- 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
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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.
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.
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:
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.
|Minimum opening balance||US$200||US$200|
|Spreads||From 1.0 pips||From 1.0 pips|
|Commission per lot||$0||$7|
|Leverage||1:1 – 400:1||1:1 – 400:1|
|Minimum trade size||US$1 (For copy trading)||US$1 (For copy trading)|
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:
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.
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:
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.
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.
Read our AvaTrade review to find out if its right for your trading needs and the simple steps you can take to sign up for an account.
IG trading offers tight spreads from 0.6 pips, fast order execution and access to more than 70 currency pairs.
CMC Markets provides online trading services to Singapore customers who can enjoy low commissions and the features of an award-winning trading platform.
CFD and forex traders can access over 4,500 financial markets with City Index, including 84 foreign currency pairs.
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