eToro Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
eToro - For UAE nationals and residents, this broker's official website is secure and trustworthy. eToro has a good reputation on Reddit and Quora, as well as good evaluations on Trustpilot. As a result, traders who want to trade currencies, cryptocurrencies, CFDs, and stocks online may feel confident using this broker.
An in-depth look at the eToro online trading platform is provided in this evaluation. This includes everything from how much it costs to open a trial account and become a copy trader, all the way up to describing social trading and identifying successful traders. It doesn't matter whether you want to trade Ethereum, Bitcoin, or foreign exchange on eToro's platform.
Regulatory Status: eToro is subject to the Cyprus Securities Exchange
Commission's regulatory control as a Cyprus-based financial services provider
(CySEC). eToro has "passported" its authorisation to the United Kingdom and is
registered with the Financial Conduct Authority of the United Kingdom,
authorised under CIF licence number. 109/10. (FCA). The European Securities and
Markets Authority (ESMA) is also responsible for overseeing European investment
providers and influencing EU regulations.
Platform for Trading: The company has made significant advancements to its trading platform since eToro was first introduced in 2010. The former Openbook trading platform and Webtrader's key features and products have been merged into one new platform, providing customers the best of both worlds via a single trading interface. eToro's "Popular Investor" programme allows users to make additional money by copying other traders' transactions and trading on their own. Many brokers are unable to provide this service. The trader's trading activity may be seen by others since he is a Popular Investor. The trader will be rewarded with cash and rebates on the spreads he pays after he achieves a minimum number of copiers. A minimum investment of $1000 is required to be considered a well-known investor. Additional requirements include hiring a copier for at least two months and providing him or her with $500 in stock or financing. eToro established the notion of "portfolios" in order to maintain their position as an industry leader. eToro has launched a new tool called "CopyPortfolios" that allows traders to duplicate a selection of assets from the company's portfolio. Market CopyPortfolios and Top Trader CopyPortfolios are the two main categories for these funds.
Charting Software: eToro's platform offers a variety of tools for technical analysis and research. Traders of all skill levels may profit from these features. The service provides access to a wide variety of market data, allowing the approach to be tested in the past. Of course, real-time price analysis is also possible with these technologies. For this reason, patterns may be noticed and noted. The charts at eToro may not be as sophisticated as those offered by other forex brokers, but they are suitable for most traders, no matter their level of expertise or skill.
Trading Hours: The platform is accessible around the clock, but only while the primary marketplaces for the asset are open. As a result, US stocks will only be accessible on Wall Street, for example, when the US markets are open for business. Every day of the week, there is always at least one Forex market operating, making it possible to trade currency around the clock. Since the Australian and Asian stock markets open on Sunday and weekend trading is accessible anywhere markets are open, it is possible to trade forex at this time.
Mobile App: Free mobile trading applications have been supplied by eToro to its customers so that they may trade on the move from their cellphones and mobile devices. If you're looking to keep up with the financial markets while on the go, these apps are the perfect solution. Compatible with other operating systems. Using your mobile device, you may transact in real-time pricing, see recent trades, and access news and customer support areas. In addition, the app provides complete access to copy trading and watchlists. A lot of thought went into the applications. It retains all of the features of the main online platform, but is set down in a way that doesn't seem crowded. App security is critical for mobile applications, and the eToro mobile apps are very safe. Your account is protected by the built-in security features of both Android and iOS. A new version of the programme is released often. Android's size was slashed by half in the most recent upgrade, but no features were sacrificed in the process. Both the iOS and Android versions were enhanced. The new, lighter regimen resulted in a significant boost in speed for both.
Tweets by eToro Instruments & Assets: eToro's assets have grown over time to include new ones. There are now 53 currency pairs, 53 ETFs, 12 indexes, 7 kinds of commodities, and 950+ types of equities available for trading on the foreign exchange markets today. Users may also purchase fractional shares, enabling them to hold a smaller percentage of a larger share and therefore decreasing the entrance hurdle for new investors. They were also among the first to provide trading in cryptocurrencies. Cryptocurrency is their bread and butter, and they're always looking to increase this market anytime a well-known coin makes it into the public.
Crypto Trading Services: eToro is now offering a multi-crypto on-chain wallet for its customers. The functionality will be rolled out in stages, one nation at a time, and as more crypto currencies become accessible, so will the list of available ones. Multi-signature sign in is available, so users may monitor their blockchain transactions without having to provide their private key. The wallet offers high degree of security. It will be possible to purchase and sell cryptocurrencies using fiat cash via the mobile app (available through Google Apps and the Apple store). Using it, you'll be able to swap one cryptocurrency for another. At the start, four cryptocurrencies will be available (Bitcoin, Bitcoin cash, Ethereum and Litecoin). As the app grows, more features will be introduced. At first, only Platinum Account holders will be able to convert, but this will be opened up to all traders in the future. It is available to all eToro customers and simplifies what would otherwise be a difficult market to navigate.
eToro NFT Trading Platform: eToro announced a $20 million (around 73.5 Million Dirhams) NFT fund in 2022 in response to a growing demand for non-fungible tokens and to expand its portfolio of financial services. NFT artists and brands will benefit from the eToro.art project, which aims to lower barriers to entry for ambitious investors. Another $10 million will be invested in NFT initiatives by eToro by 2022. Clearly, the organisation intends to go beyond digital art and will use third parties to enhance the appraisal process. Floor costs may be exorbitant, and sales can go into the tens of millions of dollars. If all goes according to plan, ordinary investors will be able to participate in NFT drops and collects at more cheap prices.
Technical Support: Customer service is accessible Monday through Friday, 7:00 a.m. to 7:00 p.m. (Gulf Standard Time), 365 days a year. Traders may get in touch with the support service by filling out an online contact form on the company's website. Customers may also get in touch with the company's support staff by contacting the necessary departments with their questions.
Ways to deposit and withdraw funds from eToro: You may finance your eToro trading account in a variety of ways, and you can also withdraw your profits in a variety of methods. For the time being, credit cards like VISA, Mastercard, and Diners are accepted for deposits. Traders may also fund their accounts using a variety of eWallets, including China UnionPay, Neteller, PayPal, Skrill, WebMoney, and Yandex. A bank wire transfer may be used by traders who do not have a credit card or eWallet. 3 business days is the normal time frame for withdrawal requests to be processed. Traders should, however, make sure that their withdrawal requests are at least $50 or they will be refused. Keep in mind that eToro charges a $5 withdrawal fee for each transaction (recently reduced). Traders must also pay a charge for the currency conversion in addition to the withdrawal fee. eToro has also made a free debit card available to traders in the United Kingdom. The broker's investment account holders have access to this service, which allows for quick, fee-free deposits and withdrawals. Users may also send money throughout the world via the payments section, and the conversion rates are quite low. There have been rumblings that the new eToro Money programme and free debit card will be released globally, so stay tuned.
Is eToro is a good platform for investing in the financials markets? eToro is a good broker for novice traders who are just beginning their careers. It is true that the capacity to engage in social trading may significantly boost the profitability of a novice trader. Spreads are greater than those supplied by competitors. With thin margins and a lot of transactions, day traders may lose out on whatever profit they may have gained through day trading.
eToro Office Address: It's primarily an Israeli broker with a real functioning office with employed staff members at 7th floor, Kanika International Business Center (KIBC), 4 Profiti Ilia Street, Germasogeia, Limassol, Cyprus.
Countries eToro accepts: eToro is open to traders from the following countries: Australia; United States; United Kingdom; France; Germany; Norway; Sweden; Italy; Denmark; United Arab Emirates; Kuwait; Luxembourg; Qatar; and many more.
eToro is a cryptocurrency trading and investment platform with a distinct
approach. Many individuals find its combination of social networking and
financial interesting, and its user-friendly layout makes it simple to use,
especially for those who are new to the world of finance.
Investors may buy and sell cryptocurrencies on the eToro trading platform, as well as communicate with other cryptocurrency traders, for as little as $50 in initial investment.
Trading cryptocurrency has exploded in recent years, with certain cryptocurrencies achieving market capitalizations in the hundreds of billions of dollars, if not trillions of dollars, and others reaching market capitalizations in the trillions of dollars.
eToro USA allows traders in the United States to purchase and sell 26 of the most popular cryptocurrencies available, including Bitcoin, Ethereum, Dash, Litecoin, and Dogecoin. The website's design is simple to use, and you can execute transactions from your computer or smartphone in seconds. As a result, anybody may become engaged in cryptocurrency trading with relative ease.
Cryptocurrencies may be difficult to understand, and their values can be quite volatile. It might be scary for first-time investors or those who are contemplating making changes to their investment plans.
eToro provides a virtual portfolio, also known as a demo account, for investors who do not want to wade into the deep end right once. Using the virtual portfolio, an eToro user may practise trading with $100,000 worth of virtual money in order to have a better understanding of how the platform operates and how their trading strategy will perform.
New crypto investors can also have a look at the eToro trading school, which provides a wealth of materials, such as video lessons and guidelines on how to trade bitcoin, to get started.
When it comes to the trading experience, eToro incorporates certain characteristics of social media.
If you have an account on the eToro platform, your account dashboard will seem very similar to a social media dashboard, such as the one you would see on Facebook or Twitter. You can see your account balance, make trades, and communicate with other members of the eToro community all from a one location.
Posting your opinions for other traders to read or seeing insights and postings from traders that you follow are two options available to you. The eToro community is also spread over several social media networks, allowing you to remain engaged even when you are not logged in or making trades on the eToro website itself.
A unique copy portfolio tool called CopyTrader allows eToro users to go beyond just communicating with other traders and reading their insights to create their own copy portfolios. CopyTrader allows you to replicate certain eToro members, known as Popular Investors, by selecting them from a list. When another trader makes a deal, CopyTrader will automatically execute the identical trade in your portfolio as well.
On eToro's social trading platform, you may not only observe successful trader techniques, but you can also read insights to better understand how these investment approaches align with your own.
eToro rewards its Popular Investors based on the number of other eToro users who choose to replicate their trades, which is determined by the number of people that duplicate their transactions. By joining the Popular Investor programme, you will be able to make money from as little as $2 for each individual who copies your trades, up to a maximum of 2 percent of the assets of those who duplicate your transactions.
It is not need to pay any account fees or maintenance fees with eToro. If you opt to become a member of CopyTrader, you will not be required to pay any management fees.
The cryptocurrency trading platform eToro generates money instead via spreads on various cryptocurrencies, with a modest percentage charge applied to your transactions as a result.
Spreads may vary from as little as 0.75 percent to as high as 4.50 percent, with costs fluctuating somewhat between the two extremes.
Aside from the spread that eToro charges, the only other cost you'll have to worry about is a 0.1 percent conversion fee when changing money between various cryptocurrencies on the platform.
Signing up for an eToro account is a straightforward process. You'll need to
establish a username and password, as well as give an email address, before you
can proceed. You may also sign in using your Facebook or Google accounts to make
things even easier.
Creating an account is the first step, but you'll have to go through a few more hoops before you can begin trading. eToro demands that you give a confirmed phone number as well as upload some sort of identification verification and proof of residence before allowing you to use their services.
The quickest and most convenient method of funding your account and getting started in trading is to connect a bank account. This makes it simple to transfer funds to your eToro account, allowing you to begin trading immediately. A debit card or wire transfer are both acceptable methods of deposit, however a credit card cannot be used to make the deposit.
Withdrawals may be made to either your external bank account or your eToro wallet account. Money moved from your eToro account to your eToro wallet, on the other hand, is not able to be transferred back into your eToro portfolio.
There are no minimum or maximum daily deposits with eToro, and the maximum daily deposit is $10,000. The smallest amount that may be withdrawn is $30.
For traders on the go, the eToro mobile experience is elegant and simple to use, with highly rated applications accessible for both iOS and Android devices.
There are no differences between the eToro app and the eToro website in terms of functionality, including the ability to place buy and sell orders, publish to your social network feed and read postings from other traders, as well as the option to deposit and withdraw cash.
In spite of the fact that cryptocurrency is still a relatively young technology, many of them are meant to provide anonymity to its users. In other words, fraud and fraudsters are rampant in the cryptocurrency sector. It's fair that you'd be concerned about trusting an unproven cryptocurrency firm with your personal and financial information.
That said, eToro is not a fraud, which is fantastic news for you. The firm has been granted full permission to operate in the banking sector in both Europe and the United States. To keep your information and money secure, it also employs industry-standard security methods and technologies.
One advantage of using eToro is that it keeps your money in U.S. dollars in an FDIC-insured savings account while you are away. The Federal Deposit Insurance Corporation (FDIC) insures insured accounts up to $250,000 and is guaranteed by the full faith and credit of the United States government. While this protection does not apply to crypto assets at eToro, it does provide an extra layer of security for your eToro cash balance.
People who want help might choose from a few different alternatives on eToro.
The two basic options of obtaining assistance are to submit a question on the company's support forum or to initiate a live chat session. If you have a pressing question, live chat is the best option, since eToro presently warns that it may take up to fourteen days to react to postings on the help site.
This, along with the fact that withdrawals might take up to a week to reach your bank account, means that clients should be certain that they are not dependent on the funds in their eToro account for their financial needs.
If you run into difficulties, assistance will be provided; however, it may take some time for your issue to be resolved.
If you enjoy the notion of using a social network to invest in and trade cryptocurrencies, eToro is a good option. There are few other websites that combine social networking with investment in the same manner that this one does.
The eToro platform is also an excellent alternative if you want to become engaged in the cryptocurrency market but aren't sure how to get started. CopyTrader may assist you in following and mirroring the actions of successful traders.
There are a number of alternative websites and services that provide inexpensive crypto investment that you should investigate if you are less concerned with the social component of investing or want a more readily accessible customer care staff.
When it comes to eToro, one of the most creative features is the option to automatically mimic the trades of some of the broker's most well-known investors. With CopyTrader, you'll choose the traders you wish to emulate and then instantaneously copy their trades as if you were in their shoes. "When they trade, you trade," as the website eToro puts it.
CopyTrader displays the names of other traders who are participating in the programme, as well as the returns they have accrued over the previous year, allowing you to make an informed decision. For those who aren't quite ready to imitate their trades, you may follow along on the trader's social media feed, see their monthly performance statistics, and look at their current holdings. It's social networking meets cryptocurrency trading, and it's designed to help traders communicate with one another.
CopyTrader is a free service that does not need any additional fees, and it really generates cash for top traders as part of eToro's Popular Investor Program. Clients may join up, get followers, and earn additional revenue while they trade on the platform. However, in order to imitate traders, you'll need at least $200 in your account.
To get your feet wet in the crypto trading world before diving in headfirst, eToro will enable you to open up a virtual account and start trading with $100,000 in virtual money before you make a real-world investment. After switching to virtual trading mode, you'll be able to conduct transactions as if you were really on the market. It's a useful addition that should make it easier for new investors to get started and use the site more effectively.
Cryptocurrency trading is the main attraction of eToro, and it's also the sole attraction if you're a trader from the United States. (Those living outside of the United States may also trade equities without paying commissions.) The broker does not charge commissions, but instead earns money by increasing the spread (more below).
A total of 63 different cryptocurrencies are available via the broker, including some of the most prominent ones such as Bitcoin, Ethereum, Dogecoin, Solana, and a slew of more options. It is simple to utilise and browse about the trading layout on the internet interface, and you will be able to see all of the trading alternatives provided clearly.
Traders may also find the perks of the eToro Club, which was just created, beneficial. In addition to receiving a personal account manager, a quarterly analyst newsletter, live streaming webinars, a portfolio monitoring app, and priority customer care, you'll also enjoy a variety of other benefits.
The amount of benefit you get is determined by what eToro refers to as your "realised equity," which is simply the amount of money you've placed or traded that has resulted in a realised profit. The more money you have in your account with eToro, the higher your level in the programme, which has five tiers ranging from silver to diamond.
It is possible that the social media feed on eToro and each of its cryptocurrency websites will prove to be a helpful communication tool for traders to connect with one another. As a natural companion to the "copy trade" function, it's a great addition. Along with the ability to monitor individual cryptocurrencies, you'll also be able to watch the movements of the site's most popular traders, who are people who join in the site's Popular Investor Program, which is a free service.
Because of this integration of cryptocurrency trading with social media, eToro seems to be a forward-thinking option.
You'll get access to 63 of the most popular cryptocurrencies, which compares well to many competitor brokers, who only allow users to trade a small number of cryptocurrencies, generally Bitcoin and a few others, according to the company. This selection even outperforms other cryptocurrency exchanges that are only focused on digital currencies.
At eToro, if you're trying to trade anything other than cryptocurrencies, you're out of luck, at least if you're located in the United States. While traders in other nations are able to take advantage of commission-free stock trading, Americans are limited to trading cryptocurrency. Because of this, anybody searching for anything other than cryptography will have to go elsewhere.
If you're just getting started with cryptocurrency trading, it won't take long for you to be up and running at eToro. Your initial deposit must be a minimum of $10 in order to be accepted. That's all it takes to get you started in the game, and after that you'll need to trade at least $10 every transaction to keep your account active.
As a result, eToro is accessible to traders of any size who want to get started in bitcoin trading. Having said that, if you don't log into your account at least once every 12 months, your broker will begin charging you a $10-per-month inactivity charge. In other words, if you have money in it, don't forget about it.
Similar to other brokers — such as Robinhood — who claim "commission-free trading," eToro earns its money by profiting off the disparity between the bid and ask prices of securities traded. Therefore, the bid-ask prices shown on your eToro screen may vary from the prices displayed on your computer screen while trading in the real market. This is a very popular method of determining the price of currency deals, and many cryptocurrency brokers are now use it as well. As a result, although brokers may honestly claim that they are commission-free, they are in fact taking a fee someplace else.
All cryptocurrencies are priced at one percent by the broker, which does an excellent job of clearly putting out its spread pricing. It is worth noting that this price is competitive with that of other brokers, such as Coinbase, which charges a minimum of 1.99 percent on each transaction, with fees that may be considerably higher in percentage terms for deals with lower dollar quantities.
However, eToro's fees are significantly higher than the commissions that traders would pay on cryptocurrency exchanges, where commissions could start as low as 0.35 – 0.40 percent and fall as trading volumes increase. Binance.US, one of the cheapest exchanges on our list, gets you up and running with commissions as low as 0.10 percent.
A typical broker may have a highly developed trading platform with a plethora of tools and charts to monitor price movement and assist in predicting where a securities will trade in the future. Alternatively, you may be able to enter orders directly from the platform, allowing your transaction to enter the market quickly. However, this is not the case with eToro, which has been cut down to its bare essentials and possibly too gameified.
When it comes to trading, the "platform" at eToro is primarily comprised of purchase buttons (one for each cryptocurrency), which you may press when you're ready to place a deal. At this level, you may simply enter your trade value in dollars, and your order will be sent to the market, making it a remarkably simple process.
By clicking somewhere else on each cryptocurrency's tab, you'll be directed to the cryptocurrency's social media feed, where you may obtain charts and other studies that may be useful in determining your trading strategy.
Customer service is not the highest priority at this start-up, as it is at other finance app start-ups. However, it is crucial to be aware of this before to arriving so that you do not anticipate a full-service experience.
You may get in touch with customer service via support requests and email. While you wait for your official response, you may consult a support website that contains answers to frequently asked questions. eToro Club members (depending on their equity balance) will be able to communicate with customer support representatives through live chat if they are members.
At eToro, you are not investing for the long term; rather, you are trading bitcoin. As a result, it shouldn't come as a surprise that the broker only provides a taxed individual account. There will be no IRAs, joint accounts, custodial accounts, or any other kind of account for that matter.
However, although this will not be a dealbreaker for individuals who are focused on precisely what eToro promises, it does indicate that eToro is not the best choice for many other types of investors.
If you're a cryptocurrency trader based in the United States, the broker eToro is best suited for one thing: trading major cryptocurrencies.
A welcome addition to the market, the broker's CopyTrader function allows you to follow in the footsteps of a successful trader and maybe ride your way to financial independence.
However, people hunting for even rare crypto coins will have to go elsewhere since the selection of cryptocurrencies is so broad.
The all-in cost of trading here may be greater than the cost of trading at other competitors, particularly cryptocurrency exchanges, who are fiercely battling on price.
Those wanting for even more trading alternatives or reduced price might consider using Binance.US, Bittrex, or Kraken as their trading platforms. These exchanges, on the other hand, are completely focused on cryptocurrency, so if you want a conventional broker who can handle both, you may use Webull or Interactive Brokers.
The only thing better than eToro is if you want to trade commodities, equities, gold, or cryptocurrency. A worldwide multi-asset platform, eToro allows users to trade contracts for difference (CFDs) on the world's most prominent equities, commodities (such as oil), indices, and more than 15 major cryptocurrencies. There are more than 10 million registered users throughout the globe on this fully regulated exchange and broker platform. If you compare it to other cryptocurrency trading platforms, eToro does not enable you to withdraw your cryptocurrency assets unless you are using a specialised custodial eToro Wallet, which is accessible on both iOS and Android devices. Since its inception in 2007, the broker has been a vocal proponent of Bitcoin, and it has provided Bitcoin trading services since 2013. It is ideally suited for new traders and investors who want to learn about and experience the best of both the cryptocurrency and conventional financial sectors. Because it is a social trading platform, it is particularly appealing to novice traders and investors.
If you are new to the financial industry, eToro is an excellent social trading and multi-asset platform to get your feet wet in. Since 2006, the platform has been a pioneer in the internet investing market, earning a reputation as a trustworthy broker. You should consider the eToro platform if you are interested in cryptocurrency trading, but also conventional assets such as equities, commodities such as oil or gold, and exchange-traded funds (ETFs). It is a one-stop shop for all of these different types of trading goods.
In addition, advanced traders may profit from eToro's margin trading, which enables you to access a wide range of trading products by using leverage. More inexperienced traders might profit from social trading platforms such as eToro, which allow you to follow and mimic seasoned investors, their research, and their observations.
eToro is a social trading platform. It is the greatest social trading platform for traders since it provides a one-of-a-kind social trading experience. The platform allows you to follow, copy, and communicate with your favourite traders, as well as construct a personalised news feed to keep track of your favourite assets and their latest headlines.
Many instructional tools are available, including a virtual portfolio for training purposes.
Aside from 16 different cryptocurrencies, you may also learn about and trade in conventional markets like as equities, bonds, FX, exchange-traded funds, commodities, and other assets and marketplaces.
If you have a problem, you may contact eToro's customer service staff via phone, live chat, or help ticket. Furthermore, the site has been translated into more than 20 other languages. Customer assistance is accessible from Monday to Friday, 24 hours a day, seven days a week.
Trades may be made from your Android or iOS-powered phone since eToro is simply accessible while on the road.
The following eToro global trading instruments are available:
- There are 47 different currency pairings (including EUR, USD, CAD, GBP, AUD, PLN, SGD, SEK, JPY, and many others).
- 13 CFDs on stock indexes (SPX 500, UK100, NSDQ100, China50, AUS200 and others).
- Over 1300 stock CFDs are available.
- 83 commodities contract for difference (CFDs) (including oil, gold, silver, copper, natural gas, and platinum).
- A total of 16 cryptocurrencies (BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, EOS, NEO, XLM, IOTA, TRX, ZEC, BNB & XTZ).
eToro, which was founded in 2006, has a longer history than both Bitcoin and cryptocurrency combined. It began its operations as an online foreign exchange brokerage company. In 2010, the company introduced its well-known copy-trading tool, which allows customers to mimic the investing techniques of successful traders.
With the help of its three million members at the time, it launched its first foray into cryptocurrency trading in January 2014, when it started providing Bitcoin trading services. Contracts for difference (CFD) deals were being executed at the time, which meant that the trader did not acquire ownership of the underlying asset (e.g., bitcoin). As an alternative, it represented an agreement that he or she would either pay the difference if the asset's value decreases or get the difference if the asset's value increases. However, from September 2018, eToro has shifted to enabling direct cryptocurrency trading, which means that you now truly own and have the ability to withdraw the cryptocurrencies you purchase and store in your eToro wallet.
Today, eToro has over ten million members, with the majority of its growth being fueled by the cryptocurrency explosion. Moreover, for a platform of its magnitude, its design is sleek and simple to use, and its mobile app makes monitoring your portfolio on the move an easy and comfortable experience.
Its cost structure differs from that of'standard' crypto platforms (such as Coinbase, Kraken, and Binance), making it a bit more difficult to understand.
Because eToro is a brokerage service rather than an exchange, it does not charge trading fees in the same way that traditional cryptocurrency exchanges do. When you use leverage to sell cryptocurrency and acquire cryptocurrency, you will be charged something known as "spread costs" (i.e., when borrowing from the eToro trading platform to make a purchase). To put it another way, if you want to sell (or margin trade) a cryptocurrency, you must pay a percentage of the sale price as a commission. This percentage is derived from the asset's'spread,' which is the difference between the asset's 'buy' and'sell' prices at the time of purchase and sale.
For example, if you sell one bitcoin at a market price of USD 7,000, you'll be required to pay 0.75 percent of the value of that one bitcoin in addition to the market price of USD 7,000. (0.75 percent being the current BTC spread value at the time of writing). Assuming that 1 BTC is equivalent to USD 7,000, you'll be required to pay USD 52.50 in transaction fees.
Aside from that, any advanced trader who enters into a leveraged position on a cryptocurrency will be subjected to 'overnight fees,' which are also known in the cryptocurrency trading industry as "rollover fees" on other trading platforms. The trader is effectively paying interest to eToro since they are borrowing money from the platform in order to maintain their trading position.
The company's website and trading platform were examined, and it was discovered that the company has not been involved in any serious controversies in the past. Security, on the other hand, is not eToro's primary selling point. This is mostly due to the fact that, before 2017, cryptocurrencies could not be traded and transferred directly via the eToro site. A contract for difference (CFD) was used instead, which meant that users agreed to either pay or receive the difference if the price of a coin fell or rose.
To put it another way, eToro did not hold any cryptocurrency that belonged to its customers. It was not necessary to implement the kind of security precautions that were used by other crypto platforms, such as cold wallets and multi-sig verification.
Today, it allows customers to purchase cryptocurrency directly from the exchange and keeps the majority of their funds in cold storage. Keep in mind, however, that the eToro wallet retains your private key, so you must put your trust in the trading platform to keep your funds safe. Having said that, it maintains a separation between its consumer monies and its company bank accounts. Furthermore, eToro only conducts business with major, internationally recognised financial institutions, such as Barclays Banks and Coutts Financial Services. As a result of being regulated by the CySEC in Europe, the FinCEN in the United States and the FCA in Britain, eToro is considered to be one of the most secure platforms in terms of general compliance with financial regulations.
eToro is a social trading platform. Disclaimer: The prices shown on the eToro trading platform are indicative; the current market price is displayed on the site. The past performance of a company is not indicative of future performance.
While eToro provides a number of essential features that make it particularly suitable for new and inexperienced traders, it also has some limitations. It offers a Virtual Portfolio, sometimes known as a "demo mode," which allows users to trade without risking any real money. Using this mode, you can purchase as much 'virtual' bitcoin, dash, or XRP as you want and then sit back and watch how the value of each cryptocurrency fluctuates.
When it comes to traders who aren't confident in their ability to pick winners on a consistent basis, eToro's copy trading feature is a great option. It is possible to mimic the best-performing traders across a wide range of asset markets using the CopyTrader technology on eToro (e.g., commodities, stocks, ETFs, and crypto). You decide how much money to put into the account, and then it replicates every move the trader makes. Furthermore, users have the ability to make minor adjustments here and there (such as copying only new trades rather than all open positions).
The structure of the eToro trading site is simple and straightforward, making it easy to browse. A control panel is located on the left-hand side of the screen for the user's convenience. The charts, data, and profiles on the right-hand side of the screen will provide you with everything you need to make your investment decisions. In a similar vein, eToro's mobile applications enable you to do almost all of the functions available on the desktop version of the brokerage's trading platform. You'll be able to stay on top of your trades no matter where you are because you'll be able to receive notifications on the go. Both Android and iOS devices can be used to access the applications.
eToro has a social trading tool that you may use. Dislcaimer: These prices are merely indicative; the current market price is displayed on the eToro trading platform.
You can copy the actions of traders of your choosing using eToro's copy trading functionality. Having seasoned traders from all over the world trade on your behalf is similar to having a personal assistant. In the social feed, you can follow specific traders and monitor their actions in real time. You can also choose to copy everything they do.
Therefore, eToro is the social media platform for traders that serves as a link between you, your favourite traders, and the markets that interest you the most.
If you do not transfer bitcoin directly to the eToro wallet, you will only be able to deposit fiat cash into your eToro account at this time. Aside from that, you may pay with your credit/debit cards and a range of additional methods, including wire transfer, major e-wallets such as PayPal, Skrill & Neteller, Klarna, iDEAL, and others. As a result, all fiat monies kept by eToro are in US dollars, thus if you put EUR or GBP into your account, eToro will convert it to USD for you. As a result, you will have to pay a conversion charge. Depending on your jurisdiction, the minimum first-time deposit might be anywhere from USD 50 to USD 10,000.
Withdrawals are processed in a similar manner, with options such as credit/debit card, bank transfer, and PayPal all being available. However, there is a flat fee of USD 5 for each withdrawal, so make sure to plan your withdrawals ahead of time to avoid incurring additional fees. The eToro crypto wallet also enables users of the site to store and withdraw any of the cryptocurrencies that the platform offers.
eToro is a one-of-a-kind social trading platform that offers a comprehensive selection of financial products. Despite the fact that it is more expensive than traditional bitcoin trading platforms, the advantages exceed the expenses since eToro provides substantially more value. All things taken into consideration, eToro is a fantastic way to begin learning about the online investing industry while also diversifying your portfolio, connecting with other investors, and developing your career as a responsible trader.
Where does eToro have its headquarters? eToro has offices in London, the United Kingdom, Sydney, Australia, New Jersey, the United States, Israel, and Limassol, Cyprus. eToro is a financial services company.
In which countries is eToro permitted to operate? eToro is available in the majority of nations throughout the globe. Due to technical difficulties and regulatory restrictions, eToro is not currently accessible in the following countries: Afghanistan; Afghanistan; Albania; Belarus; Bosnia and Herzegovina; Botswana; Brunei; Burundi; Canada; Chad; Congo Republic; Crimea; Cuba; Ethiopia; Guyana; Guinea & Guinea-Bissau; Iran; Japan; Laos; Libya; Mali; Myanmar; Namibia; New Zealand; Nicaragua; North Korea; Palau; Samoa; Serbia; Somalia; Sudan; Syria; Turkey; Uganda; and Yemen
Is eToro a regulated broker? Yes. For example, the Financial Conduct Authority (FCA) in the United Kingdom, Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and Australian Securities and Investments Commission (ASIC) in Australia all regulate eToro.
Is eToro a reputable broker? eToro is considered to be one of the most reliable trading platforms available. It has been in operation since 2006, has a proven track record, complies with all applicable laws, and is regulated by the FCA (United Kingdom), CySEC (Cyprus), ASIC (Australia), and FinCEN (Financial Crimes Enforcement Network) (United States).
What is eToro's revenue model? eToro, like most other exchanges, makes money when users pay fees. Spreads are the most prevalent source of revenue for traders, although they also earn money through overnight fees, currency volatility, exchange rates, and leveraged trading, among other things.
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What happens if the cryptocurrency exchange eToro goes bankrupt? Leave your funds on eToro and you are exposing yourself to additional counterparty risk. Yet, eToro is a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms, which provides compensation to customers of insolvent forex brokers. Although the maximum payout is 20,000 EUR per client, if the company goes out of business, you will likely lose at least some of your funds without receiving a refund.
Is eToro a company that pays dividends? eToro is one of just a few brokers that really pays dividends to its brokers. You will get all of the dividends multiplied by the amount of leverage specified in the payout calendar. They will appear in the "Refunds" section of your account and will be utilised to reimburse you for any costs that have incurred on the trading platform. The difference between the "Refund" amount and the fees will be reimbursed to your account after the deal is concluded if there is a net difference between the amounts.
Is there a price associated with eToro? With the exception of spreads, eToro does not charge any deposit or trading fees. In addition, there is a USD 5 withdrawal charge, as well as additional overnight and weekend costs for CFD holdings. The amount of the charge varies depending on the exchanged instrument.
In order to trade on eToro, what is the minimum deposit required? The bare minimum deposit on eToro is US dollars two hundred dollars.
What is the best way to invest in eToro? After you have opened an account on eToro and made your first deposit, you will be able to invest in a variety of CFDs and cryptocurrencies with just a few clicks. Alternatively, you can copy the moves of other traders and pool your funds with them to make investments.
What is the best way to make a deposit into my eToro account? eToro accepts a wide range of deposit options, including credit and debit cards, wire transfers, PayPal, Skrill, Neteller, Webmoney, and UnionPay, to name a few examples.
What is the procedure for withdrawing money from eToro? If you make a withdrawal from eToro, you may use the same methods that you used to make a deposit. Wire transfers, credit and debit cards, e-wallets, and cryptocurrency transfers from an eToro wallet to an external wallet are all examples of methods of payment. It will take approximately 24 hours to complete the process.
Learn more about online trading brokers for UAE citizens and residents.
Sites like eToro in the UAE
Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.
The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- OANDA - American broker that is now spreading its wings. (OANDA Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- ADSS - Based out of Abu Dhabi and regulated by the Central Bank of the United Arab Emirates. (ADSS Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- Orient Finance - Local online-trading broker that caters to novice traders looking to invest in the foreign exchange markets. (Orient Finance Review)
- Alfa Financial - Their office is located at City Centre Deira on Port Saeed Road; and generally tends to attract investors within Dubai. (Alfa Financial Review)
- One Financial Markets - Local forex broker with an office at Dubai International Financial Centre at Index Tower. (One Financial Markets Review)
- Amana Capital - A broker located at Central Park Towers, Dubai International Financial Center. (Amana Capital Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Century Financial - Old online-trading broker with an office at Level 6, Building 4, Emaar Square, Downtown Dubai. (Century Financial Review)
- IFCM UAE - Nothing special about IFC Markets, but it does have a dedicated .AE website for UAE clients. (IFCM UAE Review)
- EARNEX - This one is present at Jumeirah Lakes Towers and is licensed by the SCA. (EARNEX Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- Gulfbrokers ae - Dubai Multi Commodities Centre (DMCC) regulates this broker, but there nothing extraordinary about this brand. (Gulfbrokers AE Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.