eToro review : Our complete test and user opinion 2023
eToro is the number one broker in the online trading market. The platform offers access to a trading platform with prices traded on all financial markets, including crypto. eToro also offers unprecedented social trading and copy trading functionality accessible to everyone. In this article, you will find our complete opinion on eToro, point by point to know if this platform is worth its notoriety.
The eToro broker is not the number one for nothing, it allows individuals to invest easily, whether in cryptocurrencies or in other financial assets. For many years, it has offered an easy and intuitive solution that attracts millions of investors.
Its communication also plays a key role: eToro is a marketing and advertising pro. We have gathered in this point, the different advantages of eToro, the positive points.
Here are the strengths of eToro according to us :
Leader in the world of trading
Social Trading and CopyTrade
Many assets available
Suitable for beginners
Possibility of demo account
1) World leader
eToro is the world’s leading broker. It is to him that retail investors turn when they wish to buy shares or any financial asset.
The platform has been offering to buy cryptocurrencies since 2017.
eToro prides itself on being recognized as the Facebook of trading by the general public. The platform presents the trading options in a simplified way and contains a lot of information on the different assets available on the platform.
2) Secure platform
eToro is a very secure platform : it requires more information than most cryptocurrency exchange platforms. Indeed, financial assets are also available and you will have to answer a questionnaire during your first connection.
Also when you have completed your KYC identity and address verification, you will be asked to give your tax number in order to verify if you are authorized to participate in financial markets.
As a platform of some influence, eToro makes sure to offer the most secure platform possible.
3) Intuitive platform
The platform is very easy to use. All features/information presented are logical and understandable to all users. eToro has worked to provide an interface that is simple and efficient.
4) Social Trading and CopyTrade
The great particularity of eToro lies in its deep concept. The platform presents itself as a social trading network. Each investor has their own account and can publish news on their feed.
We can therefore subscribe to accounts and interact between investors. This offers a real playful and pleasant side to trading.
The big advantage of this proposal is that a “Copy” functionality is included when visiting someone’s profile. On each profile, we can see the statistics, the portfolio, etc. of the user.
If we want to follow an investor’s trades, we just need to set up the CopyTrade and a few clicks to launch eToro’s copy trading functionality.
The trades start automatically following the choices of the person you have decided to follow.
To find profiles to copy, click “Search” in the menu on the left. You will then see the “CopyTrader” category with the necessary information about the profiles.
5) Wide range of assets
eToro offers all the financial assets that could interest a “standard” trader and investor. The broker offers :
Everything a novice or experienced trader needs !
6) Accessible to beginners
The platform wants to offer a simple and understandable experience to everyone, even beginners. Trading can be a complicated environment and repel novices. The broker wanted to create a simple environment.
eToro wants to cut to the chase and focus on its brokerage business without drowning you in complicated information or stuff. Only allow you to buy and sell assets to build a stock portfolio.
7) The demo account
eToro allows you to create a demo account and thus try your hand at trading without involving your funds. Perfect for beginners, once again eToro stands out in the possibilities given to newcomers.
Our full take on fees, features, regulations : eToro review
eToro was founded in 2007 by the Assia brothers in Israel. Since its launch, it has offered social trading with no minimum capital.
The broker quickly became a mainstream platform for stock trading, and launched the first online trading application.
It was in 2017 that eToro launched into cryptocurrency by offering a selection of tokens for purchase and sale.
The platform is known for its aggressive marketing : team sponsors, advertising campaigns. It is very likely that you have already seen eToro advertising campaigns.
eToro offers you group purchases at prices set by the platform, so you will always buy above the price and sell below the price.
Brokers like eToro are remunerated thanks to this price difference called the spread. eToro spreads range from 1% for cryptocurrencies, to 2 pips for commodities.
Regarding other platform fees, there are no registration fees, management fees, and 0% fees on the purchase of shares.
eToro fees consist of withdrawal fees set at $5, currency conversion fees, inactivity fees ($10 per month of inactivity after 1 year of inactivity).
Our take on eToro fees is that they are not outliers but also not part of the low average. It is necessary to remain vigilant not to leave an inactive account open, and to rationalize the withdrawals so as not to have to pay the fixed prices too often.
The different products offered by eToro
As you will have understood, the main advantage of eToro lies in the fact of offering a wide range of assets beyond the world of crypto.
You can invest in stocks, indices, ETFs and commodities. The broker offers a fairly wide range of financial assets that will allow anyone to embark on the adventure of trading with the best known assets.
However, we regret a too low supply in cryptocurrencies.
eToro is highly regulated and has a panel of regulations across the world. In Europe, the broker is regulated in the UK by the FCA, in Cyprus by the CySEC and in the Netherlands by the DNB.
For other continents, the broker also has many regulations.
We wanted to compare our opinion and our experience with that of the users of the platform. To do this, we took to the reputable review site Trustpilot to see what people think of eToro.
The international broker receives an excellent score of 4.3/5 for more than 17,000 reviews!
The rating is excellent and very rare for a trading broker. This proves the very good reputation of eToro compared to many brokers who have much lower ratings on the same site.
Positive eToro reviews mention, for example, the wide choice of assets, reasonable fees, the availability of eToro teams, the intuitive and easy side of the site.
Negative eToro reviews mention a lack of responsiveness from the team in the event of a problem, withdrawal problems, the fact that you cannot actually buy cryptos (normal on a broker).
Even if it is very interesting to put the opinions of platform users into perspective, it is always necessary to take a step back from the situations of each one.
⚠️ This article is published for informational purposes and should not be considered as investment advice. Crypto-currency trading involves risk and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and shall not be held liable, directly or indirectly, for any damage or loss caused as a result of using any goods or services highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Web editor for many years and SEO specialist, Thomas became an editor for InvestX when the site was launched. Passionate about the field of crypto and Web3, Thomas has made it his mission to deliver maximum value and introduce readers to the world of blockchains, considered for him as the world of tomorrow.
Risk Warning: Trading financial instruments and/or crypto-currencies involves high risks, including the risk of losing all or part of your investment, and may not be suitable for all investors. Crypto-currency prices are extremely volatile and can be affected by external factors such as financial, regulatory or political events. Trading on margin increases financial risk.
Before deciding to trade in financial instruments or crypto-currencies, you should be fully informed of the risks and fees associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and tolerance for risk, and seek professional advice if necessary.