etoro philippines

Details

Broker EToro
Website URL www.etoro.com
Free Demo Account Yes
Regulated Yes
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score

Pros

  • Regulated by leading professionals
  • Can be accessed through any device
  • Educational resources to minimize risk
  • Users can open a trial account
  • Possibility to copy the successful trading strategies

Cons

  • Not available in every country
  • A minimum of $25 to buy any cryptocurrency
  • Traders who copy others should need a higher balance

Since the meteoric rise of bitcoins in the last few years or so, trading cryptocurrency has become one of the most widely popular means of financial transactions. Whether it is CFD or futures contracts, the method has become widely accessible and accepted by financial institutions all around the globe.

The Philippines, as one of the most promising and rising economies in Asia, has jumped on the bandwagon too. The economic scene in the country has faced multidimensional innovations. Due to government and private efforts, there have been complete overhauls in many international and domestic trading sectors within the state.

Along with the advent of cryptocurrencies, the Philippines has adopted unanimously to the concept of social investment and is now a thriving economy in the relatively new sector. One of the most significant landmarks was the establishment of eToro in the country.

The company eToro has been in the market for over a decade. It established itself as a go-to brand for trading cryptocurrency. The brand is based in Israel and operates to make the financial world accessible by all.

This graphics-intensive platform primarily serves traders in the United States. Those living outside can trade stocks as well as contracts for difference. One of the key benefits of this platform is copy trading.

eToro highlights traders who want to be copied for the rest. These traders usually follow risk-control rules. The other account holders can mimic their strategies. There are no guaranteed wins or losses though.

In this article, we go into an in-depth analysis of the ins and outs of eToro. We try to bring out the good, the bad, and the ugly just for your sake. As a potential investor in the Philippines looking to get involved in the world of cryptocurrency, we urge you to go through our eToro review Philippines in order to make a knowledgeable decision regarding investments. Without further ado, let’s get right to it!

What is eToro?

eToro is a leading name in social investment networks worldwide. It’s a widely popular platform used and trusted by investors for trading stocks, cryptocurrencies, and CFDs.

The company is registered as a privately owned start-up and is funded by investors mainly from Israel and the US. There are some strong Chinese investors too. However, the whole company is headquartered in Cyprus.

One of the eToro platform’s most fantastic perks is its widely increasing userbase of over 295 million traders worldwide. This goes to support its claim of being the largest investment broker network in the world. The company is also very rapidly developing its presence globally by establishing offices around the world in promising economies, such as the Philippines.

One major drawback is its secrecy of financial statements. Since it does not disclose any of the records in the public domain, there is no real way of analysing its financials or predicting any ups and downs.

When Did eToro Start?

eToro started as an Israeli company back in 2007 and has expanded to more than 140 countries worldwide while serving 295 million users.

Although it was initially planned to be a foreign exchange platform to enhance the forex scenario, it soon adapted its graphics-intensive tools to enable cryptocurrency trading. After that timely decision, the company did not have to look back anymore. It soon expanded to the US customer base, and by mid-2018, these customers from the US could access a subgroup of the eToro assets after the brokerage enabled them to. Most of the trading was still focused on cryptocurrencies, even in the US.

However, customers residing outside of the US had access to even more trading opportunities due to the ease of regulations. They could trade stocks on numerous exchanges as well as CFDs and other additional classes of assets. eToro has been rapidly expanding to thriving economies worldwide, and the Philippines is one of the most promising hubs for the company to set up an office.

How Does it Work?

The eToro platform is well-suited for people who know their basics and have a clear understanding of cryptocurrency and Forex trading. However, there are some other aspects that you need to comprehend before jumping in to use the website or service.

Copy Trading is one such concept. The idea of Copy Trading is the heart and soul of the whole eToro platform for users residing outside of the US. Using the highly graphic-intensive platform, eToro users can trade cryptocurrencies with utter comfort and in secure portals. But for the users outside of the US, trading stocks or CFDs is the only way to go.

eToro easily allows traders to feature themselves as copy traders and implement copy trading principles inclusive of all risk-control rules. Retail client holders can then simply follow those unique trading strategies and make those exact trades in real-time. In a word, they could just follow the path shown by some of the most successful clients and raise their chances of success.

A good thing to note here is that eToro provides no actual guarantee of success. You can either gain from your trades or lose it all from the investments that you made. It’s all about learning the mechanics and leaving the rest to your expertise about the subject.

Platform Usability

The entire process is relatively easy. Everything is done online. There is a short wait before you can access your account. The website takes that time to verify the information you shared. Once that’s complete, your account is opened.

It takes $50 for both U.S. and Australian residents. Other countries require $200. The company uses Plaid to connect your trading account to pay. Users can fund their account through a credit card as well.

There are some other options available too. PayPal, Neteller, Skrill, Rapid Transfer, Sofort, and IDeal are some popular choices. Those living in the States can open cash accounts too.

Trading Process

Again, the process is pretty straightforward. All you need to do is press on the “Trade” button while seeing the coin in question. You can either “Buy” that coin from a portfolio listing or “Sell” it from your list.

If you want to look at the assets outside of the United States, press on “Markets.” You’ll find over 1,700 equities, 47 currency pairs, and around 20 contracts for difference.

Costs and Fees

eToro doesn’t charge management fees which is unlike other trading websites. You can sign up for free too. Your costs emerge when you begin trading. The feeds on the spreads are always changing too. It could be as low as 0.75% or even 5%.

This is because of the multiple investment plans offered on the platform. Selling a stock or exiting a position might cost you too. The rate at eToro is only at 0.7% though. There is also a fixed withdrawal fee of $25 regardless of the final amount.

Customer Service

Any accounts under $5,000 can get help online. They have to submit a trouble ticket to customer service and assistance will follow. These problems may take at least a week to get sorted.

Anyone holding a balance of $5,000 or higher is assigned a dedicated account manager. Those who receive $25,000 or more at the Platinum Club level and over that. They also enjoy a plethora of other benefits including prioritized customer service!

Security Review

eToro has one of the most secure exchange platforms. The company is registered in Cyprus and complies with the top regulatory authorities. They follow a stringent process that enables them to operate in a risk-free environment.

All accounts are required to provide authentic documentation. These accounts are also encrypted with the latest military-grade protocols. Users cannot tap into the website otherwise. There is also a biometric entry for the mobile app.

How to Use eToro

Using eToro can be very simple even for a beginner. You have to go to the website and fill up the required form with all the necessary information, which may include your name, address, phone number, and government-issued ID card. There is approximately a buffer time of four days. You will have your account up and running with eToro login details after all your documents and information have gone through eToro verification within that time. Don’t forget to claim your eToro sign-up bonus after you’re done.

Unlike US citizens who pay just 50$, there is a hefty sum of money you have to pay to use eToro in countries like the Philippines. The overall cost stands at about 200$ to register for the account. However, a nifty feature at eToro is the option to directly link your credit card to your bank account for accessible funds transfer. You can also use other payment methods like PayPal, Neteller, or Skrill.

How to Trade on eToro?

Featuring an utterly straightforward process, trading on eToro is as simple as it can be. You can look up the coin you want to trade from the catalog or your Wish list. Just look for the prominent “Trade” button while checking out the coin’s details and its trade value. Click on the button after you have verified the details, and that’s it. You will have successfully traded eToro cryptocurrency.

Buying or Selling on eToro is a simple maneuver as well. When you access your portfolio listing, look for the prominent “Buy” button. If you’re up for selling it instead, click on the arrow beside it and select “sell” from the drop-down menu that pops up.

How to Invest in eToro?

Investing in eToro is also very simple despite the minimal broker’s catalog. As previously stated, there are only about 47 currency pairs and 20 CFDs that a broker can invest in. However, the massive record of more than 1700 equity shares nicely makes up for the deficit in that end.

All instrument trading can be done in the short or long term, but investor discretion is strictly advised. Especially in the case of CFDs, we urge potential investors to read through the fine print before deciding to invest. There are high risks involved with trading or investing in complex instruments such as CFDs.

The whole decision of whether to invest or not on eToro depends on how much you understand the way CFDs work and whether you would be able to take the risk if you do somehow end up losing your invested money.

How to Withdraw Funds from eToro?

As easy as it is to deposit or invest in the eToro platform, there is a charge when it comes to withdrawal. You can withdraw any specific amount from your funds via wire transfers, e-wallets, or even credit cards. There is a bar on the minimum amount for withdrawal at 50$.

eToro charges 25$ as an additional broker fee and a 24-hour processing time when making a withdrawal. However, an exclusive VIP membership program runs along with five distinct levels for investors who make a minimum deposit of 5000$ up to 250,000$. The withdrawal eToro fees are adjusted based on the membership tier as well.

How to Make Money with eToro?

eToro follows the core principle of copy trading when it comes to making money. An excellent way to use this is to compare it with the successful people in the industry. As a novice trader, you can mimic the successful investors’ patterns and strategies on eToro, thanks to the innovative social trading platform. This will potentially increase your chances of making more money. So, if you were wondering, “is eToro profitable?” – the answer is a straight “yes” as long as you know what you’re doing.

But like the precautions that come with all other risky investments, eToro is not a guaranteed win-win solution. As a general rule of thumb, eToro should not be your place to go if you are looking for a 100% return from your investments. A lot of the times, trading strategies fail owing to market trends. Just be careful while investing or trade with caution if you expect a more than 20% turnout.

How to Deposit in eToro from Philippines

As for the Philippines, there is an added option to trade some assets other than cryptocurrencies. If you click on the “markets” button, you could see about 47 currency pairs, 20 CFDs, and around 1700 equities that you can leverage. You have the option to trade any of them instantly or add potential trades to your Wishlist while browsing through the catalog.

A good thing to keep a note of is chunks or lots while trading coins. You can only sell a lot in the intact form that you have bought it in. If you have bought 10$ worth of bitcoin as a lot from some seller, you can only sell the full lot to another buyer. You cannot sell off chunks of it to individual buyers instead.

How to Close eToro Account

Once you learn a bit more about eToro, it might seem like something that is not fit for you as an investment broker. Closing your eToro account might the only way to go in this case.

You can close your account quickly through a self-service menu that can be found under the Account Setting page of your eToro account. The process is relatively straightforward and needs no explicit explanation. However, remember to withdraw all your funds before opting to close your eToro account.

Is eToro Safe?

Established more than a decade ago, eToro has successfully helped many up and coming traders make profits out of their trades. There is a dominant user base as well as a dedicated eToro support staff that strongly upholds the claim that eToro is here to stay and to keep making a mark.

The tools and the user interface used by the eToro platform are relatively safe and serviced through security certificates. It’s entirely trustworthy for investors who would be willing to trade on the forum.

An excellent claim to the safety in eToro trading is its innovative social trading platform. It completely overhauls the traditional concept of trading, where secrecy was one of the fundamental principles. Along with copy trading and numerous other innovative features, there are thousands, if not millions, of satisfied customers who have gained heavily from using eToto wisely and with precaution.

Furthermore, eToro operations are closely regulated by CySEC and monitored by FCA. This gives an additional boost to its authenticity – proving that eToro is very safe to use and thus answering the question “is eToro legit?”

Final Words

In the extremely volatile market of Forex trading and cryptocurrency, eToro has made a mark and continues to thrive for more than a decade. Although this proves its credibility to a great extent, there are still huge risks involved. If you are unsure about the process and not entirely satisfied by the eToro reviews you find on the internet, it’s not a good idea to start using the platform as of yet. Especially in the case of the Philippines, eToro is still the new kid in the block and needs some time to prove its worth among the other options in this highly competitive market. In this article, we tried to bring you the ins and outs of the platform so that you can hopefully make an informed decision.

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