Trusted UK-based broker here! Learn more at our Royal Capital Pro review

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

Contents

eToro Review 2020

Summary

Recommended for traders interested in social trading (i.e. copying other investors’ trades)

eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.

eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

We selected eToro as Best broker for cryptos and Best broker for social trading for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

eToro pros and cons

eToro offers commission-free stock and ETF trading in Europe and offers generally low fees for non-EU clients. Account opening is fast and seamless. It has innovative features like social trading, which lets you copy the strategies of other traders.

On the negative side, eToro’s forex fees are high and the withdrawal is slow with a $5 fee charged. Also, it only offers one account base currency.

Pros Cons
• Free stock and ETF trading in the EU • High forex fees
• Seamless account opening • Withdrawing money is slow and expensive
• Social trading experience • Only one account base currency
eToro main features and highlights
��️ Country of regulation UK, Cyprus, Australia
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $5
�� Minimum deposit $200
�� Time to open an account 1 day
�� Deposit with credit card Available
�� Depositing with electronic wallet Available
�� Number of base currencies supported 1
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, CFD, Crypto

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

eToro review
Fees

eToro offers free stock trading in Europe and has low CFD fees. On the negative side, forex trading fees are high and there is a fee charged for inactivity or withdrawal.

Pros Cons
• Free stock and ETF trading in the EU • High non-trading fees
• Low CFD fees • High forex fees
• Withdrawal fee
eToro fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into spread, 0.75 is the average spread cost.
Europe 50 CFD Low The fees are built into spread, 3 is the average spread cost.
EURUSD High The fees are built into spread, 3 pips is the average spread cost.
Inactivity fee Low $10 per month after one year inactivity

How we ranked fees

We ranked eToro’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of eToro for each asset class. For example, in the case of forex and stock index trading spreads, commissions and financing rates are the most important fees.

We also compared eToro’s fees with those of two similar brokers we selected, Plus500 and MarketsX. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of eToro alternatives.

To have a clear overview of eToro, let’s start with the trading fees.

eToro trading fees

eToro trading fees are low.

We know it’s hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used is:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let’s see the verdict for eToro fees.

Stock fees and ETF fees

As a unique service on the market, eToro offers zero-commission stock and ETF trading for European clients. eToro, which is primarily a CFD broker, also lets you trade with real stocks and ETFs if you set the leverage to one. For non-EU clients, there is no zero-commission trading, but eToro charges low fees, i.e. the spread (the difference between the ask and the bid prices) is low. If you set the leverage higher than one, you will be trading with CFDs.

Stock and ETF commission of a $2,000 trade

eToro IG XTB
US stock $0.0 $15.0 $10.0
UK stock $0.0 $9.6 $10.0
German stock $0.0 $11.0 $8.8

CFD fees

eToro has generally low CFD trading fees. Compared to its closest competitors, its fees are roughly in the same range.

eToro CFD fees for a $2,000 long position held for one week

eToro Plus500 MarketsX
S&P 500 index CFD fee $2.4 $2.1 $2.6
Europe 50 index CFD fee $2.7 $1.3 $2.5
Apple CFD fee $6.3 $8.9 $6.4
Vodafone CFD fee $7.6 $6.7

Forex fees

eToro forex fees are high, although still lower than MarketsX’s.

eToro forex benchmark fees of a $20,000 30:1 long position held for one week

eToro Plus500 MarketsX
EURUSD benchmark fee $19.6 $17.9 $24.5
GBPUSD benchmark fee $16.2 $14.0 $25.0
AUDUSD benchmark fee $12.4 $12.6 $25.1
EURCHF benchmark fee $11.8 $9.0 $22.1
EURGBP benchmark fee $19.9 $14.6 $20.5

Non-trading fees

eToro has high non-trading fees, as it charges $10 per month after one year of inactivity, and its withdrawal fee is $5.

eToro non-trading fees

eToro Plus500 MarketsX
Account fee No No No
Inactivity fee Yes Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $25 $0 $0

eToro review
Account opening

Account opening at eToro is seamless and very fast.

Pros Cons
• Fast None
• Fully digital
• Low minimum deposit

Can you open an account?

Visit broker
75% of retail CFD accounts lose money

Most likely yes, as eToro serves almost every countries except for 36 (of which a big chunk are African countries).

What is the minimum deposit at eToro?

In most cases the required eToro minimum deposit is $200 . It is different for the following countries:

  • If you are from Israel, it is $10,000.
  • For residents of Australia and the USA, the minimum first-time deposit is $50.
  • For residents of Russia, China, Hong Kong, Taiwan and Macau, the minimum first-time deposit is $500.

Account types

eToro offers two very simple account types: there is a live account, as well as a demo (or virtual) account, where you can try out the platform with play money.

How to open your account

The account opening process is hassle-free and fully digital. In addition, it is also very fast, as we were able to open an account within one day.

You have to start by registering with your email account or with your Facebook or Google+ account. And that’s practically it, you can immediately access the trading platform and start to trade with a $100,000 demo account.

If you want to go further and fund it with real money, you have to verify your identity and residency by uploading the required documents:

  • Proof of identity: a copy of your passport or personal ID.
  • Proof of residency: a copy of a utility bill or bank statement.

eToro review
Deposit and withdrawal

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.

Pros Cons
• Credit/Debit card available • Only one account base currency
• No deposit fee • $5 withdrawal fee
• User-friendly

Account base currencies

eToro only allows USD accounts, which means that your funding will be converted by eToro to USD. For example, if you deposit EUR, a 0.025% fee will be applied at funding and the same fee will also be charged when you withdraw EUR. Alternatively, you can deposit in USD, e.g. using your credit card. In that case, your bank will make the conversion at its own rate.

Base currencies at eToro vs similar brokers

eToro Plus500 MarketsX
Number of base currencies 1 10 9

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

eToro charges no deposit fees.

Similarly to other CFD brokers, there are a lot of depositing options:

  • Bank transfer
  • Credit/Debit card
  • PayPal
  • Skrill
  • Neteller
  • WebMoney
eToro deposit options
eToro Plus500 MarketsX
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer takes 4-7 business days, and there is no maximum deposit. In comparison, while credit/debit card and electronic wallet deposits are instant, there are per transaction limits: $40,000 in the case of credit/debit cards, and either $10,000 or $20,000 in the case of electronic wallets.

You can only deposit money from funding sources that are in your name.

eToro withdrawal fees and options

eToro has a $5 withdrawal fee, which is high compared to other CFD brokers. In addition, eToro has a $50 minimum amount limit on withdrawals.

Withdrawal options are the same as the funding options: you can withdraw money using bank transfer, credit/debit card or electronic wallets, similar to other CFD brokers.

eToro withdrawal fees and options

eToro Plus500 MarketsX
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Withdrawal fee $5 $0 $0

How long does it take to withdraw money from eToro?

We tested withdrawal by bank transfer, and it took 2 business days.

How do you withdraw money from eToro?

  1. Click on the ‘Withdraw Funds’ tab in the left-hand menu.
  2. Enter the amount you wish to withdraw (in USD).
  3. Complete the electronic withdrawal form as required.
  4. Click ‘Submit.’

You can only withdraw money to accounts in your name.

More funding and withdrawal info
75% of retail CFD accounts lose money

Want to stay in the loop?

Sign up and we’ll let you know when a new broker review is out.

eToro review
Web trading platform

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.

Pros Cons
• User-friendly • Limited customizability (for charts, workspace)
• Clear fee report
• Two-step (safer) login
eToro platforms to choose from
Trading platform Score Available
Web 4.4 / 5 stars Yes
Mobile 4.9 / 5 stars Yes
Desktop No

eToro’s platform looks like a modern platform should in this day and age.

The web trading platform is available in many languages:

eToro platform languages

Arabic Chinese (simplified) Chinese (traditional) Czech Danish
Dutch English Finnish French German
Italian Malaysian Norwegian Polish Portuguese
Romanian Russian Spanish Swedish Vietnamese
Thai

Look and feel

eToro’s trading platform is a pleasure for the eye. With its clean design and great functions, eToro did a great job of combining good design with functionality. The menus and buttons are where you expect them to be, everything is labelled correctly and the color scheme is pleasant.

It is hard to customize though, as the panels are fixed. One exception is the watchlist, which is easy to configure.

Login and security

eToro has an optional, safer, two-step login system. This can make it more complicated to log in, but in turn it provides you with added security.

Search functions

The built-in search is predictive and easy to use. Type in a company or product name and you can see the results. Also, you can search easily via tickers.

Placing orders

Placing orders is self-explanatory.

You can use the following order types: market, limit, stop-loss, trailing stop-loss.

If you are not familiar with order types, read this overview.

Alerts and notifications

You can set price alerts and notifications easily. eToro’s alert function lets you know when an asset reaches a price target, and you also get a notification when your order is fulfilled. On the web platform, this is in the form of an icon update or a browser notification. On mobile, it is a push notification.

Portfolio and fee reports

You will surely want to know how your portfolio is performing and how much fees you have paid. You can decide how you want to see your portfolio reports: a list of your assets or a pie chart showing your current portfolio.

Finding the fee report is quite complicated at first. Click on the ‘Portfolio’ tab, then go to ‘History,’ and under the gear icon at the top right, you can access and download your account statement. This is a well-structured pdf file showing all of your cash flows, including fees. When you are following someone, you will see all trades separately. However, fees are not added up, but listed individually per fee deduction.

Visit web platform page
75% of retail CFD accounts lose money

eToro review
Mobile trading platform

eToro’s mobile platform is well-designed and intuitive. It is a pleasure to use.

Pros Cons
• User-friendly • No Touch/Face ID login
• Two-step (safer) login
• Good search function

The eToro mobile trading platform is available for iOS and Android. We tested it with iOS.

It’s available in the same 21 languages as the web trading platform.

The mobile platform has the same great functionality as the web platform. It uses mobile-specific intuitive functions, such as push notifications or good touch interactions. For example, you can swipe left and right in your portfolio to access charts or open a new trade.

Visit mobile platform page
75% of retail CFD accounts lose money

eToro review
Desktop trading platform

eToro does not offer a desktop trading platform.

Visit broker
75% of retail CFD accounts lose money

eToro review
Markets and products

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.

eToro is primarily a CFD and forex broker. However, you can also trade with real stocks, ETFs, and a lot of different cryptos. eToro also has some nifty features, such as social trading (Copy People) and CopyPortfolio.

So, let’s break down eToro’s markets and products.

All non-leveraged buy positions for equities, ETFs and cryptocurrencies are traded as real assets. This means that when you buy stocks, ETFs or cryptos without any leverage (i.e. leverage is set to one), you will buy real stocks, ETFs and cryptos, not CFDs.

All other positions are CFDs:

  • leveraged buy positions and all sell positions of stocks, ETFs and cryptos
  • all positions of forex, commodities and indices

Within CFDs, in addition to the traditional way of trading, you can

  • follow and copy other traders’ trading (this is Copy People, also called social trading), or
  • invest in a compiled CFD portfolio (this is CopyPortfolio).

To learn more about CFDs, read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

At eToro, you can trade with an average number of products. For example, there are fewer stock CFDs available than at Plus500, another CFD broker. The same can be said about currency pairs and commodities. On the other hand, eToro offers a wider range of stock and ETF CFDs than its closest competitors, and you can also trade with many of the most popular cryptocurrencies.

eToro Plus500 MarketsX
Currency pairs (#) 47 70 55
Stock index CFDs (#) 13 33 11
Stock CFDs (#) 1,900 1,800 2,000
ETF CFDs (#) 145 92 42
Commodity CFDs (#) 6 22 17
Bond CFDs (#) 4
Futures CFDs (#)
Cryptos (#) 17 14 5

You can change the default leverage level of the products.

Changing the leverage manually is a very useful feature when you want to lower the risk of a trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in the case of stock CFDs. Be careful with forex and CFD trading, since the pre-set leverage levels are high.

CopyTrader

eToro has two distinctive innovations, both being great features, CopyTrader and CopyPortfolio.

CopyTrader is the so-called social trading feature. What is eToro really good at? Well, this is it! One by one you can copy the portfolio of traders who also trade with eToro. This can be quite useful. You can browse through the profiles of other eToro traders, checking their previous performance on an annual and a monthly level. Their portfolio is also public information. Additionally, eToro also applies a risk score to each trader. There are tons of more stats for each profile, like trades per week, average holding time, performance on charts, and you can also see their detailed profiles as well as their news feed comments. Imagine Facebook profiles, but with fewer inspirational and more market quotes.

The minimum amount you can invest in one trade is $200, while the maximum is $500,000. Furthermore, you can copy a maximum of 100 traders simultaneously.

There is one drawback of CopyTrader: you cannot close part of your position, only the full amount.

Disclaimer: Indicative prices; current market price is shown on the eToro trading platform. Past performance is not an indication of future results. The trading history presented is less than 5 years old and may not suffice as a basis for investment decisions. This post is not investment advice.

CopyPortfolio

CopyPortfolio is practically an investment fund, but under the hood it is a CFD portfolio. While with CopyTrader you were following one trader, with CopyPortfolio you can invest either in a theme or in a portfolio of top eToro traders.

  • Investing in themes means for example investing in a portfolio of big banks or cryptocurrencies. Practically, “Big Banks CopyPortfolio” consists of CFDs traded by the largest investment banks, such as Citi, Bank of America, HSBC or others.
  • The other way to invest via CopyPortfolio is to invest in a portfolio comprised of multiple “star” traders.
  • There is also a crypto CopyPortfolio available.

Disclaimer: Indicative prices; current market price is shown on the eToro trading platform. Past performance is not an indication of future results. The trading history presented is less than 5 years old and may not suffice as a basis for investment decisions. This post is not investment advice.

The proportion of CFDs in the specific CopyPortfolio is clearly indicated. You can check performance and asset distribution, and read the investment strategy. CopyPortfolios are built around a theme by eToro’s algorithms or by eToro external partners. This might all sound a bit complicated, but at the end of the day, this means you can invest easily in a quasi-fund. There is a minimum investment amount for CopyPortfolio, which is $5,000. eToro also checks your financial knowledge to determine whether CopyPortfolio is right for you.

Stocks and ETFs

If you buy non-leveraged stocks or ETFs, you are buying the real asset. Usually, this feature is not offered by other CFD and forex brokers. In that sense, eToro’s selection of 16 stock markets to access is great. However, compared to stockbrokers like Saxo Bank (

35 markets) or Interactive Brokers (

80), it is poor. There are also risks you should take into account when you choose stocks. Your capital is at risk.

eToro Plus500 MarketsX
Stock markets (#) 16
ETFs (#) 145

At eToro, you have access to the following 16 stock exchanges:

  • Amsterdam
  • NYSE
  • New York Tech
  • Euronext Brussels
  • Euronext Lisbon
  • Frankfurt
  • London
  • Paris
  • Madrid
  • Milan
  • Zurich
  • Oslo
  • Stockholm
  • Copenhagen
  • Helsinki
  • Hong Kong

Cryptocurrency

Cryptocurrency prices can fluctuate widely and are therefore not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework, such as MiFID. Therefore, when using eToro’s Cryptocurrencies Trading Service you will not get any investor protection.

Disclaimer: Past performance does not guarantee future results. Trading history presented is less than 5 years old and may not suffice as a basis for investment decision. Indicative prices; the current market price is shown on the eToro trading platform. Highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.

You can trade with a wide variety of cryptocurrencies on eToro’s standard trading platform, far more than at other brokers:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Ripple
  • Litecoin
  • Cardano
  • IOTA
  • TRON
  • ZCASH
  • Binance coin
  • Dash
  • Stellar
  • EOS
  • NEO
  • Tezos
  • XRP

Technically, when you go long in any crypto, you will own the real coin. When you go short, it is a CFD.

eToro review
Research

eToro has good technical analysis tools. There are some analyst recommendations and market sentiment indicators available, but no comprehensive fundamental data.

Pros Cons
• Good interactive chart • No fundamental data available
• Trading ideas • No/poor quality news flow
• User-friendly
• Analyst recommendations

Research is available in 21 languages (the same languages that are available on the web and mobile trading platforms).

Recommendations

For some popular stocks, you can find recommendations, like analyst consensus (buy/hold/sell), average price target, hedge fund sentiment and insider trading sentiment. In some cases, you can also read the analyst reports. Unfortunately, these research features are available only for a very limited number of stocks.

Fundamental data

Some basic fundamental data on stocks is available on eToro’s platform. This includes the profile of the company and some very basic indicators and ratios such as P/E, EPS, dividend yield and beta. No fundamental data is available for asset classes other than stocks.

You can also sign up for a daily market analysis newsletter in which you get a useful list of the market highlights.

Charting

eToro’s charting tool is quite good and you can use many, ca. 70 technical indicators. We liked that charts are automatically saved, so you don’t have to waste your time setting up your indicators time and again. On the negative side, you can only see the data for the past ca. 6 months, no longer time horizon can be set.

News feed

The news feed is not really an official news feed, e.g. it is not like an integrated Bloomberg feed. Rather, it is like a market-themed Twitter feed, showing messages posted by eToro users and analysts. Hashtags (#) are used for themes and dollar signs ($) for assets. We were not a huge fan of this feature, but if your tastes differ you might like it.

More research info
75% of retail CFD accounts lose money

eToro review
Customer service

eToro customer service is good: you can reach it on several channels and get quick and relevant answers. On the flip side, you can’t reach them on weekends and it’s difficult to find the live chat service on the webpage.

Pros Cons
• Live chat • No phone support
• Fast response time • No 24/7 support
• Relevant answers • Difficult to find the live chat service

You can contact eToro’s customer service via live chat and a web-based ticketing system where you will get an answer by email. It was always quick and reliable when we tested it.

On the flip side, the customer service cannot be reached on the weekends, and it’s difficult to find the live chat function on the website as it is hidden under the FAQ under the ‘Help Center’ link.

eToro customer service, in theory, is available in all 21 languages the web and mobile trading platforms offer. We only tested customer service in English.

Contact customer service
75% of retail CFD accounts lose money

eToro review
Education

eToro’s education tools are limited, with only some medium-quality videos about investing available.

Pros Cons
• Demo account • Basic educational videos
• Intro guide to the platform

For practice, you can use a demo account. Other education tools are not really strong at eToro. There is one short tutorial video on how to use the platform, and some basic educational videos about investing and the financial markets.

The content discussed is intended for educational purposes only and should not be considered investment advice.

Visit education page
75% of retail CFD accounts lose money

eToro review
Safety

eToro is regulated by top-tier financial authorities like the FCA, ASIC and CySEC. However, it is not listed on any stock exchange, does not disclose financial information and does not have a bank parent.

Pros Cons
• Majority of clients belong to a top-tier financial authority • Does not hold a banking license
• Negative balance protection • Not listed on stock exchange
• Well-known fintech startup • Financial information is not publicly available

Is eToro regulated?

Yes, it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC).

eToro is based in Israel and was founded in 2007.

Is eToro safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

eToro operates three legal entities and serves customers based on their residency. This matters because the entity you belong to defines the amount of protection you get.

  • Citizens of the United Kingdom can open an account at eToro (UK) Limited and thus they will be protected by the FCA. If eToro becomes insolvent, eToro UK clients can expect to be compensated by the maximum amount of £85,000 guaranteed by the Financial Services Compensation Scheme (FSCS).
  • Australian clients are served by eToro Australia, which is regulated by ASIC, the Australian financial authority. ASIC however does not provide any obligatory investor protection for a pre-set amount.
  • Other investors will have their live trading accounts with eToro (Europe) Limited, which is regulated by the Cypriot watchdog, CySEC. The amount of investment protection coverage at eToro Europe is a maximum of €20,000. This threshold is set by the Cypriot Investors Compensation Fund.

Here is a handy summary table for easy comparison:

eToro investor protection

Country of clients Protection amount Regulator Legal entity
United Kingdom £85,000 Financial Conduct Authority (FCA) eToro (UK) Ltd.
Australia No protection Australian Securities and Investments Commission (ASIC) eToro AUS Capital Pty Ltd.
Other clients €20,000 Cyprus Securities and Exchange Commission (CySEC) eToro (Europe) Ltd.

There is no investor protection for cryptos.

eToro also provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection

Background

eToro was established in 2007. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises. This means that it has already survived one crisis, which is a good sign. eToro is a privately-owned fintech startup, with owners including venture capital funds like Commerz Ventures Gmbh, the VC arm of Commerzbank, as well as Israeli US, and Chinese investors. eToro is lead by Yoni Assia, its well-known founder and CEO.

eToro is still considered a startup. It is not listed on any stock exchange and it also does not provide regular financial statements to the public. Hence, it is hard to know anything about its financial performance. It also does not have a bank parent, which could help provide capital to eToro in case of hard times. At the same time, being regulated by top-tier authorities is a great sign for eToro’s safety.

eToro review
Bottom line

eToro has zero-commission stock trading in Europe. Account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

It has some drawbacks, though. Forex fees and non-trading fees are high, and eToro only allows USD accounts.

Overall, we would recommend eToro for its social trading feature and cheap stock trading.

Risk disclaimer

eToro is a multi-asset platform that offers both investing in stocks and cryptoassets, as well as trading CFD assets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

Visit broker
75% of retail CFD accounts lose money

eToro review
FAQ

How does eToro work?

eToro is primarily a CFD and forex broker, but you can also trade with real stocks, ETFs and many cryptocurrencies. It is well-known for its social trading feature, with which you can follow and copy the portfolio of a trader who also trades with eToro.

Who owns eToro?

At the time of this eToro review, it is a privately held company, therefore it is not required to publish its ownership structure. What we know is that eToro does not have any banking parent company (little chance for a bailout in case of bankruptcy), and it is currently operating under two legal names. The well-known founder and CEO of eToro is Yoni Assia.

eToro is funded by venture capitalists. Here are a few of them:

  • Anthemis Group, UK
  • BRM Capital, Israel
  • CommerzVentures GmbH, Germany
  • Cubit Investments, Israel
  • MoneyTime Ventures, USA
  • Ping An, China
  • Spark Capital, USA

Who regulates eToro?

eToro is regulated by financial authorities in Cyprus, the UK and Australia, corresponding to one of the three entities eToro operates under:

  • eToro (Europe) Ltd. – Cyprus – is regulated by CySEC (the Cyprus Securities and Exchange Commission) under license # 109/10, for servicing EEA (European Economic Area) member states, and countries outside of it.
  • eToro (UK) Ltd – UK – is regulated by the UK financial authority, the FCA (Financial Conduct Authority).
  • eToro (AUS) Capital Pty Ltd – is regulated by the Australian watchdog, ASIC (Australian Securities and Investments Commission).

How does eToro make money?

eToro makes money through various fees, and the trading services they provide on their website. Although eToro does not make its financial statements public, the main source of revenue for eToro is likely to be:

  • Spreads: Spreads are the gap between the price you and the broker buys/sells at. To put it simply, if an Apple stock costs $100 at market price, eToro will charge $100.1 for it. The difference of $0.1 per CFD is kept by eToro. For further info, read how CFDs work.
  • eTtoro overnight fee: For this, you need to understand two things, leveraged trades and loans. Leveraged means that you can trade with more money than you actually have. Let’s say you want to trade Apple with 1:10 leverage and you have $10. This means that using leverage you can buy $100 worth of Apple with your ten bucks, as the missing $90 will be lent to you by eToro, which will charge you a fee (interest) for this loan.
  • Other non-trading fees: eToro charges fees for several services on their website, which are not directly related to trading, also known as non-trading fees. Some examples of non-trading fees are:
    • Withdrawal fees ($5/transaction): pay to withdraw your money
    • Conversion fees: pay when eToro converts money to fund your account

Can eToro be trusted?

eToro is regulated by CySEC in Cyprus, ASIC in Australia, and the FCA in the UK. This is a good thing. eToro is not listed on any stock exchange, nor does it publish its financial data. Overall, Brokerchooser’s view is that eToro is not a scam, but it is not a fully transparent broker either.

How does eToro copy work?

eToro copy, a.k.a. CopyTrader, is a tool for social trading, which works by you copying the trading decisions of other people, or other people copying your trades. You can search for traders and other users, and see how their portfolio has performed historically. Once you found a trader of your liking, you can copy their every trading decision, which is handled automatically by the platform. You can decide how much money you want to invest in copying another trader, and you can close your investment whenever you wish. If you want, you can also make money by having other traders copy you.

Are eToro profits taxable?

If you make profits by trading on eToro, these can be subject to taxation laws and regulations. This always depends on the country of your origin. For further information about eToro and taxes, we recommend contacting your local tax authority.

Can I use eToro in the USA? Can I use eToro in Canada?

Currently, people from the USA cannot use eToro because US regulation (the SEC) does not allow brokers to provide CFD instruments (eToro is a CFD broker) for US residents. This means no regulated broker will accept retail clients from the USA to trade CFDs, so in this sense it is not only eToro that cannot serve US residents.

eToro cannot be used by the residents of the following countries:

  • United States of America (residents and citizens, including its incorporated and unincorporated territories)
  • Belgium
  • Canada (including Quebec & Ontario)
  • the Republic of Turkey
  • Japan
  • Brazil
  • the Islamic Republic of Iran
  • Democratic People’s Republic of Korea (DPRK)
  • Cuba
  • Sudan
  • Syria

When will eToro be available in the US?

The US SEC (Securities and Exchange Commission) does not allow CFD instruments to be sold to US citizens. Until this law does not change, eToro will not be allowed to operate in the US under its current business model.

Royal Capital Pro broker review

Despite a wealth of knowledge and tips that are shared on the Internet, scammers continue to thrive. One would assume that scammers would have been rooted out, but instead the opposite is happening. The problem isn’t that there isn’t information about scam brokers, because there is a lot of that, but the difficulty in knowing where to look. As much as there is accurate information, so is false ones as you may know from the recent spate of fake news around the world. This Royal Capital Pro review examines some of the information being spread about the company and determines whether they can be trusted or not. It is essential to learn this stuff unless you want to become a victim of fraud.


Min. Deposit:
$200

Trading Platform: MT4

US Clients: Not Available

Is Royal Capital Pro legit?

In order for you to determine whether a particular company is legitimate or not, you have to start from the foundation. In the case of a Forex broker, that is in learning about the company’s background. The basic information is provided on the website and you can get it from a simple Royal Capital Pro website review. Apparently, Media Zone Solutions LP is the actual company behind Royal Capital Pro, and it is there you need to focus. Media Zone Solutions LP is registered with the Companies House under company number SL025891. It is also based in Glasgow, Scotland, and has been in existence for two years.

Unfortunately, there isn’t much more information about the company other than that, which is very troubling. A legitimate company should have no problem revealing the names of key officials and other company details, but Media Zone Solutions reveals none. This is typical of a shell company that doesn’t actually exist, but only by name. Indeed, after checking the authenticity of the phone number provided on their ‘Contact Us’ page, it got us nowhere. This gave more insight into the Royal Capital Pro scam, since there was no way of tracing this company’s origins or officials. They also have a LinkedIn page, but it was completely empty with not one post in the two years the company has existed.

For everyone asking, is Royal Capital Pro a scam? The majority of the signs point at this statement being true. This is the first step to knowing whether a broker can be trusted or not – by getting to the bottom of the company. Besides, they are not even regulated by the FCA. Being registered with the Companies House does not lend any credence to the legitimacy of a broker since it is very easy to do so. Only FCA regulation for companies operating within the UK guarantees that the company can be trusted.

Most of all, the FCA ensures that all the Forex brokers adhere to the rules, including those on capital requirements. Scam brokers prefer not to dedicate a lot of money into their schemes, so this step automatically weeds out most of the scammers. Apart from that, the FCA has policies that ensure defrauded clients can be refunded for their losses as they continue to investigate. Royal Capital Pro is not regulated, hence the reason why so many Royal Capital Pro reviews are complaints by former clients about their monies. The worst part is that there is nothing the FCA can do, after all, they routinely warn investors not to trust unregulated brokers.

So far, there hasn’t been any good thing to say about the company in this Royal Capital Pro review, and that is because there’s nothing to recommend about the whole operation. Had any of those previous clients done the same research into the company, they would have quickly known about the Royal Capital Pro scam and not lost their money. Fortunately, you now know and don’t have to suffer the same suffering they did.

Capital.com Review

General Information

Company Information

  • Headquarter : Cyprus
  • Regulation : CySEC, FCA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : 100€, 100$, 100£, 400zł
  • Maximum Leverage : 1:200
  • Commissions / Spreads : Floating Spread, Overnight fee
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : Proprietary platform
    • English
    • Spanish
    • Arabic
    • Italian
    • German
    • Russian
    • Portuguese
    • Dutch
    • Other
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss : yes
  • Guaranteed Execution : yes
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :
  • Customer Support

    • English
    • Italian
    • French
    • German
    • Portuguese
    • Dutch
    • Other
    • Danish
  • Support Hours : 8/5
  • E-mail Support :
  • SMS Support :
  • Chat :
  • Pros and Cons

    • Artificial intelligence-driven news option and trading bias detection
    • Extensive education opportunities
    • Education videos and webinars
    • Wide range of markets
    • The MetaTrader platform is not available
    • Not available in the the USA

    Review

    Capital.com is a fintech company that provides an artificial intelligence-driven app and web platform to help its clients trade CFDs on Forex pairs, indices, commodities, stocks and cryptocurrencies.

    Capital.com was founded in 2020 and has offices in London, Gibraltar, Limassol and a development center in Minsk. The platform applies artificial intelligence to provide clients with personalised education and informational materials, and promote a thoughtful, intelligent, and sophisticated approach to trading.

    Clients can choose from a number of account currencies – GBP (£), EUR (€) or USD ($), PLN (zł) – and trade on a wide range of markets. Among them are 68 Forex pairs (EUR, GBP, USD, SEK, NOK, CAD , AUD, CHF, etc), 30+ cryptocurrencies pairs (Bitcoin,Ethereum, Ripple, Litecoin, etc), 17 major stock indices (Dow Jones, FTSE100, S&P500, etc.), 17 commodities including oil, gas, gold and other precious metals, more than 1700+ individual major global stocks (as of September 2020) including stocks of the US, UK, German, Swedish, Norwegian, Italian, and French companies .

    Accounts

    A minimum deposit of 100 USD or equivalent (100 EUR, 100 GBP, or 400 PLN) for all payment methods, except wire transfer, is required. Wire transfer has a 250 EUR (or the equivalent in the currency of your trading account) minimum. Trading may be performed through the broker’s mobile app or through a proprietary web-based platform. This means that the MetaTrader4 platform is not available. Institutional clients can access trading via FIX API. Capital.com also offers a demo account to registered clients so they can practice their trading skills with virtual funds.

    The pricing model consists of spreads and overnight fees only. Compared with its competitors, the spreads are some of the tightest available on the market. Capital.com doesn’t charge any commission on trades. Overnight fees are only charged if the position is left open overnight. Exact overnight fees % are described on the page of each market, alongside live spreads, trading hours and other market info.

    Capital.com also uses segregated bank accounts that keep client funds separately from the broker’s operating fund, making trading a much more secure process.

    Features

    News

    Capital.com put a lot of effort into educating its clients. Using AI-backed technology, the company has identified the most prevalent trading biases to help clients avoid irrational behaviour and become more successful in trading. Depending on the clients’ trading activity, this technology provides the latest news (featured in its news section) most relevant for each client. It also helps them to manage risks. When a trading bias is detected, the app provides the trader with personalised educational materials written by trading professionals.

    Investmate

    Investmate is an app that helps newcomers and amateur traders to learn how to trade successfully by providing educational materials, quizzes, trading tips and trends predictions. It’s a special intellectual workout that lets its users learn useful information, check its sticking power by completing interactive tasks and master that learning with practice.

    Web-based educational opportunities

    In addition to the Investmate application, Capital.com’s website’s educational offering includes a glossary of trading terms and four courses in trading – Introduction to the Financial Markets, Financial Instruments, the ABC of Derivatives and CFDs, and Derivatives and Understanding Risks of Trading. Each course includes several lessons, all of which are text-based. The website also has a news section which includes daily updates on key markets, feature articles, analysis, and news items not only on established global markets, but also about the world of cryptocurrencies. Users can get more financial knowledge by participating in live webinars with Market Analyst David Jones and watching educational videos in Capital.com TV section on the website.

    Best Binary Options Brokers 2020:
    • Binarium
      Binarium

      The Best Binary Options Broker 2020!
      Perfect For Beginners and Middle-Leveled Traders!
      Free Demo Account!
      Free Trading Education!
      Get Your Sign-Up Bonus Now!

    • Binomo
      Binomo

      Good Broker For Experienced Traders!

    Leverage

    Capital.com has become the first CFD trading platform to announce full compliance with the regulations published by the European Security and Markets Authority (ESMA). The company implemented the following leverage limits in line with ESMA’s latest requirements:

    • 30:1 for major currency pairs
    • 2:1 for cryptocurrencies
    • 20:1 for non-major currency pairs, gold and major indices
    • 10:1 for commodities other than gold and non-major equity indices
    • 5:1 for individual equities and other reference values

    These limits are implemented to protect new traders from big losses. For professional traders Capital.com offers leverage up to 200:1.

    Bonuses and Promotions

    No bonuses and promotions for retail clients are offered. We find the lack of reliance on bonuses and promotions a positive sign as such gimmicks are often used by inferior brokers to mask poor-quality core offerings, not to mention the onerous conditions that work to prevent or delay the withdrawal of profit. There is trading volume based cash rebate offered to professional clients.

    Deposits/Withdrawals

    Depositing funds into a Capital.com account is an easy and secure process. First deposits can be made using a debit card, credit card, Bank Wire Transfer, Sofort, iDeal, Giropay, Multibanko, or Trustly. Subsequent deposits and withdrawals are also can be made using the most popular digital wallets, Neteller and Skrill.

    There is no commission for withdrawals and deposits.

    Customer Support

    Customer support offers help to clients 16 hours a day, 7 days a week via online chat, popular messengers (Whatsapp, Skype, Facebook messenger, etc), phone and email. Support requests by email will be responded to within 24 hours.

    Conclusion

    Capital.com provides a unique and intriguing offering for traders looking to trade an extremely wide range of individual markets using a smartphone app and web-platform based on artificial intelligence. It uses patent-pending technologies to help its clients trade better.

    Features

    In terms of features, the stand-out strengths of this broker’s offerings are:

    • Two apps: cutting-edge artificial intelligence-based application “capital.com” and the educational “Investmate” app.
    • The ability to use a proprietary web-based trading platform.
    • An extremely wide range of markets available for trading: the major and minor Forex currencies; a good range of global equity indices, major commodities, and most importantly approximately 1,700 major global equities.
    • The ability to trade a range of cryptocurrencies.

    Back to Top

    Platforms

    Capital.com

    Capital.com has launched the new version if its web-based platform offering over 2,000 markets, 15 payment methods, and available in English, German, Norwegian, Swedish, Italian, Dutch and Spanish.

    Web-Based Platform

    Capital.com has launched the new version if its web-based platform offering over 2,000 markets, 15 payment methods, and available in English, German, Norwegian, Swedish, Italian, Dutch and Spanish.

    Capital.com has improved its data presentation. Its ‘Trade hub’ page ensures that users are immediately exposed to relevant, targeted information that can help them trade more successfully. The ‘Discover’ feature offers users a wide range of information that is relevant to them, including data on markets that they are interested in, news stories regarding the markets and financial products they are watching, the most volatile or most popular markets and daily changes in prices of financial assets.

    The drawing tools function helps clients to discover trends in the market and have complex financial data available in the way that suits them best (e.g. through a simple shape or a specific graph type). The platform also has mathematics-based technical analysis tools that traders and investors can use to evaluate the past performance of financial instruments and predict future price trends and patterns.

    User Reviews

    Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

    Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.

    Which broker is the best forex broker?

    BRKV – Every trader wants to find the best forex brokers. If you think the broker doesn’t matter when trading, you’re a fool. A broker plays as crucial a role in forex trading just as your strategy or tactic.

    For example, you see a good price and decide to sell or buy, but the server of the broker is so slow that when your order is executed, the price has changed (we all know how fast the tide turns in this market) and you lose a chance to make profit, or worse, lose your money.

    That’s just one example to show the quality of the broker has a profound impact on our trades. Therefore, we all want to find the best forex brokers. After years of trading and testing many forex brokers, our experts from BRKV have come down to the top 5 forex brokers in 2020:

    • Exness Exness.com
    • XM XM.com
    • HotForex Hotforex.com
    • FXTM FXTM.com
    • FBS

    Continue reading to learn how these brokers are the best forex brokers in 2020.

    STANDARDS OF THE BEST FOREX BROKERS

    I can see that many traders think choosing the right broker is easy. Just choose the one that has low cost, or the one that has licenses, or the one that has big bonuses. Well, they are wrong. The one with low spread may have high slippages. The one with big bonuses may have really slow servers. To choose the right forex broker, you must look at many aspects and factors. Sound like hard work, right? Fortunately, you’ve got BRKV here. After 5 years of trading with many different brokerages, I am confident to list down the 5 best forex brokers in my opinion. These are the standards that I use to evaluate them:

    Trustworthy Trading costs Trading conditions Customer services
    Regulations Spread Accounts Payment system
    Historical activities Commission Quotes Local offices
    Trading volume Slippages Trading platforms Availability
    Rebate / Bonus Leverage

    And based on the standards above, I think those 5 I mentioned above are the best forex brokers of 2020 . Now, let’s go over to see how they can meet all the requirements of the best fx brokers. Moreover, if five aren’t enough for you, check out this article about 10 best forex brokers in the world that I wrote earlier.

    TRUSTWORTHY

    Regulations of the best forex brokers

    When talking about reliability, you mean security and safety. Can that broker keep your fund safe? Can it be trusted? What if it is a scam broker? How to know if a broker is reliable? The answer is regulation, my friends. Regulation is like a certificate that trusted and famous financial organizations in the world gives to brokers if the brokers can meet all the standards required. It represents standards, capabilities, and reputation of a forex trading broker. When a broker is regulated by those organizations, you can put your trust in them completely. All the 5 brokers I mentioned above have trusted regulations so there is no favorite one.

    However, make sure that you know what kind of regulation your brokers have, because a regulation of an organization can only be applied to those in the same country. For example, a US regulation can’t provide any protection to traders from South Africa or Thailand. Regulation only means that that broker is reliable enough to work with. Therefore, a broker doesn’t have to have too many regulations. One trusted regulation is enough.

    Trading volume of the best forex brokers

    Another factor that can guarantee the credibility of a broker is their trading volume. If the trading volume of the broker is high, it means that there are many people trading with that broker. Look at the monthly trading volume of my 5 best forex brokers:

    1. Exness: $785 billion
    2. XM: $300 billion
    3. HotForex: $280 billion
    4. FXTM: $108 billion

    One more thing is how popular that broker is. If the broker is famous, it means they are big and rich, which makes them more reliable. I have these results from Google Keyword Planner about the most popular forex brokers:

    • XM has around 40,000 search monthly. More details.
    • Exness has around 36,000 search monthly. More details.

    Historical activities of the best forex brokers

    Lastly, you should know things about your brokers in the past. For example, how they react to a certain event or crisis previously. Have they ever been accused with scamming? Or you can check their transparency. When it comes to transparency, no broker can beat Exness. Exness even upload all of their financial reports on their website Check here .

    Learn more about Exness here Exness reviews.

    TRADING COST

    It’s not easy to make money from trading forex, which we can all agree on, so we need to find brokers who require little cost to trade on their platforms. The trading cost is the total expense we calculate from two main factors, spread and commission, and others.

    Spreads of the best forex brokers

    First, I will compare the spread of the 5 brokers I mentioned above. I can guarantee you that their spreads are among the best in the forex market. I will show you the spreads of the most popular currency pair, EURUSD. For more pairs, click the buttons next to the brokers.

    So, you can see that Exness, HotForex, and XM are among the lowest spread brokers .

    Commissions of the best forex brokers

    Then, I’ll compare their commissions. All of them are commission-free for their regular accounts. For the ECN accounts, the commission rates are different. They have to charge commission for ECN accounts because the spreads then are nearly zero.

    Exness commission $2.5 More details
    HotForex commission $3 More details
    FXTM commission $2 More details

    Slippages of the best forex brokers

    At this point, you may think that “Hey, I also see many other brokers who have even lower spreads and commissions.” You are right. There are tons of brokers who offer lower, why do I choose these five? Like I have said earlier, the total trading cost you have to pay depends on various factors, which slippages.

    Slippage refers to the difference between the expected price of a trade and the price at which the trade is actually executed. Slippage often occurs during periods of higher volatility when market orders are used, and also when large orders are executed when there may not be enough interest at the desired price level to maintain the expected price of trade. Therefore, when you consider a broker, you should also pay attention to their slippage.

    Exness guarantees that there is no slippage on their platforms. XM says it hardly happens. I have traded with all these three and here’s what I can say about it. All brokers have slippages. It’s a natural thing in forex trading. The important thing is how much the slippage is. Is it lower than other brokers (I think slippages that are lower than 100 pips is good enough)? How do brokers compensate their customers? I think Exness and XM are the brokers who can handle very well when it comes to slippages. Another thing I see that you really enjoy is bonus and rebate. Indeed they sound good in the beginning. But everything has two sides. If you’re not careful, bonus may be the bait of forex brokers to hook you. You can learn everything you need to know about bonus in my article Best forex bonuses.

    TRADING CONDITIONS

    Trading products of the best brokers

    Sometimes, people don’t just trade currency pairs only. Sometimes the market can be very rocky, so traders must stay away from it for a while. That’s when they turn to other trading products or different currency pairs. Therefore, a good broker must be able to offer traders various and diverse trading products such as: cyrptocurrency, commodities, precious metals, or CFDs. So we’ll give you the brokers with the most trading assets:

    • Exness: currency pairs, metals, cryptocurrencies, energies, indices, and stocks.
    • XM: currency pairs, stock, indices, commodities, cryptocurrencies, stocks, metals and energies.
    • IG: currency pairs, commodities, bonds, crytocurrencies, digital100s, options, indices, interest rates.

    Accounts of the best forex brokers

    There are 3 levels we can use to rank trades, which are: beginners, normal traders, and professionals. So, a great broker is the one who can provide different types of account for all types of traders. The conditions of the accounts of the 5 brokers I chose are similar. They all have 3 classes of account for each targeted trader type: mini/micro accounts, regular accounts, and ECN accounts for each type respectively. You can check each broker’s account here:

    Leverages of the best forex brokers

    Another factor you should know is the account’s leverage. Leverage is the tool that most traders in the world would love. Often, British, American, and Japanese licensed brokers offer low leverage because they have to comply with these licenses of these countries. So as I mentioned above, brokers with many licenses are often less competitive. Among prestigious international brokers, the following forex brokers have the best leverage:

    • Exness: 1:Unlimited for accounts that have under $1000 and have traded over 5 lots. For accounts that have more than $1000, the leverage is 1:2000. Learn morehere.
    • Hotforex: 1:1000. Learn more here.
    • XM: 1:888. Learn more here.
    • FXTM: 1:1000. Learn more here.

    The most popular thing we trade in the forex market is currency pairs. Currencies are quoted in pairs. For example, the most common currency pair, EURUSD, is the Euro versus US dollar pair. From the quote of this pair, we are able to identify the value of the Euro compared to the value of the USD. For example, the quote is EURUSD = 1.1346, which means you have to pay an amount of 1.1346 USD to buy 1 Euro. Each broker gets their quotes from different liquidity providers so you can understand that their quotes will be different as well. As traders, we should choose the brokers who can offer the best quotes. There are other factors such as requote, which you can find in this article Best no-requote brokers .

    Platforms of the best forex brokers

    But one thing I would like to stress on is the trading platform of the broker. Currently, MT4 and MT5 are the two most popular trading platforms in the forex market. Every broker has those two trading platforms. However, their platforms are different in terms of execution speed and execution quality. These factors can affect your trading greatly.

    For example, when you see good news and predict a good price, you log in to put in that price. However, there are many others who predict and log in as well, and the server is too weak so you order can’t be completed. Eventually, you miss a huge chance to make money. That’s why you need to do some tests first before trading with a broker. You can deposit a small amount of money into those brokers (like 10 or 20 dollars) and trade with them for at least a month. Also, try trading when there’s big news to see how their servers work and how much their slippages are. After testing by myself, I can give you 2 brokers that have very low slippage rates:

    CUSTOMER SERVICE

    Support teams of the best forex brokers

    Forex trading is difficult. The best fx brokers must be able to support their customers at all time and in many different languages. Most brokers assist their clients via live chat or email. However, I think the most effective way is a face-to-face conversation. That means it is better if the broker has local offices in your country or region.

    Exness seems to have the best support team. This broker has very strong sales, support, and marketing team who is always available to the local markets. Besides, their IB network is also very strong. Therefore, if you have any problems, just chat with them on the website, and you will get the response instantly. Moreover, Exness supports clients 24/7.

    You can find the contacts of my best forex brokers in 2020 here:

    The payment methods of the best forex brokers

    Last but not least, the payment system. You may think it is insignificant at first, but only when you really trade with a broker can you see how important it is. Most of the brokers are foreign, so you need to transfer and withdraw money overseas. That’s when the bank charge you transaction fees. Making money from forex is hard enough and now the banks take some from it? I don’t think so.

    For example, when you transfer money via VISA card, it costs you 3 to 5% of the amount you transfer. The best fx companies must have various payment methods that are not only free but also convenient. Moreover, it needs to be fast. I used to have to wait days and weeks to withdraw my profit from a broker, which is really frustrating.

    In this field, Exness has no competitor. How can Exness be so fast? Because Exness has an automatic withdrawal system that has zero human intervention. The machines of course make it quickest possible. Moreover, Exness also offers many local payment systems that are very convenient. You can deposit just $1 from your phone and it will take only 30 seconds and there is no fee at all. Yet the most advanced that only Exness can offer is that you can deposit/withdraw even on weekends. This is why most of traders like Exness. Here is my ranking:

    1. Learn more about Exness payment system
    2. Learn more about XM payment system
    3. Learn more about HotForex payment system
    4. Learn more aboutFXTM payment system

    CONCLUSION

    In the end, I think this is the most accurate rankings of my 5 best forex brokers:

    Exness Open account now
    HotForex Open account now
    XM Open account now
    FXTM Open account now
    FBS

    These five best forex brokers here are just the most suitable brokers for the major of traders. If you are still skeptical, you can open an account at each of them (they require very low minimum deposit). You can trade with them for 1 or 2 months to see if they really suit your trading style. I believe that you won’t be disappointed.

    Best Binary Options Brokers 2020:
    • Binarium
      Binarium

      The Best Binary Options Broker 2020!
      Perfect For Beginners and Middle-Leveled Traders!
      Free Demo Account!
      Free Trading Education!
      Get Your Sign-Up Bonus Now!

    • Binomo
      Binomo

      Good Broker For Experienced Traders!

    Like this post? Please share to your friends:
    Binary Options Trading: Brokers Reviews
    Leave a Reply

    ;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: