eToro review : Our complete test and user opinion 2023

7 advantages of the broker : eToro review

The eToro broker is not the number one for nothing, it allows individuals to invest easily, whether in cryptocurrencies or in other financial assets. For many years, it has offered an easy and intuitive solution that attracts millions of investors.

Its communication also plays a key role: eToro is a marketing and advertising pro. We have gathered in this point, the different advantages of eToro, the positive points.

Here are the strengths of eToro according to us :

1. Leader in the world of trading
2. Secure platform
3. Intuitive Solution
4. Social Trading and CopyTrade
5. Many assets available
6. Suitable for beginners
7. Possibility of demo account

1) World leader

eToro is the world’s leading broker. It is to him that retail investors turn when they wish to buy shares or any financial asset.

The platform has been offering to buy cryptocurrencies since 2017.

eToro prides itself on being recognized as the Facebook of trading by the general public. The platform presents the trading options in a simplified way and contains a lot of information on the different assets available on the platform.

2) Secure platform

eToro is a very secure platform : it requires more information than most cryptocurrency exchange platforms. Indeed, financial assets are also available and you will have to answer a questionnaire during your first connection.

Also when you have completed your KYC identity and address verification, you will be asked to give your tax number in order to verify if you are authorized to participate in financial markets.

As a platform of some influence, eToro makes sure to offer the most secure platform possible.

3) Intuitive platform

The platform is very easy to use. All features/information presented are logical and understandable to all users. eToro has worked to provide an interface that is simple and efficient.

4) Social Trading and CopyTrade

The great particularity of eToro lies in its deep concept. The platform presents itself as a social trading network. Each investor has their own account and can publish news on their feed.

We can therefore subscribe to accounts and interact between investors. This offers a real playful and pleasant side to trading.

The big advantage of this proposal is that a “Copy” functionality is included when visiting someone’s profile. On each profile, we can see the statistics, the portfolio, etc. of the user.

If we want to follow an investor’s trades, we just need to set up the CopyTrade and a few clicks to launch eToro’s copy trading functionality.

The trades start automatically following the choices of the person you have decided to follow.

To find profiles to copy, click “Search” in the menu on the left. You will then see the “CopyTrader” category with the necessary information about the profiles.

5) Wide range of assets

eToro offers all the financial assets that could interest a “standard” trader and investor. The broker offers :

• Shares
• Cryptocurrencies
• Indices
• ETF
• Raw materials
• Currencies

Everything a novice or experienced trader needs !

6) Accessible to beginners

The platform wants to offer a simple and understandable experience to everyone, even beginners. Trading can be a complicated environment and repel novices. The broker wanted to create a simple environment.

eToro wants to cut to the chase and focus on its brokerage business without drowning you in complicated information or stuff. Only allow you to buy and sell assets to build a stock portfolio.

7) The demo account

eToro allows you to create a demo account and thus try your hand at trading without involving your funds. Perfect for beginners, once again eToro stands out in the possibilities given to newcomers.

4 disadvantages of the broker: eToro review

If eToro is a simple platform to understand and use, it also has its flaws. Some may be bothered by the limitations of the brokerage platform.

We have collected 4 disadvantages that could put an investor off trading through this broker :

1. Too simplistic interface
2. Unresponsive customer service
3. dollar trading
4. Few altcoins

1) An overly simplistic interface

The trading interface is quite simple and regular traders will quickly find the offer limited : no curve editor, no forecasting tools, no order books.

2) Customer service not always responsive

eToro is not known for the quality of its customer service. Based in Cyprus, you will hardly have an operator available in French and disputes can take a long time to be resolved.

Unfortunately, this is a recurring problem with online services of all types, and brokers especially.

3) US dollar trading and holding

Although the platform is intended for the general public, it does not however offer trading in Euros and you will have to use the dollar as the base value for all of your trades.

In addition, the site encourages you to be a holder (who keeps his assets for a long time), because the trading tools are limited.

4) Not many altcoins available

eToro offers trading in just over 90 different altcoins through its platform.

This is quite low when compared to standard crypto exchanges. As for brokers, they are generally in the same range.

Remember that these brokers offer several asset classes and are not 100% crypto-oriented.

This lowers your crypto investment opportunities and you may feel limited if you are looking for an advanced cryptocurrency trading solution.

Our full take on fees, features, regulations : eToro review

eToro was founded in 2007 by the Assia brothers in Israel. Since its launch, it has offered social trading with no minimum capital.

The broker quickly became a mainstream platform for stock trading, and launched the first online trading application.

It was in 2017 that eToro launched into cryptocurrency by offering a selection of tokens for purchase and sale.

The platform is known for its aggressive marketing : team sponsors, advertising campaigns. It is very likely that you have already seen eToro advertising campaigns.

Platform fees

eToro offers you group purchases at prices set by the platform, so you will always buy above the price and sell below the price.

Brokers like eToro are remunerated thanks to this price difference called the spread. eToro spreads range from 1% for cryptocurrencies, to 2 pips for commodities.

Regarding other platform fees, there are no registration fees, management fees, and 0% fees on the purchase of shares.

eToro fees consist of withdrawal fees set at $5, currency conversion fees, inactivity fees ($10 per month of inactivity after 1 year of inactivity).

Our take on eToro fees is that they are not outliers but also not part of the low average. It is necessary to remain vigilant not to leave an inactive account open, and to rationalize the withdrawals so as not to have to pay the fixed prices too often.

The different products offered by eToro

As you will have understood, the main advantage of eToro lies in the fact of offering a wide range of assets beyond the world of crypto.

You can invest in stocks, indices, ETFs and commodities. The broker offers a fairly wide range of financial assets that will allow anyone to embark on the adventure of trading with the best known assets.

However, we regret a too low supply in cryptocurrencies.

eToro regulations

eToro is highly regulated and has a panel of regulations across the world. In Europe, the broker is regulated in the UK by the FCA, in Cyprus by the CySEC and in the Netherlands by the DNB.

For other continents, the broker also has many regulations.

eToro user reviews

We wanted to compare our opinion and our experience with that of the users of the platform. To do this, we took to the reputable review site Trustpilot to see what people think of eToro.

The international broker receives an excellent score of 4.3/5 for more than 17,000 reviews!

The rating is excellent and very rare for a trading broker. This proves the very good reputation of eToro compared to many brokers who have much lower ratings on the same site.

Positive eToro reviews mention, for example, the wide choice of assets, reasonable fees, the availability of eToro teams, the intuitive and easy side of the site.

Negative eToro reviews mention a lack of responsiveness from the team in the event of a problem, withdrawal problems, the fact that you cannot actually buy cryptos (normal on a broker).

Even if it is very interesting to put the opinions of platform users into perspective, it is always necessary to take a step back from the situations of each one.