Guide How to register with the eToro broker 2020

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Guide: How to register with the eToro broker (step by step)

Have you ever seen a green logo in the shape of a bull’s head?

If so, it is very likely that it’s been the logo of the eToro broker, a platform that is becoming increasingly popular amongst traders all around the world. With an increasing interest in this broker, there has also been a number of questions regarding the registration process, as well as other things related to the broker.

This broker offers a very user-friendly platform, social trading (copying trades) and some other benefits that make it worthwhile to use for trading in financial markets.

If you’re interested in basic things like fees, demo account, social trading and other things about this broker, be sure to read our eToro review.

However, because of the growing number of queries, we have decided to prepare a complete (but simple) guide for you to help you with the registration process.

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So, let’s do it – step by step registration process with the eToro broker.

How to register with eToro?

Step 1: Go to the eToro broker website – you’ll find the link to the page here – and click on the green Join now button . This button will redirect you to the first (short) registration form.

eToro broker home page

Step 2: Fill in the form with basic personal information, confirm your agreement with the terms and services and continue via the Create Account button . For faster registration, you can also use your Facebook profile or Google profile.

Step 3: If you have registered using the traditional method (via email account), you will receive an e-mail confirmation that you need to open and click on the attached link . This will verify that you have entered the correct e-mail address. You can sign in immediately after verifying your account.

Step 4: After you have signed up in the eToro broker platform, you have two options to go with. Either you can deposit money directly into your trading account (but no more than 2000 EUR – your account is not yet completely completed and verified) or you can continue with the verifying and fill in the necessary information .

Once you have completed your profile completely, you will be doing so remove all transaction limits and other restrictions that made your account incomplete – see the picture below.

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Our advice: Completely fill in the information in the profile first.

Continue with the Complete Profile button in the upper left corner. If you want to deposit some money right away, click the Deposit Funds button in the lower-left corner.

Or do none of the above and use the demo account that eToro offers for free.

Step 5: If you’ve decided to completely fill in the information in your account first, you will face the 12 following steps of verification.

These are simple steps in which you fill in basic information, plus additional information about your trading goals, what assets you want to trade and so on. Have you never registered with any other forex or CFD broker? You don’t have to worry! This is common practice with all regulated brokers. Any broker who wants to be regulated in some way (eToro EU is regulated by CySec) is obligated to ask these questions.

It starts with this step and a few couples after.

We know that the questionnaire is not short, but it is necessary to fill it out. Try to fill out the questionnaire as best as you can and make sure you understand the terms. In case the system finds you to be a “risky trader” and if you incorrectly answer some of the questions, your account might not be approved. Be careful!

Step 6: After successfully completing your profile and the eToro broker questionnaire, a pop-up window will appear. Your account now has a fully completed profile. However, to unlock all features, you need to verify the profile by sending the respective documents – see next step.

Step 7: If you have already registered with a regulated Forex / CFD broker before, you know that trading account verification is not difficult or anything unusual or dangerous. Brokers have an obligation to verify accounts and unfortunately, nobody can avoid it. You will need four things to verify your account: phone verification (via SMS), verification of your address (bank statement, energy bill, etc. …), passport/identity document and tax identification number (= your personal identification number).

That is all – within a few minutes can have everything photographed and have the documents ready to be uploaded.

TIP: As for the document for address verification, a bank account statement that you can download from your internet banking within a few seconds or personally request it at your nearest bank branch can be used.

So, that’s all you need to verify your account. Try to upload the documents in the requested format, otherwise, the platform will return them to you and ask you to send them again.

Step 8: If you have uploaded everything as you should have, your account will most likely be verified within a few hours and then you will have a 100% functional trading account. My account has been verified in about 3 hours, but it can take up to 3 business days as shown below. You will receive an e-mail confirming the verification result.

Registration is now over, congratulations!

So, what else?

Now you may be wondering how to proceed. Don’t worry, you have several options. You can simply deposit funds into your account and start trading, or you can expand your knowledge with the help of the eToro Academy – it’s up to you.

Note: Your deposit is still limited to EUR 2,000 for as long as your account is not fully verified (you will receive an e-mail confirmation).

eToro Demo Account

If you do not want to hurry things and you would rather wait before trading with actual money, you can still train your trading skills using the demo account (eToro calls it the virtual portfolio), in which you can get the feel of the whole platform. You can go to the demo account right after registration by clicking the Go to virtual portfolio button , or later via the button in the left corner, under your name.

We personally recommend that you try the eToro demo account first. You will become familiar with the eToro platform, make a few trades, and get the feel of the platform.

eToro social trading (copy trading)

Social trading, or copying people’s trades, is a feature that made this broker famous years ago. It is not, of course, the only broker to offer this feature, yet it is often mentioned when it comes to social trading. So, what exactly is it?

The principle is simple; you choose a trader from the eToro platform (also possible in MetaTrader 4) and you trade accordingly to his behavior. Specifically, you copy his entered trade orders. In the eToro platform, you will find social trading under the Copy people button.

How to choose the right trader to follow? Do you have any guarantees? We discussed this and even more about social trading in our article – Copy Trading: Easy profit or big risk?

eToro Social Trading

If you’re new to trading, you should definitely take your time. You need experience, time and especially knowledge. Doing something head-on might not pay off. If you want to improve your trading education, we recommend reading the following articles:

  • Complete Forex Trading Overview – History, why forex, money management, etc. …
  • Technical Analysis Series – One of the two basic strategies for trading (important!)
  • Money Management Category – How to handle money and what to watch out for?
  • Forex Trading Strategy – For more advanced traders. In the beginning, you will need technical and fundamental analysis (the second basic type of analysis).

If you have any questions about the eToro broker or trading in general, please, let us know in the comments. Good luck.

Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

eToro

Detailed eToro Broker Review

EToro is positioning itself as an international broker aimed at social trading of clients. It was founded in 2006. And today, over 6 million people use this social trading platform. The legal address is indicated as Cyprus. Accordingly, the company is licensed by the CySEC Cypriot regulator. This allows you to operate in many countries of Europe, Asia, the USA and the CIS. The license number is No. 109/10. According this information, you can check its relevance on your own, on the website of the regulator.

For what users value eToro platform

Over 6 million investors and traders have chosen this forex broker for access to a wide range of financial instruments. Among them are currency pairs, companies’ stocks, raw materials assets, and precious metals. Investors value access to a number of investment programs, as well as to the service of copying transactions.

Investment programs

Copy.trader is one of the embedded services in the system to the eToro broker. This program allows you to automatically copy the transactions of successful traders. To do this, it is enough to register with a fx broker, open a live account and select a managing trader. All transactions will be copied automatically. The choice of the source of forecasts is made according to the rating table. There you will see what profitability this or that managing trader provides.

Another opportunity to optimize your trading and investment activities is to use a special application Social trader. This is an internal development of the eToro broker. The platform is downloaded to mobile devices, Android and iOS operating systems. The functionality already includes all the basic features – trading, copying transactions, investing in portfolios and various assets. You can be an active participant in financial markets from anywhere in the world, provided you have access to the Internet.

How to register and open an account in eToro

The described broker is a large financial company that is focused on the European market. Therefore, the minimum deposit amount is as much as $ 200. No cent account is offered to customers. And note that the amount of the minimum deposit may vary, depending on the region.

There are several types of accounts:

The last type of account is corporate. It is intended for companies, organizations of various types of activities that plan to diversify their assets. The minimum deposit for a corporate account is $ 10,000.

A prerequisite for all new users is the passage of verification. This procedure is aimed at identifying the personal data of users. In particular, it will be necessary to upload scan-copies of a passport in your personal account, which will confirm all entered data. This is necessary to increase the security level of each client.

Inputs and outputs of funds are carried out by all known payment systems. Among them, Qiwi, Webmoney, PayPal, banking systems VISA and MasterCard.

Independent trading through eToro

Particularly noteworthy is the list of financial instruments for self-trading. In addition to the base currency pairs and CFDs, you can invest in stock portfolios and indices.

To learn independent trading, the company offers the services of its own Academy of trading in financial markets. You can use the educational material provided in the section for free. In particular, use expert opinions, forecasts, analytics.

Trading is possible through the eToro web platform, access to which is possible directly from the broker’s official website. Users have access to technical analysis through the use of a number of indicators and graphical tools. Use price ranges, support and resistance levels, moving averages to forecast asset price movements.

EToro Reviews from Customers

User feedback on this broker are divided into several categories. Traditionally, some of them are negative. Someone objectively writes that his account was suddenly closed under some pretext. Someone claims that the payment of funds from the deposit is delayed by weeks.

On the positive side, should be highlighted a large selection of investment programs, and the presence of a proprietary trading platform. All this allows even novice traders to try themselves in the Forex sector, invest money and automate the entire process. We recommend to start cooperation with eToro from a small deposit in order to test the company’s capabilities.

eToro Review: 2020 Review and Getting Started Guide

I’ve been using eToro for the past few years with great success, so I thought I’d put together an eToro review for 2020. I want to share with you how I use it to trade and how you can too. The platform has been evolving over the past few years with new features and new ways to invest. So read on to find out if it’s right for you.

CFD Disclaimer: 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Quick eToro Overview

eToro is one of the worlds largest trading platforms. Here are the vital stats so you can compare it to other brokers:

  • Founded: 2007
  • Users: Over 8 million
  • Markets: Forex, Stocks, Commodities, ETFs, Cryptocurrencies
  • Minimum Deposit: $200
  • Regulated:Regulated by FCA, CySEC and ASIC

What is Copy Trading

eToro can be used as both a regular broker and a copy trading platform. When you copy trade, you automatically copy the trades of successful guru traders. On eToro, you can browse through the profiles of traders, and when you find someone you like, you simply click a button to copy.

Past performance is not an indication of future results. This is not investment advice. Your capital is at risk.

When you copy a trader you allocate a portion of your account funds to this trader. Don’t worry, they don’t actually get this money, it just means that whenever that trader makes a trade, your account will make that trade as well. So when the trader profits, you profit too.

It’s a great concept and eToro are the market leaders in this space. There are literally millions of traders you can potentially copy trade.

Disclaimer: This is not investment advice. Your capital is at risk.

The traders you copy on eToro are known as “Popular Investors“. This program rewards traders who are copied with a number of perks. Anyone can become a popular investor on eToro. You just need to have consistent results and fill out your profile information.

All the traders you copy on eToro are trading using their own money. This is an important part of the platform and ensures that traders are invested in your success. Some platforms allow the traders to use demo or virtual accounts. And in my experience they don’t produce good results.

If you’re a talented trader then you can earn a second income by trading on eToro and sharing them for copytrading. If you’re new to trading then you can benefit from these more experienced traders through copy trading.

Getting Started on eToro

Getting started on eToro takes just a few minutes. Here’s how to get up and running:

  1. Register an Account – registering an account is quick and easy. And it’s free. You can join and even trade using virtual money.
  2. Make a Deposit – You can get started on eToro with as little as $200.
  3. Copy some Traders – Although you can open manual trades on your own, I recommend copy trading for most people. I’ve included some tips in this review below on how to find traders to copy.

eToro Markets Review

eToro offers one of the most comprehensive selections of assets to trade. They offer all the major forex pairs, stocks from all over the world and more recently cryptocurrencies. Here are some highlights of what you can trade on eToro:

Forex

eToro got it’s start as a broker in forex. They currently offer all the major forex pairs as well as some of the more exotic ones.

Stocks

You can buy and sell read stocks at 1:1 leverage or cfd stocks from markets all over the world. All the popular stocks are available in a number of different markets.

Commodities

As you’d expect you can trade Gold, Silver Oil and a number of other commodities.

ETFs

eToro more recently added ETF trading. They offer popular ETFs including those from Blackrock (iShares).

Cryptocurrencies

eToro added Cryptocurrency trading a couple of years ago. And they have added new cryptos at a regular pace. You can now trade cryptos including Bitcoin, Ethereum, Ripple, Dash and more.

The eToro Platform

On eToro you trade through the Web Trader platform. This is a proprietary platform built by eToro and in my opinion is light years ahead of any other webtrader. Because eToro uses a web trader, there is no need to download any software – the HTML5 platform will work right out of the box in all popular browsers. eToro also offers a mobile app, that is built on the same platform for mobile trading.

I’m going to take you through some of the features of the web trader, so you can get a good idea of what’s available:

Copy People

The copy people screen is where you should first look when you join eToro. From here you can browse through the profiles of traders on eToro. Using the filter tools, you can also search for traders based on things such as their returns, risk level, drawdown and more. I’ve included a section in this etoro review below on how to find people to copy.

Trade Markets

If you’re looking to open trades on your own (such as buying Apple stock etc), then this can be done on the “Trade Markets” page. This page lists everything that can be traded on eToro.

Watchlist

The watchlist lets you keep track of markets and people without needing to invest. Whenever you “follow” something on eToro it gets added to this page. You can track people on this page too – I often add people to my watchlist before copying them. I treat this as my shortlist and then make a final decision after I’ve seen their performance for a little while.

Portfolio

This contains everything you’ve invested in. It includes the people you’re copy trading and any manual trades you’ve opened. You’ll see a profit and loss next to it.

This is how a trader appears in your portfolio. You’ll see how much you’ve invested and what profit or loss you’ve made. Past performance is not an indication of future results. This is not investment advice. Your capital is at risk.

Charts

eToro has some really powerful charting tools. Unfortunately they are hidden away a bit. Here’s a direct link to the Pro Charts. Using Pro Charts you can display up to 6 charts on the one screen and overlay technical analysis tools and annotations. If you’re using eToro to manually trade, then I recommend you bookmark the link above.

A 4 up display of charts i’m using. Track currencies, stocks and people from the one page

Research

The research tool is available on the stocks page. This powerful page shows you how expert advisors are currently trading that stock. You’ll get the analyst recommendation (whether to buy, sell or hold), links to analyst articles on why they are making these calls and even hedge fund activity. If you’re a stock trader than this page will be absolutely crucial to your success. It’s a feature many people don’t know exist on eToro but it’s super powerful.

The research panel on eToro showing you a price target and whether you should buy, sell or hold. Past performance is not an indication of future results. This is not investment advice. Your capital is at risk.

Finding Traders to Copy

One of the most important parts of eToro is the copy trading feature. And if you want to have success on copy trader, you can’t just follow the first people you come across. After using the platform for a number of years, I’ve come up with some top tips for finding the right traders to copy on eToro.

Use this form to filter and find the best traders to copy on eToro

These are the things you should be looking for in every trader you copy. Use the “Refine” tool on eToro to plug in these numbers:

Minimum Time Period

Any person can get lucky and make one or two good trades. But it takes skill to make money consistently from trading. So don’t copy trade anyone on eToro who has less than 12 months of stats on the platform. This way you can really evaluate a trader over the longer term.

Return

It’s not really worth copying a trader who makes a return of just 1% a year. On the other hand though, you also don’t want to copy someone who has to high of a return. Why? Because it’s a dead giveaway that the trader is potentially using too much leverage and using too much of their capital on each trade. I’ve seen traders time and time again have one huge month of 300%+ returns and then lose everything. So I tend to only copy trade people who have returns of around 10-20%.

Risk Score

eToro uses a risk score to let potential investors know how risky a potential trader will be. The lower the score the better. I tend to aim to copy traders with a score of 1-4. Any higher and I’ve noticed that the results get much worse. The score is calculated based on the markets the investor trades in (Bitcoin will give a higher score, while bonds will give a lower for example), the leverage and the % of capital allocated to each trade.

Drawdown

The lower the drawdown the better. A weekly drawdown of less than 10% is a good place to be. This means that the difference between the highest and lowest points is less than 10%. All traders will drawdown at some point – it’s just how trading works. Just don’t copy people with high weekly drawdowns as it means they aren’t very good at risk and trade management.

Allocation

You can filter people on eToro by what they trade in. If you’re big into cryptocurrency you might want to copy people who mainly trade bitcoin etc. Or you might want to avoid these people.

Activity

Personally I don’t like copying people who only make one or two trades every few months. I like to see my money actually working for me. Some people don’t mind low activity and believe the best traders only jump into the markets when the conditions are perfect. I’ll leave this one up to you. In my experience, stock traders on eToro tend to be the least active (which is fine) and forex traders tend to be the most active. So it might not be best to follow a low activity forex trader. The activity rating is based on how many weeks a trader is active.

Practice Trading Account

You’re never going to make any money if you choose not to deposit some cash to begin with. However, I also don’t want you to rush into any investment decision – even if it’s just $200! You can do everything I’ve mentioned in this review using a virtual account.

When you sign up for eToro, you are automatically given a real and virtual trading account and you can switch between the two at anytime. So even if you have deposited funds, you might want to test out trades, or practice your skills by using your virtual account. You get $100k in virtual funds to trade with and this can be invested in manual trades and copy trades.

Practice trading is a great way to learn about investing. If you’re not going to copy trade, then I would recommend starting with a virtual account before making trades in your real account. If you can’t make a profit in your virtual account, you’ll probably just end up losing money if you try it in your real account.

Investing in CopyPortfolios

eToro launched their CopyPortfolios product in 2020. These funds group together a number of investments and allow you to invest in them in one investment. The funds are automatically rebalanced every month and managed for free by eToro. But the minimum investment amount is $5k. So this is more of a serious long term investment for those with larger amounts of capital. You can invest in CopyPortfolios through the web trader and you can buy into and sell out of your position at anytime.

There are three different types of CopyPortfolios you can invest in on eToro and I’ll take you through them below:

Market CopyPortfolios

These portfolios group together a number of assets based around a common theme. For example the Big Tech CopyPortfolio invests in a bunch of big tech stocks. The CRISPR CopyPortfolio invests in companies that are developing CRISPR biotech. It’s a great way to gain exposure to certain markets that you believe in. For example, I’m a big believer in video games. The Gaming CopyPortfolio invests in a bunch of gaming companies.

PeopleCopyPortfolios

These CopyPortfolios group together the top traders on eToro and allow you to invest in them all. If you’re too lazy or busy to build your own portfolio using the tips above, then you can let eToro do the picking for you. Another bonus is that eToro will automatically rebalance everything for you.

Third Party CopyPortfolios

eToro opened up CopyPortfolios to select third parties in 2020. This feature allows fund managers to put together their own fund strategy and offer it through eToro. I haven’t invested in any of these so I can’t give a full review.

I’ve put together some information on the profitability of CopyPortfolios here.

What Type of Broker is eToro

When evaluating a new broker, you should look into what type of broker they are. Some brokers have dodgy practices and are setup to make sure you fail and lose your money.

eToro has a good reputation and has over 8 million members. .

eToro uses both straight through processing and no dealer desk technology. This means that all trades are executed in real time without any price manipulation. eToro traders have access to intra-bank markets and their prices.

So how does eToro make money? Through the spread. This is how most brokers and exchanges make a profit and eToro offers spreads that are competitive.

It’s important to know what sort of fees eToro charges. There are no commissions on trades, instead you are charged a spread. It’s important to understand what the spread is before trading – it’s something that confuses absolutely newbies. Basically the spread is the difference in price between the bid and sell prices.

You may also be charged a daily and weekend fee on open positions. Some positions don’t have this – for example if you open a long stock trade (such as buying Apple stock), without leverage, you won’t be charged any ongoing fees. Other positions such as a short stock trade, will incur a tiny daily fee. This is premium is commonplace on all brokers and covers interest costs.

Learning More About Copy Trading and eToro

I publish a weekly newsletter which features handy tips on copy trading as well as my picks of people to copy trade. You can sign up for free here

I’ll finish this review with my top tips for making money on eToro:

My Top Tips for using eToro

Diversify

Don’t put all your money into the one copy trader. I like to invest in 3-5 different people. eToro is like all investments, The more you diversify the less risk you are taking on.

Set a Stop Loss

All traders make mistakes. The best way to protect yourself is to set a stop loss. by default eToro sets a stop loss of 20% on copy trading. This means if a trader loses 60% you’ll stop copying that trader. I would make this even smaller if you’re copying a low risk trader.

Think Long Term

If you try getting rich quick on eToro, chances are you’ll fail. eToro does take some time, and i’ve found searching through and finding the right people to copy does take time as well.

Use Low Leverage

If you plan to manually trade, then make sure you trade with low leverage. The most common reason people lose money with trading online is due to over-leveraged trades. On eToro you can trade without leverage, which can make a huge difference.

Try ETFs

eToro has recently added a whole bunch of ETFs. An ETF or exchange traded fund, is a stock that is backed by underlying assets. Usually a diverse portfolio of stocks, bonds and commodities. It’s a great way to invest in a broad range of assets using just one investment.

If you have any questions don’t be afraid to leave a comment letting me know what you think of my etoro review ��

(Last Updated – December 2020)

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

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Disclaimer: 62% 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 highly volatile unregulated investment product. No EU investor protection.

This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision. This is not investment advice

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

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Disclaimer: 62% 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 highly volatile unregulated investment product. No EU investor protection.

This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision. This is not investment advice

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