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eToro review: CFD and forex social trading

Follow the lead of experienced forex traders with eToro, the world’s largest social trading network.

etoro logo

While there are plenty of global online brokers, eToro’s big drawcard is its social trading feature that allows you to copy the actions taken by the platform’s leading traders.

Although targeted towards more active traders, the fact that you can learn from others and stock investment ideas makes this platform a solid option for anyone looking to master their skills in stock, forex, commodities and cryptocurrency trading.

Learn more about eToro in this review.

warning iconImportant: This broker offers CFDs which are a leveraged product and can result in the loss of your entire capital. Ensure you fully understand the risks before trading.
Disclaimer: Trading in financial instruments carries various risks, and you can lose more than your capital. This article may contain general advice. You should always seek professional advice when deciding if a product is right for you.

Quick verdict

Good for
  • Copy trading feature
  • World’s biggest social trading network
  • Educational material and data
Not so great for
  • Account base currency always in USD
  • No MetaTrader 4 (MT4)
  • Does not have a Singapore account

About eToro

eToro was launched in 2006 in Tel Aviv and soon became a global trading phenomenon. Today it’s known for having the largest combined social network of CFD, stock, commodity and forex traders in the world, with 11 million users.

The platform made a name for itself largely thanks to its popular copy trading feature which allows users to track and imitate the actions of the platform’s most successful traders.

Starting with their OpenBook platform and later their eToro trading and investing platform, they can be almost solely credited with spearheading the social trading revolution. If you’re looking for more than just a standard forex or CFD broker, then the social trading elements outlined in this review are for you.

Snapshot of eToro’s platform

  • Markets: 47 global currency pairings, commodities, cryptocurrency, index CFDs, stock CFDs
  • FX commission per lot: $0
  • CFD broker fee: $0
  • Spreads: From 1.0 pips
  • Minimum opening balance: $200 (to copy trade)
  • Trading platforms:eToro Trading Platform
  • Account types: Demo (unlimited), Retail, Professional
  • Mobile trading: Yes
  • Deposit methods: Credit Card, PayPal, Neteller, Skrill and WebMoney
  • Leverage: 1:1 – 400:1
  • News and advice: News and user updates via OpenBook
  • Expert advice: No
  • Support: Live chat
  • Regulation: ASIC, FCA, CySEC

Key features

As one of the most popular trading platforms in the world, eToro’s platform has more than a couple of draw-cards. Here are the key account features worth highlighting:

  • Copy trading. As an eToro user you can view the trading activity of other users and then copy them to make your own, better informed trades. The trading decisions made by eToro users are uploaded to the eToro network, where you can view them in different statistical ways. If you follow other traders, eToro duplicates every trade made in the accounts you choose to follow.
  • Market data and news. The eToro platform connects you with users around the world so you can discuss, share and learn about market ideas and trading strategies. Its Twitter-like news feature on the OpenBook platform offers live user updates on which trades they’re making or what markets they’re keep an eye on. You also have access to training courses, research papers and price data.
  • Access to markets. The eToro trading and investment platform provides easy access to global forex, commodities, cryptocurrency and CFD markets through any web browser. If you’re on the go, you can access your eToro trading account via your mobile browser, or on the dedicated Android and iOS apps.
  • Risk management. You can edit both your desired risk level and the amount you wish to invest with each trade through the use of mandatory stop-loss levels. This allows you to tailor each trade to suit your risk/reward strategy.

What markets can I trade with eToro?

  • Forex. eToro offers traders the ability to choose between 47 forex currency pairs. Currencies are traded on eToro as CFDs.
  • Stock market CFDs. Trade individual, publicly listed companies as CFDs. eToro gives you the option of trading a number of global stock market CFDs.
  • Indices. Instead of investing in individual companies, stock market indices allow you to invest in a basket, such as the top 500 US stocks in the S&P 500.
  • Commodities. If you’re looking at diversifying your portfolio by investing in commodities, the options eToro has on offer include silver, gold, copper, palladium, platinum, natural gas and oil.
  • Cryptocurrencies. eToro allows you to trade cryptocurrency CFDs such as Bitcoin or Ethereum.

What are eToro’s spreads and fees?

eToro does not charge any broker fees or commissions, regardless of the asset being traded. Instead, it charges entirely on foreign exchange spreads. For this reason, eToro doesn’t have the lowest spreads on the market, starting at 1.0 pips for SGD/USD and running as high as 50.0 pips for exotic currency pairings.

Withdrawal and deposits. eToro users trade in USD, so Singaporeans will need to convert their SGD when they fund or withdraw from their account. In addition to the FX fee, you’ll also need to pay a US$5 withdrawal fee.

Inactivity fee. If there has been no login for 12 months, eToro charges an inactivity fee of US$10 per month until any remaining funds are removed. No open positions will be closed to cover this and the fee will stop once a user logs in.

RetailProfessional
Minimum opening balanceUS$200US$200
SpreadsFrom 1.0 pipsFrom 1.0 pips
Commission per lot$0$7
Leverage1:1 – 400:11:1 – 400:1
Minimum trade sizeUS$1 (For copy trading)US$1 (For copy trading)

Is eToro trustworthy?

eToro is regulated by financial authorities in the US, Europe and Australia.

Among popular user review sites, feedback has been mixed. On the complaints side, reviewers primarily point to the withdraw fees, spreads and poor online customer service. The positive reviews highlight eToro’s user-friendly platform and OpenBook feature which allows users to share live trading news and ideas with each other.

Ratings from review sites:

  • Forex Peace Army: 2*/5
  • Trustpilot: 2.5*/5
  • ForexBrokers.com: 4*/5

Fund withdrawal: You can withdraw your funds at any time with eToro however the minimum you can withdraw is $30 and there is a $5 withdrawal fee. You can withdraw funds using a credit card (1-2 days), PayPal (1-2 days) or bank transfer (up to 8 days).

Note: Forex and CFD trading itself always carries risks which you should be aware of, so read up before you start investing. Do your research before signing up to any forex or CFD trading platform.

How do I open an eToro account?

It’s free and easy to create an eToro account. Simply apply online by clicking the ‘sign up’ button on the eToro website and follow these steps:

  • Supply your full name
  • Enter your email address and phone number
  • Create a username and password

In order to satisfy financial service regulations, you’ll also need to provide proof of ID so your account can be verified. To do this, you’ll need to provide scanned colour copies of a government-issued ID, such as your driver’s licence.

How do I contact support?

If you have a question about your account, eToro offers a help section on its website. If you can’t find the answer you’re looking for, live chat is available.

You can also learn more about trading forex and CFDs through the eToro Trading Academy, which provides webinars, an e-course, trading tips and a dedicated education centre.

Support options:

  • Live chat
  • Trading academy
  • No phone service

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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