eToro is a renowned broker founded in 2007 providing Australian customers access to various markets from one account. Users can trade stocks, CFDs, ETFs, and cryptocurrency (forex commodities, commodities, indices, ETFs, stocks, and cryptocurrency).
One of the main features that differentiate eToro against its rivals is its emphasis on social trading. They offer an online social network that allows customers to communicate with other traders and even copy famous traders' moves automatically.
This creates eToro an ideal platform for beginners to invest and traders to gain experience.
If you'd like to utilize the eToro platform, first you'll have to sign up for an account. You'll be asked to supply your complete name and contact information, as well as your user username and password, then submit ID documents as well as an identification number for your tax filing.
To begin trading, you must deposit at the minimum USD50 into your account for trading via either a bank transfer or using your credit or debit card PayPal, or any money transfer provider like Western Union.
Since eToro trading accounts are only available using USD, eToro will charge the user a conversion fee of 0.5 percent for a bank transfer, and 1percent for other deposit options.
When your deposit is approved then you can begin purchasing US stocks. The minimum amount of trade and deposit required is USD50.
eToro customer support is multilingual and accessible at all hours of the day. However, accessing it isn't as simple as it should be, since tickets have to be created and then submitted.
Given the amount of thought that went into the creation of the other parts of the platform, having users sign up for tickets to contact customer service could be a deliberate move to discourage contact with the company.
This idea is further substantiated as you navigate through the Help section that is similar to FAQs and the Education sections. Instructing traders to become self-starters when it comes to problem-solving could eventually increase their knowledge and self-sufficiency. But the inability to reach support from a customer can be an issue when it comes to money.
The frustration that we experienced doing this eToro review Australia is widespread among others, and some traders suggest making use of social media accounts to get information from the company.
Others believe that the poor response times are only for those who are Demo account holders, but regardless, users seem to be trying too hard to get the help they require.
In our tests, we were content with the emails which we were sent by eToro. They were well-written and presented, but it felt like an inversion of the process to wait so long to receive the response.
eToro fees are transparent. Rollover and commissions are integrated into the spread of bid-offer on trades, making it much easier to analyze prices. Spreads offered by eToro may appear to be larger than its competitors, however, it is important to determine whether other spreads are all in.
If you take a more comprehensive approach to charges, you can observe that eToro does well compared to other companies in the industry. Their transparency in pricing extends to their detailed schedules of every instrument, in which all fees, including financing rates, are listed.
The eToro application can be downloaded on Android or iOS format and has the features that the desktop version offers. Self-trading, as well as copy trading, can be seamlessly copied to tablets and phones, as do the trading news as well as social features.
This eToro review showed that like the desktop version the mobile version maintains a simple interface. While it is a great option for novice traders, more experienced traders might be disappointed in particular areas, for example, charting tools.
The simple design on the dashboard for trading is particularly well on tiny screens that mobiles have. Mobile trading is well-designed, solid and reliable. It is ideal for those looking to stay in touch with the market when on the go. With its simple interface traders are on the going profit from the old saying that smaller is better.
OTC Derivatives are speculative and leveraged. Not appropriate for everyone's needs. Capital at risk. See PDS
So do you think eToro is worth the cost? eToro has seen rapid growth and has established itself as a trustworthy broker. Its popularity stems to a large degree in its ability to provide an array of self-trading, as well as copy trading and social trading.
It offers a broad selection of markets and offers prices that are in line with the other markets and has created a custom trading platform that gives traders the most user-friendly means to trade in the markets.
Some traders will be aware that traditional resources for research and learning are scarce.