Etoro.com eToro was founded as RetailFX in 2006 in Tel Aviv, by brothers Yoni Assia and Ronen Assia together with David Ring. The company is based in London and is regulated by the Financial Conduct Authority (FCA).
Etoro serves clients in over 150 countries, and offers over 200 trading instruments ranging from currencies and commodities to stocks and indices.
Here's a rundown of what makes Etoro a reputable Forex broker.
Etoro offers three account types: Standard, Premium, and VIP.
Standard Accounts – Requires a minimum deposit of $500, maximum leverage of 1:200, and spreads starting at 2.5 pips.
Premium – Requires a minimum deposit of $5,000, maximum leverage of 1:200, and spreads starting at 2.1 pips.
VIP – Requires a minimum deposity of $50,000, maximum leverage of 1:200, and floating spreads starting at 1.5 pips.
What's great about Etoro accounts is that investors can choose to have a no-commission account with slightly wider spreads, or they can opt for a commission-based account with extremely tight spreads alongside a small commission per 100,000 base units traded.
Etoro offers two types of trading platforms. The MetaTrader 4 platform can be downloaded, traded on their web terminal, or used as an Android or iOS mobile app. Apart from MT4, Etoro gives its clients access to MirrorTrader. MirrorTrader is social trading platform where Etoro members can copy and follow the trades made by other registered users for a hands-off trading approach.
Any Forex broker who wants their clients to succeed will give them a database of educational material. Etoro does just that. They provide detailed information on social trading, how to use trading tools, and Forex trading strategies. They also include tutorial videos, webinars, a free Forex eBook, and much more.
As a FCA-regulated Forex broker, Etoro traders are virtually guaranteed of the company's legitimacy. Aside from consumer-protected rights, in the event that traders run into any problems, they are entitled to compensation from the UK's Financial Compensation Scheme (FSCS).
A few of the advantages that come with trading with Etoro include:
Free choice of commission or no-commission accounts (Islamic-friendly accounts)
FCA regulated broker
Free Guardian Angel account performance monitoring
ECN broker which poses no conflict of interest
Social copy trading support through MirrorTrader
Free daily market analysis and trading signals