eToro Review 2022 | Trading Platform Test

The eToro online broker is aimed at all investor profiles. But in our opinion, eToro is particularly recommended for beginners. This is because the simplified ease of use and user-friendliness of the site helps novices to start trading safely.

Benefits:

• Up to 20x leverage
• A wide range of financial instruments
• A platform designed for beginners
• Several services including social trading and copy trading

Disadvantages:

• 5 withdrawal fees applied
• Fairly high spreads on crypto

Cryptocurrencies

In the crypto category, there are about 60 major crypto-currencies including:

Note that it is also possible to trade 14 crypto-crosses, namely crypto-currency pairs such as ETH/EOS for example. Finally, for those who wish to trade commodity and crypto-currency pairs, there is the GOLD/BTC pair for example.

Start Investing

Here is a summary of all the payment methods available on the online broker's site:

Please note: all amounts are indicated in dollars because the euro is not available on the platform. In case, don't worry, the conversion will be done automatically during the payment. So, if you deposit $50, you will be debited approximately €46 from your bank account.

1. The Cyprus Securities and Exchange Commission (CySEC) in the European Union
2. The Financial Crimes Enforcement Network (FICEN) in the US.
3. The Financial Conduct Authority (FCA) in the UK.
4. The Federal Financial Supervisory Authority (BaFin) in Germany.
5. And the Australian Securities and Investments Commission (ASIC) in Australia.

A fund protection policy taken out with Lloyd's of London also covers each client account for €1,000,000 in the event of the broker's bankruptcy. As for the security of accounts and transactions on the platform, eToro uses encryption and firewalls. In addition to this, eToro has implemented two-factor authentication (2FA) and systematic loss protection on CFD trading.

However, we regret that there is no telephone number to contact an advisor directly at eToro, as is the case with most online brokers.

Please note: eToro does not offer the same customer support to its users. For accounts with a balance of more than $5,000, for example, a manager is assigned. For account holders with a balance of over $25,000, the broker assigns priority customer support.

Check Your Profile

To validate your registration with eToro, you need to complete your profile:

• As part of the broker's KYC procedure, you will have to answer some questions first.
• You will then need to send supporting documents, namely a copy of your ID and proof of address.
• Once your profile has been verified, you will be able to proceed to the next step, namely depositing funds.

Depositing funds

Once you have opened your eToro account, you can proceed directly to depositing funds.

• To fund your eToro trading account, simply click on the 'Deposit Funds' button at the bottom left of the home screen.
• Then make sure you specify the deposit amount, the payment method and the currency you want to trade in.

Applications are usually processed on the same day. However, the actual payment time will depend mainly on the payment method chosen.

Note: It's worth noting that deposits are free on the site, but withdrawals are subject to a $5 fee. The minimum deposit amount on eToro is $50.

When looking at the positive feedback, most customers praise eToro's efficient customer service. Indeed, customers seem to appreciate the fact that they have an account manager:

Of course, there are also negative comments left by some customers. These are mostly customers who have lost their money on an investment. This is why you should only invest the money you are prepared to lose. This is to avoid frustration.

As you can see, the one-star reviews are not necessarily justified. In short, for a trading platform to have a rating of over 4 with so many reviews is a very good thing!

• Opening an account is quick, easy and transparent.
• It also has innovative features, such as social trading.
• A very accessible and easy-to-use trading platform, even for a novice.
• The trading fees are also an attractive feature, with very low spreads.
• There are a large number of financial instruments available, covering various markets.

Overall, trading on eToro is pretty straightforward, especially for beginners. Compared to other online brokers, its fees and commissions are relatively affordable. Finally, when it comes to its offerings, it's relatively affordable for everyone. Our opinion? Don't hesitate any longer to discover the platform.

Is eToro Safe?

The broker operates under the regulation of several international bodies (AMF, CySEC, BaFin, FCA...), which reinforces its reputation as a reliable broker. Customer reviews on most forums and sites such as Trustpilot support this statement.

How Much Money Can I Make with eToro?

Trading is not a risk-free activity. Potential gains can vary greatly and depend on a number of factors, including market conditions, volatility, available capital and investor skill. However, our opinion of eToro remains the same, it is one of the best on the market if you want to start trading.

Is it Possible to Access eToro via Mobile?

Yes, it is possible to access the eToro platform both on a computer via the web browser and from a mobile device. Note that the mobile application can be downloaded to smartphones running iOS and Android and allows access to all the services and features of the site.

How Do I Withdraw Money From eToro?

You can withdraw your money at any time, with a minimum of $30. See our article for a list of payment methods available.

eToro is a multi-asset platform that offers both equity and crypto-asset investing, as well as CFD trading. Please note that CFDs are complex instruments and come with a high risk of losing money quickly due to their leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. The trading history presented is less than 5 full years and may not be sufficient as a basis for investment decisions. Copy trading is a portfolio management service, provided by eToro (Europe) Ltd, which is licensed and regulated by the Cyprus Securities and Exchange Commission.

Investment and custody of crypto assets are offered by eToro (Europe) Ltd as a digital asset service provider, registered with the AMF. Investment in crypto assets is highly volatile. No consumer protection. Tax on profits may apply.