eToro is currently offering two promotions. The first is a bonus of up to 1000USD (£771) for traders who invite their friends. Each time your friend joins and deposits a minimum of $500, $100 is credited to your account and $200 is credited to your friend’s account. If you already have a friend who is trading with eToro, you can receive a welcome bonus of up to $200 using this method. Terns and conditions do apply. For full information on the credit program, please visit the official website. Until you satisfy minimum trading requirements, you will be unable to withdraw the portion of your balance gained through promotions.
There are even huger deposit bonuses for eToro premium members. Referring a friend to become a premium member can net you a bonus of $1000 for you and your friend. However, to become a premium member there is a required hefty deposit of $20,000.
eToro does not consider itself first and foremostly an FX broker. It views itself as a social trading platform. For this reason, the offered bonuses are tied in with referring friends and becoming a leading social trader.
UK Financial Conduct Authority Registered Forex Firm
While eToro’s main office is located in Tel Aviv, Israel, it is legally registered in the UK and Cyprus. The firm an official partner with the West Ham United Football club and has a strong UK presence. Worldwide this FX broker has over 4.5 million users. The eToro investment platform is licenced through the Financial Conduct Authority at the time of this review which can be seen on the FCA Official Website.
Unfortunately, eToro only allows you to deposit, trade, and withdraw in USD.
Social Trading – the future of Forex?
The success of eToro is in its novel social trading platform. Instead of the elite traders using their methods behind closed doors, trades are shown in a live feed. You can follow traders that you believe understand the market and are making positive investments and copy their trades. If you become one of the top traders there are even bonuses that eToro awards you as other traders follow in your tracks. Beginner traders can learn from the experts and have access to a wide array of information they would not normally be privy to.
UK traders are able to deposit using Neteller, Skrill Limited UK, Worldpay, Barclaycard, and Webmoney/Paymaster24. All of the deposit methods are FCA regulated. There are minimum deposits associated with each method of payment. All methods require a minimum deposit of $50-$1000 depending on your account type. You can deposit up to $10,000 with Neteller, $5,000 with Skrill, and $50,000 with Webmoney.
UK citizens must prove their identity and residence with a copy of their signed passport and a copy of a recent utility bill or bank statement. There are withdrawal fees of $5.00 per 20.00 – 200.00 withdrawn, $10.00 per $200.01 – $500.00 withdrawn, and a flat fee of $25.00 for withdrawals of $500.01 +. This means that withdrawing amounts less than $100.00 is generally not worthwhile as the fee charged is a significant portion of your profits.
eToro allows clients to invest in currencies, stocks, commodities, indices, etfs, and other high risk high reward options.
Currently, these are the spreads and fees offered by eToro.
|Currencies||Symbol||Typical Spread||Overnight Fee|
(per 10,000 units)
|Euro/US Dollar||EUR/USD||3 Pips||0.03||-0.6|
|Australian Dollar/Swiss Franc||AUD/CHF||4 Pips||-0.72||0.52|
|Australian Dollar/Canadian Dollar||AUD/CAD||4 Pips||-0.45||0.27|
|Australian Dollar/New Zealand Dollar||AUD/NZD||4 Pips||0.08||-0.18|
|British Pound/US Dollar||GBP/USD||4 Pips||-0.3||-0.15|
|New Zealand Dollar/US Dollar||NZD/USD||5 Pips||-1.35||0.15|
|US Dollar/Canadian Dollar||USD/CAD||3 Pips||-0.2||-0.2|
|US Dollar/Japanese Yen||USD/JPY||2 Pips||-0.28||0.01|
|US Dollar/Swiss Franc||USD/CHF||3 Pips||-1.4||0.09|
|Australian Dollar/US Dollar||AUD/USD||4 Pips||-1.00||0.12|
|Euro/British Pound||EUR/GBP||4 Pips||0.03||-0.52|
|Euro/Swiss Franc||EUR/CHF||5 Pips||-0.9||0.02|
|Euro/Japanese Yen||EUR/JPY||4 Pips||0.03||-0.36|
|British Pound/Japanese Yen||GBP/JPY||6 Pips||-1||0.03|
|Euro/Australian Dollar||EUR/AUD||7 Pips||0.23||-1.51|
|Euro/Canadian Dollar||EUR/CAD||7 Pips||0.08||-0.72|
|Australian Dollar/Japanese Yen||AUD/JPY||5 Pips||-1.8||0.16|
|New Zealand Dollar/Canadian Dollar||NZD/CAD||4 Pips||-0.55||0.34|
|New Zealand Dollar/Swiss Franc||NZD/CHF||4 Pips||-0.82||0.53|
|New Zealand Dollar/Japanese Yen||NZD/JPY||4 Pips||-0.65||0.42|
|Canadian Dollar/Swiss Franc||CAD/CHF||14 Pips||-0.36||0.2|
|Canadian Dollar/Japanese Yen||CAD/JPY||6 Pips||-0.51||0|
|Swiss Franc/Japanese Yen||CHF/JPY||6 Pips||0.04||-0.7|
|US Dollar/Hong Kong Dollar||USD/HKD||7 Pips||-0.98||-0.5|
|US Dollar/Ruble||USD/RUB*||3 Pips||1.5||-7.4|
|US Dollar/Yuan||USD/CNH*||10 Pips||0.1||-2.74|
|Euro/New Zealand Dollar||EUR/NZD||4 Pips||0.75||-1.17|
|British Pound/Australian Dollar||GBP/AUD||4 Pips||0.52||-0.83|
|British Pound/Swiss Franc||GBP/CHF||4 Pips||-0.63||0.43|
|British Pound/New Zealand Dollar||GBP/NZD||4 Pips||0.76||-1.1|
|US Dollar/South African Rand||USDZAR||20 Pips||1.49||-2.46|
|US Dollar/Norweigan Krone||USDNOK*||10 Pips||-0.11||-0.02|
|US Dollar/Swedish Krone||USDSEK*||10 Pips||-0.53||0.3|
|Euro/Norweigan Krone||EURNOK*||10 Pips||0.2||-0.47|
|Euro/Swedish Krone||EURSEK*||20 Pips||-0.24||0.08|
|Norweigan Krone/Swedish Krone||NOKSEK*||20 Pips||-0.016||-0.066|
|US Dollar/Singapore Dollar||USDSGD*||3 Pips||-0.067||0.004|
|US Dollar/Turkish Lira||USDTRY*||15 Pips||1.43||-3.33|
|US Dollar/Mexican Peso||USDMXN*||10 Pips||0.65||-1.44|
|British Pound/Canadian Dollar||GBPCAD||4 Pips||-0.67||-0.013|
|South African Rand/Japanese Yen||ZARJPY*||5 Pips||-0.24||0.1|
eToro has web support, which has a two business day response time for all issues including deposits, withdrawals, technical issues, and more.