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What is eToro?

What is eToro

The company eToro is a social trading broker founded in 2007 and is an Israeli-owned fintech startup. This broker serves clients from the UK through an entity regulated by the Financial Conduct Authority (FCA), clients from Australia through a named entity. Australian Securities and Investment Commission (ASIC). Customers from other countries are served through a Cypriot entity regulated by the Cyprus Securities and Exchange Commission, or CySEC for short.

What is eToro

The company eToro is a social trading broker founded in 2007 and is an Israeli-owned fintech startup. This broker serves clients from the UK through an entity regulated by the Financial Conduct Authority (FCA), clients from Australia through a named entity. Australian Securities and Investment Commission (ASIC). Customers from other countries are served through a Cypriot entity regulated by the Cyprus Securities and Exchange Commission, or CySEC for short.

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eToro itself is not actually listed on any stock exchange, does not disclose its annual report on the website and does not own a parent bank. But this company is considered safe because it has been regulated in a number of countries.

Even though it has been chosen as the best broker for cryptocurrency and social trading based on an in-depth analysis of 57 other online brokers, you should consider carefully if you want to trade CFDs with this broker because it is reported that 75% of small investors lose their money when using the services. this company.  

Pro Contra eToro

The company offers commission-free stock and ETF trading in European countries and offers low-cost commissions to its clients outside Europe. Account opening is also relatively fast, and has innovative features such as social trading, which allows you to imitate the trading strategies of other traders. The minimum deposit is also small at $200 which can be made either via credit card or e-Wallet. The products offered include stocks, ETFs, Forex, CFDs and Cryptocurrencies, as well as offering demo accounts.

Above is the plus side, the downside is that the forex fees charged by this company are quite expensive, with a slow withdrawal process and a $5 fee. The company also only offers a base currency account. In addition, for users and traders in Indonesia, a VPN must be used to access eToro. This is different from other brokerage companies such as AvaTrade.com and Capital.com which cover the costs of all deposits and withdrawals, and we don’t need to use a VPN to access these two brokers.

 eToro Trading Fees On Its Products

  1. Stocks and ETF trading, this company does not charge their clients a commission based in Europe, but charges their clients outside Europe quite low fees, such as low spread fees.
  2. CFDs, also generally charge a fairly small trading fee, when compared to other brokers.
  3. Forex, charged a fairly high fee when compared with other brokers.
  4. Non-trading fees include a monthly fee of $10 after one year of inactivity, and a withdrawal fee of $5

Account Opening

Opening an account on eToro is very fast and smooth, completely digital with a fairly small deposit of $200. The company can be accessed in almost all countries in the world, except for 36 countries, most of which are African countries.

How to open an account is very easy, it only takes one day. You start by registering your email or Facebook or Google+ account. After that, you can have access to the trading platform and start trading with a demo account for $100,000. However if you are trading with real money, you must verify your identity and residence by uploading documents such as a copy of your passport or ID card, and a copy of your utility bill or bank statement.  

What is the Minimum Deposit for eToro?

In many cases like you who are from Indonesia, this company requires a minimum deposit of $ 200, but it turns out that it is different in a number of countries, as follows:

  • If you are from Israel, the deposit is $10,000
  • If you are from Australia and the US, then for $50
  • If you are from Russia, China, Hong Kong, Taiwan and Macau, the deposit fee is $500

Deposits can be made by credit and debit cards and there is no charge for making a deposit. However, as explained earlier, there will be a withdrawal fee. In addition, the available accounts are only based on US Dollars (one account base currency). This means, if you make a deposit in Rupiah, your money will be immediately converted to US dollars. And don’t forget, those conversions also come at a cost, albeit a very small one. For example, if you deposit in Euro currency, you will be charged a fee of 0.025% for the deposit and also a conversion fee when withdrawing funds later.

Fees and Deposit Options

eToro does not charge a deposit fee, and to make a deposit, it can be done by bank transfer, credit and debit cards, Paypal, Skril, Neteller and WebMoney.

Bank transfers usually take between 4 to 7 business days, and there is no maximum deposit amount. However, if done via credit/debit card and e-Wallet, the deposit process will be very fast, but the maximum limit is $40,000, while e-Wallet is also the same, the process is very fast but has a maximum limit of $10,000 or $20,000.

Fees and Multiple Withdrawal Options

For withdrawals, eToro charges a fee of $5, which is quite high compared to other brokers. In addition, the minimum amount that can be withdrawn is $50. As with the deposit process, withdrawals can be made by bank transfer, credit/debit card or e-Wallet.

In general, the process of withdrawing funds from an eToro account usually takes 2 (two) working days.

What is eToro

The company eToro is a social trading broker founded in 2007 and is an Israeli-owned fintech startup. This broker serves clients from the UK through an entity regulated by the Financial Conduct Authority (FCA), clients from Australia through a named entity. Australian Securities and Investment Commission (ASIC). Customers from other countries are served through a Cypriot entity regulated by the Cyprus Securities and Exchange Commission, or CySEC for short.

Etoro

Register Etoro Here

eToro itself is not actually listed on any stock exchange, does not disclose its annual report on the website and does not own a parent bank. But this company is considered safe because it has been regulated in a number of countries.

Even though it has been chosen as the best broker for cryptocurrency and social trading based on an in-depth analysis of 57 other online brokers, you should consider carefully if you want to trade CFDs with this broker because it is reported that 75% of small investors lose their money when using the services. this company.  

Pro Contra eToro

The company offers commission-free stock and ETF trading in European countries and offers low-cost commissions to its clients outside Europe. Account opening is also relatively fast, and has innovative features such as social trading, which allows you to imitate the trading strategies of other traders. The minimum deposit is also small at $200 which can be made either via credit card or e-Wallet. The products offered include stocks, ETFs, Forex, CFDs and Cryptocurrencies, as well as offering demo accounts.

Above is the plus side, the downside is that the forex fees charged by this company are quite expensive, with a slow withdrawal process and a $5 fee. The company also only offers a base currency account. In addition, for users and traders in Indonesia, a VPN must be used to access eToro. This is different from other brokerage companies such as AvaTrade.com and Capital.com which cover the costs of all deposits and withdrawals, and we don’t need to use a VPN to access these two brokers.

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 eToro Trading Fees On Its Products

  1. Stocks and ETF trading, this company does not charge their clients a commission based in Europe, but charges their clients outside Europe quite low fees, such as low spread fees.
  2. CFDs, also generally charge a fairly small trading fee, when compared to other brokers.
  3. Forex, charged a fairly high fee when compared with other brokers.
  4. Non-trading fees include a monthly fee of $10 after one year of inactivity, and a withdrawal fee of $5

Account Opening

Opening an account on eToro is very fast and smooth, completely digital with a fairly small deposit of $200. The company can be accessed in almost all countries in the world, except for 36 countries, most of which are African countries.

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How to open an account is very easy, it only takes one day. You start by registering your email or Facebook or Google+ account. After that, you can have access to the trading platform and start trading with a demo account for $100,000. However if you are trading with real money, you must verify your identity and residence by uploading documents such as a copy of your passport or ID card, and a copy of your utility bill or bank statement.  

What is the Minimum Deposit for eToro?

In many cases like you who are from Indonesia, this company requires a minimum deposit of $ 200, but it turns out that it is different in a number of countries, as follows:

  • If you are from Israel, the deposit is $10,000
  • If you are from Australia and the US, then for $50
  • If you are from Russia, China, Hong Kong, Taiwan and Macau, the deposit fee is $500

Deposits can be made by credit and debit cards and there is no charge for making a deposit. However, as explained earlier, there will be a withdrawal fee. In addition, the available accounts are only based on US Dollars (one account base currency). This means, if you make a deposit in Rupiah, your money will be immediately converted to US dollars. And don’t forget, those conversions also come at a cost, albeit a very small one. For example, if you deposit in Euro currency, you will be charged a fee of 0.025% for the deposit and also a conversion fee when withdrawing funds later.

Fees and Deposit Options

eToro does not charge a deposit fee, and to make a deposit, it can be done by bank transfer, credit and debit cards, Paypal, Skril, Neteller and WebMoney.

Bank transfers usually take between 4 to 7 business days, and there is no maximum deposit amount. However, if done via credit/debit card and e-Wallet, the deposit process will be very fast, but the maximum limit is $40,000, while e-Wallet is also the same, the process is very fast but has a maximum limit of $10,000 or $20,000.

Fees and Multiple Withdrawal Options

For withdrawals, eToro charges a fee of $5, which is quite high compared to other brokers. In addition, the minimum amount that can be withdrawn is $50. As with the deposit process, withdrawals can be made by bank transfer, credit/debit card or e-Wallet.

In general, the process of withdrawing funds from an eToro account usually takes 2 (two) working days.

Platform Trading Website

eToro offers a trading website platform with a quite attractive and modern design and has a score of 4.4 out of 5 stars, which is available in many languages. In addition, on this platform there is also social trading. Unfortunately, the website platform has limited customization capabilities including the charts and workspace.  

To log in, you can choose to choose a two-step login system that will provide double security for your account. The search function is also good and easy to use to find the name of a company and product. To place an order is also very easy, where you can use order types such as market, limit, stop-loss, and trailing stop-loss.

One thing that should not be forgotten is that the website platform is also equipped with a pricing notification function to get notifications about the targeted price. You can also get a report on your asset portfolio where a chart will show your current portfolio. Not only that, you can also get information about reports on costs and track the flow of funds.

Platform Trading Mobile

Functioning the same as its website platform and available in 21 world languages, eToro has a trading platform in the form of a mobile application that can be downloaded from Google Play and the Apple Store. The platform uses specific intuitive functions such as push notifications or good touch screen interactions. For example, you can simply move your fingers from left to right and vice versa to access various charts or open new trades.

Market and Products

Actually eToro is a broker especially for CFD and Forex. However, you can trade real stocks, ETFs, and many types of cryptocurrencies. eToro also comes with great features like social trading and CopyPortfolio.

All non-leveraged long positions for equities, ETFs and Cryptocurrencies will be traded as real assets. This means that when you buy ETF shares or Cryptocurrencies without any leverage, you are actually buying real shares, ETFs and Cryptocurrencies, not CFDs.

Keep in mind, when compared to other brokers, the products that eToro has are not too many. For example eToro has fewer stock, commodity and currency pairs CFD products. But here, you can also trade with a wide variety of popular Cryptocurrencies.

CopyTrader and CopyPortfolio

It should also be informed here that eToro has two different innovations, namely copyTrader and copyPortfolio.

CopyTrader is also known for its excellent social trading features. Here one by one you can copy the portfolios of traders who also trade with eToro. You can browse through the profiles of other traders, check their performance by month or by year. In addition, eToro also provides a risk score for each trader. Furthermore, you can copy no more than 100 traders at the same time.

Oh yes, the amount of money you can invest on a single trade is $200 and the maximum is $500,000. there is only one weakness of CopyTrader that is, you can not partially close your position, but fully.

As for CopyPortfolio, practically it is an investment fund, but under the umbrella of a CFD portfolio. With CopyPortfolio, you can invest in either a theme or a portfolio of top eToro traders

The proportion of CFD on that particular CopyPortfolio is clearly explained. You can check the performance and distribution of assets, as well as read investment strategies. CopyPortfolio is built around a theme by the eToro algorithm or eToro’s outside partners. It looks quite complicated but in the end this means you can easily invest in semi-funds (quasi-funds). The minimum investment amount on this CopyPortfolio is $5,000. interestingly, eToro will also check your financial knowledge to determine whether this CopyPortfolio is right for you or not.

Stocks and ETFs

If you buy shares or EFTs that are not leveraged, you are buying real assets. Usually, this feature will not be offered by other CFD and forex brokers. Besides that, eToro’s choice of access to 16 world stock exchanges is quite good, although when compared to other stock brokers it is not good enough. There are also a number of risks that you need to consider when you choose stocks. Your capital is at risk.

The 16 stock exchanges are Amsterdam, NYSE, New York Tech, Euronext Brussels, Euronext Lisbon, Frankfurt, London, Paris, Madrid, Milan, Zurich, Oslo, Stockholm, Copenhagen, Helsinki, Hong Kong.

Cryptocurrencies

Cryptocurrency prices can fluctuate massively and are therefore not suitable for all investors. Not only that, trading in this type of currency is not supervised by EU regulators, such as MiFID and even Bank Indonesia still does not recognize this type of currency. Therefore, if you trade this Crypto currency, then you will not get investment protection.

The currencies offered by eToro are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Litecoin, Cordano, IOTA, TRON, TRON, ZCASH, Binance coin, Dash, Stellar, EOS, NEO, Tezos and XRP.

Research

eToro broker has good technical analysis tools. There are a number of recommendations from analysts and market sentiment indicators available. Unfortunately, eToro does not have comprehensive fundamental data and has poor quality news information.

On some popular stocks, you will find recommendations such as analyst consensus (buy/sell/hold), average price targets, hedge funds sentiment and insider trading sentiment. In some cases, you can also read a number of analyst reports. But unfortunately, this research feature is only available on a limited number of stocks.

eToro also provides basic fundamental data, including company profiles and some very basic indicators and ratios such as EPS, dividend yield and beta. You can also get a daily market analysis newsletter to keep track of market conditions.

In terms of news feeds, keep in mind that the news delivery provided by eToro is not as official as for example Bloomberg, but it is like a market-themed Twitter feed, showing messages posted by eToro users and analysts.

Customer Service

In terms of customer service, eToro is a well-regarded broker. You can contact them using a number of methods and then get a quick and relevant answer. But unfortunately, you can’t contact them by phone and can’t contact them on weekends (Saturday/Sunday) via live chat. In addition, it was difficult to find live chat on the webpage.

Education

eToro’s educational tools are limited, providing only a few medium-quality videos on investment. The broker also provides demo accounts and introductory guidance to the platform. This content is intended for educational purposes only, and should not be construed as investment advice.

Conclusion

Social trading is very popular, especially for novice traders. eToro brokers understand what they are looking for by offering a variety of experiences from other experienced eToro traders. The explanation is also given in a simple and fairly transparent manner with the support of several innovative platforms available in dozens of languages. That’s why, if you are a beginner trader who is still new to the world of trading and investing, then eToro is very suitable for you as a place to trade.

There are two other best alternative brokers that novice and experienced traders can rely on, namely AvaTrade.com and Capital.com, both of which are proven to have advantages that eToro broker does not have.

What do you think?

Written by Hilman Wijaya

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