eToro is social trading brokerage firm located in Israel. Established in 2006, this company serves UK clients with the use of a UK entity that is regulated by the FCA, or for those in the EU but not the UK, they are regulated by the CySEC. If there’s one thing that separates eToro from its competitors, it’s that this company has a fun and very easy-to-use platform on both web and mobile, and with no trading fees, it’s the perfect platform for beginners. We’ve taken a deeper look into this company and what they have to offer their consumers.
eToro really is perfect for beginners, and we’ll tell you why. This company has an excellent educational programme perfect for beginners, and with their all-inclusive trading platform, their trading community is one to be envied. The community is one of the world’s largest, and has recently replaced their platforms from being two different platforms, to an all-in-one service.
Another thing that eToro has that sets them apart from the crowd is the availability of a ‘practice account’. This account gives potential customers the chance to test the platform before they undertake any financial obligation – there’s even a $100,000 virtual currency deposit.
eToro used to use the popular platforms of WebTrader and OpenBook, but have since opened up their own all-in-one platform. It has the same features as before, but in a much more efficient and easy-to-use platform for improved user experience. There is a mobile trader too, so even those on the go who want to try their hand at trading or keep an eye on their transfers can do that right from their smartphone. This mobile software is available on Android and iOS, and has all of the features available on the previous platforms too.
Unfortunately, eToro only allows trading in US dollars, so any other currency will be converted to USD upon deposit, but the process is definitely simple and easy. Transfers are secure and safe through SSL (secure socket layer) technology, so you can be sure that your funds are being cared for. There are plenty of payment methods, from the usual debit/credit card, to wire transfers and E-wallet options like PayPal, Skrill, Neteller and Webmoney. Debit/credit cards only take a few minutes, so it’s probably the simplest and easiest of options for newcomers. There are a few limits to take into consideration, however, but this all depends on where you are and the payment method you’re using. In fact, you could even be waiting up to 5 days to withdraw in some areas.
The customer support at eToro is available 24 hours a day Monday through Friday. There’s telephone and email communication options, and even the email will be responded to within 48 hours. While there is no live chat service as of yet, there is a digital customer service feature provided by Nano Rep. There’s even a forum, but these are often responded to by being forwarded to an online guide so a call or email could be the better option. It comes in 5 languages so far, but could expand in the future.
eToro is regulated by the CySEC and FCA, but the regulations and security don’t stop there. The aforementioned SSL is in full effect to authenticate transactions and the users. In short, the security is there and hopefully it will give you a little extra peace of mind that this broker is one you can comfortably and safely use.
As far as brokers go, eToro is probably the best for social investing, and those that are new to the trading and investment industry. There’s a trading academy, a blog and an eCourse with live webinars, so there certainly isn’t any lack of support for the newbies among its users. It’s fairly easy to use and it’s free practice account is something that other brokers can learn from, but eToro still has room to improve. From installing a live chat function for quick responses, to limiting down its withdrawal period, improvements could be made. Overall, however, this broker has all the security and payment methods you could hope for, and its easy-to-use interface and platform make trading less stressful and far easier to navigate.