eToro is online since 2006 and has its headquarters in Tel Aviv, Israel. The central vision behind it was to come up with a trading platform that had appeal for any kind of broker. Right now, EToro is sitting pretty as one of the top reputed social trading networks and forex brokers operating anywhere in the world.
A large part of EToro’s positive reviews is down to its licensing and regulation under multiple government authorities such as CySEC, FCA, and MiFID. The network now offers trading opportunities to over 5 million in users in over 170 countries. Interestingly, the United States of America is not among them.
eToro Accepts Australian Traders
Luckily eToro has a valid ASIC license. This means that they can legally operate in Australia.
Being regulated by ASIC also means that this broker has to follow strict guidelines. For this reason, brokers with an ASIC license are considered a lot safer.
eToro Trading Platform
The original trading platform for eToro was focused primarily on novice traders but it has since been incorporating new elements constantly, to become the all-inclusive award-winning platform that it is now. It can be accessed on both Android and iOS devices.
These are the eToro alternatives:
Making deposits and withdrawals
Trading with eToro is only possible in U.S currency. If you make a deposit in any other currency, it will convert automatically to the default currency on receipt.
To open an active trading account with eToro, you will be asked to make a minimum initial deposit anywhere from $50 to $1000. The specific amount is subjective to whatever regulations are adhered to in your region.
Using Neteller, the minimum deposit can be anywhere between $50 to $1,000 and the maximum is $10,000. The same minimum values apply for GiroPay and Webmoney but the maximum deposit amount can be between $30,000 and $50,000. With Yandex, the maximum is just $5,000.
Here is the list of devices you can use to make a deposit
- Diner’s Club debit/credit card
- Bank wire transfer
- China Union Pay
To make a withdrawal, you must first fill in a form on the cashier front of the platform. eToro will then keep you informed on the process by email.
The usual devices used to make withdrawals are credit cards, PayPal, and bank wire transfers. eToro will also charge a fee for each withdrawal depending on the amount.
For making a withdrawal, a trader must first fill in a withdrawal form online in the cashier section of the platform. The trader will receive confirmation of the process via email. The most prevalent methods for making withdrawals are by credit card, PayPal, and bank transfer, in that order.
For very first withdrawal, a trader must turn up a clear colored copy of their passport along with their written signature and a clear copy of a utility bill that mailed to their residing address and is no less recent than 3 months. Furthermore, if the account was funded via a credit card, a clear copy of both sides of that credit card should also be submitted. On average, a withdrawal can take up to 5 days of processing, possibly longer depending on the method implemented by the third party.
This broker does charge fee on withdrawals depending on size. For a withdrawal between $20 and $200, the fee is $5. Withdrawals between $200.01 and $500 are charged $10, and for withdrawals above $500, the fee is $25.
Customer support from eToro is available 24 hours a day for 5 days a week, specifically weekdays. You can access it by phone, or email, the latter for which the response time is 48 hours. Unfortunately, we are not aware of the availability of a live chat service at this broker. You can engage with customer services either in English, French, German, Spanish or Italian.
As stated earlier, oversight from agencies like CySEC and FCA make the eToro’s services extremely trustworthy. What’s more, this broker uses an advanced version of Secure Socket Layer technology to authenticate data transfers and users.
eToro is certainly one of the most competent and reputed brokers to trade with, whether it is forex trading or social network trading. Thanks to an all-inclusive, award-winning platform and mobile app, there are plenty of excellent trading opportunities for traders of all sorts. On top of that, eToro offers stellar education programs for novice traders to pick up the pace. There is a trading academy, eCourse, blog and live webinars, plenty of resources for new traders to learn from and start trading.
eToro also dishes out special prizes to its most successful traders. They can enter competitions which contain cash prizes, and also have their activities followed by other traders. So in effect, the more followers you have, the bigger the cut your get from eToro.
The only real downside is the lack of a live online chat forum regarding customer services and 5-day wait on the withdrawal process.