eToro UK (operates as eToro UK Ltd). This eToro review UK will provide you with everything you need to know about eToro in the UK and the features specific to eToro users within the UK. We will also test the broker’s reliability and why it’s so popular with traders of all levels of experience.
We will cover eToro overall services but specifically within the UK and outline for you the key advantages and disadvantages of trading with eToro in the UK.
The brokers main draw card is its unique blend of CopyTrading and Social Trading which has seen it attract traders and corner the market both within the UK and abroad.
Our review will show how the eToro Rating and eToro Ranking compares with other brokers in the market.
For more information check out our review of eToro demo account to start trading.
By the end of this eToro review UK, you will know how to get started with E-Toro and have a good understanding of how the broker works so that you can decide for yourself if the broker is for you.
But most importantly you will know whether is eToro scam broker or eToro a broker safe to trade with.
Watch our in-depth review of eToro!
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eToro Review UK: Pros and Cons of trading with eToro in the UK
- eToro’s unique social trading gives you access to connect with a community of traders
- eToro’s copy trading feature enables you to copy the trades and portfolios of successful traders
- The eToro website and mobile apps are designed to be user-friendly and easy to navigate.
- eToro UK has the option to open a Demo Account that allows you try out their copy trade feature without risk before you decide to open an account
- eToro UK does not charge commission but there are fees on some transactions. We will look at these in more detail further in this article.
eToro UK: Trading platform security, usability, look & feel
One of the most important parts of our review of eToro – the overall usability of the trading platform. If it’s clunky or overly complicated, then we certainly won’t beat around the bush about getting that opinion out there. Fortunately, the eToro website is a secure site that is subject to industry-leading security protocol and strict data privacy rules. For information about broker security read our review to find out about the IG Index safe article. The site provides traders with comfortable trading conditions which have gained eToro Ranking in first place for Best in Class in the Ease-of-Use and Beginners, categories in 2021.
The website is designed so that traders will experience an easy to use and functional interface. The eToroX mobile app has the same design and functionality as the website with the capability to sync your trading activity to your account.
The eToro website contains a large collection of learning resources that are useful for all traders, from beginner help articles to complex advanced trading topics. eToro provides regular webinars and has its very own Learning Academy which is available for all members upon joining.
Trade download speeds are fast to avoid trading delays in order execution and enable trading from watchlists. Adding instruments by searching available markets, as well as placing a trade is a seamless and easy process.
The platform is available in multiple languages including English Arabic, Chinese, French, German, Greek, Italian, Polish, Russian, and Spanish.
eToro Review UK – the ultimate choice of trading instruments
eToro offers a range of trading instruments that are easily located on their website in their Trade Markets Menu. This is where you will find all of eToro’s various instruments available to trade.
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If you know which instrument you wish to trade, you can easily navigate directly to your desired instrument alternatively, if you are unsure or you want to copy a successful trade, this is where you can use the copy trade feature which is extremely convenient way to trade.
The trading instruments available with eToro UK include:
- Stocks – over 250 companies from around the globe available to trade.
- Currency – offering over 30 currency pairs.
- Forex – all major currencies are available.
- Indices – currently only 10 available
- Commodities – currently offer 3 but are likely to get expanded.
eToro UK– 0% Commission guaranteed / fees on selected transactions
eToro UK does not charge a commission which means that traders receive 100% of their income earned from their trading which is guaranteed.
eToro charges fees on selected transactions only such as CFD and Forex Trading fees.
A conversion fee may apply on deposits depending on which currency is used. USD is used by eToro across all countries. The rates will vary according to the currency and the method of payment but range between 50 pips to 250 pips per conversion.
There is a flat fee for all withdrawals and a minimum withdrawal amount. You can check out the full details on their website.
For comparison fees and charges read our review of Spreadex, as well as our review of Forex.com and City Index review UK
eToro Payments - Is eToro safe?
eToro UK provides Traders with several options for payments and withdrawals that include bank transfer, Visa, MasterCard, Diners Club International, PayPal, Skrill, Neteller, WebMoney, China UnionPay and Yandex.
eToro UK customers are charged a conversion fee on any foreign currency transactions from USD. Most withdrawals to your account can take around 1-2 business days but may take up to 7 business days for credit and debit cards.
eToro handles all refunds as per the industry standard to avoid money laundering which means that any refund is automatically sent via the same channel as the deposit. For example, if the money funds were deposited via bank transfer, the refund will be deposited into your bank account.
eToro Review UK: Customer service and support
eToro’s customer service is entirely online which can be accessed via the website via a ticketing system that handles all customer support queries. In addition, eToro UK provides a live chat service for customers to contact a chat agent and there is email support available.
Most traders make use of the self-help section of the website which is part of the learning resources available. This is where traders can not only find learning materials, webinars, the Training Academy as well as a self-help section.
eToro has a Customer Service Wall for use while you are waiting for your ticket response as well as FAQs and help tools that are useful. For further information on broker service read our “is BDSwiss Good?” article.
eToro Review UK: Reputation and customer feedback in the UK
Next up in our review of eToro, we’ll take a look at what existing customers think of the platform. eToro UK is known to be a reputable broker amongst its peers as well as customers. Its licenses and regulations show that they are honest and reliable.
Customer feedback is overall positive, with the general feeling of excitement being experienced by the traders. The feedback on the popular user review sites is positive as well as the feedback from the user reviews on the eToro site.
The only negative feedback from traders is the higher fees. But with the 0% commission and the popularity and success of the Copy Trader concept, especially amongst the generation of social media users, the benefits outweigh any negative views. It is also popular for its ease of use and available apps.
eToro UK Licensing Regulations - Is eToro safe?
eToro UK operations are regulated by the Financial Conduct Authority (FCA). This FCA license allows eToro UK the ability to operate its services in the European Union (EU).
eToro UK is also regulated by the Cyprus Securities and Exchange Commission (CySEC), FinCen in the United States and ASIC in Australia. These regulations provide a safe trading environment for traders.
It has strong investor and financial growth backing which comes with its own set of rules around security and operations. eToro operates in 140 countries and is regulated by strict guidelines of each country in which it operates.
eToro was founded in 2007 and in 2010 launched its pivotal Social Investment and CopyTrading features which have seen it become one of the most popular trading platforms today. eToro went on to raise $31.5 million in funding and by December 2014 raised an additional $27 million backing from Russian and Chinese investors.
In December 2017, eToro and Coin Dash formed a partnership. This partnership developed Blockchain-based social trading. eToro has continued its rapid growth over the years with strong financial backing, a reliable reputation amongst its customers and is the pioneer share trading website that has millions of registered users.
eToro Review UK - How to trade on the eToro UK platform
Trading on eToro is simple and it is fast. Setting up your account is completed entirely online and once your ID is verified, normally between 1-2 days, you can then access your account so that you can get ready to start.
To start, select the Join Now button on the eToro site and follow the instructions. You will be prompted to complete your profile and once your profile is completed all you need to do is make your initial deposit to start trading! Deposits can be made include bank transfer, Visa, MasterCard, Diners Club International, PayPal, Skrill, Neteller, WebMoney, China UnionPay and Yandex.
eToro lists a typical variable spread of 1 pip on the EUR/USD with the choice of adding leverage when you trade stocks. You will find more information on the website as part of the learning resources that are available to all traders.
There is the option to set up a Demo account to try out all of the eToro features without the risk. The following types of accounts and programs are available:
VIP accounts: eToro offers this account for traders with balances between $5k -$250k. The benefits vary but may include discounts, private signals exclusive assets, etc.
Popular Investor program: eToro’s Popular Investor program has various benefits for eligible members. Benefits from this program can range from spread rebates, rewards, and other offers. Popular Investor is for traders who allow other investors to copy their strategy.
Cryptocurrency trading: trading crypto costs are standard but the conversion fee is high. If you are converting from crypto-to-crypto eToro will only charge a fee of 0.1%. With the number of crypto assets and CFDs eToro rated the best broker for Crypto Trading in 2021.
Exchange-Traded Securities: CFD shares eToro also offers zero-dollar commission for US stock trading.
I love to be able to trade and share with others. Since I’m not a very experienced trader, copying the portfolios of more experienced traders has helped me a lot.