E-Toro Review - A beginners guide
E-Toro is a multi-asset online trading platform regulated by the UK's FCA Financial Conduct Authority (FCA). It is also regulated by the ASIC of Australia, CySec of Cyprus, GFSC of Gibraltar, and FinCen and FINRA of the United States of America (USA).
Founded in 2007 by David Ring, Ronen Assia and Yoni Assia, E-Toro began as a forex trading platform before adding more assets, including crypto, in 2017. It quickly became one of the best trading platforms in existence. It currently serves over 200 million users in 140 countries worldwide.
Among the many reasons E-Toro is liked and used by many traders and investors are its transparent fee structure, active community of users, and social features. One is Crypto Trader, a function that enables users to copy trades of experienced traders.
This E-Toro UK review looks at what makes the trading platform worthwhile.
Why E-Toro Is a Great Trading Platform
1. A multi-asset platform
The platform allows users to trade over 2,000 financial assets, including stocks, commodities, indices, currencies, ETFs, and cryptocurrencies. A plus is that the assets can be invested with or without leverage, and traders can trade multiple purchases with a single account.
2. Low fees
Its service fees vary depending on the invested asset. However, they are pretty low. Opening a user account on the platform is free. There is no deposit or management fee even when traders copy other traders and invest in portfolios. There is no commission fee when investing in stocks.
The platform, however, charges a 1% fee for crypto buyers and sellers. There is also a $5 withdrawal fee and a $10 monthly inactivity fee.
3. Educational resources
Users of the Israel-based platform also benefit from plenty of educational resources. The educational section is divided into News and Analysis, E-Toro Academy, E-Toro Plus, and The Bull Club.
The News and Analysis section contains insightful investment information and the latest market news. The E-Toro Plus section lets users catch up on the latest market trends. The Bull Club section lets users gain investment knowledge from some of the world's most successful investors and financial leaders.
The E-Toro Academy section provides investment resources to traders of all levels. There are resources ranging from beginner to advanced level investing. The area is divided into courses, topics, levels, and types.
The types section allows users to learn about investing through guides, podcasts, webinars, and videos. They don't have to settle on one way of consuming content. Users also have the benefit of getting informed about upcoming webinars. Educational content is constantly getting updated.
4. Social Trading
Another plus for the platform is its social trading features. They include;
Copy Trader: The function allows traders to copy the trading moves of top-performing traders in real time. There are plenty of top traders to choose from, and users can easily view valuable information about the trader's asset picks they wish to copy to ensure they are the best choice.
Popular Investor Program: The program rewards traders for being copied. The more people copy a particular trader, the bigger their reward. The rewards are given on top of profits from trading and can reach as high as 2% of the copied trader's total AUC (assets under copy).
Social News Feed: The feature enables users to follow financial instruments and traders they like, interact with other community members and participate in open discussions, and more. Users can post updates, share, and comment on other users' posts
How to Use E-Toro
Go to https://www.etoro.com/ and create a user account. Click the highlighted "Start Investing" button to be taken to the sign-up page. You can create a user account with Google, Facebook, or your email. Remember to tick the acknowledgement boxes before clicking the "Create Account" button.
Verify your account to start investing.
Once you've verified your account, you can deposit funds to start investing or switch to a virtual version. The virtual account allows you to practice your trading skills without the risk of losing real money. $100,000 of demo money is available in your virtual account for practice.
The minimum you can deposit on the platform varies depending on your region and country's regulations. It can be between $10 and $10,000. Once you've funded your account, you can choose which asset to invest in or trade. It is worth noting that E-Toro only operates in USD.
You can choose from close to invest or trade in 80 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dash (DASH), and Litecoin (LTC).
Click on the cryptocurrency you wish to invest in or trade; let's use Bitcoin (BTC) as an example for this E-Toro UK review. Once you click on the BTC icon, you'll be directed to a page with all the necessary information about BTC.
When you click on the highlighted Trade button, a pop-up page will appear with the options to "Buy or Sell" BTC. The page also has a "Trade" button with a drop-down menu that will enable you to choose to place an "Order."
How to Start Trading
E-Toro is an easy-to-use online trading platform. There is a "Help" section for anyone stuck using it. When you click the "Help" button, you'll get several guides to assist you when stuck. There is a search tab to type in your question for quick assistance.
Some helpful guides to start with include:
The "Help" section also links to the E-Toro Academy, where you can get more resources to help you learn about the platform and other investing and trading functions.
E-Toro is a great multi-asset social trading platform designed to cater to traders and investors of all levels, beginners and advanced. It is easy to use, has plenty of features, charges low fees, and has plenty of educational resources to help trade and invest in various assets.
Author: Moni Talks
Moni Talks is a cryptocurrency trading exchange and social platform that is dedicated to the crypto community.