues. The referral program rewards $100 per referral. In eToro’s referral program, it’s not only you that will get the $100, but the friend you referred as well. Each user is limited to refer to a maximum of 10 friends.
No doubt social trading eToro is the leading social investment platform for trader online. eToro is not just about cryptocurrency but, it is an ideal platform for cryptocurrency. The mobile app feature has offered traders an excuse to trade anytime, anywhere they want to. If you want to trade, you can easily access their training materials and the practice feature. Gone are the days where you would need to know and study about trading for a lot of weeks before trading. Today, eToro has opened the doors to a new way of trading.