eToro review

eToro Review 2024: Is It A Trustworthy Broker?

(1 customer review)
6.1/10 (Expert Score)
Product is rated as #17
Platforms and Tools
Customer Support
Tradeable Instruments
Account Types and Terms
Deposit and Withdrawals
Research and Education
Expert Score
#17 rated Forex Brokers
Expert Score
#3 rated Forex Brokers

eToro Overviews

eToro is a popular social trading platform that provides investors with access to a wide range of financial markets, including stocks, commodities, indices, and currencies. The platform has become increasingly popular due to its focus on social trading, allowing investors to interact, share ideas and insights, and replicate each other's trades. Let's look at this broker in more detail to see why they are so popular.

eToro Review 2024: Is It A Trustworthy Broker?

eToro is a popular social trading platform that provides investors with access to a wide range of financial markets, including stocks, commodities, indices, and currencies. The platform has become increasingly popular due to its focus on social trading, allowing investors to interact, share ideas and insights, and replicate each other’s trades.

eToro was founded in 2006 and is headquartered in Tel Aviv, Israel. The platform has grown rapidly in recent years and now boasts more than 11 million registered users in over 140 countries. It is also fully regulated by top-tier financial authorities, including the FCA in the UK and the CySEC in Cyprus.

One of the key benefits of eToro is its user-friendly platform, which is designed to be accessible to traders of all levels of experience. Whether you’re a beginner or a seasoned trader, you’ll be able to use the platform to access the financial markets, research investment opportunities, and make trades with ease.

One of the standout features of eToro is its social trading network, which allows investors to connect with each other and share information about the markets. Investors can follow each other’s portfolios, discuss strategies and ideas, and even copy each other’s trades. This allows traders to benefit from the collective knowledge and experience of a community of like-minded individuals.

eToro also offers a range of tools and resources to help traders make informed investment decisions. This includes a comprehensive news section, detailed market analysis, and a range of investment products, including stocks, commodities, and ETFs. Let’s look at this broker in more detail to see why they are so popular.

Broker Feature Overview
Type of Broker CFD Broker
Regulation & Licensing ·         Australian Securities and Investments Commission (ASIC)

·         Cyprus Securities and Exchange Commission (CySEC)

·         Financial Services Authority of Seychelles (FSA)

·         Financial Conduct Authority (FCA)

Applicable Countries Allowed To Trade Link to all applicable countries
Assets Offered Forex, stocks, commodities, indices, crypto, ETFs
Platforms Available eToro Web and Mobile Platforms
Mobile Compatibility Yes
Payment & Withdrawal Options


·         Skrill

·         Debit and credit card

·         Neteller

·         PayPal

·         eToro Money

·         Trusty Online Banking

·         Bank Transfer

Facts About eToro
  • 11 million registered users in over 140 countries
  • eToro was founded in 2006
  • It is headquartered in Tel Aviv, Israel
  • Regulated by ASIC, CySEC, FSA, and FCA
  • Can trade forex, stocks, commodities, indices, crypto, and ETFs as CFDs
  • One trading account
  • Copy/Social trading platform
  • Great learning academy

Pros and Cons

  • Easy-to-use platforms
  • Very beginner friendly
  • Able to trade CFDs
  • Adjustable leverage per trade
  • One account to suit everyone (great for beginners)
  • Great trading resources
  • Very popular platform
  • Have over 11 million users
  • Customer support is only through tickets
  • You can only trade CFDs
  • Spreads are not great
  • Only one account, so you don't have flexibility

Is eToro Safe? Broker Regulations

eToro is overseen by four financial regulatory commissions across the globe due to them operating internationally and in various regions. Most importantly, more authorities overseeing a broker is a good thing. This means that, in most cases, they are more reputable and can be regarded as a safer option to brokers who are not as regulated.

In the case of eToro, they are regulated by two top-tier authorities, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). Then they are also regulated by the Financial Conduct Authority (FCA) in the UK and lastly, by the Financial Services Authority of Seychelles (FSA).



You can find the information on their regulations by heading to their website and then scrolling to the footer section where the various entities are listed along with their regulators and their license number;

  • eToro (Europe) Ltd is a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license # 109/10.
  • eToro (UK) Ltd is a Financial Services Company authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
  • eToro AUS Capital Limited is authorized by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139
  • eToro (Seychelles) Ltd. is licensed by the Financial Services Authority Seychelles (“FSAS”) to provide broker-dealer services under the Securities Act 2007 License #SD076

In terms of awards, they have been nominated for having the best affiliate program by “forex-awards.”. If you would like to consider customer reviews in determining a broker’s legitimacy, you can also look at Trustpilot. In fact, eToro has its reviews embedded in its website. Clients give this broker a 4.3-star rating out of a possible five and this is based on nearly 19,000 customer reviews.



  • Australian Securities and Investments Commission (ASIC)
  • Cyprus Securities and Exchange Commission (CySEC)
  • Financial Services Authority of Seychelles (FSA)
  • Financial Conduct Authority (FCA)

What Can I Trade with eToro?

eToro deals in CFD trading for forex, stocks, commodities, indices, and crypto. They don’t give much detail on the number of assets offered, and you won’t find this information on their site. You will need to open up the actual market quotes page for each, and then you will be able to tell how many instruments for each asset class are available. Luckily enough, we have done this for you.




Heading to the quotes section of the eToro site for forex, we can see that they offer 49 currency pairs. You can expect to find all the typical major and minor pairs, along with some exotics. The assets list for forex is not that large in this case, but it does cover what traders usually deal with.




In the case of stocks, this broker does not give a fixed number at all. As such, we can’t speculate on how many stocks they offer as tradable CFDs. However, the most popular stocks, like Meta, Amazon, Google, etc., can be found.




Clients will be able to trade or copy trade (we will discuss this) 26 various commodities, including metals, energies, and staples. This includes wheat, oil, gold, silver, natural gas, etc. You are even able to trade LiveCattle through this broker.




The quotes page for indices pulls up 20 of the most popular indices that track companies across the globe. Here you can expect to find everything from the DAX to the Hang Seng, not to mention the S&P and the FTSE 100.




When it comes to crypto, eToro has 57 different coins that you can trade 24/7. Remember that crypto trading is not like forex, and the markets for this asset class do not ever close. All the popular coins can be found here, along with emerging ones.


Lastly, eToro also has numerous ETFs that traders can take positions on. Remember that ETFs can be considered similar to an investment pool that operates like a mutual fund. eToro lets you trade these as CFDs, and you will be able to find 300 various “baskets” tracking various sectors of many economies.

  • Cryptocurrency
  • Stocks
  • Forex
  • Commodities
  • Indices
  • ETFs

How to Trade with eToro?

There are only two ways to trade through eToro: their mobile app or their web platform, which can be logged into as long as your device has browser compatibility. eToro is unlike other brokers that use MetaTrader; in some cases, this might not be a bad thing. Nowadays, logging onto a web-based platform is much easier than needing a desktop machine to download and install a program.



However, top-tier brokers (most of them) use MetaTrader for a reason. This is because it has been considered to be the industry standard since its release in 2005. The features and services in MetaTrader are “bar none,” some of the best that any trading software offers.

The web platform that eToro has is sleek and well-designed, but it is essential to understand that this broker’s platform is really geared toward beginner investors and copy traders.

You then have their mobile app, specifically designed around the web platform, and you will be able to trade using it just as you would with the web terminal. That is to say; it still includes copy and social trading features.

It should be noted that not much information with regard to either platform is given, and the broker has CTA for clients to signup and experience the software for themselves. This is quite a good marketing strategy, but clients who know what they want in their trading platforms will first need to sign up to get the full experience.


Feature eToro Web Platform eToro Mobile App
One-Click or One-Tap Trading Yes Yes
Trade Straight off  Charts Yes Yes
Email Alerts or Push Notifications Yes Yes
Mobile Alerts Yes Yes
Stop Order No No
Market Order Yes Yes
Trailing Stop Order No No
OCO Orders (One-Cancels-The-Other) No No
Limit Order No No
24hr trading Yes
Charting Package No No
Streaming News Feed No No

  • eToro Web Platform
  • eToro Mobile App

How Can I Open eToro Account? A Simple Tutorial

eToro has made registration very easy indeed, and heading to their official site; you will be prompted with a “start investing” CTA straight away.



If you decide to navigate their site, you will need to click on the “sign up” button on the right side of the main menu. Either way, both links will redirect you to the same registration page.



Once you are redirected to the registration page, you will need to fill in your username, Email, and password and accept all their terms and conditions. If you intend to signup with this broker, then it is in your best interest to read through these documents.



You also have the option to sign up through Google or Facebook if you so choose. For the purposes of this tutorial, we will sign up with an Email account to show you the proceeding steps. After inputting your details, you will then be directed to another screen where you will need to verify your Email.



After you have inserted the verification code and clicked on “activate now,” your registration process will be complete, and you will be taken to the client dashboard area, where you will have access to your account.

At this stage, even though the registration process is complete, you will need to verify your account, and that involves you submitting verified documents such as your ID, proof of address, and banking details. If you plan to deposit and start trading, you will have to do this.



  • Head to the eToro website
  • Click on the CTA on the home page, or if browsing the site, click on the "sign up" button
  • Fill in your Email, username, and password to register or register via Google or Facebook
  • Verify your email account if you signed up with credentials
  • Log into your eToro client dashboard
  • Verify your account to deposit, trade, and withdraw funds

eToro Charts and Analysis

eToro has its trading resources and education material neatly stacked under the menu heading of “education,” which is aptly named. Trading resources and education when it comes to beginner investors is a must for international online brokers. It gives beginner traders a reason to trust and remain on the platform and provides clout to the broker while helping new traders and investors learn the ropes.



There are four sections that cover eToro’s trading resources, and they are;

  • News and Analysis
  • eToro Academy
  • eToro Plus
  • Digest and Invest

The “news and analysis” section is your typical blog that is updated almost daily, and you can find relevant news impacting the markets here. They also have articles dedicated to “weekly roundup” and ones on crypto and forex can also be found. The topics that you have available as a filter include, CopyTrader, Crypto, Investing, Market Insights, Stocks, Trading, eToro Money, and a few others.



Next is the eToro Academy, and this is something anybody would want to take a look at. Whether you are new to trading or a seasoned pro, whether you use the broker or not, the Academy section is filled with hundreds of videos, podcasts, and webinars covering most aspects of trading and the financial markets. Guides, basic concepts, and summer school are just some topics that this Academy covers.

It is truly one of the better Academy sections that a broker has provided, and best of all, all the content is absolutely free, and there are no hidden signup costs, fees, or “gotcha” situations here.



eToro plus is a section dedicated to weekly and quarterly summaries that dive into market trends and where you should go if you need a catchup of an overall picture of the markets and what has been occurring.

It is a great “blog” to get a nice roundup on the overall feel of the markets. Ben Laidler is the economic specialist here, and most topics will be covered and written by him. Everything from “natural gas impact” to “covid still driving the markets” can be found here.



The last section of trading resources you will find is the “digest and invest” section, where much like the blog and eToro plus section, you will find videos from experts covering different aspects of the markets. This section can be compared to a “Bloomberg” news feed where interviews can take place, insights into specific sectors, and general overviews are shared.



  • News and Analysis
  • eToro Academy
  • eToro Plus
  • Digest and Invest

eToro Account Types

Many brokers have different account types that will differ from each other. This is because trading is not just straightforward, and many individuals require different accounts for specific trading styles. For example, some brokers have “Cent” accounts that allow you to trade at fractional values, helping you test strategies. You also sometimes get “ECN” accounts or “Zero Spread” accounts where spreads for specific forex pairs will start at 0. Though these accounts usually have a commission-based approach.

With eToro, there is only one account. Moreover, they don’t even have a name for it, so it is just considered the standard account that anyone who signs up for the platform will have. This makes things a lot easier for new traders because deciding which account suits your situation best is not typically known unless you have experience with trading.

With eToro, one account fits all. You should also remember that this broker only trades in CFDs. This means the futures, options, and shares are not available. Also, the platform and the broker generally are based on copy and social trading, especially catering to new traders. This means that one account is perfectly suited for everyone, and nothing special is required.

Take note that many brokers also charge fees. This can be for different aspects that take into account the broker’s various features—for example, inactive account fees or deposit and withdrawal fees. In the case of eToro, there are no fees or hidden fees.



However, there are some things to note about the account. The leverage is variable, and for indices, it goes up to 1:20. For forex, the leverage is 1:30. Spreads are not specifically given in pip form because the platform does not show this type of information. Remember, it is again suited toward ease of use for beginner traders. For any additional information on specific assets, you will need to open an account; go to the asset and click on the “invest” button to see all available options. Lastly, the minimum deposit to trade on the account is 50 USD for most countries, but it will vary depending on what country you are in.



CFD Broker Standard account
Features One account for all traders
Account Currencies USD, GBP, EUR
Available Leverage Varied
Minimum Deposit 50 USD
Commission Per Trade N/A
Decimal Pricing N/A
Trading Instruments Forex, stocks, commodities, indices, crypto, ETFs
Min. Lot Size Per Trade N/A
Max. Lot Size Per Trade N/A
Spreads Varied
Demo Account Yes
Swap/Rollover Free Yes
Hedging No
Scalping Yes
Copy Trading Support Yes
Available to US Residents Yes (bitcoin)

  • Standard account (For all traders)

Do I Have Negative Balance Protection with This Broker?

In the event that your equity becomes negative, eToro will implement a margin call and close your position(s). They will then absorb any loss that you may have incurred and reset your balance to zero. This means that you can never lose more than what you deposited into your account.

This information regarding this policy that eToro has can be found here. Additionally, this is a good policy to have and is standard when it comes to many international (especially the “famous”) brokers. This helps to incentivize potential clients to have less stress when trading and learning how to do so. Thinking that your account could go into the negative and cost you thousands of dollars if you do not know what you are doing is a huge “barrier to entry” for many individuals.

  • Yes, they offer negative balance protection

eToro Deposits and Withdrawals

There are a few options when it comes to depositing funds into your account in terms of methods. eToro offer;

  • Credit Card or Debit Card
  • Bank Transfer
  • Klarna/Sofort
  • E-wallet (PayPal, Skrill, Neteller)
  • eToro Money
  • Trusty Online Banking

Remember that to deposit, you will first need to verify your account after registering. Once you have done this then, you will be able to deposit funds via the client dashboard. Also, not that PayPal deposits will become available after your initial deposit via another method.



One thing to note (and that we discussed) is that the minimum deposit for most countries is 50 USD, but this will change depending on your region. Reference the image below for a full breakdown. This is what you will be expected to deposit as a minimum, depending on your region.



The methods for withdrawing are the same as for depositing, and you will find this option which is also located in your client dashboard in the menu.



Remember that we touched on the fact that eToro has no account fees and also none for depositing and withdrawals. This is also a policy that most brokers incorporate. However, some use marketing to push it across as a promotional offer when it is considered to be standard practice by most brokers.

  • The minimum deposit for the eToro trading account is: 50 USD
  • Skrill
  • Debit and credit card
  • Neteller
  • PayPal
  • eToro Money
  • Trusty Online Banking
  • Bank Transfer

Support Service for Customer

eToro is not known for its customer support. However, it comes in the form of a help center whereby you can open a ticket as a new or existing customer. You can find the Help Center by going through the menu or by scrolling down to the footer section.



To open a ticket, you must head to the Help Center and click on the “customer service” link. You will then be redirected to a new page where you will be able to open a new support ticket.



Besides the Help Center, which is filled with a pretty comprehensive FAQ section, there is no other channel that you can take to reach customer support. Typically, more reputable brokers will have many support forms, including live chat, telephone, Email, contact forms, and more.

eToro lacks heavily in the customer support field, and we have not experienced any problems thus far with the broker, so we cannot tell what the turnaround time for a ticket to get resolved is.

eToro Customer Support Overview
Supported Languages English, Hebrew, and Spanish
Customer Service By eToro
Customer Service Hours Unknown
Email Response Time N/A
Telephonic Support No
Personal Account Manager No

  • Supported Languages: English, Hebrew, and Spanish
  • Customer Service Channels: Help Center FAQs, Ticket
  • Customer Service Hours: Unknown

Prohibited Countries: Where Can I Not Trade with this Broker?

The list of countries that are not allowed to use eToro is extensive and too long to list here. Due to many reasons, a broker might not be allowed to operate in specific regions. This means that if you are part of their “blocked” countries list, you will not be allowed to use the broker and trade. However, you can find information on blocked countries here.


Additionally, you can find information on if your country is supported by eToro here. Remember, the laws, regulations, and sanctions play a big role in whether or not a broker will support a region, so this is one of the first things you will need to consider when looking for one.

It will be a pity to go through dozens of brokers trying to find one that you prefer just to find out that the broker you choose is not allowed to operate in your region.

  • To many to mention, refer to the link above

Special Offers for Customers

eToro, for the most part, does not offer any added bonuses or special promotions when you sign up with them. In many other cases, various brokers will offer an array of special promotions in terms of welcome bonuses, loyalty programs, IB programs, customer rewards, giveaways, and so on. eToro has nothing like this.

The only aspect of a promotion they have is a referral link that you can send to your friends and family, and they can use it to sign up with the broker. However, there will usually be some incentives like a rebate or a fixed fee if they join and sign up. eToro does not have this. They only provide you with a referral link and no information on any compensation that you may receive.



However, you will have to consider that eToro is mainly a copy trading platform with no fees. This means that there are no signup fees or any fees for depositing and withdrawing. Moreover, they don’t take a commission when you copy another trader’s portfolio.

Essentially this means that you could copy an investor that is seeing a 300% return, and with the click of a button, you will be following and entering all his positions. In a way, this does seem like a “special promotion” in itself.

  • No special offers
  • Copy Trading Platform

eToro Review Conclusion: Reputable Broker with Easy-to-use Platform

eToro has been in operation since 2006 and has 11 million users worldwide. Multiple financial authorities also regulate them across the globe. Also, they have almost 15,000 positive reviews on Trustpilot.


eToro has been in operation since 2006 and has 11 million users worldwide. Multiple financial authorities also regulate them across the globe. Also, they have almost 15,000 positive reviews on Trustpilot.

Taking these factors into account and considering all the other points we put across in this article, we would have to say that eToro is a legitimate and safe broker. Due to their “popularity,” they may sometimes get backlash, but this is something to be expected of a broker this size.

Summary and Key Takeaways

The eToro platform is simple and easy to use. This goes for both the web and mobile platforms. The entire broker is geared toward beginner traders and mainly focuses on copy/social trading. The broker only offers one account type, which limits flexibility if you are a seasoned trader looking for something different.

Lastly, you can only trade CFDs, so if you are looking to invest in futures, options, shares, etc., this broker is not the option for you.

  • Can only trade CFDS
  • Social/Copy trading platform
  • One account type
  • Two platforms available (Web, Mobile)
  • No MetaTrader
  • Spreads are not competitive
  • 11 million global clients
  • Able to trade forex, stocks, commodities, indices, crypto, and ETFs


Is eToro a good idea?

eToro is a good idea if you are a beginner. All of eToro’s features and services are designed with beginner traders in mind. The eToro platform (both web and mobile) has a user-friendly design and is straightforward to understand.

Does eToro give you money?

eToro does not give you money. It is an investment platform that you will use to trade CFDs. You are also able to copy other traders and mimic their positions. You will need to invest with your own capital, and if you are successful at trading, then you will grow your equity with the option to withdraw it at any time.

Is eToro legal?

eToro is legal. They are an international online broker that is regulated by multiple financial authorities, including; the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Financial Services Authority of Seychelles (FSA), and the Financial Conduct Authority (FCA).

Is eToro a trusted platform?

eToro is a trusted platform. This is because ASIC, CySEC, FSA, and the FCA regulate them. They have been in operation since 2006 and have amassed over 11 million users worldwide.

1 review for eToro Review 2024: Is It A Trustworthy Broker?

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  1. Aaron

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    eToro Review 2024: Is It A Trustworthy Broker?
    eToro Review 2024: Is It A Trustworthy Broker?
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