eToro review: Features and fees for individuals in the UK

Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.

Considering investing, or looking for a new investment platform to try? One of the options available in the UK right now is eToro.

Launched in 2007, the Israeli-based Fintech company, eToro specialises in cryptocurrency trading. It has a popular mobile app, and also offers CFD trading and investing in Stocks and ETFs.

In this guide, we’ll cover everything you need to know about eToro in the UK.

This includes who its best for, supported currencies, platform features, commission fees and how to get started with trading.

So, let’s dive right into our eToro review.

Who eToro is best for?

eToro is a great option for novices, who are new to stock trading - although it also has features for experts. It could also be argued that it’s best for short-term traders rather than investors looking to make a long-term commitment.¹

Who can open an account?

To open an investment account with eToro, you’ll need to be at least 18 years old and live in the UK - or one of the other countries the platform operates in.

You’ll need access to a computer or smartphone, and have a valid email address and mobile phone number.

You’ll also need to provide proof of ID and address on application, along with other personal details.²

What currencies are supported?

eToro supports trading in 55 currencies³, including all the major ones you’d expect from a popular investment platform.

eToro features

Now, let’s take a look at what kind of features you can expect when you open an investment account with eToro UK:⁴

• Multi-asset platform with access to 6,000+ financial assets
• Social trading - a community of 30m+ traders and investors across 100 countries
• Ready-made investment portfolios (Smart Portfolios)
• CopyTrader - a social trading function which lets you replicate the strategies of top-performing traders on the platform
• A virtual trading function - get a free $100,000 demo account where you can ‘practise’ with virtual money to see how your investments and trades would have performed had you made them
• Funds protected by industry-leading security protocols
• Real-time insights on the latest crypto market news
• Wide variety of payment options for funding and withdrawal
• Option to open an eToro Money account, to make free and instant deposits into your eToro investment account

eToro fees

eToro UK doesn’t charge commission fees for most trades, but this doesn’t mean there aren’t any fees at all.

Here are the main fees and charges you need to know about:⁵

Fees5	Amount
Account management fee	None
Deposit fee	None
Withdrawal fee	$5 (approx £3.90 GBP) per withdrawal
Currency conversion (applies to withdrawals and deposits not in USD)	1.5% or 3.0%, according to currency and/or payment method6
Trading/commission fees	None for stocks and ETFs 1% Buy/Sell fee for cryptocurrency
Inactivity fee	$10 (approx £7.79 GBP) a month after 12 months with no login activity

Does eToro have an account fee?

No, eToro doesn’t charge any fees for opening an account, nor does it have monthly maintenance fees.⁵

Trading fees with eToro

Let’s dive a little deeper into trading fees with eToro, so you can assess how much it’ll cost you to start trading on the platform.

How much does eToro charge for UK stocks?

eToro doesn’t charge any commission or spread fees to UK customers for UK stocks trading.

However, you may have to pay market spread fees (not charged by eToro). These represent the difference between the bid and ask prices, and can vary depending on market conditions.⁵

eToro withdrawal fees

When you want to take your money out of your [eToro wallet])https://wise.com/gb/blog/etoro-wallet) or account, there’s a flat fee of $5 (approx £3.90 GBP) per withdrawal.⁵

eToro commission fees

eToro doesn’t charge any commission or spread fees in most cases, although other fees may apply. There’s also a 1% Buy/Sell fee for cryptocurrency.⁵

How to buy stock with eToro

Here’s a quick step-by-step on how to buy stock with eToro:⁷

1. Login to your eToro account online or via the mobile app
2. Once you’ve found a stock you want to invest in, select “trade” or “buy.”
3. Type in the amount you wish to invest. You can also toggle between “amount” and “shares,” entering either the number of shares you want to buy or the total value you wish to invest.
4. Select “open trade.”

Buying stock in another currency?

Buying shares or selling a stock or shares that aren’t traded in your local currency? Don’t let the currency conversion trip you up. Convert your stocks or shares into any currency with our handy tool, and you’ll always know what you’re getting.

Check out our handy international stock ticker tool.

Search international stocks

Disclaimer: Wise's international stock ticker provides information for reference purposes only. This tool and platform does not offer to buy or sell stocks, and the data displayed here should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. We make no guarantees regarding the accuracy or completeness of the information provided, and users should exercise caution and seek professional guidance when making investment choices.

How is the eToro mobile app?

The eToro app is available from Google Play for Android devices and the App Store for iOS devices. It’s free to download (although you will need to open an account) and it offers all of the main features as the eToro platform.

eToro customer service

Need help? You can contact eToro customer service using the following methods:

• Open a ticket on the eToro website
• Use live chat - available here (you’ll need to login to your account).

Alternatives to eToro

There are lots of alternatives to eToro available to UK traders and investors, including:

• Trading 212
• IG Trading
• XTB
• Webull
• Interactive Brokers
• Charles Schwab
• Fidelity.

FAQs about investing with eToro

Is the eToro platform good for beginners?

Yes, eToro is a decent option for novice traders. The platform is relatively easy to navigate, and it also offers a virtual trading function where you can ‘practise’ with virtual money to see how your investments and trades would have performed had you made them.

Is eToro trustworthy?

eToro UK is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. This means that it needs to adhere to certain regulatory standards.

How much do eToro charge for withdrawal?

eToro charges a fixed fee of $5 (approx £3.90 GBP) per withdrawal.⁵

Do eToro charge per trade?

eToro doesn’t charge any commission or spread fees for trading in most cases, although other fees may apply (including currency conversion fees). There’s also a 1% Buy/Sell fee for cryptocurrency.⁵

What is the minimum trade on eToro?

Here are the minimum trade sizes for eToro:⁸

• Stocks and ETFs - $10
• Crypto - $10
• Currencies - $1,000
• Commodities - $1,000
• Indices - $1,000

Do eToro have an inactivity fee?

Yes, if you don’t login to your account in 12 months, eToro charges a $10 (approx £7.79 GBP) a month inactivity fee.⁵

How long does it take for eToro to approve?

Once you’ve submitted your account, it may take some time for eToro to verify your identity, address, and documentation. The company doesn’t say exactly how long you’ll have to wait, only saying that the verification process can take a few days.

Save money when selling or buying international stocks with Wise

If you are buying or selling international stocks and funds listed abroad, you might be hit with extra costs for cross border money transfers.

But if you use Wise money transfer, you can avoid hidden currency exchange markups. Open a Wise account and you’ll be able to conveniently manage your money in up to currencies. This means you can convert your money into other currencies when the time is right for you at the mid-market rate for only a small, transparent conversion fee*.

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With Wise Interest, you can help grow your international money and start earning a return on the pounds, euros and dollars in your balance**.

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If you do decide to change how we hold your money, while the change is processing, the icon will temporarily display as "Pending" and this can take up to 2 business days, however may require an additional business day if you have ongoing transactions in progress or we are still processing previous changes.

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You may also be interested in:

• How Wise Interest works
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• How do I use Wise Interest and Stocks?

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Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.

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Sources used:

1. UK.Stockbrokers.com - eToro review
2. eToro - getting started on eToro
3. eToro - trade markets on eToro
4. eToro - about eToro
5. eToro - eToro fees
6. eToro - conversion fees
7. eToro - buying stock
8. eToro - minimum trade size

Sources last checked on date: 12-Aug-2024