eToro

eToro UK review 2021

eToro has an excellent "copy-trading" feature, and is commission-free (though there are some fees). We rate every aspect of eToro in our review, and give our verdict on this trading platform that also offers crypto.

3.5 ★★★★★ (32 reviews) Write a review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.
Finder rating
★★★★★
Expert analysis
Customer rating
★★★★★
Satisfaction survey
Wide range of products to suit all
Mandatory withdrawal fees

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.

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.

eToro products

General investment account
Individual savings account (ISA)
Junior ISA
Pension or SIPP
Junior 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)
NASDAQ
New York Stock Exchange (NYSE)
Toronto Stock Exchange (TSX)
Japan Exchange Group (JPX)
Euronext
Deutsche Börse
NASDAQ Copenhagen
Frankfurt Stock Exchange
NASDAQ Helsinki
Stock Exchange of Hong Kong
Bolsa de Madrid
Saudi Stock Exchange
NASDAQ Nordic
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.

eToro fees

Fees rating★★★★★
Minimum deposit$50 (around £36)
Standard platform charge (monthly)0%
Best platform charge (monthly)0%
Standard fee per trade£0
Best fee per trade£0
Forex conversion fee0.50%
Deposit fee£0
Withdrawal fee$5.00 (around £3.50)
Inactivity fee$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 $50 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★★★★★
Interactive charting
Advanced charting tools
Stop Loss
Trailing stop
ETF research
Latest news
Company announcements
Dividend news
Watch lists
Social or copy trading
Economic calendar

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 2020.

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 trading

Total cryptocurrencies27
Crypto spreadsBetween 0.75% and 5%

eToro has 27 cryptocurrencies available to trade. It charges a slightly different spread for each cryptocurrency, which you should be aware of.

You can’t use leverage when trading cryptocurrencies as this was banned by the FCA on 6 January 2021.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What cryptocurrencies can you trade with eToro?

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • XRP (XRP)
  • Dash (DASH)
  • Litecoin (LTC)
  • Cardano (EADA)
  • IOTA (MIOTA)
  • Stellar (XLM)
  • EOS (EOS)
  • NEO (NEO)
  • TRON (TRX)
  • ZCASH (ZEC)
  • Binance Coin (BNB)
  • Tezos (XTZ)
  • Maker (MKR)
  • Compound (COMP)
  • Chainlink (LINK)
  • Uniswap (UNI)
  • Yearn.finance (YFI)
  • Dogecoin (DOGE)
  • Aave (AAVE)
  • Algorand (ALGO)
  • Decentraland (MANA)
  • Enjin (ENJ)
  • Basic Attention Token (BAT)
  • Polygon (MATIC)
  • Spark (FLR)

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 and are subject to change. All fees are accurate at the time of writing (July 2021).

You may also have to pay other fees, such as for withdrawals or to convert your money into USD.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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+

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.

eToro vs Trading 212

eToroTrading212
Finder rating★★★★★★★★★★
Customer satisfaction rating★★★★★★★★★★
Stocks and shares ISA available?
FSCS protected?
Costs rating★★★★★★★★★★
Keep in mind68% of retail CFD accounts lose money76% of retail CFD accounts lose money
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.

Pros and cons of eToro

Pros

  • Commission-free trades
  • Huge range of stocks
  • Free to set up
  • No trade limits

Cons

  • 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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