one of the pioneers of social trading and investment platforms
Foreign exchange is an exchanging platform where the exchanging of one currency to another is processed for a variety of reasons, like; trading, commerce, or tourism. As per a report published by the Bank for International Settlements, more than $5.1 trillion trading volume is determined daily on forex platforms.
Similarly, the forex social trading platform is a social environment that encourages communication and facilitates interaction among active forex traders, beginners, and veteran traders. Everyone searches for the best forex social trading platform to interact with others, to observe their worthful activities, suggestions, and learn different strategies to move forward in this modern market.
But here we are suggesting you, one of the pioneers of social trading and investment platforms; eToro. eToro is a significant element in the world of cryptocurrency trading, fintech, and other crypto-related services. It is considered a fintech evolutionary platform that has been leading for more than a decade and has developed a reputation as the principal and heading social trading platform in the digital world.
Initially, eToro was a general trading platform then cryptocurrency and other trading instruments with engaging strategies were introduced to compete with the modern market and growing demands. It is regarded as one of the innovators who merged social features to their trading platforms in the shape of CopyPortfolios and CopyTrading.
Presently, eToro is facilitating with its key services to over 13 million registered users and is on the driving seat in this thriving industry. Israeli social trading, multi-asset brokerage company, and veteran forex broker; eToro was established in 2007 under the name RetailFX by Yoni Assia, Ronen Assia, and David Ring. It is being operated from its registered offices in Cyprus, Israel, the United Kingdom, Australia, and the United States.
As of 2018, the company had a volume of $800 million.
Core Features of eToro:
Here are some core features of eToro:
- Diverse trading options availability:
One of the biggest edges of using eToro that makes it a unique platform is the availability of a
diverse number of investment and trading options.
- eToro unique feature; CopyTrading:
It is one of the exciting features of eToro, where a novice can avail and learn from popular crypto
investors; a user can allocate a segment of its capital to copy other crypto trading experts. This
feature allows its users to observe the track record and activities of potential investors and copy
them to grow in this market.
- CopyPortfolios; an exciting feature:
This feature facilitates both cryptocurrency trading and traditional fiat trades. CopyPortfolios offers
similar services but permits traders to copy portfolios that are similar to mutual funds or other
bundles of assets.
- Newest feature; Popular Investor Program:
It is one of the unique features of eToro, by which an additional revenue can be generated by
creating a volume of followers.
eToro Fees and Limits:
On eToro, there are different rules of charging fees depending upon the situation and eToro services like; as an exchange, wallet, deposit, or withdrawal. Firstly on fee is charged for opening a position. For users who hold leveraged Ethereum or BTC positions or for shorting cryptocurrencies, fees are charged from them.
Here is Fiat to Crypto Conversion Fees
- eToroX fee 1%
- Simplex fee 4%
Here are limitations for different currencies to perform a transaction:
eToro is not charging any fee on deposit, it is only charged when the asset is withdrawn. Here is list of fees, charged on different cryptocurrencies.
Verifications and Limits in eToro:
Basic information is taken on opening a new account. The process is quite simple and can be managed easily. For some verification, a government-issued ID card/passport, and even a utility bill is generally acquired. Normally, within two business days, an account is verified and allowed to avail eToro services.
Following documents are asked during verification:
- Proof of Identity Document (Name, ID, passport)
- Proof of Address Document (Address, utility bill, bank statement)
- Proof of Identity and Selfie (Clear picture or selfie)
eToro Pros and Cons:
Before starting trading on eToro, investors and traders must analyze these points:
- Diverse trading market; having multiple unique options in trading
- The secured and private platform, users’ privacy is maintained properly.
- Engaging and easy to use user interface
- A trustworthy, reputed, and transparent platform
GO TO eTORO
- Little bit high fees
- Not supporting too many cryptocurrencies
- No cryptocurrency depositing facility
Frequently Asked Questions:
- Is eToro regulated? : Yes, eToro is regulated by Cyprus Securities and Exchange Commission (CySEC), the UK
(FCA), FinCEN of USA, and the Australian (ASIC).
- Is eToro Safe? : As the company is fully regulated in its all operating countries. Moreover, being a transparent
and secured platform, it is a safe revenue-generating platform.
- What are the resources by which I can deposit in the eToro account? : eToro accepts credit/debit cards, PayPal, wire transfers, Webmoney, Yandex, Rapid Transfer, China UnionPay, and Yandex.