eToro India Review 2021

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Bonus

Etoro does not offer any bonuses

Overview
  • Organization: eToro (Europe) Ltd.
  • Payout option: 71%
  • Minimum Deposit: $10
  • Demo account: Yes, Unlimited
  • Indian: Yes
  • Compatibility: Android, Mac OS, Windows, iOS
  • Platform type: Self - Developed
  • Minimum investment value: $1
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Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

eToro India Review 2021

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eToro is a veteran Forex broker, founded in 2007 in Israel. It is among the pioneers of social trading. Since establishment, eToro has attracted over 10 million customers in over 140 countries. eToro’s brokering services are offered by eToro Ltd, a Cypriot Investment Firm. This broker is regulated by various authorities including the popular Cyprus Securities & Exchange Commission (CySEC), and Financial Conduct Authority (FCA). It also has another by Australian Securities and Investments Commission (ASIC). India is among the countries where this eToro is legal. The company has refined its offers, and it continues to add more products; hence, Indian customers are assured of ultimate trading experience.

eToro is a winner for its user-friendly trading platform. The site simplifies the exchange of data between traders by speeding up the sharing of experiences. This reduces the learning period for those who wish to grow their trading techniques to higher levels. Traders can easily duplicate investors’ trades across more than 2000 instruments, including Forex, CFDs, and popular Cryptocurrencies. If you are new to trading, you can start with the demo account to learn the basics before opening a real account. In this review, we will dig deeper into key offerings of this broker, including assets, commissions, spreads, and more. Let us find out what this broker has in store for Indian traders.

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Trading Offers (Assets)

etoro Trading Offers Assets

There is a wide range of underlying assets at eToro. Indian traders can choose from over 2000 assets, which entail a collection of more than 1750 Stocks, 150 ETFs, 16 Cryptocurrencies, 31 commodities, 13 indices, and 49 currency pairs. Each class of assets has its characteristics, and you can use different strategies to trade.

Generally, the trading suite entails two key categories, investment assets, and tradable assets. Investment means that you retain ownership of the asset until you decide to cash out. Here, you can invest in, ETF, Stock, or Cryptocurrency. You can also benefit from the fractional ownership where you are not required to purchase the asset in full. As long as you meet the minimum investment, ₹1800 for Cryptocurrencies and ₹3600 for stock and ETFs, you can buy as little as you wish.

For tradable assets, eToro provides fully-fledged trading facilities. It means you can trade on the short-term price movement of an asset or keep the position on hold for minutes, days, weeks but rarely for a few months. Therefore, you will be taking small margins on your trades on frequent basis. Here, you are more likely to trade on CFDs meaning you will not hold ownership of the underlying asset. You can trade on CFD instruments like Stocks, ETFs, Cryptocurrency, Currencies, and Commodities. Whenever you are trading CFDs, you assess the short-selling facilities. In simple terms, when placing a buy order, you are speculating the value of the asset will rise in a short while.

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Trading Account Types

etoro Trading Account Types

There are four main types of trading accounts at eToro, a demo account, a standard account, a VIP account, and an Islamic account. Opening as a standard account is easy, as it only requires a minimum deposit of ₹14600. The VIP account requires a higher investment of ₹367200 and above. eToro also offers an Islamic account where traders do not incur any swap fees, as per the Islamic laws. The minimum deposit for the Islamic account is ₹73400. Each of the three accounts allows users to engage in Toro’s weekly competitions. The VIP account has more benefits like monthly analysis, account manager, and additional returns.

If you wish to find out how eToro works or you are new to trading, you can open a demo account. Once you open a demo account, you receive ₹734500 practice cash to execute your trial trades. You can apply for more cash if you run out of money. Once you are have made significant profits and you are confident with your skills, you can proceed to a live account. 

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Commissions and Spreads

When trading online it is crucial to grasp what commissions or fees, you are required to pay. Spreads are also significant when deciding on your trade. Here is what Indian traders should expect to find at eToro.

Commissions

The eToro’s headline offering is that you can trade and invest without paying any commission. The broker allows you trade on Stocks, ETFs, and Cryptocurrencies without any dealing fees or commission. It is among the leading pricing structures in the industry, which is arguably, why eToro has over 10 million investors.

Overnight Financing

When purchasing Stocks, Cryptocurrencies, and ETFs, you own the respective asset. That means you can hold the asset for as long as you want without paying any fees. Nonetheless, this is not the case for CFDs. CFDs are leverage financial products, meaning you must pay a small daily fee in the form of overnight financing. It is charged each day when you hold your position after closing of the markets. For positions held over the weekend, some but not all CFD assets incur an enhanced charge. Overnight financing fees vary with the market and assets. Hence, you can easily view your exact fees when you load up an order. The total amount is clearly displayed as ‘per-day’ charges.

Spreads

Spread is a difference between buying and selling price. The eToro spreads keep changing depending on the time of trading, liquidity, or volatility. The more volatile the market is, the wider the spreads. Generally, the trading platforms get highly competitive during the standard market hours.

Deposit and Withdrawals Options

Indian traders can access several payment methods at eToro. The site accepts payments through 9 currencies, including EUR, AUD, GBP RMB, IDR, THB, VND, MYR, and PHP. Indians can use IDR or any other currency of their choice. Let us look at the available deposit and methods.

Deposits

eToro makes depositing funds to your account a breeze. The available deposit methods include Debit, and Credit Card, Skrill, Revolut, Paypal, Neteller, Giropay, and Bank Transfer. All deposits are instant except those done through Bank Transfer, which may take up to 5 working days. In terms of deposit fees, eToro does not have a fixed fee per say. However, when depositing in pounds, you will incur a 0.5% conversion fee. The minimum first-time deposit is ₹14600, while from the second onwards is ₹3600. To deposit funds to your account, you must log in to the personal client area. The menu button “Deposit Money” allows you to specify your preferred currency, amount, and payment method.

Withdrawals

The above deposit methods can also be used for withdrawals. All payouts incur a ₹360 fee, and the minimum withdrawal amount is ₹2200. Withdrawals take up to 24 hours or less except for Bank Transfer, which may take up to 5 working days. As long as your withdrawal request is under review, you can cancel if you wish to by hitting the “ Reverse” button on your portfolio. There is no limit on the maximum amount of cash you should withdraw at eToro.

Trading Platforms

etoro india mobile pc

Unlike most brokers, eToro offers a proprietary web-trader platform. This trading platform fully supports Copy Portfolios, and Copy Trader social trading opportunities, which are eToro’s primary focus. It is easy to use and is enhanced with TipRanks, offering traders insights from more than 15000 analysts. There are pro charts for enabling manual traders to conduct technical analysis. The basic features resemble those of other platforms. You will notice that eToro’s proprietary platform has a cleaner and more intuitive interface compared to MT4/5.

The only downside of this platform is that it does not have auto trading systems. However, social trading can offer an alternative to auto trading. Each of these trading styles has its pros and cons, and they are not interchangeable. Overall, the eToro trading platform is impressive, very user-friendly and intuitive. Both seasoned and novice traders will get along.

Mobile Trading

With the rapid growth in the mobile trading market, most users prefer trading on the go. eToro offers a downloadable mobile app that has all features, services, and products available in the desktop version. The app can be used on Android and iOS devices and is available in the Google Play and Apple Store responsively. It is has a simple design that is easy to navigate. You can easily access the essential features such as trading instruments, payments, and customer support. If you do not wish to download the app, you can use the web-based version, where you log in to your account through the browser.

Bonuses and Promotions

eToro gives you a chance to enjoy up to ₹ 3670 through the refer a friend offer. You will be given a referral link to share with as many friends as you wish. To receive the offers, your friend must create an account and place a minimum trade of ₹7300. In addition, your friend receives ₹ 3670 by joining through the referral link as a welcome bonus.

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Customer Support

eToro customer service is impressive with highly skilled and friendly agents. They are available 24/5 to respond to all traders’ questions and concerns. You can reach them through live chat, phone call, or email. The live chat is the fastest way of receiving instant responses. It is ideal for urgent matters. If you want to talk directly to someone, you can make a phone call to +44-866-350-0881, and one representative will attend to you. In case you do not have an urgent matter, you can send an email to support@etoro.com. Due to high traffic, it might take up to 48 hours to receive your response.

This broker also features a comprehensive FAQ section with answers to common questions about registration, payments, promotions, and more. You can go through it before you contact the support team. If you do not find answers to your queries, feel free to reach out for help. eToro is a multi-lingual platform and your preferred language at the top right of your screen.

FAQ

  • Is eToro regulated?
    Yes. eToro is regulated by various authorities including the  popular Cyprus Securities & Exchange Commission (CySEC), and Financial Conduct Authority (FCA). It also has another by Australian Securities and Investments Commission (ASIC). To receive these licenses, a broker must adhere to all laws of the online trading industry.
  • How does eToro make money?
    eToro makes money through financing costs and spreads on over 2000 assets. These are the main revenues stream for eToro. They also charge a withdrawal fee of a ₹360 per transaction.
  • Is eToro suitable for day trading?
    Yes. eToro offers CFDs trading that enables you to open and close your market position at any time. It is, therefore, suitable for day trading.
  • What can I trade on?
    You can trade on more than 2000 assets. They are divided into different classes, including more than 1750 Stocks, 150 ETFs, 16 Cryptocurrencies, 31 commodities, 13 indices, and 49 currency pairs. You may decide to invest in long term positions or trade on CFDs.
  • What do I need to open a live account?
    Opening a live account is easy, as it requires little investment. A standard account requires a minimum deposit of ₹14600. If you want to be a higher roller, you can open a VIP account that requires a minimum deposit of ₹367200. A VIP account has exclusive benefits, including monthly analysis, account manager, and additional returns.
  • Does eToro offer a Meta Trader 4 platform?
    Unfortunately, eToro does not offer a Meta Trader 4 trading platform. However, its proprietary platform is impressive and easy to use. You should give it a trial.

 

Conclusion

eToro has established itself as a leading broker in social trading since its establishment. It is a home for more than 10 million traders. The broker offers more than 2000 trading assets across 6 classes. Their proprietary platform is impressive with an intuitive design. Both new and seasoned traders will find their way into the platform. If you love playing on the move, eToro got you covered. eToro prioritizes in offering traders the best environment, and as such, the customer support representatives are available 24/5 to ensure everything runs smoothly. The only downside of this broker is that it does not offer a Meta Trader 4 trading platform like most leading brokers in the industry. However, this should not despair you from experiencing the incredible features and services offered by eToro.

etoro

Etoro does not offer any bonuses

Play now Play now
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.