I did this eToro review to understand if an average trader can really earn money just by using eToro’s very popular Copy Trading feature.
Table of Contents
- 1 Please don’t deposit before you READ my eToro review!
- 2 My list of the world’s best eToro traders 2019
- 3 What is eToro and why is it so popular?
- 4 How does eToro’s Copy Trading work?
- 5 TUTORIAL how to copy profitable investors
- 6 eToro demo account
- 7 How to deposit real money on eToro
- 8 eToro withdrawal process review
- 9 Is eToro a Scam or is it Legit?
- 10 Conclusion of my eToro review
- 11 Videos
Please don’t deposit before you READ my eToro review!
Why is eToro unique than other online trading platforms?
- WATCH: you can easily search for profitable traders from all over the world
- FOLLOW: you can chat with them / watch their open trades + history of trades / learn and understand their trading strategies
- COPY: you can let the system to automatically copy all their future trades (forex, crypto currencies, commodities, world stocks)
My list of the world’s best eToro traders 2019
- AlexPlesk +84,33% gain during last 12 months
- Trex8u247 +94,73% gain during last 12 months
- grents +71.26% gain during last 12 months
- reinhardtcoetzee +61.15% gain during last year
- MarianoPardo +89.55% gain during last 12 months
- Alderique +54.76% gain during last 12 months
Risk disclaimer: ** Use the list of TOP traders only at your own risk! Their past earnings are not at all a guarantee of their future profits!
What is eToro and why is it so popular?
eToro is simply a world-wide social trading network that connects investors and traders around the world. Something like a Facebook network, but a place where less experienced traders meet and copy each other trades. It is free to signup and watch other people’s trades, but if you want to earn real profits you must deposit real money of course.
In case you are really good at trading, you can directly place your own trades without copying anyone and become a guru that will be copied by others. This way you will earn money from eToro for each single copier that will copy your trades.
How does eToro’s Copy Trading work?
Once you have signed up for your free account (e.g. click on above button on this page), you can immediately log into the webtrader. You can start searching for the best traders who trade with instruments tha you are interested in and who have the potential to make you money in the future.
At the moment, you can trade the following assets :
- Forex (major pairs and some exotics too: EURO, USD, CHF, JPY, AUD, CAD, HKD)
- Real Cryptocurrencies: Bitcoin, Litecoin, Ripple, Ethereum, Ethereum Classic
- Real stocks !! (not CFDs like with other brokers, so use this to your advantage)
- CFD on commodities (gold, silver, oil)
- CFD on stock indices (DJIA, SP500, DAX, FTSE etc.)
First of all, click here to register your free account. Then log in to the webtrader platform. There is a virtual amount of $100,000 waiting for you inside your practice demo account. No worries you can deposit your real money anytime later. Now set up your nickname and correct language (currently you can choose from all major world languages). Now on the left hand side there is a panel, please click on “Discover – Copy People” where you can find an overview of all traders who are active on eToro.
After that you’ll see an opening screen where you’ll find the best traders grouped into several groups:
- Promising Traders – Merchants that seem to become very popular among the eToro crowd in the near future (“future stars”)
- Trending Investors – Traders who are growing their portfolio profits very fast and are getting a lot of new copiers at the same time
- Most Popular – I strongly recommend you to to explore this category! These are the most profitable traders, their trades are being copied by other investors on this platform (and yes these trading gurus can make you a nice profit too!)
- Stock Investors – traders who are mostly into equity stocks
- Local Popular Investors – popular local investors
TUTORIAL how to copy profitable investors
First of all, you can find any trader by his/her nickname (for example see my private list in this article) by typing his/her nickname in the top SEARCH field:
(Note: If you do not know who to look for, click Left on Discover – Copy people)
Once you click on selected profile, you will see this:
- Click on COPY in the top right of the selected investor profile – if you want to invest only virtual money, click GO VIRTUAL .. to insert DEPOSIT MONEY
- Then you will pop up a window where there are specific amounts you can invest in its future (or current open stores)
- Either you choose a sum by clicking on a field like $500 OR choose a different amount and write it directly to the box
- If you just want to try with virtual money, then right click on “USE VIRTUAL MONEY” – then enter a virtual sum, for example, $ 1,000
- The next step is to set when the store is automatically closed, if the market goes against and starts to lose: “Stop Copying if losing more than” .. for example, I use -90% (also use at your own risk)
- Check the box “COPY ALL OPEN TRADES” only if you want to copy its current open stores (I personally leave this box blank)
- The status at which all your open stores are currently (whether you are in the losers or the profits you see always on the left after clicking on the PORTFOLIO in the left menu)
For each of the traders, I firstly recommend you to look first at their STATS tab.
- STATS shows you the ROI in % per each calendar and also full year (Performance)
- RISK SCORE – some traders use risky strategies, therefore they have a high risk, some have Score of just 5-6 meaning ( i prefer this personally)
- MAX DRAWDOWN – is a maximum loss that this trader has suffered in a given time period
- COPIERS – indicates how many other people are copying him/her. Trader earns money from eToro for each single copier, therefore he is motivated to trade profitably. In many cases we can say, the higher the number of COPIERS the more gain the trader has made during the selected time period. We suggest you dont blindly follow this number, as many people who are just copying dont use their brain! Sometimes you see traders who took a break from trading, yet they still have hundreds of copiers! Do your own due dilligence and you will be just fine.
- TRADING section shows you the trading style of a particular trader. At the top you can see the history of trades, meaning how many trades in total he has done on Etoro. + Further you can see what percentage of all his trades were profitable (quite important!). You can see here the split of his portfolio. You may even select the percentage and filter out only people trading forex, stocks or mostly crypto traders if you like.
- FREQUENTLY TRADED – At the bottom, you see the TOP 3 trades that this person is involved in (including specific stock titles or specific currency pair).
eToro demo account
Before you decide to deposit real cash, you can play on practice demo account with $10.000 virtual cash. We tested eToro demo account and luckily all functionalities and perks that are at disposal in real version were also available demo! Meaning, you can let the trades run overnight,copy top investors, place your own trades and strategies without any problem. Demo seems to be without time restriction, so it is completely up to you whether you deposit in 10 days or later.
How to deposit real money on eToro
- Login to your PROFILE
- Click the “Deposit Funds” button at the bottom left
- Currently the minimum first deposit amount is $ 200. Select the payment method and enter the AMOUNT you want to deposit into eToro. We recommend the CREDIT CARD method (Visa, MasterCard etc.) the money will be available immediately within few minutes and you are ready to start trading. Another good way is to choose PAYPAL or Skrill according to whether or not you already have an account. eToro gives you also plenty local deposit options that are specific country to country. When WIRE TRANSFER is selected, it may take several days for money to arrive, and further banking fees may apply.
eToro withdrawal process review
You earned a nice profit and now want to withdraw money from eToro right ?
All regulated brokers have to comply with strict regulation rules concerning KYC (Know Your Customer). That means you will need to verify your account either before your first deposit or before withdrawal.
You need to prepare these documents to ensure smooth trading account owner verification:
- Passport or National ID copy (both sides in high resolution)
- Address proof (any sort of Utility bill – electric, gas, mobile phone or account statement with blurred amounts is OK)
Please don’t forget that withdrawal fees apply!
Is eToro a Scam or is it Legit?
Well based on what we saw during the testing, eToro is definitely NOT a scam. At the end of 2018 when we ran the tests, communication with eToro customer support team was smooth and fast. Remember that bad reviews that you can find across the web, are usually written by traders who
Nowadays forex scam is not happening among regulated brokers and eToro is CYSEC regulated which is pretty good in our opinion.
Conclusion of my eToro review
In my opinion eToro works great for the newbies who want to jump start trading forex or crypto market or even stocks.
“If Apple was an online broker, we are sure their platform would be very similar to eToro from simplicity and user friendliness perspective of course”…
I recommend eToro specifically for forex, stocks and crypto trading, as it seems that this company invests a lot into these offerings. According to my information just during this year they have added most popular crypto currencies into their trading portfolio + they have launched real stocks trading and added many new forex currency pairs.
When we talk about the platform itself, I think it is very intuitive, meaning you will find anything very quickly without a lot of search. All items can be found exactly where you would expect it to be.
Especially the newbies who have not yet developed a sense of complex perception of trading,will for sure benefit from intuitive and easy to absorb visual processing of trading data across the whole platform.
I think you will basically need maybe one afternoon of playing with demo account to understand how things work on eToro platform:)
On the other hand, advanced forex traders who decide to join, could benefit from being copied by others (remember that eToro pays you for each copier). So if you are good at multiplying money trading, you can give it a try.
Veterans and very experienced forex traders may find eToro more expensive than their favorite ECN broker (higher level of brokerage) and they could be also missing Metatrader 4 or cTrader software.
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