Editor’s Verdict - eToro Account Types
eToro is a leading copy trading broker with 25M+ traders, making it one of the most active trading communities. While it serves most traders from an identical trading account, eToro has a VIP account for active traders, an unlimited demo account, a swap-free Islamic account, a professional account, and a corporate account. Some choices depend on the geographic location, but our eToro account types review will cover all options. For more up-to-date on eToro Broker, read our eToro broker review.
eToro Account types – Key Points
1. Trusted broker
2. Easy account application
3. User-friendly back office
4. eToro demo account with each registration
5. Seamless switching between live and demo accounts
6. Active trading community
7. Benefits and perks for successful traders
eToro Account Types Overview at a Glance
$10 - $10,000
Order Execution Model
Minimum Trade Size
eToro Account Types
The eToro minimum deposit depends on geographic location and ranges between $10 and $10,000, with $200 for most international traders. All account types have a combination of spreads and commissions, dependent on the asset. eToro features commission-free Forex and unleveraged long-only equity and ETF trading.
The below eToro account types introduction provides an overview of what eToro traders get.
eToro Retail Account
The eToro Retail account is where most traders will manage their portfolios. It offers all products and services, including CopyTrader and in-house managed thematic portfolios. Trading fees are higher versus most competitors, with Fores spreads starting from 1.0 pips or $10 per 1.0 standard lot. Equity traders pay a 0.15% commission for CFDs, and 1.00% on cryptocurrency trades. A $5 withdrawal fee and currency conversion cost for non-US Dollar transactions apply, and eToro automatically creates an unlimited $100,000 eToro demo account.
- The eToro Retail account is the bread-and-butter service of eToro, but traders should consider the above-average costs
eToro automatically creates a $100,000 demo account with each registration and does not have a time limit. It allows copy traders to evaluate signal providers, and beginner traders can get accustomed to the web-based eToro trading platform.
- The eToro Demo account provides a pressure-free environment to evaluate signal providers, a vital tool for the 25M+ trading community
eToro Islamic Account
The eToro Islamic account caters to Muslim traders, requires a $1,000 eToro minimum deposit, and offers swap-free, leveraged trading.
- Traders requiring Sharia-compliant trading account can request an Islamic account from eToro customer support
eToro Club / VIP Account
The eToro Club account is a five-tier reward program rewarding profitable traders with improved trading conditions and non-trading perks. The lowest tier requires an equity balance of $5,000.
- The eToro Club account is ideal for active traders who grow their portfolios steadily over time and allows traders to trade and earn their way to higher tiers rather than depending on deposits
eToro Professional Account
The eToro Professional account is available for EEA-based traders following regulatory changes in 2018. It unlocks higher leverage, matching the levels before the ESMA-forced restrictions, and allows eToro to communicate with clients on a more sophisticated level. Traders must meet two out of three qualifications, as outlined by eToro to qualifying jurisdictions.
- The eToro Professional account ensures a more competitive trading environment with fewer restrictions but also less protection
eToro Corporate Account
The eToro corporate account is ideal for traders who wish to use an established company for trading purposes. It is also well-suited for signal providers and traders who earn their primary income from trading with eToro. The eToro minimum deposit for a corporate account is $10,000, and clients must submit additional information translated into English if necessary.
- The eToro corporate account is an option for traders who earn their primary income from eToro
eToro Account Opening - Step by Step
Opening an eToro trading account only takes a few steps for most international traders, followed by mandatory account verification. EEA-based traders must supply additional data to comply with ESMA requirements, which creates a less-optimized process.
Below is a step-by-step guide on how to open your eToro trading account:
- Go to the eToro website and click on the green Start Investing button.
- The short application form asks for your desired username, e-mail, and password. Traders may complete this step with their Google or Facebook ID.
- Following the application, eToro will send a confirmation e-mail with a verification link. Clicking it will grant access to the secure back office and trader profile.
- Account verification is mandatory to comply with AML/KYC stipulations required by regulators. While eToro allows deposits up to $2,250 for unverified accounts, only verified ones can request withdrawals, and traders should take care of it as they open their accounts.
- After traders deposit at least the eToro minimum deposit, they can start trading all available eToro assets.
eToro Club / VIP Account
The eToro Club is a rewarding five-tier program for profitable traders, which does not require higher deposits, but considers the realized equity of portfolios at midnight GMT. The benefits include more competitive trading conditions and trading perks available exclusively to eToro Club members.
The five eToro Club tiers and minimum equity balances are:
- Silver - $5,000
- Gold - $10,000
- Platinum - $25,000
- Platinum+ - $50,000
- Diamond - $250,000
What is realized equity?
Realized equity refers to the value of positions and ignores floating profits and losses. For example, if you buy 1.50 lots in the EUR/USD valued at $150,000 with 1:30 leverage, your margin requirement, and therefore, your realized equity, is $5,000. Until you keep the buy position open, your realized value does not change, and an adjustment to your membership level applies. The value of your portfolio can drop to $50 or surge to $25,000, but you remain a Silver member until you close the position by selling your 1.50 lots in the EUR/USD.
What are the most notable benefits of the eToro Club?
- Crypto staking
- Discounted tax returns
- No withdrawal fees (from Platinum level)
- Discount or exemption on Exchange Fees (from Platinum level)
- Interest on balance (from Platinum+ level)
- Crypto fee rebate (Diamond-level only)
eToro Islamic Account
Forex trading poses a challenge for Islamic traders, especially for leveraged Forex trading. While it can meet the conditions of hand-to-hand exchange, making Forex trading halal and compliant with Faqih, swap rates levied on overnight positions make it haram. Therefore, eToro introduced its Islamic account feature, which ensures traders never pay swap rates or other commissions and fees on leveraged trades.
The minimum deposit for an Islamic account is $1,000. Traders must open their eToro account and contact customer support to request an Islamic account classification. It allows Islamic traders to borrow funds from eToro to engage in leveraged trading without paying interest fees. Since eToro does not levy additional fees, it makes the eToro Islamic account a genuine option for Islamic trades.
Islamic traders who are unsure if the eToro Islamic account makes trading halal should consult their religious leader and contact eToro customer support if questions remain, as the definitive answer depends on the interpretation of Islamic law in Forex trading.
eToro Demo Account
eToro automatically creates a $100,000 eToro demo account with each account registration. There is no time limit, providing traders with a pressure-free simulation. Demo accounts can create unrealistic trading expectations or foster a false sense of accomplishment. Traders should attempt to trade the lot sizes according to what they plan in their forthcoming live accounts to simulate a more realistic outcome and understand the limitations of demo trading.
The eToro demo account allows beginner traders to evaluate the proprietary eToro trading platform, a user-friendly, web-based solution also available as a mobile app. One of the most critical functions of the eToro demo account is the possibility to follow signal providers for as long as necessary to evaluate if their trading strategies deliver consistent profits within an acceptable risk profile. Copy traders should never follow signal providers until testing them in their eToro demo account.
eToro Account Verification
All eToro account types require verification except for the eToro demo account, as they are mandatory for every regulated broker.
Traders must submit a copy of their government-issued ID, one proof of residency document, and verify their mobile phone number. Traders should verify their eToro trading accounts upon registration, as only registered accounts may request withdrawals, while eToro allows deposits of up to $2,250 for unverified accounts.
The process remains straightforward, conducted from the secure back office, but the eToro customer support stands by if questions or issues arise.
eToro Safety & Security
eToro has regulatory oversight in the UK (FCA), Cyprus (CySEC), Australia (ASIC), Seychelles (FSA), and the US (FINRA/FINCEN). The UK and CySEC subsidiaries provide investor compensation funds, and eToro also has an insurance policy of up to $1,000,000, or the currency equivalent in British Pounds or Australian Dollars, underwritten by Lloyd’s of London, to non-US clients, covering all cash and positions except for cryptocurrencies.
eToro segregates all client deposits from corporate funds at an unnamed tier-one bank and offers negative balance protection. One of the most significant statements to the safety and security of eToro is its growing trading community exceeding 25 million traders and its operational history dating back to 2007.
Pros and Cons of eToro Account Types
Before opening an eToro trading account, traders should consider the eToro account types pros and cons.
Pros of eToro Account Types
Cons of eToro Account Types
Well-regulated and trustworthy broker with 15+ years of experience
No support for algorithmic trading, and above-average trading costs
Leading copy trading broker with an active trading community of 25M+
Only US Dollar base accounts exist, and eToro levies internal withdrawal fees
A well-balanced asset selection and commission-free share dealing
User-friendly, web-based trading platform and eToro Club rewards
How to Remove an eToro Account
Deleting an eToro account takes only a few seconds. First, close all open positions and withdraw the entire balance. After receiving their funds, traders must navigate to the account setting in their profile and click on “Close your eToro account,” located at the bottom of the settings page. Please note that once you close your eToro account, you cannot reopen it.
While several eToro account types exist, most traders will manage their portfolio in the eToro retail account, as others specialize in Islamic, professional, and corporate traders. A free eToro demo account and the eToro Club upgrades are available to all traders, but geographic restrictions may apply. The minimum deposit ranges between $10 and $10,000, with $200 for most non-Islamic retail traders.
eToro shines with its active trading community and is a leading copy trading broker. Traders must accept above-average trading fees and leverage restrictions but receive a trusted and high-quality broker with a growing product and services portfolio.
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