Foreign exchange is an exchanging platform where the exchanging of one currency to another is processed for a variety of reasons, like; trading, commerce, or tourism. As per a report published by the Bank for International Settlements, more than $5.1 trillion trading volume is determined daily on forex platforms. Similarly, the forex social trading platform is a social environment that encourages communication and facilitates interaction among active forex traders, beginners, and veteran traders.
Everyone searches for the best forex social trading platform to interact with others, to observe their worthful activities, suggestions, and learn different strategies to move forward in this modern market.
But here we are suggesting you, one of the pioneers of social trading and investment platforms; eToro.
eToro is a significant element in the world of cryptocurrency trading, fintech, and other crypto-related services. It is considered a fintech revolutionary platform that has been leading for more than a decade and has developed a reputation as the principal and heading social trading platform in the digital world.
Initially, eToro was a general trading platform then cryptocurrency and other trading instruments with engaging strategies were introduced to compete with the modern market and growing demands. It is regarded as one of the innovators who merged social features to their trading platforms in the shape of CopyPortfolios and CopyTrading.
Presently, eToro is facilitating with its key services to over 13 million registered users and is on the driving seat in this thriving industry. Israeli social trading, multi-asset brokerage company, and veteran forex broker; eToro was established in 2007 under the name RetailFX by Yoni Assia, Ronen Assia, and David Ring. It is being operated from its registered offices in Cyprus, Israel, the United Kingdom, Australia, and the United States. As of 2018, the company had a volume of $800 million.
Core Features of eToro
Diverse trading options availability
One of the biggest edges of using eToro that makes it a unique platform is the availability of a diverse number of investment and trading options.
Sell, buy and hold more than 15 Cryptocurrencies
Mobile and Desktop Trading
There is not a single trading platform, eToro facilitates its users on every platform but internet connection is the first requirement. Traders can trade on mobile application, desktop application, and also on a web-based platform. You don’t need to wait as eToro is offering 24/7 services on multiple platforms.
Availability of virtual portfolios
On sign up for a new account, you will receive $100,000 dollars to make practices; how to use the account, how to make transactions and strategies, and how to operate your account. This virtual portfolio will help you in performing different activities that will assist you in doing real tasks without any risk.
Advanced and well-designed charting
For technical analysis and making strategies, utilize advanced charting features to manage your work and organize it in a better way.
eToro unique feature; CopyTrading
It is one of the exciting features of eToro, where a novice can avail and learn from popular crypto investors; a user can allocate a segment of its capital to copy other crypto trading experts. This feature allows its users to observe the track record and activities of potential investors and copy them to grow in this market.
CopyPortfolios; an exciting feature
This feature facilitates both cryptocurrency trading and traditional fiat trades. CopyPortfolios offers similar services but permits traders to copy portfolios that are similar to mutual funds or other bundles of assets.
Newest feature; Popular Investor Program
It is one of the unique features of eToro, by which an additional revenue can be generated by creating a volume of followers.
eToro Fees and Limits
On eToro, there are different rules of charging fees depending upon the situation and eToro services like; as an exchange, wallet, deposit, or withdrawal. Firstly on fee is charged for opening a position. For users who hold leveraged Ethereum or BTC positions or for shorting cryptocurrencies, fees are charged from them.
Here is Fiat to Crypto Conversion Fees
- eToroX fee 1%
- Simplex fee 4%
Here are limitations for different currencies to perform a transaction.
|Currency||Min Transaction||Max Transaction||Max/Day||Max/Month|
eToro is not charging any fee on deposit, it is only charged when the asset is withdrawn. Here is list of fees, charged on different cryptocurrencies.
|Currency||Quick withdraw limit||Withdrawal fee|
Verifications and Limits in eToro
Basic information is taken on opening a new account. The process is quite simple and can be managed easily. For some verification, a government-issued ID card/passport, and even a utility bill is generally acquired. Normally, within two business days, an account is verified and allowed to avail eToro services.
Following documents are asked during verification:
- Proof of Identity Document (Name, ID, passport)
- Proof of Address Document (Address, utility bill, bank statement)
- Proof of Identity and Selfie (Clear picture or selfie)
How to withdraw your asset from eToro to the local bank account?
After verification of account and 50$ there to withdraw then you can transact that amount in your bank account and then withdraw that. Any amount of 50$ or more available in your eToro account, you can withdraw this with very ease. It’ll take a maximum of 3 to 7 business days to process the transaction to send funds to your bank account.
eToro also offering Partner Programs
eToro is not only offering referral bonuses and typical introductory programs but also a variety of partner programs with unique features only available in Europe right now. Here are different partner programs:
In the broker program, as a broker, you can avail of good payouts and premium customer services.
In this program, on a one-to-one basis, affiliate partnerships are offered and as an affiliate, you can generate revenue by referring others.
After becoming a popular investor on the eToro platform, you also generate revenue. If other investors learn from you and copy your strategies and investments, a 2% management fee will be added to your account for copying your investments. This all process is available on the eToro website from where you can learn how to become a popular investor and then how to copy others if you want to move forward in this trading world.
How strong eToro’s Fund Security is
To secure the platform, security teams recognize and prevent threats from any malicious third party, using the analytic behavior of machine learning and multi-signature. It is made sure that eToro’s wallets are well-secured from any threat as security teams are always active to provide you a better platform. So, you can deposit fiat money into your account without any doubt of security as it is always private, secured, and under strong operating procedures. Every transaction is communicated through SSL (Secure Socket Layer), which keeps your private information so safe.
eToro Pros & Cons
- Diverse trading market; having multiple unique options in trading
- The secured and private platform, users’ privacy is maintained
- Engaging and quite easy to operate user interface
- A trustworthy, reputed, and transparent platform
- Little bit high fees
- Not supporting too many cryptocurrencies
- No cryptocurrency depositing facility
As, eToro is supporting multiple cryptocurrencies, so it can be a useful platform for those who want to trade and invest in cryptocurrencies. Some additional features including graphical representation and CopyPortfolios provide an extra edge to trade globally. eToro is providing its users a very good customer service as it can be contacted via the Facebook page, Twitter account, and also on the Telegram group. Every issue will be resolved so quickly to pave the path towards global trading. Moreover, newcomers are properly educated by a glossary section Blockchain academy where different written guides and definitions are provided to use and avail from this platform properly.
So, being an easy-to-use and responsive trading platform, it is highly recommended for newcomers as it will facilitate in every possible way. But eToro will not be your last destination if you are willing to trade in less-famous cryptocurrencies as it is supporting well-known cryptocurrencies for both crypto and fiat trades.
Is eToro regulated?
Yes, eToro is regulated by Cyprus Securities and Exchange Commission (CySEC), the UK (FCA), FinCEN of USA, and the Australian (ASIC).
Is eToro Safe?
As the company is fully regulated in its all-operating countries. Moreover, being a transparent and secured platform, it is a safe revenue-generating platform.
What are the resources by which I can deposit in the eToro account?
eToro accepts credit/debit cards, PayPal, wire transfers, Webmoney, Yandex, Rapid Transfer, China UnionPay, and Yandex.