eToro Review
Overall, eToro is very competitive in terms of its trading fees and spreads. eToro is a multi-regulated forex broker . eToro is regulated by the FCA and CySEC .
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.8/5
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
eToro Review – 23 key points quick overview:
eToro Overview
👉 Overall, eToro is considered low-risk, with an overall Trust Score of 93 out of 100. eToro is licensed by four Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). eToro offers a single trading account with the option of a Retail or Professional setting.
👉 eToro’s major goal is to make financial markets available to everyone, anywhere. The company was founded in Israel in 2007 by three entrepreneurs.
👉 Trading and investing should be as straightforward and transparent as possible, decreasing the need for reliance on conventional financial institutions. These people have a wide range of innovative trading and investing instruments at their disposal.
👉 This eToro review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.
Distribution of Traders
👉 The distribution of traders with eToro is as follows:
➡️ Italy – 15.98%
➡️ United Kingdom – 15.47%
➡️ Germany – 9%
➡️ France – 8.17%
➡️ Spain – 7.93%
Popularity among traders who choose eToro
🥇 While eToro has a market share of less than 5% in Nigeria, this can be expected to change with Nigerian traders relying more on mobile trading technology.
eToro at Glance
| 🏛️ Headquartered | Tel Aviv-Yafo, Israel |
| 🏛️ Nigerian Based Office | No |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2007 |
| 📱 Nigerian Office Contact Number | None |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| 🔎 License Number | Cyprus – 109/10 United Kingdom – 583263 Australia – 491139 Seychelles – SD076 |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | Canada, Japan, Brazil, Turkey, North Korea, Iran, Cuba, Albania, Serbia, Sudan, and Syria |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 1 Retail and 1 Professional, with several trading opportunities |
| 📊 PAMM Accounts | None |
| 📊 Liquidity Providers | None indicated |
| 💻 Affiliate Program | Yes |
| 📊 Crypto trading offered? | Yes |
| 🚀 Offers a Nigerian Account? | No |
| 💻 Dedicated Nigerian Account Manager? | No |
| 📈 Maximum Leverage | 1:30 (Retail), 1:400 (Professional) |
| 📈 Leverage Restrictions for Nigeria? | No |
| 💳 Minimum Deposit (₦) | 83,200 Nigerian Naira or equivalent to $200 |
| 💳 Nigerian Naira Deposits Allowed? | No, only USD, GBP, EUR, and AUD |
| 💰 Active Nigerian Trader Stats | 1.3 million |
| 💰 Nigeria Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | Credit Card Debit Card PayPal Neteller Skrill Rapid Transfer iDEAL Klarna/Sofort Banking Bank Transfer Online Banking – Trustly (EU) POLi |
| 💰 Segregated Accounts with Nigerian Banks? | Yes |
| 💻 Trading Platforms | eToro proprietary trading app and web platform |
| 💰 Tradable Assets | Forex Pairs Commodities Exchange-traded funds (ETFs) Indices Crypto Assets Stocks |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English, Italian, German, Russian, Simplified Chinese, Traditional Chinese, French, Arabic, Polish, German |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/6 |
| 👥 Nigerian-based customer support? | No |
| 💰 Bonuses and Promotions for Nigerians | Yes |
| ✴️Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️ Is eToro a safe broker for Nigerians? | Yes |
| ✔️ Rating for eToro Nigeria | 7/10 |
| ✔️ Trust score for eToro Nigeria | 91% |
| 👉 Open Account | 👉 Open Account |
Regulation and Safety of Funds
👉 eToro’s brokerage service is supplied through several different organizations, including:
➡️ In Cyprus eToro (Europe) Ltd is a registered company under 200585 with regulation through the Cyprus Securities and Exchange Commission (CySEC) under license number 109/10.
➡️ In the United Kingdom eToro UK Ltd is overseen, authorized, and regulated by the Financial Conduct Authority (FCA) with the reference number 583263 and company registration number 07973792.
➡️ In Australia, eToro AUS Capital Limited holds the necessary licenses and authorization to provide financial services and products to traders. eToro is well-regulated by the Australian Securities and Investments Commission (ASIC) under AFSL number 491139 with ABN 66 612 791 803, a license that has been active since 2017.
➡️ In the Netherlands – eToro (Europe) Ltd. is also registered as a cryptocurrency trading service provider with De Nederlandsche Bank N.V. (DBN).
➡️ In the United States – eToro USA LLC is registered with FinCEN as a Money Services firm. Additionally, eToro USA Securities, Inc. is a member of the Financial Industry Regulatory Authority (FINRA). This gives eToro USA the essential license and authority to deliver a broad variety of services to customers in the United States.
➡️ In addition, in the United States, eToro USA LLC is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business, and the broker is also a member of the Securities Investor Protection Corporation (SIPC).
➡️ In Seychelles eToro (Seychelles) Limited is registered in Seychelles and possesses a Broker-Dealer license under license SD076 from the Seychelles Financial Securities Authority (FSA).
➡️ Gleneagle Asset Management Ltd (GAML) is a licensed entity authorized to operate a registered managed investment scheme. GAML runs the eToro Service, which is offered by eToro Australia and is registered with the Australian Securities and Investments Commission as ARSN 637 489 466.
👉 To ensure the safety and security of client funds deposited into trading accounts, eToro takes all the required measures necessary. To protect your personal information, they use the most advanced cyber security measures. At tier 1 European banks, client money is separated from the company’s own funds.
👉 Investors are covered by the Financial Services Compensation Scheme (FSCS) in the event of a broker’s bankruptcy or closure. In addition, eToro is a member of the Cyprus Investor Compensation Fund (ICF), which provides investors with up to €20,000 in compensation for claims against the services and goods given by this company.
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Account Types and Features
👉 In addition to retail and a professional account, eToro provides a variety of trading and investing opportunities to Nigerian traders under each account type.
Live Trading Accounts
Retail Account
👉 The Retail Account gives traders access to over 2,000 financial products and the eToro trading platform. When traders open an account with eToro, they have the option of trading through copy trading or manually. Due to tight rules imposed by MiFID and other market authorities, the Retail Account allows limited leverage up to 1:30, protecting traders against certain risks.
👉 Retail traders should be certain that they are protected by the Investor Compensation Fund and that their retail account is protected against negative balances. Before traders may open a retail account, they must deposit a minimum of 83,200 Nigerian Naira.
👉 eToro provides its customers with a diverse array of investment possibilities through Smart Portfolios, a novel and unique approach to personal investing. Investors may choose from fully allocated and balanced portfolios that concentrate on accessible and simply comprehensible market areas, all as part of a comprehensive and popular investment program.
👉 eToro’s industry-leading CopyTrader technology enables anybody to join the financial markets and emerge as a more seasoned trader. In 2021, the average annual profit is more than 83.7% for the most imitated traders.
👉 When traders utilize eToro’s copy trading solutions, there are no management costs and a clear pricing structure with no hidden expenses.
👉 Apart from Bitcoin trading, eToro customers may now stake their Proof-of-Stake tokens on the eToro platform, earning interest on the liquidity they supply to these blockchain protocols.
Professional Account
👉 To be considered a professional trader, eToro asks all potential traders to pass a test determining their sustainability and eligibility for this account. Professional traders who join eToro must accept that the ESMA has imposed various severe rules, including eligibility for the Investor Compensation Fund and recourse via the Financial Ombudsman Service.
👉 To be called a professional, Nigerian traders must fulfil at least two of the following three criteria:
➡️ Their professional portfolio must exceed $500,000, excluding real estate or cash.
➡️ The trader must have a verifiable trading history that demonstrates they have traded large position sizes as determined by eToro.
➡️ The trader may have prior experience working in the financial business in a professional capacity including speculation, derivatives, and/or trading.
👉 While other online brokers have eliminated the negative balance protection granted to professional traders, eToro continues to safeguard professional traders in the event of a negative balance due to market circumstances. If a professional trader’s account becomes negative, it will be rebalanced and eToro will take the loss.
👉 Professional traders benefit from increased leverage up to 1:400 and lower margin rates. Regardless of their level of competence, professional traders are recommended to reduce the degree of risk associated with a loss via the use of good risk management practices.
Demo Account
👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
👉 There is a certain degree of risk involved when trading financial markets and eToro offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
👉 eToro provides a demo account with a virtual balance of $100,000, enabling users to experience trading a wide variety of assets. Beginner traders may utilize the trial account to gain knowledge about the markets, copy top-performing investors’ trading tactics, and more.
👉 Advanced traders may practice trading without risking any of their own money, enabling them to seamlessly transition to a live trading account.
Islamic Account
👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
👉 When traders choose to change to an Islamic Account, eToro charges a steep $1,000 minimum deposit. Additionally, Muslim traders are subject to extremely stringent restrictions and conditions.
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Account Registration
👉 To open an account, traders can visit the official eToro website and choose from the “Join Now” and “Trade Now” options. Traders must complete the electronically loaded application form.
👉 Traders must read and agree to the Terms & Conditions before applying. Before an account may be authorized, all customers must complete the Know Your Client (KYC) process, which requires them to verify their residency and identity via the provision of appropriate paperwork.
👉 Additionally, traders must complete a questionnaire to ascertain their degree of expertise and competence, which enables eToro to tailor service packages to each trader.
eToro Vs BDSwiss Vs Fidelity – Broker Comparison
| eToro | BDSwiss | Fidelity | |
| 📱 Trading Platform | eToro proprietary platform | MetaTrader 4 MetaTrader 5 BDSwiss Mobile BDSwiss Web | Active Trader Pro Fidelity Mobile |
| 💰 Minimum Deposit | 83,000 NGN ($200) | 41,000 NGN ($100) | 400 NGN ($1) |
| 📈 Leverage | 1:30 (Retail) 1:400 (Professional) | Up to 1:1000 | 1:1 |
| 📊 Spread | From 1 pip | From 0.3 pips | None |
| 💰 Commissions | None | $2 to $5 | $0 to $0.03 |
| 💳 Margin Call/Stop-Out | None indicated | 50%/20% | None |
| ✴️ Order Execution | Market/Instant | Instant/Market | None |
| 💳 No-Deposit Bonus | No | No | No |
| 📊 Cent Accounts | No | In Progress | No |
| ⚖️ CBN Regulation | No | No | No |
| 💰 NGN Deposits | No | No | No |
| 📊 Nigerian Naira Account | No | No | No |
| 👥 Customer Service Hours | 24/6 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 1 | 4 | 15 |
| ☪️ Islamic Account | Yes | Yes | No |
Trading Platforms
👉 eToro offers Nigerian traders a choice between these trading platforms:
➡️ eToro Web Platform
➡️ eToro Mobile App
WebTrader Platforms
👉 The new eToro trading platform is the pinnacle of their continued efforts to create an easy and unique online trading experience. The platform features innovative trading technologies such as the eToro CopyTraderTM system, the Popular Investor Program, and CopyPortfoliosTM investment strategies.
👉 eToro provides over 3,000 financial products in a variety of asset sectors, including equities, cryptocurrency, and more.
👉 To allow eToro customers to make use of sophisticated trading features such as leverage and short (SELL) orders, as well as to provide financial instruments that are typically unavailable for trading, such as indices and commodities, eToro makes use of Contracts for Difference (CFDs).
👉 eToro’s mission is to make markets accessible to everyone with an easy-to-use, simple interface. To assist customers in managing their funds more effectively, it introduced novel trading features:
➡️ Virtual Portfolios
➡️ Social Trading
➡️ CopyTrader
➡️ Smart Portfolios
Trading App
👉 Users can easily access all eToro’s platform features through the eToro mobile trading application, which is accessible for free on both Android and iOS smartphones via the respective app stores.
👉 With the eToro trading app, you can do anything you do on the site from your mobile device, including managing your portfolio, tracking markets, and imitating other traders. Mobile trading apps allow users to trade from a variety of devices and locations across the world if they have access to an internet connection.
Range of Markets
👉 Nigerian traders can expect the following range of markets from eToro:
➡️ 49 Forex Pairs
➡️ 32 Commodities
➡️ 264 Exchange-traded funds (ETFs)
➡️ 13 Indices
➡️ 62 Crypto Assets
➡️ 2,702 Stocks
Broker Comparison for Range of Markets
| eToro | BDSwiss | Fidelity | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | No | Yes | No |
| ➡️️ ETFs | Yes | No | Yes |
| ➡️️ CFDs | Yes | Yes | No |
| ➡️️ Indices | Yes | Yes | No |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | No |
| ➡️️ Options | No | No | Yes |
| ➡️️ Energies | Yes | Yes | No |
| ➡️️ Bonds | No | No | Yes |
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Trading and Non-Trading Fees
Spreads
👉 The variable spreads that Nigerian traders can anticipate will vary according to the financial instrument being traded and market conditions on the trading day in question. eToro charges a spread that is increased to include the broker’s cost, which enables traders to trade commission-free.
👉 Typical spreads that Nigerians will discover with eToro start from 1 pip EUR/USD.
Commissions
👉 Nigerians can enjoy commission-free trades as the broker’s fee is already calculated and added to the spread.
Overnight Fees, Rollovers, or Swaps
👉 Traders who maintain CFD positions overnight may face a charge proportional to the position’s value. Fees charged/credited will be determined by supply and demand in various financial markets.
👉 CFD positions that remain open overnight incur a minor cost proportional to the position’s value. It is effectively a payment of interest to repay the expense of the leverage you utilize overnight. Weekend fees are charges for jobs that remain available over the weekend.
👉 Subsequently, the weekend charge is quadruple that of the overnight fee. Weekend costs are assessed on Wednesday or Friday, depending on the kind of asset. The following is an example of the overnight fees that Nigerians can expect:
➡️ The overnight costs for SELL transactions in euros (EUR) will be 2.9% + ESTR.
➡️ Overnight costs will be determined based on 6.4% + ESTR for purchases made in euros (EUR).
Deposit and Withdrawal Fees
👉 There are no costs for depositing money using any of the ways available. eToro, on the other hand, imposes a $5 withdrawal fee to cover the costs of any money transfers.
Other Fees
👉 When depositing fees in currencies other than those allowed for this purpose, Nigerian traders should be aware of a currency conversion cost that begins at 50 pips. Traders with inactive accounts will also be charged an inactivity fee, which will be taken from their balance.
How to Deposit Funds with eToro
👉 It is fast and easy to add money to your account with eToro using either the web or mobile app. With eToro Money, you can easily receive more for your money since there are no currency conversion costs when you deposit in US dollars.
👉 In addition, once you have completed the eToro Money account sign-up process, there are no further expenses or fees. To deposit funds to an account with eToro, Nigerian traders can follow these steps:
➡️ Log into the trading account
➡️ Select “Deposit Funds”
➡️ Provide the minimum amount to be deposited and select the deposit currency
➡️ Select a preferred deposit method and follow any additional prompts to confirm the deposit
eToro Fund Withdrawal Process
👉 To withdraw funds from an account with eToro, Nigerian traders can follow these steps:
➡️ Traders can log into the trading account
➡️ Select the option to “Withdraw”
➡️ Select the same method that was used when the initial deposit was made
👉 When withdrawing cash from a trading account, traders must keep in mind that they may only use funds from their accessible balance. Closing open positions allow traders to release monies that have been kept there.
👉 The trader’s available balance will be refunded after the position is ended, minus or minus any gains.
👉 Once an account has been validated and the withdrawal amount reaches $30, traders may request a pay-out. When withdrawing cash, traders must verify they have enough money to meet the $5 cost.
Education and Research
👉 eToro offers the following Educational Materials:
➡️ News Feed
➡️ Analysis
➡️ eToro Academy
➡️ eToro Plus
How To Minimize Risk While Trading?
1. Use Stop Losses
👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.
👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.
👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.
2. Use Proper Lot Sizes
👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.
👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.
3. Control Your Losses
👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.
👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.
4. Use Leverage Carefully
👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.
5. Choose The Time Of Day That You Trade
👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.
👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.
👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.
6. Buy The Rumor, Sell The News
👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.
👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.
All About eToro’ Rebate System
How much rebate can I pay back?
👉 Rebate percentage can be set to be anything between 0% and 100%.
Payment schedule
👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.
👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients; more information about this is available in the article about how to manage rebates.
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
How to open an Affiliate Account with eToro
👉 Nigerains can navigate to the official eToro website and select “Affiliate Program” from the homepage. From here, Nigerains can read more about what eToro’s affiliate program entails before they decide to sign up.
👉 There is an application form that Partners must complete and to log in to your eToro Partners account, you must complete the account verification requirements that are provided.
👉 Your payment option will be set up after the verification process is complete. In addition, Nigerian traders must take note of the following highlights from eToro’s guidelines in terms of its affiliate program:
➡️ Verify that the information you provide is precise and understandable to the audience you are trying to reach.
➡️ Do not make promises you cannot keep.
➡️ Be careful not to mislead, e.g. do not talk about profits without also discussing the chance of losing.
➡️ You should include any applicable disclaimers in your posts.
➡️ Utilize our promotional resources. When creating your own, please submit them to the affiliate manager for review.
➡️ Your domain name should not include the word “eToro”.
➡️ eToro should not be promoted in any countries where it is illegal to do so.
➡️ Link your ad to your website, not straight to eToro, for PPC/media purchasing. You must not utilize the eToro brand name or any variations of it in your ad copy or keywords (including the display URL).
➡️ When eToro asks for an update, be ready to provide it. As regulations change, eToro will conduct frequent audits and may need to make further adjustments.
eToro Affiliate Program Features
👉 eToro is the leading social investment network in the world and the broker is proud to have a reputation for reliability. eToro has over 20 million users worldwide and has a very strong network of partners.
👉 Because of the diverse range of eToro’s products and its distinctive features, it is very easy to advertise eToro when the correct demographic is targeted. Nigerians can easily utilize the extensive collection of ready-to-use banners, widgets, and landing pages available in the Creatives part of your eToro Partners site to convert your visitors.
👉 Affiliates can choose between these unique and comprehensive plans to help maximise their marketing efforts to ensure that the affiliate makes the most of their website traffic:
➡️ Tier 1 CPA – $250
➡️ Tier 2 CPA – $200
➡️ Tier 3 CPA – $100
👉 Some of the key features of eToro include:
➡️ A multi-asset program with over 3,000 assets
➡️ The ability to buy stocks or trade them using CFDs
➡️ Social trading opportunities
➡️ A popular Investors’ Program
➡️ CopyPortfolios, and more.
eToro Corporate Social Responsibility
👉 In 2020, eToro launched a corporate social responsibility initiative named GoodDollar. It is the goal of this plan to make it simpler for everyone to acquire a universal basic income (UBI).
👉 The goal of this concept is to develop a universal payment method that the government cannot modify or control. To make this vision a reality, blockchain technology and the public blockchain network must operate together.
👉 Global residents could benefit from eToro’s G$-based UBI proposal. To put it another way, this would be a universally accessible digital money that requires just a smartphone.
👉 People can subsequently claim UBI payments in G$ and exchange them for their own country’s currency or any other. This approach is likely to be embraced with broad arms in the wake of the worldwide Covid-19 outbreak.
Verdict on eToro
👉 With more than 20 million active users, eToro has received favorable consumer feedback, which is reflected in the Trustpilot rating of 4.2 out of five stars from more than 14,600+ customers.
👉 eToro was one of the first fintech businesses to embrace bitcoin before releasing a crypto exchange and a dedicated crypto wallet for consumers.
👉 Diverse asset classes are covered by an easy-to-use trading platform that incorporates a wide range of useful tools for doing in-depth evaluations on trades.
👉 eToro is the social trading platform of choice for investors. eToro is an excellent choice for retail traders who want to crowdsource investment ideas by using copy trading, as well as experienced active traders who want to get compensated for sharing their ideas with other traders.
eToro Current Popularity Trend
👉 According to Google Trends, eToro has increased in Google searches in Nigeria in the past month.
eToro Pros and Cons
| ✔️ Pros | ❌ Cons |
| eToro has a strict and solid regulatory framework | There are limitations on leverage for retail traders |
| Client fund safety is guaranteed and there is consumer protection offered | There is a limited selection of retail investor accounts |
| eToro offers commission-free trading | Fixed spreads are not offered |
| There are over 2,000 complex instruments that can be traded | The spreads are not the tightest |
| The broker offers several trading opportunities and a social trading feature | There is a high minimum deposit on the Islamic Account |
| There is an award-winning proprietary platform offered | There is an inactivity fee charged on dormant accounts |
| eToro offers 24/6 dedicated customer services | |
| eToro offers a demo account and an Islamic Account | |
| Algorithmic trading and margin trading supported | |
| Real time quotes are offered alongside a wide range of benefits | |
| The mobile app is secure and features robust security such as two-factor authentication | |
| The app can be used as a wallet app for digital currencies | |
| Offers several resources that help traders make improved financial decisions with confidence | |
| Offers several helpful tools and services as a solid basis for investment decision along with investment advice | |
| Provides access to several popular cryptocurrencies that can be traded and crypto staking services | |
| There is a comprehensive portfolio management service and popular investor program offered |
FAQ
Does eToro have Tier-1 regulations?
Yes, eToro is regulated by four Tier-1 regulators namely the FCA, ASIC, NFA, and FINRA.
Does eToro accept US Traders?
Yes, eToro offers solutions to US traders. However, CFDs are not offered to US residents.
Is eToro a fake or a scam broker?
eToro is not a fake or scam broker. eToro is well-regulated and according to our research, has a 4.2 rating on Trustpilot from over 16,000 reviews.
Which trading platforms are supported by eToro?
eToro supports the following trading platforms.
What leverage ratios are offered by eToro to Nigerian traders?
Professional traders are given access to high leverage up to 1:400 while retail Nigerian clients are limited to 1:30.
What is the overall rating for eToro?
We give eToro an overall rating of 8/10. Overall, eToro is a high trust broker and the leading social trading platform in the market. The solutions are innovative and both retail and institutional clients can benefit when they register an account.
However, there is a limited choice in trading accounts and the only platform available is eToro’s web and mobile platform. In addition, eToro may offer commission-free trades but the mark up on spreads is much higher than that of competitors.
Is eToro suitable for both beginner and professional traders?
eToro is a suitable option for beginner traders but it is not recommended for active or high-volume traders because of higher spreads and the fact that algorithmic trading cannot be used.
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