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eToro Review

The main advantage eToro has over other trading platforms is that it is very easy to use. It may not have all the functionality of some professional platforms, such as conditional order types, automated trading etc. or access to exotic currencies and other instruments, but it is a solid entry-level forex platform. Over and above currencies, eToro also allows traders to take part in the commodity market by trading Gold (XAU/USD) and Silver (XAG/USD), not to mention the exciting new Bitcoin market (BTC/USD). It should also be noted that eToro is a swap-free broker. This means it does not apply negative or positive interest on any overnight positions, making it suitable for Islamic traders.

It also gives clients access to a chat feature which can help new traders learn from more experienced traders, shortening their overall learning curve. Support staff are always around to help with any platform issues, even over the weekend when trading is closed, and they are eager to help - hence the very well deserved 5 star support rating below. A wide array of payment options are also on offer, making it very convenient for clients to deposit and withdraw money from eToro. Please see below for more details. We hope that this eToro review is helpful in your search for the right forex broker.

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Subjective Ratings

Charting: Three and Half star Charting Rating
Execution: Four star Execution Rating
User-friendliness: Five star User-friendliness Rating
Customer support: Five star Customer Support Rating
Transaction costs (spreads): Four star Transaction Costs (spreads) Rating
Withdrawal processing: Four star Withdrawal processing Rating
Platform Functionality: Three star Platform Functionality Rating
Platform Reliability: Three star Platform Reliability Rating
Average rating: Three and Half star Average Rating

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Business Details

Broker Headquarters: Cyprus
Regulated By: CySEC (Cyprus)
NFA (0382918 eToro USA)
NOT a CFTC-registered FCM
Client Account Segregation: Marfin Popular Bank, Cyprus
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Unknown
Broker Capital as of 02-2009 Unknown
Registered Business Name: Tradonomi LLC
In business since year: 2004
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Diners Club
MasterCard
Moneygram
NETeller
PayPal
Visa
Western Union
Wire Transfer

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Trading Conditions

Browser platform: WebTrader
Downloadable platform: eToro (proprietary)
Mobile platform: WebTrader
Phone dealing: Yes
No Dealing Desk Execution: Yes
Fixed spreads: Yes
Guaranteed stop losses? Yes
Hedging capability: Yes
Trading Hours: Sun. 21:00GMT - Fri. 20:00GMT
Timezone GMT
Scalping allowed: No, eToro does not allow scalping
Account currencies available: USD
Platform languages: Arabic, Chinese, English, Finnish, French, German, Greek, Italian, Japanese, Portuguese, Russian, Spanish, Turkish
Support languages: Arabic, Chinese, English, Finnish, French, German, Greek, Hindi, Italian, Portuguese, Russian, Spanish, Turkish
Demo account: Unlimited
Live chat support: Yes - within platform
Promotions & tournaments: 5% bonus on deposits of $20,000 or more.
Swap-free accounts  Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD: 3 pips (0.0003)
Order processing: STP (Straight Through Processing)
OCO orders available: No
Trailing Stops: None
If/then orders available:
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Standard Account 400:1* $50/unlimited 1,000
Tradeable Instruments: 18   
Automated Trading: No
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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