You can trade commission-free on both UK and international stocks with eToro, which is why we’ve given it a good rating for fees, although there are some charges, as we highlight in our fees section. It’s regulated and authorised by the Financial Conduct Authority (FCA) in the UK and covered by the Financial Services Compensation Scheme (FSCS), so you’ll be protected for up to £85,000 if eToro were to go bust. eToro took home the prize for CFD and Forex Trading Innovation in the Finder Innovation Awards 2020. We named eToro as best for 0% commission when we compared all of the trading apps that we've reviewed on our site against 70 metrics. You can see all of the other best trading apps in our guide.
eToro is known for its copy trading feature, which lets you see what other traders are doing, and copy them. We’ve explained the feature in a bit more detail below. You’re not guaranteed to make any profits, and your money is at risk when you invest.
We’ve analysed some of the key features of eToro, whether it’s really free, and what you can invest in.
Did you know?
eToro was expected to list on the NASDAQ stock exchange in 2021. It isn’t following the traditional IPO route, and is instead going public via a special purpose acquisition company (SPAC). The company is merging with Fintech Acquisition Corp and is expected to be valued at $10.4 billion (around £7.7 billion). If you want to look into investing in eToro, we’ve got a whole guide.
|General investment account|
|Individual savings account (ISA)|
|Pension or SIPP|
|Lifetime ISA (LISA)|
eToro’s main drawback is that you can only invest in a general investment account – it doesn’t have pensions or ISAs on offer. The most similar provider that also has an ISA is Trading 212. We’ve compared eToro and Trading 212 below.
What stocks can you trade with eToro?
|Stock exchanges rating||★★★★★|
|London Stock Exchange (LSE)|
|New York Stock Exchange (NYSE)|
|Toronto Stock Exchange (TSX)|
|Japan Exchange Group (JPX)|
|Frankfurt Stock Exchange|
|Stock Exchange of Hong Kong|
|Bolsa de Madrid|
|Saudi Stock Exchange|
|The Swiss Stock Exchange|
eToro lets you invest in over 1,000 different global stocks from the world’s leading exchanges. You can access some major stocks, including Apple, Netflix, Google, easyJet, Barclays, Airbus and Adidas.
eToro has helpfully organised its stocks by industry, such as technology, healthcare and consumer goods. You can also search by stock exchange. Once you’ve done this, you can sort the stocks by performance over certain periods and alphabetically.
You can also trade cryptocurrency on eToro. We’ve covered this in full in our eToro cryptocurency review.
You can’t buy stocks that are listed on the Toronto stock exchange, Japan Exchange Group or Deutsche Börse with eToro.
|Standard platform charge (monthly)||0%|
|Best platform charge (monthly)||0%|
|Standard fee per trade||£0|
|Best fee per trade||£0|
|Forex conversion fee||0.5%|
|Withdrawal fee||$5.00 (around £3.50)|
|Inactivity fee (monthly)||$10.00 (around £7)|
eToro’s fees are one of the main reasons it’s so popular. You don’t pay commission on trades, which is ideal if you plan to trade regularly.
Despite the much-publicised “commission-free” trading option, eToro isn’t really free. It comes with a couple of unavoidable fees, such as for deposits into and withdrawals from your account and for converting your deposits into another currency.
To get the most out of its extensive trading platform, you can find yourself paying a number of standard (and unexpected) fees, and these can be confusing for beginner traders. Make sure you check its fees before you begin trading, especially around inactivity fees (a fee for not trading but still having money in your account) and currency conversion.
Commission-free investing is currently only available in countries under FCA and cySEC regulation, which includes the UK and all major European countries.
There’s also a minimum deposit amount of $10 for your first deposit. Zero commission doesn’t doesn’t apply to any leveraged trades, shorts or stock CFDs.
While you won’t pay commission on basic share buy and sell orders, you’ll still need to pay a $5 withdrawal fee, and the minimum withdrawal amount is $30.
eToro tools and research
|Tools and research rating||★★★★★|
|Advanced charting tools|
|Social or copy trading|
eToro’s got an array of trading tools that can help you, including interactive charting and advanced charting tools. You can use stop loss and trailing stop to have more control over your trades.
When it comes to research, there’s great research on stocks, exchange traded fund (ETF) research, latest news and company announcements. You can also create watch lists and get tips from other traders with social trading.
eToro has a virtual portfolio, which is a demo account that lets you trade up to the value of $100,000 to practise without using real money.
What’s it like to use eToro?
eToro customer satisfaction
|Customer satisfaction rating||★★★★★|
|Help over the phone|
|Help via email|
|Help in app|
|Community, forum or a space to share ideas|
We carried out a customer satisfaction survey in December 2021.
eToro’s customers like cheap trading fees and found that it’s easy to use. Good customer service was one of the key positives mentioned about the platform.
Some reviews mentioned that they didn’t like the layout of the platform or felt that it was too complicated.
On consumer review platform Trustpilot, eToro has 2.8 out of 5 stars and a rating of “Average”, based on more than 6,300 reviews.
Things are brighter in the App Store, where the eToro app has 3.5 out of 5 stars based on more than 4,700 reviews. On Google Play, the eToro app has 4.1 out of 5 stars based on more than 5,000 reviews.
Positive feedback included the ease of use and flexibility to switch between stocks and crypto. Negative feedback centred around technical glitches and issues with withdrawals.
On Reddit, the users thought that eToro was easy to use and has a good platform. Most of the negative comments surrounded the withdrawal charges and the inactivity fees. (Updated June 2, 2021).
eToro review: What else do I need to know?
eToro lets you trade stocks, exchange-traded funds (ETFs), contracts for difference (CFDs), commodities and currencies. As well as low-cost investing, eToro also offers the OpenBook trading platform, which lets users automatically copy and execute another investor’s trades.
Along with digital trading platforms such as Freetrade and Trading 212, eToro offers a free investing account. This means users can buy and sell a range of global stocks with no commission.
What is copy trading?
eToro is the leading social trading platform because of its copy trading feature. This means that you can connect with others to share your investment strategies and discuss trading with the user base. You can also copy other traders’ actions in real-time. This is a nice way of getting the hang of how it works and utilising others’ knowledge and experience.
The platform allows you to filter the different traders that you can copy by loads of different things, such as the risk score, how many people already copy them, how many profitable weeks they’ve had and where they’re located. It also has “trending” traders, “top investors”, and investors based on the risk score.
The platform lets you see the users’ average risk score and gains in the last year. Of course, as always, past performance is not an indication of future results.
eToro cryptocurrency tradingeToro Crypto has 56 cryptocurrencies available to trade. It charges a slightly different spread for each cryptocurrency.
You can’t use leverage when trading cryptocurrencies in the UK as this was banned by the FCA on 6 January 2021.
How much does it cost to trade crypto with eToro?
eToro charges a spread on cryptocurrencies, which is essentially a fee placed on top of the market price for a given asset. Fees vary depending on the cryptocurrency being bought or sold.
There are other fees, such as for withdrawals or to convert your money into US dollars.
We’ve covered all the details of the coins, fees and features of eToro’s crypto trading in our dedicated eToro crypto review.
eToro CFD trading
If you’re more of an advanced trader, eToro allows you to trade contracts for difference (CFDs). These allow you to trade on market volatility without ever having to own the underlying asset. Great if you don’t want a truck full of soybeans rocking up on your doorstep.
Features of eToro’s CFD trading platform include:
- Customised risk management. “Trailing Stop Loss” and “Take Profit” can help you protect your investments.
- Analysis tools. Includes charts, analyst consensus and insider transactions.
- Innovative features. These include One-Click Trading, real-time alerts and interactive newsfeeds.
- Leverage. You can apply for up to 1:30 leverage.
What is leverage?
You’ll see leverage being referred to on the site as a ratio, such as 1:30 that you see above. Leverage allows you to open positions that are larger than your capital. For the example above, for every £1 you trade, you have the effect of £30 capital. Because of this, it is possible to lose more than your initial investment, which makes it riskier. You may have to have the funds available in your account to cover losses.
What are the eToro Club tiers
The eToro Club is a tiered membership program that you can add to your eToro account, based on the amount of realised equity you have on the platform. It offers a range of perks including fee discounts, analytical tools and access to events.
You can get additional benefits and features with each upgrade in the eToro Club. The tiers are:
- Silver – $5,000+
- Gold – $10,000+
- Platinum – $25,000+
- Platinum+ – $50,000+
- Diamond – $250,000+
What is eToro Money?
eToro Money is available to all eToro members, with an added benefit of a Visa debit card for eToro Club members (explained above). This lets you deposit and withdraw money from your account. Those with a Visa card can do so with their card, with no setup costs or monthly feed. Those who aren’t eToro Club members get a sort code and account number, which lets you send and receive funds into and out of your eToro account without any conversion fees.
How to sign up for eToro
It takes 30 seconds to create your investing account via the eToro website, but you’ll then need to complete your profile and verify your account. This can take 10-15 minutes.
- Create an account. This doesn’t take long. You just need to choose a username and enter your email address and a password.
- Provide more information. You’ll need to select “complete your profile” to enter this. We’ve listed some of the things eToro will ask for below.
- Answer some questions. These will be about your experience of trading in the past, including equities, crypto and leveraged products.
- Tell eToro what you plan to trade and for how long. You can choose between stocks, crypto, currencies, commodities and indices.
- Give an indication of your future plans. This includes information about what you’re investing for and your expected risk and reward scenario.
- Provide a photo of your ID. You’ll have to provide a copy of your passport or ID card and a utility bill or bank statement.
You’ll need to provide:
- Your name
- Your date of birth
- Your address
- Your national insurance number
- Whether you are a US citizen
- Information about your income
- Your phone number and email
It can take up to 3 business days for your account to be verified.
How to use eToro
Once you’ve been verified, you can deposit funds and start trading. With the free account, you can access many of the regular eToro features like CopyPortfolio, virtual trading and TipRanks expert stock analysis.
You can add and remove stocks, cryptocurrencies, ETFs, indices, commodities and currencies to your watchlist, and also track your portfolio.
However, when using the platform, keep in mind that only basic stock buy orders are commission-free. It can be quite easy to get carried away and start dabbling in other types of assets, but these will attract trading fees and may hold more risk.
eToro vs Trading 212
Pros and cons of eToro
- Commission-free trades
- Huge range of stocks
- Free to set up
- No trade limits
- Mandatory withdrawal fees
- Fees apply on all leveraged, short or CFD orders
- Verification process is very detailed
- Trading platform can be confusing
- No ISA available
Full verdict: Is eToro any good?
It’s good – but you need to understand the fees. eToro has built a reputation as one of the most innovative and popular online investing platforms since its launch in 2007. It currently has over 10 million users worldwide and provides a range of low-cost investing services.
The additional fees are eToro’s biggest drawback, especially when you don’t know what to expect. Take a look through its fees and make sure you understand what each of them is for before you begin. If you think eToro isn’t for you, you can browse other platforms in our share trading comparison table.
eToro is a multi-asset platform which offers both investing in stocks as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
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