eToro Trading Platform Review
eToro is an Israeli run trading platform that came online in 2006, but whose operations run mainly from Cyprus and the United Kingdom where it is registered with the financial regulatory authorities in both countries. eToro is a platform that offers its users a wide range of option for their day trading ranging from Forex pairs, to cryptocurrency to CFDs. It is among the most well known platforms as far as Forex trading is concerned and runs a global operation spanning over 170 countries with a customer base of an estimated 5 million. I is a flexible site that offers its users a wide range of funding options ranging from Credit Card, to Bank Transfers and other online payment gateways like PayPal and Payoneer. The platform allows its users the minimum deposit of $50 for real trading or they could instead get themselves familiar with the platform using a virtual demo account with funds of up to $100,000 to hone their skills.
One of the unique services that eToro offers its users that makes it wildly popular is the fact that even the beginner trader can trade using the skills of a professional with the aid of their social trading feature. What this means is that a user can appoint a well-known professional trader on the platform and commit their funded accounts to mirror the trading decisions of this pro trader. This allows the newbie to profit from the great decisions of such a trader and potentially incur similar loses should the market prove unfavorable.
eToro’s COPYTRADER feature is one of the main reasons it is so wildly popular all around the world. It is a dedicated technology that is patented by the eToro platform which they use in simplifying the online trading market for novices. eToro states that the COPYTRADE feature of the platform is one of the most successful features of the site, as customers report a whopping 78% profitability on these copied trades. Much like on the social media where influencers reign supreme, eToro has its own elite league of pro traders with thousands of followers who copy every trading strategy they execute. eToro has a vibrant community where people cannot only copy each other’s trade but communicate with one another with advice for example.
Cryptocurrency Trades On eToro
eToro is an all-in-one service that also allows its users to buy and sell cryptocurrencies. However, unlike exchanges, when a trader buys Bitcoin, for example, it does not get deposited in their wallets but is kept securely by eToro itself in a tier-one bank. What this allows the trader however, is the ability to sell or buy again within a few seconds of executing their trades. eToro has a very fluid interface that allows the trader to make quick trades, and with the aid of CFDs, the trader can still make a bit of money or at least minimize their potential losses even when the cryptocurrency market is on a downward trend.
eToro is a platform that is attractive to the trader as they don’t charge any fees when it comes to making transactions within the platform. However, what eToro does use to make majority of its revenue is by incorporating high spreads when it comes to the trading pairs the user deploys to execute their trades. Depending on the asset they are trading, spreads can be a minimum of 5 pips and as much as 100 pips for stock exchanges for example. eToro also charges withdrawal fees which have now been updated to be a standard $25 for all withdrawal transactions.