eToro UK review 2023

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Wide range of products to suit all

Mandatory withdrawal fees

Our verdict

Our verdict

With 0% commission on UK and international stock trades, free ready-made portfolios, and a relatively low minimum deposit of $10, eToro provides an affordable way to start investing and trading. Also, the CopyTrader tool means you can mirror the trades of top investors with less effort than brewing a cup of tea. But one downside is that there’s an automatic FX fee for non-USD deposits.

When using the eToro app, we found the user interface easy to grasp, and you don’t need to be a tech mastermind to find your way around.We enjoyed using social features like the News Feed to get into the head of other retail investors. The main drawbacks we found when trying out eToro were the $5 withdrawal fee and the lack of an ISA.

But if you want a low-cost multi-asset platform with plenty of investing tools and market-leading research - eToro is definitely worth checking out.

Best for: 0% commission

Pros

• Commission-fee stock trading
• Over 3,000 assets to choose from
• Social features like CopyTrading and News Feed
• Free to open an account
• Low minimum deposit of $10
• Lots of learning resources including a demo account

Cons

• $5 withdrawal fee
• You can't invest in an ISA
• An emphasis on trading over long-term investing
• Automatic FX fee on non-USD deposits
• Some of the trading fees are complex for certain assets like crypto
• Inactivity fee after 12 months of no login

Finder Award

★★★★★

User survey

★★★★★

Finder score

Go to site

Capital at risk

How we rated eToro’s investment features

eToro is a multi-asset platform where you can trade commission-free on both UK and international stocks, which is why we’ve given it a top rating for fees. However, nothing in this world is completely free, there are some charges, as we highlight in our fees section.

Back in November 2022, we awarded eToro with a Finder Recommended badge and name it our best trading app for 0% commission. The platform is well-known for its social features, like the News Feed and CopyTrader features, which lets you see what other traders are doing, and you guessed it, copy them.

We’ve explained the copy trading feature in a bit more detail below. Bear in mind, you’re not guaranteed to make any profits, and your money is at risk when you invest.

Our experts have analysed and rated the key features of eToro, and we explain what you can invest in through the platform.

eToro products

eToro’s main drawback is that you can only invest in a general investment account – it doesn’t have a pension (like a SIPP) or stocks and shares ISA.

The most similar provider that also has an ISA is Trading 212. We’ve compared eToro and Trading 212 side by side below.

What stocks can you trade with eToro?

We’ve rated eToro highly for exchanges because it lets you invest in over 3,000 different global stocks from the world’s biggest stock exchanges. This means you can invest in major firms like Apple, Netflix, Google, easyJet, Tesla, Airbus and Adidas.

eToro has helpfully organised its stocks by industry (such as technology, healthcare, and consumer goods) which is really helpful. You can also search by stock exchange if you know where the shares are listed. Once you’ve done this, you can begin to sort the stocks by performance or in alphabetical order.

eToro fees

eToro’s low fees are one of the main reasons it’s so popular. You pay no commission on trades, which is ideal for those on a budget or if you plan to invest regularly.

Although there are no commissions to pay, eToro has a few fees you should be aware of. Unlike most platforms, there is a withdrawal fee of $5. Another unusual charge is the inactivity fee, which is $10 a month if you don’t login for over a year.

Like other trading apps, there is a foreign exchange (FX) fee of 0.5%. You can avoid this with eToro’s “Diamond” club, or get 50% off if you qualify for the “Platinum” club tiers.

If you decide to delve into other forms of trading (outside regular stocks) and began using derivatives (like CFDs) or assets like cryptos, there are various additional fees applied.

So, although the eToro platform provides excellent investing value for most stock traders and investors, it’s still worth making sure you’re aware of all the potential fees involved. Zero commission doesn’t doesn’t apply to any leveraged trades, shorts, or stock CFDs.

There’s also a minimum deposit amount of $10 for your first deposit and a $30 minimum withdrawal amount to keep in mind.

eToro tools and research

eToro’s got an array of trading tools that can help you, including interactive and advanced charting tools. You can also use different trading order types like stop loss and trailing stop to have more control over your trades.

When it comes to research, there’s plenty of research on stocks and exchange-traded funds (ETFs) along with the latest news and company announcements. You can also create watch lists and get tips from other traders with the News Feed and social trading features.

eToro also has a virtual portfolio, which is a demo account that lets you trade up to the value of $100,000 to practise. This is ideal for new investors who want to do a dummy run before using real money.

What’s it like to use eToro?

1. Getting started

Sign up or just explore the site to copy other traders. Read tips from users and more.

2. Crypto

Browse the marketplace to find trading info, filter, and set up alerts and more via your account.

3. Copy traders

Search for other traders and see what they're doing. Filter results and join the community.

4. Browse traders

See what the most (or least) successful traders are doing with their portfolios, and how, on eToro.

‹ ›

eToro customer reviews

Customers who took part in Finder’s 2023 customer satisfaction survey were fairly positive about eToro, with many highlighting its “great customer care” and “easy to use” investing tools.

One customer said: “eToro is really easy to use, despite shares and trading being a bit daunting for a novice”.

eToro scored 3.5 out of 5 for customer satisfaction. 68% of customers would recommend the brand to a friend.

On consumer review platform Trustpilot, eToro has 4.4 out of 5 stars and a rating of “Excellent”, based on more than 20,000 reviews. Over at the App Store, the eToro app has 3.8 out of 5 stars based on more than 8,000 reviews. On Google Play, the eToro app has 4.1 out of 5 stars based on more than 130,000 reviews. (last updated in July 2023).

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 a CopyTrader service, which lets users automatically copy and execute other investor’s trades.

A recent announcement revealed that eToro is partnering up with Elon Musk-led social media company Twitter. The nature of this partnerships means that you’re now able to browse stock info and commentary on the Twitter app, then have the option to buy or sell assets using eToro.

The easiest way to find stocks on Twitter is to use the “cashtags” feature. You just use a “$” symbol followed by a stock ticker when searching (instead of using a hashtag), for real-time data and the ability to buy or sell on eToro.

What is copy trading?

eToro is the leading social trading platform because of its “CopyTrader” feature. The social features mean you can connect with others to share your investment strategies and discuss trades. 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 knowledge and experience from successful investors.

The platform allows you to filter the different traders that you can copy by plenty of metrics like the risk score, how many people already copy them, number of profitable weeks they’ve had, and where they’re located. It also has “trending” traders and “top investors”.

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 trading

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 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.

1. Create an account. This doesn’t take long. You just need to choose a username and enter your email address and a password.
2. 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.
3. Answer some questions. These will be about your experience of trading in the past, including equities, crypto and leveraged products.
4. Tell eToro what you plan to trade and for how long. You can choose between stocks, crypto, currencies, commodities and indices.
5. Give an indication of your future plans. This includes information about what you’re investing for and your expected risk and reward scenario.
6. 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.

Can you vote at AGMs with eToro

eToro has partnered with Broadridge Financial Solutions to enable proxy voting. This means that as a shareholder — even of fractional shares — you can participate in annual general meetings (AGMs) by casting votes.

Votes are aggregated and shared with the company.

eToro vs Trading 212

Finder rating	★★★★★	★★★★★
Customer satisfaction rating	★★★★★	★★★★★
Stocks and shares ISA available?
FSCS protected?
Costs rating	★★★★★	★★★★★
Keep in mind	Capital at risk. 74% of retail CFD accounts lose money	Capital at risk. 78% of retail CFD accounts lose money
call to action	Go to site More Info	More Info

We’ve also got a detailed comparison between eToro and Trading 212 if you want to know more. We’ve also compared eToro against IG

Frequently asked questions

• Is eToro FSCS protected?

  No, but you actually get more protection than you would with FSCS. All your funds kept with eToro Money are safeguarded with a fully regulated UK bank. This means that in the unlikely event of insolvency, you could regain your funds in their entirety. With the Financial Services Compensation Scheme (FSCS), only deposits up to £85,000 are protected. Because eToro Money gives you more comprehensive cover, FSCS protection isn’t legally necessary.

• Is eToro free?

  In some senses, yes. It’s free to open and hold an account with eToro. And, you can trade most stocks, shares, and assets with no commission. However, some charges and fees apply with eToro such as FX (foreign exchange fees) and withdrawal fees. You can check out the full costs in our review.

• Is eToro legit?

  Yes, eToro is a legit, regulated multi-asset brokerage. It’s available in multiple countries and has been around since 2007.

• Is eToro FCA regulated?

  Yes, eToro is regulated by the Financial Conduct Authority (FCA) in the UK. So you can rest assured that the organisation is properly overseen for its investment services.

• Where is eToro based?

  The company started in Israel but now has offices all over the world. In the UK, eToro has an office in Canary Wharf (24th floor, One Canada Square, Canary Wharf London, E14 5AB). You’ve probably no need to go and knock on its doors, but it’s handy to know it’s there.

• Is eToro copy trading worth it?

  It can be, but not always. Some traders have been very successful using the social copy trading features, but others haven’t. Ultimately, it comes down to the skill of the trader you’re copying and also what the rest of the market conditions are like when you trade.

  Typically, it’s always worth still doing your own research on investments rather than blindly following anyone. Still, the copy trading feature is definitely useful to get an idea about popular trades and market moves.

• What is 'take profit' in eToro?

  This is a trading term. It’s a type of trading order that falls under the category of a “limit order”. Take profit (TP) basically means that when your shares (or other investment) hits a specific price, eToro will automatically close your position and sell, locking in your profit. It’s useful because if your investment reaches a price you’re happy with, you can close your trade without needing to monitor things in person.

• What happens with dividend paying shares?

  Dividends are paid into your eToro account as cash. You’ll get an email, notification and an activity feed item when those are paid.

• Is there a eToro web app?

  Not yet. But this is the latest from the eToro team: “It shouldn’t be too difficult to do once we have more resources available. We already have all the necessary APIs for the mobile apps anyway.”

• Can I get eToro on Android?

  Yes you can! Download eToro either on the App Store or get it on Google Play.

• Does eToro offer investment advice?

  No, eToro is not a financial advice service and does not provide investing advice. Investors are responsible for their own purchasing and trading decisions.

• Will I pay tax on my investment profit?

  Yes, you will likely need to pay tax on any gains you make from buying and selling shares, although this will depend on your personal tax rate. However, you can invest up to £20,000 per year in the investment ISA, which will not be subject to tax, but eToro does not have an ISA option available.

• How do I withdraw my money?

  You can withdraw your money using the app directly into your bank account. There is a £5 fee for same-day withdrawals.

• Does eToro offer a stocks and shares ISA?

  No, eToro does not offer a stocks and shares ISA (individual savings account). It isn’t known whether this is going to be offered in the future. There are plenty of different platforms that you can get an ISA with, so it’s worth taking a look at our stocks and shares ISA comparison if this is what you’re looking for.

• How does eToro make money?

  eToro makes money by charging a range of fees on certain types of trades. While it’s free to start using eToro, you’ll need to pay for most of its trademark trading features and options.

• Who is eToro good for?

  eToro is good for investors who understand what they’re doing with investing, or those who have done some research. The platform can be overwhelming and quite confusing for beginners, but if you stick with it and research what you’re unsure of, it’s possible to pick it up.

Trading app news & launches

Monzo introduces investments feature

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Monzo has launched a share trading feature. Customers will be able to invest from £1, via 3 ready-made options. Here’s how it works.

Read more…

interactive investor is cutting fees: Will you be better off?

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Find out the details about interactive investor’s commission price cuts and the plan changes coming to the share dealing platform shortly.

Read more…

Best investment platforms paying high interest on cash

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Some trading apps and platforms now offer competitive interest rates on uninvested cash.

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