Trading on eToro: A Comprehensive Review and Analysis
In this article, you will find out if trading on eToro is as simple as it claims to be with our in-depth review of the online platform. Discover its features, risks, and ease of use.
eToro is a multi-asset platform that offers a wide range of products, including stocks, ETFs, indices, commodities, currencies, and cryptos. The platform's unique selling point is its copy trading system, which it claims makes it possible for even a neophyte to embark on the trading adventure. Nevertheless, before you start, it is essential to understand the general conditions and risks associated with trading on eToro.
This article will deeply dive into eToro and its offerings, from registration to trading. We will review the platform's ease of use, security measures, and the fees and commissions involved. By the end of this article, you will have a clear idea of whether eToro is the right platform for you.
From Registration to Deposit
Before starting, the first thing to note is that the general conditions and risks of trading on eToro are only offered in English in the registration menu. Nearly 60 pages of technical vocabulary may discourage the most fearless traders, even if they have mastered the basics of Shakespeare's language. However, the terms and conditions are accessible in other languages, including French, but outside the registration menu.
The registration process is simple enough, although basic passwords such as "abcd12" are accepted without issue, a security breach that other platforms have banned for some time. eToro also offers two-factor authentication, but it is not mandatory.
Once registered, you can fund your account with Money, which will automatically convert into dollars. The platform shows the exchange rate in real-time when depositing, but it is important to note that eToro charges a conversion commission of 1.2% and a fee of 0.4% for withdrawals, which is higher than what other platforms charge.
With an unidentified account, you can trade up to KSH 272,339. However, withdrawals can be complicated without completing the KYC verification process, which requires you to provide a digital copy of your identity and proof of address documents. If you provide the necessary documents within 14 days, your account will be open, and your funds will be returned.
From Deposits to Trading
Deposits can be made via credit card, bank transfer, or PayPal. Once your account is funded, you can start trading. The platform offers many products, including stocks, ETFs, indices, commodities, currencies, cryptos, and CFDs on these products.
EDITOR'S CHOICE: ZenGo Opinion (Review 2023): a crypto portfolio that focuses on fund security
Conclusion
In conclusion, eToro offers a user-friendly platform for those interested in trading crypto-assets. The copy trading system makes it accessible to even neophytes, but it is essential to understand the general conditions and risks involved in trading on the platform. While the registration process is straightforward, the fees and commissions are higher than other platforms offer, and the security measures could be improved. Ultimately, whether or
