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eToro Review [2023] – Is eToro a Scam or Legit?

etororeview scamorlegit
Etoro Review 2021- Is it legit or a scam?
  • Easy To Use?
  • Cost
  • Profitability
  • Time Needed


  • Decent Platform, Very User Friendly
  • The Idea Of Social And Copy Trading Is Good In Principal
  • Easy To Deposit And Withdraw Funds
  • Quality Of Traders Is Just Not There
  • Margins Are Quite High

Welcome to my eToro review. This social trading platform has been called everything from the best idea in our trading history to a total scam. So, which is it? In this video, I give a very open and honest account of my experience with eToro from my last 5 years of trading with them.

Key Takeaways (Based On My Extensive Testing & Experience)

Best Features

  1. Innovative Social Trading: One of eToro’s standout features is its CopyTrader system, which allows you to automatically mirror the trades of successful investors. This not only democratizes the trading experience but also offers a unique, interactive way to invest.
  2. Wide Range of Assets: Whether you’re interested in cryptocurrencies, stocks, or ETFs, eToro has you covered. The platform offers a diverse range of assets, making it a versatile choice for investors of all types.
  3. User-Friendly Interface: With an intuitive design, eToro is accessible for both beginners and seasoned traders. The platform focuses on user experience, ensuring that you can focus on trading rather than navigating a complicated interface.
  4. Virtual Trading for Practice: Before you dive into real trading, eToro offers a $100,000 virtual trading account. This allows you to practice without any financial risk, giving you the confidence to trade in real-world conditions.
  5. Global Credibility: Having been around since 2007 and boasting over 25 million users across 140 countries, eToro has established itself as a reliable and globally recognized trading platform.


  1. Geographic Limitations: One of the platform’s limitations is its restricted availability for crypto services in certain U.S. states. This could be a deal-breaker for potential users in those regions.
  2. Limited ETF Options: While eToro does offer a range of assets, its ETF selection is somewhat limited, with only about 200 options available. This could be a drawback for those looking to diversify their portfolios further.
  3. Customer Support Could Be Better: eToro’s customer support mainly operates through email and ticket systems. If you’re someone who prefers more immediate, hands-on assistance, this could be a downside.

Why This Review Matters

This review aims to provide a balanced and comprehensive look at eToro, covering its standout features as well as areas where it could improve. It’s based on extensive research, including first-hand user experiences (over 5 years) and insights from other reputable financial review platforms. Whether you’re a seasoned trader or a newcomer to the investment world, this review offers valuable insights to help you make an informed decision about using eToro.

What Is eToro?

eToro trading platform is described as a “social trading platform”. But what does being a social trading platform mean?

This basically means that it’s a mixture of platforms that allows you to interact with people socially and use copy trading features. If you’ve ever used mt4 before for trading Forex, you will be familiar with it, allowing you to execute trades on the Forex market.

There is no real social element to MT4.

In comparison, something like Twitter is a purely social media network that allows you to interact with other people. However, it has no way of executing trades.

eToro’s service is a broker that will execute trades on your behalf through copy trading in a range of financial CFD markets.

eToro was established back in 2007 and is, therefore, one of the oldest and largest social trading platforms in the world. They have won multiple awards and are generally regarded to be reputable and trustworthy.

They claim to serve over 5 million customers on brokerage platforms worldwide, although it’s unclear how many of these customers are actively trading. They have various offices around the world, including the UK, Israel, China, Australia, Russia, Cyprus and more.

Also, see my post “eToro Fees 2022: A Complete Guide”

Key Features

An essential part of this eToro review is the key features. Let’s explore everything it has to offer.

eToro grants its traders access to an array of innovative trading platform and tools that allow them to make informed decisions in the market. These intuitive stock trading tools are specifically designed and developed to give users a deeper understanding of their trades, so they can reap even greater rewards.

Charts & Technical Analysis

With eToro, you can optimize your trading with customizable charts and technical analysis tools. From increasing your timeframes to exploring different indicators and chart types, take control of the data and use it to gain a better understanding of market trends.

Depending on trader preferences, they can also utilize moving averages, Bollinger Bands, Relative Strength Index (RSI), or other analytical options – allowing users to make informed decisions when entering or exiting trades.

Market News and Analysis

By subscribing to eToro, you get access to the latest news and analysis from top financial sources. The platform offers a detailed news feed that includes articles, videos, and other content related to market developments.

Not only this but also an experienced team of analysts who provide insightful daily updates on market trends so that you can stay informed at all times!

Sentiment Indicator

With eToro’s sentiment indicator, users gain valuable insight into the market perception of a given asset. The data displays the number of traders that are in long or short positions, thereby giving other traders and other investors an idea about how others feel regarding said investment. This knowledge can be extremely beneficial for those who want to invest contrary to what other people believe is best.


eToro’s CopyTrader feature gives users the unique opportunity to leverage experienced traders’ strategies and diversify their portfolios with ease.

By copying successful trades the retail traders, investors can benefit from a wide range of knowledge that they may not have access to on their own.

CFD Trading

eToro is primarily a CFD trading platform.

CFD trading allows users to speculate on the price movements of financial assets without actually owning the underlying asset.

This type of trading carries a high level of risk, and it’s important to understand the risks involved before trading CFDs.

Account Types

eToro offers three live trading account types: the standard account, the professional account, and the Islamic account.

The standard account is available to all users and offers access to all financial instruments on the platform.

The professional account is for experienced traders who meet certain requirements, such as a minimum trading volume of $500,000.

The Islamic account is designed for users who adhere to Islamic finance principles and do not charge or receive interest.

The demo account is also available for those that want to test strategies without using their real money. This means they can experiments without suffering and financial losses, although any gains will not be real either!


eToro is regulated in 2 countries, and this is definitely a positive aspect of the platform. They are regulated in the UK by the FCA, as well as in Cyprus by CySec. Regulatory compliance is very important, especially as this platform acts as a broker as well as a social copy trading platform.

Under these regulatory bodies, the platform operates in the following countries:

For FCA and UK regulation it covers Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK.

The CySec regulation covers Argentina, Australia, Bahrain, Brunei, Canada, Chile, China, Colombia, Egypt, India, Jordan, Kuwait, Mexico, Malaysia, New Zealand, Nigeria, Oman, Paraguay, Peru, Qatar, Russia, Saudi Arabia, Singapore, South Africa, Switzerland, Thailand, Ukraine, United Arab Emirates, Uruguay, Venezuela.

Unfortunately, the USA is not covered under their regulatory compliance, so this platform is not suitable for Americans. Here is a full list of excluded countries: Iran, North Korea, Myanmar, Syria, Cuba, Sudan and the USA.


Although withdrawing funds from the platform is relatively easy, there are withdrawal fees, and the process from request to payment to your bank account is quite slow. This makes the platform relatively attractive for those that want to make regular withdrawals from the platform.

Demo Accounts

In my eToro review video, I show my live trading account, but it’s important to note that free demo accounts are available.

This is a nice feature because practising and testing on the platform can help to achieve the best results when switching to live stock trading.

A lot of demo accounts are very large, though, and in many cases, people will demo with a balance of $10,000 when they have no intention of depositing as much in a live account. When running an eToro demo account, it’s important to try and keep the size of the demo account to a similar level as you would invest with real money so that it’s more realistic.

Commission and Fees

eToro trading platform charges fees in the form of spreads, which are the difference between the buying and selling prices of an asset.

The platform also charges overnight and weekend fees for holding positions overnight or over the weekend. eToro’s trading fees also are higher compared to other platforms, but the platform’s user-friendly interface and social trading features make it worth the extra cost for many traders.

Customer Support

If you need to contact their support then it is not a great experience, especially compared to some other brokers. They have no live support and rely on support tickets, which can take days to be responded to.

I get the impression that the average account size is quite small with eToro, so perhaps they don’t have the budget for world-class customer support. With that being said, the platform works very well and is easy to use, so there might not be any need for you to speak to their support.

Mobile Trading App

eToro’s mobile trading app is one of the best in the crypto trading mobile app industry. The mobile app is available for both iOS and Android devices and offers all the features of the desktop platform, including social trading and access to a wide range of financial instruments.

Range Of CFD Markets

eToro’s platform offers an extensive range of markets crypto traders to trade with. These include major Forex markets, commodities, indexes, stocks, ETFs, and even cryptocurrency trading.

Some of their most popular crypto assets to buy and sell price be traded include Bitcoin, Ethereum, oil, gold, silver, FTSE, Dow Jones, Dax, US dollar and the Euro.

Trade a variety of stocks from well-known stock exchanges with ease using an eToro account. With access to more than online brokers and 2,000 stocks worldwide, users can explore markets ranging from technology and healthcare to finance and beyond.

By utilizing the features offered by eToro, investors have access to the NYSE, NASDAQ, LSE and TSE at their fingertips.

With eToro, traders gain access to a wide variety of markets from all over the world. Not only does this allow them to diversify their portfolios and capture global opportunities, but it also grants them the flexibility to quickly respond and capitalize on market changes in any region.

eToro Money

eToro Money is an innovative, ultra-convenient e-money account created by both eToro Money UK Ltd and eToro Malta Ltd.

With this advanced tool, you can now manage your money on the simplified platform of eToro with ease! It integrates flawlessly into your existing investment account so that deposits are free and instant—no conversion fees needed—and withdrawals will quickly be processed as well.

Nowhere else offers a comprehensive solution like this one for managing funds in such an easy way!

With eToro Money, you can keep your finances and crypto assets organized in one convenient location. It’s simple to store, send, and receive popular cryptographic currencies securely in the eToro Money mobile app too. Plus, sending money back and forth between friends or family members is just as easy!

If you’re looking for ways to save on trading fees, look no further than the eToro Money account. With it, your deposits and withdrawals are fee-free – up to a whopping €15 per every €1,000 deposited!

And the best part? Signing up is free with zero hidden costs or monthly subscriptions. Make instant deposits and withdraws quickly while minimizing FX conversion fees at all times – making sure that more of your money goes where you want it most: into investments.

To access the amazing perks of eToro Money, you must maintain a validated eToro investment account. Managing your account is easy with the convenient mobile app, and if you qualify as a Club member in certain countries or regions, there’s even an exclusive Visa debit card available to select members!

eToro Money is brought to you by a leading-edge bank, meaning your funds are kept safe. Setting up this platform only takes minutes and there are no special fees or subscriptions – it’s all straightforward!

eToro Club

eToro Club is a loyalty program designed to encourage users in their cryptocurrency trading and journey.

By rewarding activity on the platform, eToro offers benefits and incentives that enable traders to work towards their objectives faster and with ease. Whether you are an experienced trader or just starting out, join the club now for exclusive rewards!

eToro Club offers members four different tiers of membership: Silver, Gold, Platinum, and Diamond.

Unlock a variety of incredible benefits and rewards with each tier, such as exclusive advanced trading features and tools, discounted rates on trades, and an assigned account manager to aid you in your journey.

To make the cut for eToro Club, members must meet certain trading criteria, including making a minimum deposit and achieving a particular trading volume. The greater your investment and the more trades you complete, the higher level of membership that you can achieve in this exclusive club!

eToro Club has made trading easier, faster, and more profitable. Members can take advantage of reduced fees when making trades as well as exclusive webinars, tools and quick withdrawals to help them reach their targets quickly. Additionally, members have access to a dedicated account manager who provides personalized support and guidance throughout the journey.

Smart Portfolios

If you’re looking for a straightforward, diversified way to invest your money, eToro’s Smart Portfolios are the perfect choice. Their experienced investment professionals have created pre-made portfolios based on various investing strategies including growth, income, and value – all managed by us! Take advantage of our powerful yet simple portfolio options today and start growing your wealth tomorrow.

Their Smart Portfolios are crafted with innovative algorithms and machine learning, harnessing data from multiple sources to produce a balanced portfolio of assets. They keep these portfolios up-to-date by rebalancing them on an ongoing basis, guaranteeing that they stay in line with their investment strategy as well as market trends.

eToro’s Smart Portfolios are the perfect choice for anyone looking to maximize their investments. Users will soon learn that this platform allows them to enjoy simplified portfolio management service, reduced risk levels, and exposure to a range of investment opportunities—all at an incredibly low cost compared to traditional services. Maximize your returns today with eToro’s smart portfolios!

Learning Resources

eToro offers a range of learning resources to help users improve their trading skills. These resources include a trading academy that offers free courses on trading and investing, a blog that provides market news and analysis, and a community forum where users can connect with other traders and share trading ideas.

How To Withdraw Money

Withdrawing money from eToro is a simple process that can easily be completed by following these easy steps:

  1. Log in to your eToro account and click on the “Withdraw Funds” button located in the lower-left corner of the main screen.
  2. Select the amount you want to withdraw and the payment method you want to use.
  3. Fill in the necessary information for the chosen payment method, such as bank account details or a debit/credit card number.
  4. Submit your withdrawal request and wait for it to be processed. eToro typically processes withdrawal requests within 1-2 business days.

It’s essential to remember that withdrawals from eToro come with fees depending on your chosen bank transfer payment method. For instance, bank transfers are subject to a $5 fee, while credit/debit card payments have an additional conversion fee of 50 pips in addition to the standard $5 charge.

In addition to these fees, eToro also has a minimum withdrawal amount of $30. If you attempt to withdraw less than this minimum deposit amount, you may be charged an additional withdrawal fee.


eToro USA LLC, the subsidiary of eToro Group Ltd., is an internationally-renowned multi-asset trading platform.

As a registered broker-dealer with both the SEC and FINRA, they guarantee safe transactions online brokers to ensure that their clients have access to secure investments that best fit their needs.

eToro USA LLC, located in Hoboken, New Jersey and previously launched in 2019, offers US-based traders access to a wealth of diverse financial instruments. Among these are stock trading, ETFs as well as crypto assets such as other cryptocurrencies – all available on their user-friendly virtual trading platform.

eToro USA LLC is devoted to providing a secure and regulated crypto trading and experience for its users. To ensure the security of their data, the crypto trading and platform utilizes advanced encryption technology and follows stringent safety protocols.

In addition, eToro USA LLC also adheres to all relevant regulations as they are under regulatory supervision by both the SEC (Securities and Exchange Commission) as well as FINRA (Financial Industry Regulatory Authority).

Is eToro A Scam? Let’s Review This

It is safe to say that eToro’s service is not a scam.

eToro brings something new to the Forex trading and stock trading industry, especially in the cryptocurrency trading area. It creates a safe platform where newcomers can trade—all in all, with the pros and cons and the platform’s costs.

When people copy the wrong people they often get frustrated and call “eToro SCAM!” when in reality they are not understanding the risks or do the research adequately.

Copy Trading vs Going It Alone

eToro allows you to not just trade stocks but also interact with people, find other successful traders and see their portfolios. More importantly, you can follow these traders and execute the same trades in your own account.

Thus, this involves a copy trading element to the platform. That can be very appealing when you think of the potential to find some of the best traders in the world.

Instead of spending hours researching and looking at charts, with social trading you simply find successful traders and copy their trades.

Pros and Cons:


  1. User-friendly interface
  2. Wide range of financial instruments available for trading
  3. Social trading feature that allows users to copy the trades of successful traders
  4. Demo account available
  5. Excellent mobile trading app


  1. High fees compared to other platforms
  2. Limited research and analysis tools
  3. Limited access to advanced trading features
  4. Limited customer support options

Is it Safe?

eToro is a regulated virtual currency platform that adheres to strict security protocols. The virtual trading platform is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia.

The platform also uses advanced encryption technology to protect user data and employs strict identity verification measures to prevent fraud and money laundering.

Looking for a profitable way of trading? Check out my Gorilla Trades review.

Good for Beginners?

eToro is an excellent platform for beginners. The platform offers a user-friendly interface that makes it easy to navigate, even for those who are new to trading. The platform also offers a demo account that allows users to practice trading without risking their own money.

This feature is particularly useful for beginners who are still learning the ropes.

eToro FAQs

To finish up our review of eToro, here are some frequently asked questions about the platform.

What is eToro?

eToro is a global social trading and investment platform with over 25 million registered users. It allows users to trade in stocks, commodities, currencies, and indices through its online platform.

How does eToro work?

eToro operates as a social trading platform, which means that it allows users to follow the trading strategies and investments of other traders. Users can also copy the trades of top-performing traders automatically.

What is copy trading?

Copy trading is a feature on eToro that allows users to copy the trades of other users on the platform automatically. This can be a useful way to learn about trading and replicate the trading strategies used of successful traders. However, you can start losing money rapidly if you copy the wrong traders.

Is the eToro platform safe?

Yes, eToro is a safe and secure platform. All user funds are held in segregated accounts, and the company is licensed and regulated by some of the most respected financial authorities in the world.

What protections are in place for retail investor accounts?

eToro is a regulated financial institution, and all retail investor accounts are protected by the Financial Services Compensation Scheme (FSCS) in the United Kingdom.

Can you trade crypto on eToro?

Yes, a crypto exchange and trading is available on eToro. You can trade a range of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and other lower-cap crypto assets. eToro offers a free digital wallet for storing and trading cryptocurrency too, known as the eToro wallet, a mobile app which is accessible for iOS and Android.

Is CFD trading available on eToro?

Yes, CFD trading is available on eToro. You can trade a range of CFDs, including stocks, commodities, currencies, and indices. Trading CFDs carries a high level of risk and may not be suitable for all investors. You should ensure that you understand the risks involved before trading CFDs.

What are the trading fees on eToro?

eToro has a range of forex trading fees and currency conversion fees depending on the type of account you have and the type of trade you make. When trading CFDs and if you trade Forex, eToro trading fees are a little higher than some of their competitors.

Can I open a demo account on eToro?

Yes, you can open a demo account on eToro to practice your trading skills before investing.

Is it possible to access my account from multiple devices?

Yes, it is possible for eToro users to access their accounts from multiple devices. You can log in using their desktop trading platform or via the eToro mobile app.

How do I deposit money into my account on eToro?

There are a number of ways to deposit money into your account on eToro, including credit card, debit card, bank transfer, and PayPal. For more information, see the Deposit Funds section of the eToro website.

Is eToro Legit?

There are many negative reviews on the internet about eToro’s service both as a broker and as a social trading platform.

Personally, I think that they are not a scam broker (I have been able to deposit funds and withdraw them very easily, and their live pricing data seems to be very reliable). However, as a way of making money on autopilot, I don’t think it’s the best thing out there.

Can You Make Money With eToro?

Technically it is possible to make money with eToro. However, as a copy trader, it is very difficult to do so, and most customers will lose money. The people making the most money from eToro are signal providers other investors crypto exchanges (traders other investors) and eToro themselves.

Is eToro Available In My Country?

eToro is available in many countries around the world. If you’re unsure if you can open an account in your country, then check their current accepted countries here –

What Are eToro’s Fees / How Much Does it Cost?

There is no monthly subscription or joining fee for using the eToro platform, although when you open and close trades, you will be charged a small fee on these trades.

Is eToro Worth Using?

Perhaps as a broker to trade stocks or commodities, they are worthwhile. I have held an account with them for many years, though as a copy trader, and I would say that their copy trading is not worth using.

What Is The Minimum Deposit?

You can open an account and start trading for as little as $50 with eToro.

Is eToro Regulated?

As a global crypto brokerages, eToro is highly regulated. They have a number of crypto trading entities, each with its own regulated credentials.

They are, therefore, registered in countries such as the United Kingdom, Australia and Cyprus. Here are their credentials (as detailed on this page – eToro’s brokering virtual trading services are provided by eToro (Europe) Ltd. (“eToro Europe”), a registered Cypriot Investment Firm (CIF).

The company’s registration number is HE20058. eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) under license number 109/10.In the UK, eToro (UK) Ltd. (“eToro UK”), company registration no. 7973792 is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 583263.

eToro Europe and eToro UK both operate under and comply with the Markets in Financial Instruments Directive (MiFID).In Australia, services and products are provided by eToro AUS Capital Pty Ltd. (“eToro Australia”), ABN 66 612 791 803 is the holder of an Australian Financial Services Licence (AFSL) 491139 issued by the Australian Securities and Investments Commission (ASIC), and regulated under the Corporations Act (Commonwealth). eToro Australia arranges for its clients to be provided services by eToro Europe.

Are There Any Bonuses For Joining eToro?

eToro does run promotions from time to time, but at the current time is not offering any bonuses or benefits other than those detailed on its homepage.

However, you can get a $50 bonus for referring your friends to the platform, so this could be a bonus you’re able to benefit from.

Etoro Review: Conclusion

In conclusion, whilst eToro is not a scam by any means, and even though there are things I like about it, I would be scoring it a two out of five. I would need to be spending more time finding profitable traders for this to work for me. But, if you’re spending so much time trying to find good traders all the time, it kind of defeats the point. You might as well be trading yourself than spending all this time constantly trying to look for traders.

About Me

I’ve been investing in stocks for over 15 years now. I started investing when I was working in the finance sector, where I spent almost 10 years in wealth management and offshore banking, managing over $100m of assets under management.
I’ve tested and reviewed dozens of investment platforms, stock brokers, social platforms, signal services, and exchanges (both the good and the bad!).

I have used etoro extensively over the years. In my video review (above) I show inside my own etoro trading account and my exact results from the last 5 years of using it. No other review out there has this level of insight and first-hand expertise. I am also completely independent and not affiliated with eToro in any way.

I hope you find this helpful!

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