eToro Review – is eToro a Trustworthy Cryptocurrency Broker?
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eToro Review
There are literally hundreds of brokers that are now giving you the opportunity of trading a full range of assets at just a click of the button. Figuring out which platform to go to has become immensely difficult. While some traders will look for the most user-friendly trading platform in the market, there are those who prefer brokers that offer the lowest fees. However, the likes of brokers like eToro have grown substantially in the past few years. The online broker now claims to serve more than 10 million users from all over the globe. This is a pretty big number and there must be something eToro is offering to make it a good choice. Let’s check it out:
Background
An online broker, eToro was launched in 2007 and allows its users to buy, sell and trade thousands of trading instruments. Headquartered in Cyprus, this broker was initially focused on offering CFDs (Contracts for Difference). Since then, the platform has expanded to other areas and now enables traders to actually own the asset they are trading, such as stocks and cryptocurrencies. In the CFD space, the broker lets its clients trade everything from indices to forex to ETFs to commodities.
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✔ 83% Claimed Win-rate✔ $250 Deposit✔ Accepts Credit Card | Trade Now |
If you are wondering about eToro’s regulatory status, you will be pleased to know that the broker is authorized by three financial institutions. In Cyprus where it is based, the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC). As for other regulations, the broker is also monitored by the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Asset Offerings
You certainly want to know what you can trade at eToro before you sign up. As mentioned earlier, initially the brokerage was only focusing on CFDs and it still offers them on a variety of assets. This is actually a good thing because it keeps your risks to a minimum and still allows you to diversify their portfolio as much as possible. You can purchase shares and stocks via eToro and you can actually get full ownership of these assets, which means you can even dividends on them, if applicable.
Likewise, eToro gives you the opportunity of investing in one of the top financial instruments nowadays i.e. cryptocurrencies. There are a number of cryptocurrencies that can be traded, such as Bitcoin and Ethereum. You can also trade forex currency pairs and there are major, minor and exotic options to choose from. Other offerings include indices, ETFs and commodities.
Fees and other Charges
You cannot sign up with a broker if you don’t know the costs you will have to pay while trading through them. Every broker has its own charges and fees. No two brokers will ask for the same and you need to find a broker that can offer you quality services without eating a big portion of your profits. The first thing you need to understand is that eToro doesn’t have a policy of charging any commissions or trading fees, which is undoubtedly a relief because it means you don’t have to pay heavy fees every time you execute a trade or make a transaction.
Then, how do eToro take their cut? The broker has opted for the spread model to make its profit, which is the difference between the bid price and the sell price. The reason eToro has been able to draw in millions of traders all over the world is because they have very competitive spreads to offer. They are some of the lowest in the market and so you will not have to give away most of your profits. As far as leverage is concerned, it can vary because it depends on the asset you are trading.
Convenient Deposit and Withdrawals Procedure
One of the most impressive features of eToro is that it can provide its clients with a diverse range of deposit and withdrawal options. The purpose is to ensure that every trader, whether they are newbies or experienced, can easily add money to their account on eToro to start trading. Likewise, it doesn’t stand in the way of withdrawing profits because it can often frustrate traders. If you check out the payment options that you can use on eToro, you will discover that they offer debit and credit cards, PayPal support, bank wire transfer, WebMoney and plenty more.
The best part is that deposits can be made free of charge and they are credited instantly, unless you go with bank wire transfers. In the case of withdrawals, there is a minimum limit set at $50 and there is also a fee of $25 associated with them. A withdrawal request is processed within three working days.
Account Opening Procedure
You will be happy to know that unlike other brokers in the market, eToro has chosen to keep the registration process very easy and straightforward. If you have all information ready, it doesn’t take you more than 15 minutes to get it done with. You need to visit the broker’s Homepage where you will be asked to share some personal information like your full name, address, date of birth, phone number and email address. As per regulations, you will also be required to provide some additional information like your current financial standing, net worth, trading knowledge, experience in trading and overall purpose of trading.
Apart from that, you also have to comply with the KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. This means you have to provide proof of ID, which is any government-issued ID like passport, national ID card or driver’s license. A recent proof of address also has to be shared like a bank statement or utility bill.
Bottom Line
In every single aspect that you consider, you will realize that eToro has managed to outshine the rest of the brokers. This explains why it is one of the leading brokers in the market. Everything from customer support to mobile trading is a breeze with eToro and you will be able to achieve your trading goals without any hassle.
| ROBOT | RATING | PROPERTIES | TRADE |
|
✮✮✮✮✮ |
✔ 83% Claimed Win-rate✔ $250 Deposit✔ Accepts Credit Card | Trade Now |
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