eToro review 2023

The details and statistics provided in this eToro review do not apply to US customers, where there are likely to be differences to eToro services due to regulation of jurisdiction.  The details provided may not apply to Spanish customers, as eToro does not permit CFD trading in Spain.

Our opinion of eToro

eToro is one of the best online trading platforms we’ve reviewed. It’s the ideal place to get started if you’re new to investing – features like ‘CopyTrader’ and its free demo account are way ahead of the competition – while eToro’s low trading fees offer something for everyone.

The rest of this eToro review deals with the details, so you can compare eToro’s features with any other broker you’re interested in. Get the lowdown on the available markets, its security and safety, and the fees you might be charged for using the service. In short, find out everything you need to know about before signing up and using eToro.

eToro highlights

Investing options

4.5

What can I do with eToro?

The platform’s primary focus is on providing investing and copy-trading services. eToro is an innovative trading platform and currently the largest social trading platform in the world, with more than 13 million registered users making millions of trades each day. It also supports mobile-based trading along with a wide assortment of features and free educational materials.

eToro was founded in 2007 with the bold ambition of “disrupting the world of trading”. Since that time it has launched the first social trading platform in 2010, and CopyPortfolios, which are managed portfolios that bundle top eToro traders or various assets under a single market investment strategy. This means you can use the broker to make your own trades, and also to follow those of others.

It’s an online broker that offers both one of the best stock trading platforms and powerful stock trading apps. Through both of these, eToro customers can access six distinct asset classes and a couple of thousand instruments with each, as well as zero commission trades on certain stocks.

What accounts does eToro offer?

eToro is primarily a social trading platform but it also allows you to store and earn on your crypto holdings as well. Here are all the available account types:

eToro also has a sliding scale of membership which is known as the eToro Club. You are automatically assigned into an account tier based on the amount of money you have in your cash balance plus the value of your investments.

All members are automatically assigned to the Bronze tier, which is the standard account. All tiers above that offer additional benefits, such as lower fees, live webinars, premium subscriptions, and exclusive VIP events.

Finally, there is an eToro Money account, which is an e-wallet app where you can make payments or send and receive money from your friends. eToro Money is like a basic version of PayPal. The main selling point is that you can deposit and withdraw money from your eToro trading account faster and with fewer fees if you transfer with the eToro Money app.

Products, markets & assets

4.9

What products and assets can you trade on eToro?

The eToro trading platform offers more than 3,000 assets, covering both major and minor forex pairs, ETF trading, shares from every major stock exchange, indices, commodities, and cryptocurrencies. Here’s a summary of all of eToro’s trading options:

What leverage trading options are there?

eToro offers leveraged trading options on all CFD trades. However, the amount of leverage you can get will depend on the asset you’re trading. Here is a breakdown of the amount of leverage available for each asset on the eToro trading platform:

What are the spreads?

The eToro platform offers floating spreads across all its account types, and makes its money from these spreads rather than commissions. This means that eToro’s profits are made from the difference between the price they charge for buying an asset (the bid price) and the price at which they will sell it to users (the ask price). 

Here’s a breakdown of the spreads you can expect with an eToro account (as these are all variable, they are subject to change over time and depending on market conditions):

eToro trade sizes and limits

The minimum trade on the eToro platform starts at $10 for stocks, ETFs, and crypto, and the minimum investment goes up to $1,000 for most other assets. Maximum lot limits are not mentioned and vary according to the instrument traded. There are no restrictions on the number of trades you may place in a day. 

Stocks

Which stocks are available on eToro?

eToro users can trade more than 3,000 stocks and ETFs (exchange traded funds), across 16 different countries. Here’s a list of the stocks available on the eToro trading platform from each of the most most popular exchanges around the world:

What are the fees for buying and selling stocks?

Spreads start from 0% on selected popular stocks, while most stocks and exchange traded funds (ETFs are charged a 0.15% spread. ETFs may charge an additional management fee.

Crypto

What cryptocurrency pairs can be traded on eToro?

eToro users can trade more than 70 coins on eToro and each crypto is paired with the US dollar. There are also 14 crypto crosses available for cryptocurrency trading, where you can exchange one coin for another.

Here is a selection of the top cryptocurrencies available on eToro.

All cryptocurrencies are available in a pair with USD. eToro also offers a few crypto crosses, including BTC/ETH, BTC/XLM, and ETH/XLM.

What are the fees for buying and selling cryptocurrencies?

eToro charges a fixed 1% fee on all crypto transactions. The crypto trading fee is added to the market price when you open and close a trade.

Does eToro offer staking and rewards?

Yes. An eToro account gives you access to automatic staking, where the rewards are paid into your account every month without you having to do anything.

However, it only pays staking rewards on a handful of cryptocurrencies – ADA, TRX, and ETH – and charges a fee for the service. If you’re a Bronze account user, eToro keeps 25% of the reward; it’s 15% for Silver, Gold, or Platinum members, and 10% for Diamond or Platinum+ members.

You can also store some cryptocurrencies in the eToro wallet, which is separate to the main crypto trading account. However, eToro customers who store crypto assets in the eToro wallet will not earn staking rewards on those assets.

Forex

What forex pairs can be traded on eToro?

There are 49 currencies available on the eToro platform, including all major forex pairs. A healthy number of minors and exotics can be traded as well. Here are some of the most popular currency pairs for forex trading on eToro:

What are the minimum spreads for trading forex?

eToro forex fees are charged through the spread, and spreads on forex trading start from 1 pip on major pairs, such as EUR/USD and USD/JPY. Most major or minor pairs start from 2 pips. Exotic pairs may be considerably higher.

Commodities

What commodities can be traded on eToro?

There are 26 commodities in total on eToro. The options include precious metals, energy, and agricultural commodities. Here are some of the commodities available:

What are the minimum spreads for trading commodities?

The minimum spread is 2 pips. Oil and silver start from 5 pips, gold from 45 pips. The spreads are a lot higher for commodities with little trading volume. 

Deposits & withdrawals

4.4

What are the minimum & maximum deposits?

The limits on how you can deposit money vary depending on where you live. For a majority of eToro customers in the US and UK, the minimum deposit is $10, while the maximum is $40,000. Here is a breakdown of the limits, depending on which payment method you use:

What are the minimum & maximum withdrawals?

The minimum withdrawal amount on eToro is $30. There is no limit to the maximum withdrawal, you can withdraw as much as you hold in your account, minus any outstanding liabilities. Here are the minimum and maximum withdrawals buy payment method:

What are the deposit and withdrawal fees and speeds?

Each withdrawal costs a flat withdrawal fee of $5, regardless of payment method. Withdrawals to eToro Money accounts are instant, it may take longer to withdraw funds using other methods, even a bank transfer. Here are the eToro withdrawal fees for each payment method:

Fees & costs

4.8

How do eToro fees work?

eToro’s fee structure includes a range of different charges, depending on the asset you trade. Here is a breakdown of all the fees you might encounter, including all trading fees and inactivity fees:

What are eToro’s trading fees?

eToro’s platform charges fees in the form of commissions and spreads, depending on the asset. Here is a breakdown of the charges for each investment product:

Platforms & usability

4.7

What devices can I use eToro on?

With a dedicated mobile app and user-friendly online platform, eToro offers several options for accessing the platform. eToro customers can log into and set up and use the stock trading platform on:

eToro mobile app review

The eToro mobile app is one of the best trading apps available today and offers the same great user experience as the web platform. The mobile apps are free to download on Android or iOS devices.

The eToro app is secured by two-factor authentication (2FA) and you can further secure it using your biometric data and lock it behind a fingerprint, if your phone allows it.

You can manage your account on the go and take advantage of all of eToro’s best features from the app. Set up a virtual portfolio and practice trading, curate your own social feed and copy other trades, and take advantage of charting and analysis data to come up with your own trade ideas.

Web trading platform

The most important question any user has is: How easy is it to use eToro?

eToro is one of the easiest trading platforms to get to grips with. It has been designed to appeal to new users and people who may not have traded before. 

The web platform is intuitive and easy to use, with simple functions and a user-friendly layout. The platform has a very intuitive signup process and also offers a free demo account so new users can learn their way around without risking any of their money (we thoroughly recommend using this feature before starting to trade on eToro).

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You can adapt the platform to your needs by curating a social feed, switching between real and virtual portfolio at the flick of a switch, and setting up a watchlist of assets you like. While it lacks a little depth of information at times, it makes for a super convenient social trading platform for the majority of users.

Desktop trading platform

eToro doesn’t offer a downloadable desktop platform. Nor is it compatible with third-party trading software, like MT4 or MT5, that you can download onto your desktop.

Key features

eToro CopyTrader

One of eToro’s flagship offerings is its ‘Copy Trading’ service. This is a social trading feature that lets you choose specific traders to follow. With this, you can track their trading performance over a weekly, monthly, or annual basis. You are also provided with useful information and statistics such as average holding time, trades per week, news feed comments, and a profile description.

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You can also follow accounts without copying and post comments or reactions on their social feeds. When copying an account using CopyTrader, you have full control over how much you are prepared to risk and the service is free. The overall feature ultimately creates a sense of community within the trading platform, as traders are encouraged to interact with each other often, and it’s a great tool for developing your own trading strategies by copying other investors.

To further encourage top investors to allow copy trading, it has launched a Popular Investors program whereby top investors will be paid some amount (fixed amount or a percentage of AUM depending on the plan) every month. This incentivises top investors to participate and boost the platform’s overall engagement.

eToro CopyPortfolio

CopyPortfolios are smart investment portfolios (grouped funds, basically). Unlike with CopyTrader, where you might have been following a specific trader, eToro’s smart portfolios let you invest either in an eToro trader’s portfolio or in a theme. Investing in themes is exactly what it sounds like. For instance, investing in the ‘Big Banks CopyPortfolio’ allows you to directly invest into a mix of assets including Bank of America, Citibank, HSBC, and other big banks.

In this way you can create an investment portfolio automatically, without needing to pick and choose your own stocks.

eToro Money Account

Separate and distinct from an eToro investment account, the Money Account offers the ability to use the eToro network much like a bank. An eToro money account is very similar to a checking account, in that it will hold your cash, convert it to other currencies, and you can both send and receive funds to any bank account (currently limited to UK bank accounts).

eToro club members can also obtain a Visa debit card, so they can spend funds in this account anywhere, anytime.

Safety & reliability

4.8

Is eToro safe?

eToro is a safe broker to use; it complies with multiple regulatory regulations in different jurisdictions, keeps clients’ funds separate from its own, and has rules to protect client data. This means you won’t find many safer online brokers than eToro.

eToro is a member of the UK’s Financial Services Compensation Scheme (FSCS) and Investor Compensation Fund (ICS), hence traders in this jurisdiction are protected for the maximum amount by each scheme (currently up to £85,000). 

The broker also keeps your funds in a different bank account. This is important as eToro cannot use clients’ funds to operate its business. Segregated funds also add safety to users in case the broker goes bust, as client’s money is protected in tier-1 banks. 

Apart from this, eToro carries investor insurance in EUR, AUD, and GBP denominated amounts should it ever go under and users need to be reimbursed.

Is eToro regulated?

Yes, eToro is regulated by several authorities across the world. Below are the licences and registrations it holds in each jurisdiction:

eToro customer support review

eToro provides a customer service portal on their website where you can raise a ticket which will be resolved by a member of the support team within 24 hours. They also provide a live chat feature on the website for more urgent requests.

What are the risks of using eToro?

With any investment there is the risk of losing your money. eToro makes financial trading and investing more accessible but a service that is so easy to use can ‘gamify’ the process, so you must be careful to do your due diligence before making any trade. Some more potential risks are listed below:

• Blindly copying other traders can lead to losses. Make sure to thoroughly research any eToro user you intend to copy from. CopyTrader shows you each trader’s annual return and includes additional information on their profile. Use that before you decide to copy anyone else.
• Trading with leverage can be dangerous. To trade with leverage you must deposit money, but the broker can ask you to increase that deposit at any time. Be very careful when using leverage as if you are unable to supply extra deposit, or the asset experiences high volatility, you can have your positions automatically closed and lose all your money.
• eToro has previously blocked trading on certain assets. During the GameStop trading mania at the start of 2021, eToro restricted trading on GME stocks to prevent any further buy orders. Being blocked from trading during periods of volatility can lead to financial losses.

Research & analysis tools

4.1

What trading tools are on offer?

For a broker whose primary demographic is new traders, eToro has a surprisingly large number of tools and charts for advanced traders. Here are some of the tools on offer:

Procharts

Procharts is a professional grade technical analysis tool that allows you to perform your own analysis and track a range of indicators across different timeframes. Choose from 50+ technical indicators and plot your analysis on web or mobile.

News feeds

Each asset has its own news feed that posts the latest relevant updates from breaking news networks around the world. Each piece of news is assigned a rating – positive, negative, or neutral – so you can get an idea of what it might mean for the price at a glance.

Analyst recommendations

Each asset page provides the latest analyst recommendations, where applicable, alongside market research. You can see the latest analyst upgrades or downgrades for each stock, assess the latest crypto market research, or see the trending sentiment for currency pairs and commodities.

Financial calendar

eToro provides an economic calendar where you can find upcoming financial events, such as quarterly earnings reports or government data releases. You can look through consensus forecasts about the impact of each event and compare it to the actual results of previous releases.

Education & learning resources

4.8

What educational resources are on offer?

The eToro “Learn More” section offers a plethora of news articles, analysis features, and financial market guides. Here is a summary of the resources on offer:

eToro Academy

The eToro Academy is a one-stop shop that contains a vast amount of educational material. There are video courses that explain the basics of how to invest, and how to use eToro. There are blogs and guides that dig into difficult concepts and explain them in simple terms.

While the majority of content is aimed at beginners, there are some videos and webinars available for advanced users as well. So even as you progress on your investing journey, there’s always something new to learn.

eToro demo account

The eToro virtual portfolio hands you 100,000 virtual dollars to trade with. You switch it on in the settings, and then trade through the same trading platform as real money accounts.

It’s one of the best demo accounts out there, one that gives you the best chance to practice and keep track of your performance to see what works – and what doesn’t.

eToro CopyTrader

CopyTrader is one of eToro’s big selling points and it can be used as a training tool as well. By following successful, experienced traders from your social feed, you can learn the strategies that make them tick.

eToro’s copy traidng service allows you to start off by copying trades from other investors to your own account and then gradually develop your own trading strategies to take more control of your money.

eToro video review

eToro customer reviews

eToro has a largely excellent reputation and online customer reviews tend to back that up. On average it boasts a rating of between 4 and 5 stars, and the eToro app rates highly among the community as well.

Our verdict

Overall, our eToro review reveals it’s one of the best CFD trading platforms in the business and one of the most innovative trading platforms overall. It offers 3,000+ assets, including all leading stocks and cryptocurrencies, and is one of the most user-friendly brokers you can find.

The crypto trading platform could offer a few more assets to trade, but what it lacks in this respect and in advanced features, it makes up with innovation by offering a comprehensive social trading and copy trading experience, where eToro users can follow trades from experienced pros. In addition, commission free trading on stocks is something most brokers do not offer. 

At the end of the day, if you are looking for a social trading broker, then this is the best platform for that. While the fees are a little higher than some other platforms, they’re far from unreasonable considering how well designed and respected the broker is. More experienced traders might consider looking for a service that caters more specifically to experts – but new investors and retail traders won’t find many better options than eToro.

Who is eToro suitable for?

It’s most suited to beginners or casual investors looking for a low-fee, social trading platform. Its best features are designed to appeal to new users rather than old hands, though there are some more advanced tools on offer for experienced traders.

We recommend eToro as a great place to start your investing journey, because its demo account is the best in the business. As you progress you may want to look for a platform with more charting tools, or one that integrates with third party trading software like MetaTrader 4, but when you start out there are very few platforms out there that can hold a candle to the overall eToro package.

Is eToro good for beginners?

eToro is one of the best trading platforms for beginners. It’s welcoming to new users, with an interface and social trading ethos that’s designed to make investing as easy as possible. Features like a free demo account, where you can trade with virtual dollars, take the risk out of investing in the early stages.

When you do get stuck in for real, you can use the CopyTrading social trading app to copy other people’s investments and learn how they make their moves. There’s also a lot of variety, so you can try out different asset classes, from stocks to crypto to currencies, until you get comfortable with what works best for you.

Our methodology

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We test each broker to provide clear, accessible guidance on the service it offers and how it compares to the 63+ other trading platforms we review. Testing is carried out by our panel of industry experts, analysts, and active traders who sign up to the platform, conduct research, and score the service.

To supplement our practical testing and experience, we research the service to gather any further relevant information and provide context to help you decide whether the broker is right for your investing needs. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

The trading platform is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with the individual brand to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process. 

FAQs

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