What are the offerings presented by eToro.com? Usually, people erroneously think the website is an exchange platform; however, it actually is not. The website presents a trading platform (online) where users can sell ETFs, Crypto, Indices, Stocks, (Fiat) Currencies and Commodities easily. In case the world of cryptocurrency world is very familiar to you, it is probable that you may have come across eToro’s ads today, circulating through the Internet and may have even viewed one of these.
We shall now review the website regarding trading and the way to embark on it, their features, and the services they provide in general.
A good Internet review is not complete if does not have the background of the firm you wish to utilize as a platform for trading. We shall discuss this right away!
Tel Aviv, Israel is where the eToro.com website is based. It was launched in 2006. CySec in Europe carries out this firm’s regulation. Also, National Futures Association (popularly referred to as NFA) regulates it, as well as the FCA (Financial Conduct Authority).
Their website states that they presently have above 5 million users found in more than 170 countries. They can access a big trading market and it is normal to assume that people would use the platform for trading. One key cause of why they appeal to a lot of users is that they work as a social investment network also for traders.
The ‘OpenBook’ refers to the social investment platform, which was started in 2010 together with the capability of copying trades from a huge variety of registered users.
Varied websites feature varied verification levels, which works as a shield to safeguard a user as well as the firm from undesired trades. In case you know about trading platforms, it means you are aware about the verification level. For the new traders we have, or individuals who are keen in trading, the ‘verification levels’ control your trade. It means you cannot trade in large numbers if you have a low verification level and you should release varied tiers for trading higher amounts simultaneously.
At eToro.com, it is not necessary for you to go through the verification ‘levels’ as you can begin trading using a EUR cap of 2000! Obviously, you should have attained a minimum of 18 years old to start a real eToro cash account and begin trading.
The procedure for verification can be finalized easily following the setting up of an account with eToro.com. It can be carried out via the tab for ‘Complete Profile’ situated on the top left-hand section of the dashboard for the account.
For verification, kindly note that you will get a request from eToro.com for personal data such as a telephone contact verification procedure, confirmation of address and your government issued ID.
Also, a direct connection is available for uploading your credentials on the link provided. So, ensure that you refer to this review incase you experience issues when you are uploading your credentials.
Finalizing your Profile
A vital element of setting up an eToro.com account is finalizing your profile. The account does not become totally active if this section of the registering procedure is incomplete. Data, for instance, possessing a business degree is requested for, and the amount you want to deposit within one year. Such queries require answers.
Also, as a section of your profile, they request for your monetary standing. What is the reason for them asking for your personal data? It is to ensure that the trading you are doing falls within your monetary capability, and will not present an issue in future.
Finalizing the verification gets rid of the deposit restrictions also, when they are implemented on accounts that are new. Additionally, it is of utmost importance to submit correct information when submitting the details needed because the system separates the users present in varied levels. When you begin trading you will receive a warning from the system informing you that it is impossible to duplicate trades because of the great danger involved.
The firm has an awareness program; here, you learn the fundamentals of trading, ensuring that you comprehend all the trades being carried out. Their platform for social platform, connected to their website for trading is a feature that is among the ideal ones. It is not found in all the current trading websites. eToro.com also features virtual trading. To begin trading using their feature for virtual account, a user simply requires setting up an account and then changing to Virtual Portfolio from Real Portfolio by just pressing once!
Copy People: Actually, the feature for Copy People feature gains popularity since it offers beginner traders a valuable guide on the way fruitful trades are carried out without experiencing the trial & error part. The page for ‘Copy People’ has all you require to gain awareness regarding famous investors.
New traders differ from veterans who can also opt to distribute their trades so they can become popular, and generate income from splitting their lucrative trades. The traders who split the trades they have fall under varied tabs for effortless collecting of different Return percentage, Risk levels, and the quantity of followers.
Referral Program: Already, a maximum of $50 million has been funded to their leading affiliates; the figures continue increasing. The reason is that it is not very difficult to sell the website because its design is simple to use and it has comprehensive educational materials. In addition, they give detailed reporting which is helpful in acquiring projections about your present position.
They also offer an App, which enables you to trade as well as make investments in the international market while travelling!
Deposits, Withdrawals and Fees
Kindly remember that eToro.com just takes US Dollars. It signifies that each of the currencies is changed (in-house changing) when they obtain your money. To begin trading, the minimum deposit needed for a trading account that is real live is diverse from varied areas because of limitations. However, it mainly ranges between $50 and $1000.
Examples of methods of payment are:
- Debit/Credit card
- China Union Pay
- Skrill Limited (UK)
- Wirecard – Wire & Credit
As stated, restrictions exist which are determined by your location where deposits are concerned. For instance, we will consider the United Kingdom. If you come from the UK, a second is all it will take for your account to reflect that money, devoid of any issues. In other parts of the globe, it would take even five days. For every transaction, $20,000 is the highest deposit for a user who comes from the UK. The FCA will regulate it.
Requests for withdrawal can only be done if the required data is submitted. Also, the period required to obtain the withdrawal might be different; it is determined by the method selected. Frequent estimated period goes for about 1-5 business days. It is not bad, in contrast to different trading platforms that would go up to two weeks.
After discussing their features, history and methods of withdrawing and depositing, it is good to discuss about trading, and the way to begin trading with eToro.com. The first step is to log into our account then proceed to our user dashboard.
The screenshot shown above demonstrates to users the account’s vital sections. The tabs for trade market are situated on the top section of the account page. The Crypto Currency tab is situated on the top section of account page.
There is a screenshot provided and users can view the account’s vital sections. The trade market tabs are situated on the account page top section. The tab for Crypto Currency can be seen, then the ETFs, etc. On the page’s left-hand section there is a panel with a small button (below the picture and username) called ‘Real’ because the page for default needs to indicate your actual money account. Press on the button for ‘Real’ and choose ‘Virtual’ to begin trading using virtual currency.
To help anyone who wishes to test their website as they study our review, today we shall utilize a virtual account for the demo. The presence of a virtual account that can be accessed whenever you want is one of the wonderful features that eToro.com provides. The virtual account they have is wonderful because you can use their virtual account to access a real account, making your experience enjoyable!
The screenshot provided has the tab for DISCOVER where Copy People, Trade Markets and Invest in CopyFunds are found. Underneath that, below the tab for MORE, we have a very vital tab for this website, known as the ‘Guide’ tab. Here, you shall be guided across their website when you follow prompts.
To begin a trade, simply press the tab for Trade Markets situated on the panel at the side, then choose the market that you find interesting and try it out. We will choose Crypto for this demonstration. To do this, simply press on Crypto market situated on the dashboard’s top section. After pressing, you shall be directed back to a page similar to the one indicated in the above screenshot.
The screenshot indicates a squared part where buttons for BUY and SELL are present. You need to note the buttons colored green and red. It signifies that Crypto is functioning well against the US$ if it turns green. When red, it means it is not doing well against the US$. The above screenshot indicates that you can select between XRP, LTC, ETH, ETC, DASH and BTC.
It is very simple to purchase and sell. You simply need to select the Crypto that you desire trading, and a different window will be availed. On the tab for purchasing and selling, you can choose the number of units you will purchase, sell or convert it to the quantity you want to trade.
Also, this page has data regarding the overall trade, such as the amount of leverage available. You can also view the stop profit and loss here. You can tweak everything for the ideal trade and after the changes have been carried out, press on ‘Open Trade’ to begin the trade.
After placing the trade successfully it will appear below your Portfolio that is on the panel on the left-hand indicated in the above screenshot. Here you can open another trade, seal trades, look at charts and fix new cost notifications for your ease.
The trading experience they have is very simple and cool, in contrast to the messy trading platforms found nowadays. The straightforwardness and total support in regard to issuing guides as well as learning material concerning trading are simply lovely!
The interface of the website is perfect in code and design. It signifies that as you browse through diverse tabs, you shall not go through unnecessary delays and lags between screens for loading. The tab they have for ‘Guide’ tab is suitable for individuals who desire to learn the way to move around the website when you simply adhere to uncomplicated commands.
Apart from being regulated by FCA, NFA and CySEC, eToro ensures that all the data collected from their users that are registered is secure. Their website utilizes SSL technology to transfer information. If your mobile tool is linked to the account, it can greatly assist in future verifications. Also, beneath the account settings, it is possible for you to either select from a public or private profile.
The public profile enables other users to see your trading information, be duplicated and searched and become visible on individual’s discovery. When your profile is private, it gets rid of all the features described earlier and you can maintain privacy in everything. Also, you can duplicate trades freely.
The channels for customer care for eToro are present from Monday to Friday, 24/5. You can get in touch with them by email or telephone. eToro.com’s website lacks an installed feature for live-chat, which is unusual. Perhaps it will be installed in future.
A lot has been discussed concerning the website being unable to keep their word by submitting user’s money into their chosen withdrawal options. However, we began to investigate these allegations and just discovered that many of them involve mistakes with their confirmation procedure, ID uploading issues, etc. Overall, eToro.com is very efficient where withdrawals are concerned.
Advantages and Disadvantages
- Website is expertly set up.
- Informative materials (videos).
- Verification procedure is simple.
- Virtual account.
- Copy trading
- Prohibits Bitcoin withdrawals/deposits.
- Few cryptocurrency listings.
- Live chat is unavailable.
This review’s most difficult part is searching for the website’s defects. The only defects we have discovered is that they do not have payment options and have few coins listed as well as lack of a live chat. Apart from the ones that are described, everything is fabulous!
A factor that we have noted after exploring their website and trading platform briefly is that everything is placed in a tidy manner in its rightful area. It certainly lacks the congestion found in other websites, which provide similar services like them. Everything eToro.com has is important and the website’s design is vital also.
The available educational material on this website is simply brilliant! From videos on how to trade successfully to interactive trading lessons, everything is dealt with in steps. It makes it simpler for new traders to adore their website and become hooked immediately. Their social network ability is unique and presents one of the pioneers in the sector where integrating trading and social network is concerned.
In general, the website is strong and there is no issue at all when new traders want to explore their website and learn about it!