eToro is an online trading site located in Tel Aviv, Israel. They offer trades in cryptocurrencies, Fiat, EFTS, stocks, indices, and other commodities. eToro has been around since 2006, but is gaining more recognition recently with the newer online trading commodities. Even though it’s located in Israel, it’s regulated in Europe by CySec, and the NFA and FCA.
There are now 5 million users in over 170 countries on the site. There is access to a gigantic trading market. Their trading platform is called “OpenBook”, which offers a social access to trading and learning that many other sites seem to lack.
If you’re new to many trading sites, you won’t be able to do bigger trades until you’ve earned that right. Not only does this protect the beginner, it protects others involved in the trades, and the site too. As you earn levels, you go through a verification process. This keeps scamming to the minimum and gives peace-of-mind to new traders. However, on eToro there is no verification cap for new users, but, you must complete the ID verification if you want to trade in larger amounts. If you’re an expert or pro, you can trade with 2000 EUR if you want.
The site requires you to be at least 18 years of age. After registering on the site, you’ll need to complete your profile to complete the verification process. There is a lot of info required here, including a government-issued photo ID, phone number and proof of address.
Like most of the better sites, there are plenty of learning materials to be found. Beginners can learn about the basics of trading so that they understand the trading process. There is also a virtual trading platform for those who simply want to learn more. They can then switch to the real portfolio with one click.
The site has a “Copy People” feature. This allows you to learn about other popular trades on the site. Experts can share their successful trades and share the details with their fans. You can find these people by their number of followers, return percentages, and risk levels. The copy trading function of the site is one that’s unique and different to other sites.
The site has a good referral program for their affiliates. It has a nice friendly design with many educational materials of interest. Participating affiliates don’t find it that hard to sell the site to people with an interest in online commodities.
The site accepts all popular payment options, however, does not accept Bitcoin deposits or withdrawals, which is somewhat disappointing in this new online trading environment.
There are also limited cryptocurrency listings on the site. If crypto is your thing, it’s best to choose a different site. The minimum deposit required is from $50 to $1000 per region, so that might be another issue.
The social and learning aspects of this site are perfect for the beginner. You may want to check out the free features on the site and see if it’ll work for your online trading once you feel confident to do real trades.