eToro Review

Forex Bonus

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.

Deposit methods 

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.

Withdrawals 

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.

Risk

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.

CurrenciesSymbolTypical SpreadOvernight Fee
(per 10,000 units)
SellBuy
Euro/US DollarEUR/USD3 Pips0.03-0.6
Australian Dollar/Swiss FrancAUD/CHF4 Pips-0.720.52
Australian Dollar/Canadian DollarAUD/CAD4 Pips-0.450.27
Australian Dollar/New Zealand DollarAUD/NZD4 Pips0.08-0.18
British Pound/US DollarGBP/USD4 Pips-0.3-0.15
New Zealand Dollar/US DollarNZD/USD5 Pips-1.350.15
US Dollar/Canadian DollarUSD/CAD3 Pips-0.2-0.2
US Dollar/Japanese YenUSD/JPY2 Pips-0.280.01
US Dollar/Swiss FrancUSD/CHF3 Pips-1.40.09
Australian Dollar/US DollarAUD/USD4 Pips-1.000.12
Euro/British PoundEUR/GBP4 Pips0.03-0.52
Euro/Swiss FrancEUR/CHF5 Pips-0.90.02
Euro/Japanese YenEUR/JPY4 Pips0.03-0.36
British Pound/Japanese YenGBP/JPY6 Pips-10.03
Euro/Australian DollarEUR/AUD7 Pips0.23-1.51
Euro/Canadian DollarEUR/CAD7 Pips0.08-0.72
Australian Dollar/Japanese YenAUD/JPY5 Pips-1.80.16
New Zealand Dollar/Canadian DollarNZD/CAD4 Pips-0.550.34
New Zealand Dollar/Swiss FrancNZD/CHF4 Pips-0.820.53
New Zealand Dollar/Japanese YenNZD/JPY4 Pips-0.650.42
Canadian Dollar/Swiss FrancCAD/CHF14 Pips-0.360.2
Canadian Dollar/Japanese YenCAD/JPY6 Pips-0.510
Swiss Franc/Japanese YenCHF/JPY6 Pips0.04-0.7
US Dollar/Hong Kong DollarUSD/HKD7 Pips-0.98-0.5
US Dollar/RubleUSD/RUB*3 Pips1.5-7.4
US Dollar/YuanUSD/CNH*10 Pips0.1-2.74
Euro/New Zealand DollarEUR/NZD4 Pips0.75-1.17
British Pound/Australian DollarGBP/AUD4 Pips0.52-0.83
British Pound/Swiss FrancGBP/CHF4 Pips-0.630.43
British Pound/New Zealand DollarGBP/NZD4 Pips0.76-1.1
BitcoinBTC1%-0.001-0.072
US Dollar/South African RandUSDZAR20 Pips1.49-2.46
US Dollar/Norweigan KroneUSDNOK*10 Pips-0.11-0.02
US Dollar/Swedish KroneUSDSEK*10 Pips-0.530.3
Euro/Norweigan KroneEURNOK*10 Pips0.2-0.47
Euro/Swedish KroneEURSEK*20 Pips-0.240.08
Norweigan Krone/Swedish KroneNOKSEK*20 Pips-0.016-0.066
US Dollar/Singapore DollarUSDSGD*3 Pips-0.0670.004
US Dollar/Turkish LiraUSDTRY*15 Pips1.43-3.33
US Dollar/Mexican PesoUSDMXN*10 Pips0.65-1.44
British Pound/Canadian DollarGBPCAD4 Pips-0.67-0.013
South African Rand/Japanese YenZARJPY*5 Pips-0.240.1


Customer service

eToro has web support, which has a two business day response time for all issues including deposits, withdrawals, technical issues, and more.

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