eToro review

One of the biggest online brokers in the world, eToro allows millions of users each year to trade a range of assets, CFDs, and ETFs. Find out if it’s the right broker for you.
By: Theodor Tonca
Theodor Tonca
Theodor is a Financial Writer for Invezz, reviewing, testing and scrutinizing financial products. He is a former financial analyst and investment… read more.
Updated: Oct 4, 2022
5/5 Star rating
25 min read
Visit site & Sign up
68% of retail CFD accounts lose money

The details and statistics provided in this review do not apply to US customers, where there are likely to be differences to eToro services due to regulation of jurisdiction. 

eToro is a popular social trading platform, which offers direct access to multiple asset classes, including shares, ETFs, indices, commodities, and cryptocurrencies.

The service is regulated by a number of prominent bodies, including the UK’s Financial Conduct Authority (FCA), and is currently available in 19 different languages. Keep reading to find out everything you need to know before signing up and using eToro.

Pros & Cons

Pros:

Popular ‘Copytrader’ function so users can follow top traders
Mobile platform has great functionality
Minimum first time deposit of $200
Expedient customer service, with live chat support provided
Over 2,000 CFDs available to trade

Cons:

What can I do with eToro?

The platform’s primary focus is on providing investing and copy-trading services. According to our reviews, eToro is 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 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, users can access six distinct asset classes and a couple of thousand instruments with each, as well as zero commission trades on certain stocks.

eToro markets, assets, and options

What assets and products can you trade on eToro?

Users of eToro can trade more than 2,000 CFDs, covering both major and minor forex pairs, ETFs, shares, indices, commodities, and cryptocurrencies. Here’s a summary of all of eToro’s trading options:

Product (CFDs)Offering
Forex (Major and Minor)49
Stocks (international across exchanges)1,500
ETFs252
Indices13
Commodities31
Cryptocurrencies63
See all assets on eToro >

What cryptocurrency pairs can be traded on eToro?

eToro has significantly expanded its crypto offers and now you trade popular coins such as Bitcoin, Ethereum, or XRP (Ripple), along with tokens that have gained traction recently, like Solana, Decentraland, or Chiliz. As of June 2022, eToro has more than 60 coins available to buy. You can also trade crypto coins through different crypto crosses, currency crosses, and even commodity crosses.

What leverage trading options are there?

On all CFD trades, eToro offers leveraged trading options. However, the amount of leverage you can get will depend on the asset you’re trading – starting from 1:30 for forex. Please note that leveraged trading is highly risky and is not recommended for beginners. Readers are recommended to use leverage with caution and only once having gained some experience of online trading.

Product (CFDs)Maximum leverageMargin
Forex (Major)1:303.33%
Forex (Minor)1:205%
Commodities and Non-Equity Indices1:1010%
Stocks and ETFs1:520%
Cryptocurrencies1:250%
View all leveraged trading options >

What are the spreads?

eToro 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 eToro (as these are all variable, they are subject to change over time and depending on market conditions):

ProductAverage spreadFixed or variable?
Forex (Major and Minor)Starting from 1 pipVariable
Stocks & ETFsStarting from 9 pipsVariable
IndicesStarting from 100 pipsVariable
CommoditiesStarting from 2 pipsVariable
CryptocurrenciesSee belowVariable
More information about spreads >

What are the minimum spreads for buying and selling cryptocurrencies?

The broker allows trading of major cryptocurrency altcoins, and the spreads associated with these differ slightly from the regular spreads on eToro. A fee of 1% is calculated for buying or selling crypto assets on eToro. However, do note that the website outlines that these spreads may change based on market conditions and liquidity.

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Fees, limits, and payment options on eToro

What are the deposit and withdrawal fees, limits, and speeds?

There are a range of deposit and withdrawal options on eToro. The platform does not charge any fees for deposits, but withdrawals however are charged at $5 USD per withdrawal. Minimum & maximum limits are imposed on deposits but only minimum limits are imposed on withdrawals (but you may encounter maximum withdrawal amounts with your payment service provider).

A minimum deposit of $200 USD to $1000 USD is mandatory for all payment types and the minimum withdrawal amount is $30 USD. These numbers remain the same across GBP, EUR, and AUD. Here’s a full summary of the payment methods available, and the restrictions for each:

Payment methodDepositWithdraw
Cards (Visa & MasterCard)
– min/max
– fees
– speed
Yes
$200 USD/$40,000 USD
Free
Instant
Yes
$30 USD/No limit
$5 USD
8 Business days
Bank Transfer
– min/max
– fees
– speed
Yes
$500 USD/No limit
Free
4-7 Business days
Yes
$30 USD/No limit
$5 USD
8 Business days
PayPal
– min/max
– fees
– speed
Yes
$200 USD/$10,000 USD
Free
Instant
Yes
$30 USD/No limit
$5 USD
1-2 Business days
Neteller
– min/max
– fees
– speed
Yes
$200 USD/$10,000 USD
Free
Instant
Yes
$30 USD/No limit
$5 USD
1-2 Business days
Skrill
– min/max
– fees
– speed
Yes
$200 USD/$10,000 USD
Free
Instant
Yes
$30 USD/No limit
$5 USD
1-2 Business days
Rapid Transfer
– min/max
– fees
– speed
Yes
$200 USD/$5,500 USD
Free
Instant
No
iDEAL
– min/max
– fees
– speed
Yes
$200 USD/$50,000 USD
Free
Instant
Yes
$30 USD/No limit
$5 USD
1-2 Business days
Klarna/SoFort
– min/max
– fees
– speed
Yes
$200 EUR/$30,000 EUR
Free
Instant
Yes
$30 USD/No limit
5$ USD
1-2 Business days
Trustly
– min/max
– fees
– speed
Yes
$200 USD/$40,000 USD
Free
Instant
No
View all payment information >

How much are eToro fees and commissions?

eToro charges different fees and commissions depending on which asset you trade. For the most part, the platform makes its money through spreads only, but there are fees for certain actions. Users can expect both overnight and inactivity fees, for example, unless share dealing or trading ETFs, which are exempt from overnight fees. 

It is also important to be aware that triple overnight fees are charged on some CFDs on either Friday or Wednesday depending on the individual CFD in question. In addition, a withdrawal fee, currency conversion fee, and inactivity fee can be charged. Here’s a breakdown of all the fees you can expect when using eToro:

Fee typeFee amountCommission
Trade commissionSpread applies as a trading feeSpread applies as a trading fee
OvernightVariableNone
Withdrawal Fee$5 USDNone
Conversion feeNone50 pips above market rate
Inactivity$10 monthNone
See all fees on eToro >

eToro trade sizes and limits

The minimum trade starts at $10 for stocks, ETFs, and crypto, and 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 also restrictions on the number of trades you may place in a day. 

ProductMinimum tradeMaximum trade
Forex (Major and Minor)$1,000Variable
Stocks & ETFs$10Variable
Indices$1,000Variable
Commodities$1,000Variable
Cryptocurrencies$10Variable
More information about trade sizes and limits >

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro’s trading platform

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. Users can log into and use eToro on:

  • Web Browser
  • Tablet
  • iOS Mobile App
  • Android Mobile App

Can I use eToro in my country?

eToro is available across the world. However, due to legal restrictions, some of its features & services are not available in certain jurisdictions. Currently, eToro is available in over 50 countries, including:

  • Australia
  • Austria
  • Bahrain
  • Czech Republic
  • Denmark
  • Finland
  • France
  • Germany
  • Hungary
  • Ireland
  • Italy
  • Kuwait
  • Liechtenstein
  • Luxembourg
  • Mexico
  • Netherlands
  • Norway
  • Oman
  • Poland
  • Qatar
  • Romania
  • Saudi Arabia
  • Singapore
  • Spain
  • Sweden
  • Switzerland
  • United Arab Emirates
  • United Kingdom
  • United States of America (although not for US citizens currently living outside of the USA)

Is eToro available in my language?

eToro’s website and mobile app are currently available in 19 languages. Here is a complete list:

  • English
  • Spanish
  • Romanian
  • Arabic
  • French
  • Russian
  • Italian
  • Finnish
  • Czech
  • Danish
  • Vietnamese
  • German
  • Norwegian
  • Thai
  • Dutch
  • Polish
  • Mandarin
  • Portuguese
  • Swedish

How easy is it to use eToro?

eToro’s web platform and mobile apps are intuitive and easy to use, with simple functions and a user-friendly layout for both. 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)

Switching to a demo account gives you instant access to 100,000 virtual dollars

Additionally, copy trading (the broker’s most popular feature) is similarly easy to pick up and get started with. Allowing you to choose a trader, set a trade amount, and copy in three simple steps. 

In the small chance you encounter any difficulties, there is an entire support section with multiple resources to guide you back on your path, and eToro’s customer services team is both responsive and helpful.

Key features

The eToro platform hosts many features for beginner users. We have selected the top three key features on the eToro platform for you:

Copy Trading

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. The overall feature ultimately creates a sense of community within the trading platform, as traders are encouraged to interact with each other often.

The feed on eToro, where you can easily copy other people’s trades

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.

CopyPortfolio

CopyPortfolio are CFD-based portfolios (grouped funds, basically). Unlike in Copytrade where you might have been following a specific trader, CopyPortfolio lets 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 ‘Big Banks CopyPortfolio’ allows you to directly invest into a mix of assets including Bank of America, Citibank, HSBC, and other big banks.

Money Account

Separate and distinct from an investment account, eToro offers the ability to use its platform 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.

Security and regulation

Is eToro safe?

eToro is regulated by the UK’s Financial Conduct Authority (FCA), one of the world’s leading financial regulators. This means you won’t find many safer online brokers than eToro.

Am I and my funds protected?

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 segregated accounts for investor and company funds, so that funds are never commingled. 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 the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (SIC), and the Financial Services Authority of Seychelles.

Do I have to verify my account with Etoro?

Yes, users have to verify their account information as eToro is a licensed and regulated broker and verification is necessary for KYC (Know Your Customer) purposes. You will need to provide proof of ID and proof of address to open an account with eToro.

Extra information

Educational resources 

The eToro “Learn More” section offers a plethora of news articles, analysis features, and financial market guides. In addition to this you’ll also find a full trading academy containing videos, daily market updates, and even classroom teaching, webinars and podcasts etc. catering primarily to beginners. Most of the material is based on forex and CFD trading, but the lessons apply equally to other types of trading as well.

Tools and charting

For a broker whose primary demographic is new traders, eToro has a surprisingly large number of tools and charts of advanced traders.

Procharts is one of these, which is a professional grade technical analysis tool allowing comparison across different instruments and timeframes. Additionally, the mobile trading app offers tools like one-click trading which allows repetitive trades to be placed instantly, and a research tab that collects analyst insights and recommendations among other more basic functions.

Customer support

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 normally. 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 provide a deposit, 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.

Our verdict

Overall, eToro is an innovative CFD trading platforms that has also expanded into stocks and ETFs. It makes available some 2,000 CFDs across 6 asset classes along with the ability to trade in some assets directly, 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 Copy Trading function, whereby regular users can effectively follow trades from experienced pros and zero commission stock trades – something most cryptocurrency brokers do not offer. 

As with any service, there are fees to pay, and eToro’s come out a little higher than average. Starting with its high fees for withdrawal ($5), overnight trades (variable), and inactive accounts ($10 per month). Overnight fees are also sometimes tripled on a set day each week depending on the CFD instrument being traded. Additionally, the spreads offered are a bit on the higher side and there are brokers that offer higher leverage.

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 won’t find many better options than eToro.

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro-provided disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.

Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

How to open an account with eToro

Decided to register an eToro account? Great, here’s how it’s done:

  1. Head over to eToro’s official website and click on ‘sign up’ on the top right of your screen
  2. You will be led to a sign up page where you will be required to fill in your full name, username, email and password. (You can also sign up through Facebook or Google+).
  3. After checking on the terms and conditions box, click on ‘create account’. You will be led right away to your new demo account.
  4. You will also receive an email that will guide you on what will happen next.
  5. If you wish to upgrade to a live account, you will then be required to verify your identity (with a passport, government issued ID, or driving license) and residence (a bank statement or utility bill within the last 6 months). This can all be done with their own digital scanner.
  6. You can now deposit the first-time minimum $200, and start trading!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Methodology: How we reviewed eToro

When we review a broker we create a standard account and perform a series of tests to understand how it works. The tests include making a deposit and withdrawal, placing a buy order, and contacting customer support. We then attempt some more advanced actions, such as shorting or placing a leveraged trade.

We rate how the broker performs for each action on a scale, based on how easy and intuitive it is, and whether there are any restrictions. The design of the website and cost of each action plays into the final ranking. We then attempt to do all of the same actions from a mobile device.

Once we have an rating for each category, we research the broker online to find customer reviews and to answer any other questions we might have. All those factors combine to give the final rating out of five stars.

FAQs

Who owns eToro?
How does eToro make money?
Do I have to pay tax on eToro profits?
Does eToro offer CFD trading?
How do I sell on eToro?
How do I delete my eToro account?
How can I short on eToro?
What if I forget my account password?
Can I transfer from my eToro account into my PayPal account?
What if eToro closes down while I have open trades?
Can I access my full trading history on eToro?
Can I pay in Cryptocurrency with eToro?
Does eToro offer bonuses?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Theodor Tonca
Financial Writer
Having worked for a decade as an analyst, investment partnership founder, and writer - Theodor is a keen sportsman. When not working, he can most commonly… read more.