Learning how to trade securities can be a daunting task but eToro is here to simplify the process. The platform’s main selling point is that it allows you to copy expert traders during the learning phase and make a profit in the process.
In addition to copy trading, the platform also offers Stocks, Forex Trading, and CFDs.
In this guide, we demystify – eToro a company that has captured the hearts of many in the trading space. We aim to paint a complete picture of the online trading platform to help you make an informed decision.
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Trade with eToro - 0% Commission
- Trade Stocks, Forex, Crypto and more
- 0% Commission on Trades
- Copy Trades of Pro Investors
- Easy to Use Trading Platform
What is eToro?
Before we get to the heart of this guide, let’s demystify this trading beast that has sent huge ripples across the trading space around the world.
eToro is an online broker for stocks, forex, CFDs, cryptocurrencies, and ETFs around the globe. The company was launched in 2007 in Israel. At the time, it was RetailFX, but after three years, the board saw the need to rebrand. So in 2010, RetailFX underwent a massive update to birth eToro, which currently is the leading online securities trading platform in the world.
The company has its base in Europe and several other offices spread-out across the globe in such countries as the U.K., Cyprus, the U.S., and Australia.
Initially, eToro was solely a forex trader. But with time, CFDs were added to the list of services. Today, it’s not only a forex trading platform but an expansive online site that deals in commodities and stocks too.
In addition to adding stocks and commodities to its list of services, eToro has also undergone a massive technological transformation that saw it incorporate some of the most advanced online trading tools into the platform.
What are the Pros and Cons of eToro?
How to Get Started on eToro
To start trading with eToro, the first step is opening an account. Luckily, opening an account on the platform is easy – it’s more like opening a social media account. All you need to is:
- Enter your name, email, and physical address.
- You’ll receive a confirmation email sent to your email. Click on the link to activate your account
- After confirming the email address, deposit the initial minimum deposit of$50 required
- Verification – following the above steps will see you open an account and start trading. However, you cannot withdraw profits from your account before you verify it. This verification process includes providing eToro with a copy of your identification document. This could be your national I.D., passport, or driver’s license. In addition to this, you should provide proof of address using a recent bank statement or utility bill.
- After submitting the above information, the eToro team will review it and evaluate your account as a whole. They can either approve it or ask for additional information.
As a U.K. or E.U. trader, you will have access to eToro’s services and products, including the lowest fees and trading tools.
Australia and Asia
As an Australian and Asian trader, eToro will grant you access to most (but not all) assets and instruments on the platform. Some of the missing assets include currency pairs and stocks. Moreover, if you are from these continents, you should expect to pay higher trading fees and spreads in comparison to E.U. traders.
For Asian Traders, note that eToro isn’t available in Japan.
For the longest time, eToro was not available in Northern America because of some strict rules and regulations in the area about CFD trading and where and how forex brokers could offer their services and products.
But given the recent popularity increase of cryptocurrencies, eToro and other brokers continue to gain markets in parts of North America and the U.S. In 2019, eToro worked heaven and earth to penetrate the U.S. market, and they succeeded. The platform went live in the U.S. in collaboration with Alec Baldwin and is now available in the following states;