eToro was founded in Uk in 2007 and currently operates in more than 100 countries and has more than 17 million users. Non-US users can trade on different exchanges with additional asset classes (such as difference contracts (CFDs) and stocks). Thus, we can see the difference in opportunities between US and non-US users.
While it is possible for U.S. residents living in Nevada, Delaware, Tennessee, Puerto Rico, Minnesota, New York, or New Hampshire to register, they are still unable to trade. Residents of Hawaii, Guam, American Samoa, and the US Virgin Islands are generally unable to be customers. It is possible to register and trade in the broker in all other states.
- License 109/10 regulated by the Cyprus Securities and Exchange Commission (CySEC).
- License FRN 583263 regulated by the Financial Conduct Authority (FCA) (UK).
- (ABN) of 66 612 791 803 and (AFSL) 491139 regulated and licensed by the Australian Securities and Investments Commission (ASIC).
- License 31000176049756 regulated by Financial Crimes Enforcement Network (FinCEN) the USA.
Also on the European continent, Etoro operates under the strict guidelines emanating from the MiFID Act, created to ensure transparency in the European markets as well as to improve security and consumer protection.
Type of broker
Etoro is an Electronic Communication Network (ECN) broker, which is used in order to avoid intermediaries that may interfere in market operations such as forex. This system provides the client with advantages such as:
- More competitive prices
- High execution speed
- Low spreads
Etoro has a demo account for those beginners who lack experience in the sector and decide to make first contact with the market, testing their tactics and even do copy trading without risking their money, in fact currently the demo account offers a total of $ 100,000 virtual balance, all this hand in hand with the same conditions offered by the real account.
This platform has a cutting-edge design making it much more intuitive and faster than its previous versions, managing to unify social trading and manual investment.
Yes, the Etoro platform offers an Islamic account for people of the Muslim faith. Investors of this religion can change their real trading account into an Islamic account, however, there is a big difference as far as deposits are concerned and that is that if in the standard account we had to deposit a minimum of $200, Muslim traders must fund $1,000 this type of account if they want to get it.
The spreads of this type of account start from 3 pips in EUR / USD, a very competitive price in the Forex market, also without additional charges such as administration fees or commissions.