eToro encourages interaction between traders for better strategies, CopyTrader is a software program (sanctioned under eToro) that allows users to copy others' portfolio ratings.
The minimum deposit required for an account at eToro is $100 for most, except those living in Middle Eastern countries, they need a $200 deposit for opening of an account. A deposit of $20,000 or more will automatically place you in the premium member pool where you get your own manager, credit card, access to otherwise locked sectors and a lesser wait time for withdrawals. eToro follows the commission and spread concept of trading, its spreads are a bit higher than average but if you become a reputable investor, you have the potential to trade without any spreads at all.
eToro are known to be the pioneer of social trading within the industry, they place a big emphasis on communication between everyone as it can lead to better methods and profits overall. In addition to the CopyTrader program which eToro heavily promotes, the Personal Investment Program allows users to view others' portfolios, watch lists, activity feeds, trade history, general statistics and risk level.
The selection of investment options at eToro is varied and diverse, you can trade stock in things like currency, valuable metals/gold and unorthodox items like crude oil. eToro have recently begun offering stocks in US, Spain, Italy, Russia and China to widen their grasp on the market. Bitcoin trading was introduced as a trade option in 2014 and it's treated as a stock rather than a currency. The technical quality of eToro's website is second to none, ever since they stripped away the ancient WebTrader and OpenBook platforms and moved to a modern HTML5 foundation, the site has been running like a breeze. Mobile devices are supported with a dedicated app.
You can deposit money into your account through various payment methods - transfer, credit cards and PayPal are obviously accepted as well as obscure platforms like Neteller, WebMoney and MoneyBookers. Withdrawals can be made into the same sites, you must fill out a short form before every payout.
Restrictions on regulation law disallow eToro from offering deposit promotions/bonuses. Traders however can relish in other extras if they are promoted to the "Popular Investor" status, these benefits include a complete rebate on spreads and a smaller management fee. Constant traders are what eToro look for when promoting to this level.
Support is offered via phone, webchat and operates 24 hours, five days a week. E-mail is available as well, but only for low-priority issues and a longer wait time is common for replies.
Conclusively, eToro is a great choice for anyone looking for a more social and open trade platform. Be wary of spread percentages though, for unproven investors they can be very high and eat into your profit gains.