eToro Review
eToro is a well-known Israeli fintech company and a social trading broker, established in 2007.
eToro serves UK clients through a unit regulated by the Financial Conduct Authority (FCA) and Australians through an Australian Securities and Investment Commission (ASIC)-regulated entity. All other customers are served by a Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC).
eToro is not listed on any stock exchange, does not disclose its annual report on its website and does not have a bank parent. However read on for an update to this current situation:
What is the change occurring at eToro?
- eToro is becoming a publicly traded company.
- To do so, eToro is combining with a special purpose acquisition company (SPAC) named FinTech Acquisition Corp. V (NASDAQ: FTCV).
- At the close of the transaction, eToro will be listed on the Nasdaq stock exchange.
- The closing of the transaction remains subject to various closing conditions, including the approval of FinTech V’s shareholders.
Being regulated by the top-tier FCA and ASIC is a good sign for eToro’s safety.
Disclaimer: 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.
Overall eToro rating
Compare this broker to the best eToro alternative.
Best broker for cryptos
Best broker for social trading
We have selected eToro as the Best broker for cryptos and Best broker for social trading for 2021, this is based on an in-depth analysis of 90+ online brokers by brokerchooser.com that included testing their live accounts.
eToro pros and cons
eToro offers commission-free stock trading, and the account opening process is fast and seamless. It has innovative features like social trading, which lets you copy the strategies of other traders.
On the negative side, eToro’s non-trading fees are high as there are fees for withdrawal and inactivity. Withdrawals can be slow and USD is the only currency you can hold your cash in. Lastly, it’s sometimes difficult to contact customer support.
Pros
• Free stock and ETF trading
• Seamless account opening
- Social trading
Cons
- Customer support should be improved
- High non-trading fees
- Only One Account Base Currency
Regulatory Information
Country of regulation
UK, Cyprus, Australia
Trading fees class
Low
Inactivity fee charged
Yes
Withdrawal fee amount
€4.43
Minimum deposit
€177.03
Time to open an account
1 day
Deposit with bank card
Available
Depositing with electronic wallet
Available
Deposit with PayPal
Available
Number of base currencies supported
One
Demo account provided
Yes
Products offered
Stock, ETF, Forex, CFD, Crypto