eToro review.

Overview

TrueBroker is a free broker safety checker, and this page is our review of eToro, scored 6.6 out of 10 across regulation, fees, platform, support and reviews. eToro is not a single company but a group of separately licensed entities trading under the eToro name: eToro (Europe) Ltd in Cyprus, eToro (UK) Ltd in the United Kingdom, eToro AUS Capital Limited in Australia, eToro (Seychelles) Ltd, and eToro (ME) Limited in Abu Dhabi, each holding its own licence with its own regulator and its own client protections. eToro Group itself is described on the firm’s own site as Nasdaq listed under the ticker ETOR.

Our previous review of eToro scored it 7.3/10; this review scores it 6.6/10. We are restating the verdict from the current evidence and the current scoring criteria rather than reporting any change in the firm itself. The clearest driver in this review is support, which scores 3.8, the weakest of the five criteria, with platform next at 6; fees (9) and regulation (7.5) remain the strongest legs of the score, and reviews sits at 6.9.

What we checked to license eToro

We searched six public registers directly: the CySEC register, the FCA register register, the ASIC register, the Seychelles FSA register, the ADGM register, and the Cyprus company registry, and before recording any result we ran a positive control on each of those six registers against a firm already known to be listed, so an empty search result means the firm is genuinely absent rather than that our search failed. On that basis: the CySEC register shows an active CIF licence entry for eToro (Europe) Ltd matching the claimed number 109/10. The FCA register shows FRN 583263 held by eToro (UK) Limited, status Authorised, effective 09/05/2013, with Companies House number 07973792. The ASIC register shows AFS licence 491139 held by eToro AUS Capital Limited (ABN 66612791803, since 04/09/2017). The Seychelles FSA lists eToro (Seychelles) Limited as a regulated securities dealer, though that register does not publish licence numbers, so the claimed number SD076 remains the firm’s own claim rather than something the register itself states. The ADGM FSRA Public Register lists eToro (ME) Ltd, FSP number 220073, status Active, FSP date 2023-10-16. And the Cyprus Registrar of Companies, via a point-in-time mirror of the official register, shows eToro (Europe) Limited registered as HE 200585, status Active, registered 26/05/07, a company registration, which confirms the company exists but is not itself a financial-services licence.

What eToro’s own terms bind a client to

We read eToro’s own terms and legal documents rather than a summary of them. The general risk disclosure states that “under no circumstances shall eToro have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever,” which disclaims almost all liability for CFD losses. Separately, the same disclosure carves out an exception for one nationality: “FRENCH RESIDENTS SHALL BE ELIGIBLE TO INTRINSIC PROTECTION. ACCORDINGLY AND INDEPENDENTLY OF MARKET VOLATILITY, THEIR MAXIMUM LOSS WITH RESPECT TO EACH TRANSACTION SHALL BE THE TOTAL AMOUNT INVESTED IN SUCH TRANSACTION,” a cap not stated as available to clients of other nationalities on the same page. eToro (Europe) and eToro (UK) customers using the crypto trading service are told in the same documents that they will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund… /FSCS and the Financial Ombudsman Service for dispute resolution. And under the heading Client Consent to Use of Qualifying Money Market Funds, eToro (UK) Ltd and eToro (Europe) Ltd’s terms state client money “may” go into a Qualifying Money Market Fund rather than a traditional client money account, adding that “if the QMMF fails and you suffer a loss, eToro UK may choose to compensate you, but we are not legally required to do so,” with that consent stated as mandatory to use the service.

We also read eToro’s published fee material directly rather than a summary of it: account opening, management and inactivity fees are all listed as free, ETF commission is 0%, and stock commission is $1 or $2 depending on the exchange. On the same page eToro discloses two different retail loss-rate figures for CFDs on what is otherwise a single risk-disclosure page: “50% of retail investor accounts lose money when trading CFDs with this provider” in the body text against “51%” in the footer disclaimer repeated across the site. It also names different banks as holding client funds in different places, Barclays, Deutsche and BNY Mellon on one page, J.P. Morgan, Deutsche Bank and Coutts on another, with neither list stated to be exhaustive.

Overview Table

Facts List

• eToro (Europe) Ltd is licensed by CySEC under number 109/10, confirmed active on the CySEC register.
• eToro (UK) Ltd is authorised by the FCA under FRN 583263, effective 09/05/2013, Companies House number 07973792.
• eToro AUS Capital Limited holds ASIC AFS licence 491139, ABN 66612791803, since 04/09/2017.
• eToro (Seychelles) Ltd is listed by the Seychelles FSA as a regulated securities dealer.
• eToro (ME) Limited is an Active Authorised Person on the ADGM FSRA Public Register, FSP number 220073, since 16/10/2023.
• eToro (Europe) Limited is registered with the Cyprus Registrar of Companies as HE 200585, status Active.
• Account opening, management and inactivity fees are all free, per eToro’s own fee page.
• ETF commission is 0% and stock commission is $1 or $2 per position depending on the country and exchange.
• eToro Group is described on its own site as Nasdaq listed under ticker ETOR.
• eToro Club membership runs from Bronze through Diamond, with Diamond requiring a $250,000 tier balance and Platinum/Platinum+ available instead as a $4.99-$14.99 monthly subscription, per eToro’s own about page.
• Crypto trading is offered through a separate risk disclosure warning that Cyprus- and UK-regulated crypto clients lose access to the Investor Compensation Fund, FSCS and Financial Ombudsman Service that cover eToro’s other regulated services.

Key Takeaways

Regulation: five licences confirmed, but the terms narrow what they protect

• We searched the CySEC, FCA, ASIC, FSAS and ADGM registers directly, running a positive control against a known-listed firm on each register before treating any result as an absence. All five licences eToro claims came back confirmed: eToro (Europe) Ltd under CySEC licence 109/10, eToro (UK) Ltd under FCA FRN 583263, eToro AUS Capital Limited under ASIC licence 491139, eToro (Seychelles) Ltd on the Seychelles FSA’s list of regulated securities dealers (that register does not publish licence numbers, so “SD076” remains eToro’s own claim rather than something the register itself shows), and eToro (ME) Ltd on the ADGM FSRA public register under FSP number 220073. eToro (Europe) Ltd’s Cyprus registration, HE 200585, is also confirmed on the Cyprus Registrar of Companies, though that is a company record and not a financial-services licence.
• The terms and conditions we read cut into what those licences deliver. eToro’s risk disclosure states: “Under no circumstances shall eToro have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.”
• Crypto trading carries less protection than eToro’s regulated services: under the Cryptocurrencies Trading Service, eToro (Europe) and eToro (UK) customers will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund… /FSCS and the Financial Ombudsman Service for dispute resolution.
• The terms also let eToro (UK) Ltd and eToro (Europe) Ltd move client cash into a Qualifying Money Market Fund instead of a standard client-money account. The disclosure states “If the QMMF fails and you suffer a loss, eToro UK may choose to compensate you, but we are not legally required to do so,” and separately states “This consent is required for us to provide our services.”

What eToro charges

• eToro’s fee page lists account opening, management and inactivity as free, ETF commission at zero, and stock commission capped at $1 or $2 per position depending on country and exchange.
• Withdrawals are free from a local currency account (GBP, EUR, DKK) but cost a flat $5 from a USD investment account, with a $30 minimum withdrawal on that account and no minimum from local currency accounts.
• Crypto trading fees are tiered by eToro Club level and monthly volume, running from 1.00% at Bronze/Silver/Gold down to 0.10% for Diamond members trading $10M or more a month. Moving cryptoassets from the eToro platform into the eToro Money wallet costs a further 2%, and selling crypto from that wallet for GBP, EUR or USD costs 0.6%-1% depending on Club tier.
• Lending out shares isn’t free to the lender: eToro’s fee page worked example takes gross stock lending revenue, deducts a 15% facilitation/maintenance cost, then splits what’s left with eToro retaining 50%, leaving the client roughly 42.5% of the gross revenue their own lent shares generated.
• Card holders below eToro’s top Club tiers get a capped amount of free monthly ATM withdrawals, £2,000 or €2,500 at Green tier, rising to £10,000/€12,000 at Black/Platinum+/Diamond, with a 1% fee on anything beyond the cap.

Platform and market access

• eToro’s own site lists two ways to trade: the web platform and the iOS/Android app; we found no third platform on the pages we checked.
• Which markets appear in the main navigation changes by site variant: the ae (UAE) and sg pages we checked list only Stocks, Crypto and ETFs, while the gb, de, jp and za variants add Indices, Commodities and Currencies to the same navigation.
• eToro’s fee page notes that new users from Spain have been unable to trade CFDs since 2 August 2024, per CNMV guidance.
• eToro’s own fee page flags futures trading as in beta and fee structure is subject to change for a limited audience, rather than a fully rolled-out product.

Support sits behind eToro Club membership

• eToro’s Club tier comparison table lists Live Chat, a dedicated account manager and WhatsApp access as Club benefits rather than as channels every client gets by default; the account manager and WhatsApp channel are described as available to “premium members.”
• Reaching those channels means holding a Club tier balance ($5,000 upward for Silver, up to $250,000 for Diamond) or paying the $4.99-$14.99/month subscription eToro lists for Platinum/Platinum+ access. Clients below those thresholds are not shown an equivalent live-chat or account-manager channel on the pages we read.

What the published pages get inconsistent

• eToro’s own legal-documents page states two different CFD loss rates on the same page: “50% of retail investor accounts lose money when trading CFDs with this provider” in the body text, against “51% of retail investor accounts lose money when trading CFDs with this provider” in the footer disclaimer repeated on every page.
• eToro names different custodian banks in different places: the homepage banner cites Barclays, Deutsche and BNY Mellon as holders of client funds, while the Investor Protection page cites J.P. Morgan, Deutsche Bank and Coutts; neither list is stated to be exhaustive, so a reader cannot tell from either page where their own funds actually sit.

Score: 6.6/10, down from 7.3/10

Our previous score for eToro was 7.3/10; this review scores it 6.6/10. The scoring criteria and the underlying evidence have both changed since the earlier review, so this movement reflects our current assessment against current evidence, not a claim that eToro itself got better or worse. Against that evidence, fees score highest at 9/10 on the strength of free account opening, no management or inactivity charges and zero-commission ETFs. Regulation scores 7.5/10: five licences confirmed on five separate registers, weighed against the liability disclaimer, the QMMF consent terms and the reduced crypto protections above. Reviews score 6.9/10, pulled down by the loss-rate and custodian-bank inconsistencies on eToro’s own pages. Platform scores 6/10, reflecting a offering limited to one web platform and one app, with market access and CFD availability that vary by region. Support scores lowest at 3.8/10, because live chat, a dedicated account manager and WhatsApp access are gated behind a Club tier balance or paid subscription rather than offered as a baseline channel to every client.

Licenses & Regulation

We searched six public registers directly for eToro’s regulatory footprint: CySEC, the FCA, ASIC, the Seychelles FSA, the ADGM FSRA, and the Cyprus company registry. Before treating any of those as evidence of absence, we ran a positive control on all six, searching for a firm already known to be listed, so an empty result would mean the firm isn’t there rather than the search failing quietly.

Five licensed entities, five registers

The Cyprus Securities and Exchange Commission register shows an active CIF licence entry for eToro (Europe) Ltd, licence number 109/10, under CySEC’s list of Cypriot investment firms, consistent with eToro’s own claim of being “authorised and regulated” through that entity. The FCA register shows FRN 583263 held by eToro (UK) Limited, status Authorised, effective 09/05/2013, and tied to Companies House number 07973792. The ASIC register shows AFS licence 491139 held by eToro AUS Capital Limited, ABN 66612791803, since 04/09/2017. The Seychelles FSA lists eToro (Seychelles) Limited as a regulated securities dealer, though that register doesn’t publish licence numbers, so the “SD076” eToro quotes on its own legal page remains the firm’s claim rather than something we could match against the register text. The ADGM FSRA Public Register of financial firms lists eToro (ME) Ltd, FSP number 220073, status Active, FSP date 2023-10-16, registered as a Private Company Limited By Shares, matching the 220073 eToro quotes.

Separately, the Cyprus Registrar of Companies (via the CyprusRegistry.com mirror, a point-in-time copy of the official register) shows ETORO (EUROPE) LIMITED registered as HE 200585, a Limited Company registered 26/05/07, status Active. That’s a company registration, not a financial-services licence, and confirms the company exists rather than confirming anything about what it’s permitted to do; the CySEC entry above is what covers that.

What eToro’s own terms say the licences don’t cover

eToro (Europe) and eToro (UK) customers using the Cryptocurrencies Trading Service, per eToro’s own legal documents, will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund… /FSCS and the Financial Ombudsman Service for dispute resolution. So the same client, holding both a regulated CFD position and crypto through the same eToro account, has compensation-fund and Ombudsman access for one and not the other, according to eToro’s own disclosure.

The general risk disclosure also states that “under no circumstances shall eToro have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.” That’s eToro’s own wording disclaiming liability for CFD-related losses.

eToro (UK) Ltd and eToro (Europe) Ltd also ask for client consent to hold funds differently than the default: eToro (UK) Ltd and eToro (Europe) Ltd may place your money into units or shares of a Qualifying Money Market Fund (QMMF) instead of holding it in a traditional client money account… If the QMMF fails and you suffer a loss, eToro UK may choose to compensate you, but we are not legally required to do so… This consent is required for us to provide our services. Reading eToro’s terms this way: the client’s money can sit inside a fund investment rather than a client-money account, and if that fund loses value, compensating the client is eToro’s choice, not an obligation, and giving this consent isn’t optional if the client wants to use eToro’s services.

One protection that only applies to French residents

The same risk-disclosure document, read on eToro’s legal page, carves out a specific guarantee for one nationality: “FRENCH RESIDENTS SHALL BE ELIGIBLE TO INTRINSIC PROTECTION. ACCORDINGLY AND INDEPENDENTLY OF MARKET VOLATILITY, THEIR MAXIMUM LOSS WITH RESPECT TO EACH TRANSACTION SHALL BE THE TOTAL AMOUNT INVESTED IN SUCH TRANSACTION.” The document doesn’t state the equivalent for clients of other nationalities reading the same page.

Two numbers that don’t match on eToro’s own pages

Reading eToro’s legal page directly, its CFD retail-loss-rate disclosure is inconsistent within the same document: the body text states “50% of retail investor accounts lose money when trading CFDs with this provider,” while the footer disclaimer repeated on every page of the site states “51%.” Separately, eToro names different custodian banks depending on which of its own pages we read: the homepage banner cites Barclays, Deutsche, and BNY Mellon, while the Investor Protection page cites J.P. Morgan, Deutsche Bank, and Coutts, with neither list stated to be exhaustive. Neither of these is a register finding; both come from reading eToro’s own published pages side by side.

On restricted countries, an earlier version of this review, as it, listed a restricted-country policy for eToro covering countries such as Iran, North Korea, Syria and Cuba; checking eToro’s own homepage, legal, terms and legal-documents pages found no published restricted-country list to tie that claim to, so we’ve dropped it rather than repeat a claim we can’t source to eToro’s current pages.

How to Trade

eToro’s trading menu spans stocks, ETFs, cryptocurrencies, CFDs on currencies, commodities and indices, and a beta futures product. The fee page splits execution into two tracks that matter a lot to how a position actually behaves: real ownership versus a CFD.

Stocks and ETFs: real positions until they aren’t

The fee page states a commission of $1 or $2 per stock position, charged on both opening and closing, with the exact figure depending on country of residence and which exchange the stock trades on (Australia, Hong Kong, Dubai, Abu Dhabi and Tokyo are called out separately from all other exchanges). ETF trades carry no commission at all, listed as free at 0%. But that “real stock” framing only holds for a standard long buy. The same page states that some non leveraged BUY positions and all short or leveraged stock and ETF positions are instead executed as CFDs, which pulls them into a different fee structure entirely: a 0.15% CFD fee per trade for stocks and ETF CFDs, and a separate 0.15% commission for Stock Margin trading, charged on both opening and closing, with the borrowed amount also carrying an overnight financing fee. A client who opens what looks like a simple leveraged stock position is not, per this page, holding the stock; they are holding a CFD on it.

UK listed stocks carry an additional government charge on top of eToro’s own fees. The fee page states a 0.5% Stamp Duty Reserve Tax applies to electronic purchases of UK listed shares, and applies to all clients regardless of where they live.

Crypto: three different products under one name

The fee page lists a tiered crypto trading fee running from 1.00% at Bronze, Silver and Gold Club levels down to 0.10% at the Diamond tier for $10M or more in monthly volume, but this applies only to manual crypto trades and excludes crypto CFDs, Smart Portfolios and CopyTrader. Crypto CFDs are charged separately at 1% per trade. Moving crypto off the platform into the eToro Money wallet costs 2% under the fee page’s cryptoasset transfer fee, though transfers to or from an external source outside eToro only pay the blockchain’s own fee. Selling crypto for GBP, EUR or USD inside the eToro Money wallet is billed on a separate scale again, from 1% for Silver members down to 0.6% for Platinum+ and Diamond. The fee page also caps what can move through the eToro Money crypto wallet: a maximum of $50,000 per transaction and $200,000 total per day, regardless of account balance.

The legal page’s risk disclosure is explicit that this changes a client’s legal footing: it states that eToro (Europe) and eToro (UK) customers using the Cryptocurrencies Trading Service will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund… and the Financial Ombudsman Service for dispute resolution. The same disclosure separately states that for crypto positions eToro “may ask you to provide a substantial amount of additional margin funds on short notice,” and that if the client doesn’t provide it in time “your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account,” a liability exposure that sits oddly next to the same page’s separate line that a client “cannot lose more than the equity in your account.”

How eToro’s own terms let it act on a position

The legal page states plainly: “We are not responsible for monitoring positions on your account,” meaning the client alone is expected to watch what they hold. On a likely delisting, the same page states eToro “shall make an effort to sell the Cryptocurrencies on your behalf at such time and price, and in such manner, as it determines,” a decision the terms place entirely in eToro’s hands. On a blockchain fork, the legal page states eToro “may temporarily suspend eToro operations (with or without advance notice)” and “may, but is not obligated to do so, adjust your account in respect of a Fork.” And on financing costs for open leveraged positions, the fee page’s FAQ states “fee changes always apply to open positions” and “fees may change without advance notice,” so the overnight cost of holding a position can move after it’s already opened.

Futures, still in beta

The fee page lists Micro E-mini futures on indices, metals and energy, charged as a flat 0.75 eToro fee per contract plus an exchange and clearing fee that varies by contract (examples given: 0.77, 1.42 or 0.57), applied on both open and close. Spot Quoted Futures on indices, crypto and FX carry a flat $1.22 per contract. The same page notes futures trading is in beta for a limited audience and that the fee structure is subject to change.

Where eToro can’t offer CFDs at all

The fee page states that new users from Spain cannot trade CFDs, effective 2 August 2024, per guidance from the CNMV, Spain’s securities regulator. Separately, the site pages we fetched for the UAE and Singapore versions of etoro.com show a market navigation menu listing only Stocks, Crypto and ETFs, while the UK, Germany, Japan and South Africa versions of the same navigation add Indices, Commodities and Currencies as categories; we did not fetch a page stating why the categories differ between site variants.

The score

Our previous review scored eToro 7.3 out of 10; this one scores 6.6. The platform criterion sits at 6, and the evidence above is a large part of why: a trading menu where a leveraged or short position quietly becomes a CFD instead of the underlying asset, an overnight fee that can change on an already open position without notice, and a stated instruction that eToro is not responsible for monitoring a client’s position all describe a product that shifts real risk onto the client mid trade rather than a straightforward execution venue. This review restates the score from the current evidence rather than any change in what eToro offers.

Account Types

The firm’s own fee page shows a single Investment account, USD-denominated by default, with free account opening and no management fees. What actually creates tiers at eToro is the eToro Club loyalty program layered on top of that one account, plus a separate Local Currency Account for deposit currency, and a Demo Account for practice. There is no evidence in the pages fetched of a challenge-style or funded-account product; this section covers what the evidence shows, which is account variants and a loyalty ladder, not a prop-firm structure.

The base account eToro sells

The Investment account is the account eToro opens for a new client: free to open, no management fee and no inactivity fee, according to eToro’s own fee page. It carries stocks, ETFs, crypto and CFD trading. Stock trades cost $1 or $2 per position depending on country of residence and exchange, the fee page states, while ETF trades carry zero commission. That per-trade stock fee does not apply to CFD positions, ETFs, Copy Trading, Smart Portfolios or opening a Recurring Investment position, per the same page. Some non-leveraged buy orders and all short or leveraged stock positions are executed as CFDs instead and priced through CFD spreads rather than the flat stock commission.

Local Currency Account

Clients can hold a Local Currency Account in GBP, EUR, AUD or DKK alongside USD, the fee page states. The GBP account is provided by eToro Money UK Ltd and the EUR and DKK accounts by eToro Money Malta Ltd, both named on that page as the entities behind this product rather than eToro’s core trading entities. Eligible UK and EU Club members get an eToro Visa debit card tied to this account, with card issue, maintenance and payment fees listed as free. Withdrawals from a Local Currency Account to an external account are free with no stated minimum, the fee page says, against a $5 flat withdrawal fee and a $30 minimum withdrawal on the USD Investment account.

Demo Account

Any registered user gets a Demo Account with $100,000 in virtual funds and full platform access, free of charge, per the fee page. It is not a route to a funded live account in anything the pages fetched describe; it reads as a practice environment sitting alongside the live Investment account.

The eToro Club tiers eToro actually prices

Where eToro does build a tier structure is the eToro Club, described on the about page as running from Bronze through Silver, Gold, Platinum, Platinum+ and Diamond. Entry runs on balance thresholds from $5,000 at Silver up to $250,000 at Diamond, or on a $4.99 to $14.99 monthly subscription for Platinum and Platinum+ access, per that page. What a higher tier buys is discounts layered onto the fees above rather than a different underlying product: the fee page prices crypto trading fees on a sliding scale from 1.00% at Bronze/Silver/Gold down to 0.10% for Diamond members trading $10 million or more a month, and prices selling crypto through the eToro Money wallet at 1% for Silver, 0.8% for Gold and Platinum, and 0.6% for Platinum+ and Diamond. Currency conversion fees follow the same shape: Diamond members are exempt and Platinum/Platinum+ members get a 50% discount, the fee page states, while Recurring Investment deposit conversions are free for every tier. ATM withdrawals on the debit card are free up to £2,000 or €2,500 a month for Green/lower tiers and up to £10,000 or €12,000 a month for Black/Platinum+ and Diamond tiers, with a 1% fee on anything above the cap in either case, per the fee page.

The about page also lists non-fee Club perks: free insurance up to 1,000,000 USD/EUR/AUD through Lloyd’s of London, a dedicated account manager, a WhatsApp support channel and airport lounge access at the higher tiers, plus a crypto staking revenue share of up to 90%. eToro’s own terms reserve the right to change Club terms and any Club offers at any time, so none of these tier benefits are fixed for the life of a membership.

Score note

Our previous score for eToro was 7.3 out of 10; this review scores it 6.6. The fees criterion sits at 9 here, reflecting a fee page that shows free account opening, no management or inactivity fee, and zero-commission ETFs. What pulls the overall score down against the prior review is support at 3.8 and platform at 6: the evidence for support amounts to Club-tier perks (live chat, a dedicated account manager, WhatsApp access) rather than a support channel open to every account holder, and the platform evidence is limited to eToro’s own web platform and app with no detail on execution or tools beyond that. This review restates the score from the current evidence rather than from any change in what eToro offers.

Negative Balance Protection

eToro’s general risk disclosure, read on its legal page, states plainly that CFD trading carries the possibility of losing more than a deposit in some circumstances, and the page’s own footer repeats a warning that the majority of retail accounts lose money on CFDs with this provider, though the figure itself is inconsistent: the body text of that same page gives “50% of retail investor accounts lose money when trading CFDs with this provider,” while the footer disclaimer repeated on every page gives “51%.” Two different loss rates on one official disclosure page is the kind of detail a reader checking eToro’s own numbers should know about.

What the terms say about liability for losses

The general risk disclosure, quoted directly, states that “under no circumstances shall eToro have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.” That is a broad disclaimer of the firm’s own liability for CFD losses, leaving a client with very limited recourse against eToro if a CFD trade goes wrong.

One national carve-out appears in the same disclosure: it states, in the firm’s own capitalised wording, that “FRENCH RESIDENTS SHALL BE ELIGIBLE TO INTRINSIC PROTECTION. ACCORDINGLY AND INDEPENDENTLY OF MARKET VOLATILITY, THEIR MAXIMUM LOSS WITH RESPECT TO EACH TRANSACTION SHALL BE THE TOTAL AMOUNT INVESTED IN SUCH TRANSACTION.” The same page does not state this cap as available to clients of other nationalities.

Margin calls and liquidation under eToro’s crypto terms

For crypto positions specifically, the legal page sets out what happens when the market moves against a client: If the market moves against your position, we may ask you to provide a substantial amount of additional margin funds on short notice … If you do not provide the required funds within the time frame required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account. That clause makes the client liable for a negative balance on crypto positions, which sits awkwardly next to a separate statement on the same page that a client “cannot lose more than the equity in your account.” The two statements point in different directions and the evidence gathered here does not resolve which governs in practice.

The same section covers position monitoring, stating that “we are not responsible for monitoring positions on your account,” so the obligation to watch margin levels and respond before a liquidation is triggered rests with the client, not with eToro.

Forced closures outside a margin call

eToro’s terms also reserve the right to force a sale of a client’s crypto holdings ahead of a likely delisting: “eToro shall make an effort to sell the Cryptocurrencies on your behalf at such time and price, and in such manner, as it determines.” The timing, price and manner of that sale are eToro’s to decide, not the client’s, and the disclosure gives the client no say in the outcome.

A related clause covers blockchain forks: eToro “may temporarily suspend eToro operations (with or without advance notice) and eToro may (a) configure or reconfigure its systems or (b) decide not to support (or cease supporting) the Forked protocol entirely,” adding that it “may, but is not obligated to do so, adjust your account in respect of a Fork.” A client holding an affected asset through a fork event has no guaranteed adjustment to their position.

Third parties and client money

Where eToro routes execution or custody of fiat or crypto through a third party, the terms state that if any such Third Party loses any money, fails or goes out of business, there is no specific legal protection that covers you for losses … eToro will not be responsible in the event of losses caused by those Third Parties. Separately, for UK and Europe clients, eToro’s terms allow client money to be placed into units of a Qualifying Money Market Fund rather than held in a standard client money account, and state that “if the QMMF fails and you suffer a loss, eToro UK may choose to compensate you, but we are not legally required to do so.” Consenting to this is not optional: the same clause states “this consent is required for us to provide our services.”

None of the material read for this review sets out a specific negative balance protection policy, a stated leverage cap, or a margin close out level expressed as a percentage. What is available is the set of contractual clauses above, and on CFDs specifically the disclaimer of liability quoted at the top of this section.

Where this review’s score moved

The previous review of eToro scored 7.3 out of 10 overall; this review scores 6.6. The scoring here rests on five criteria: regulation at 7.5, fees at 9, platform at 6, support at 3.8, and reviews at 6.9. The lowest of these, support, is driven by what the evidence shows: the support channels documented for eToro are Live Chat, a dedicated account manager, and WhatsApp, and each of those is gated behind eToro Club tier membership rather than offered as standard, per the Club benefits table read on eToro’s own about page. This review restates the overall score from the current evidence and the current scoring criteria rather than treating it as a change in the firm itself.

Trading Instruments

Across eToro’s own pages, the product line runs to stocks, ETFs, cryptocurrencies, CFDs on currencies, commodities and indices, and futures; the fee page prices each of them. Stocks carry a $1 or $2 commission per position depending on country of residence and exchange, but that page also notes that some non-leveraged buy orders and all short or leveraged positions are executed as CFDs instead, which switches the client onto CFD spreads rather than the flat stock commission. ETFs trade at zero commission, with the same carve-out: short-selling or leveraged ETF exposure is booked as a CFD. Cryptocurrency trading carries a tiered fee running from 1.00% for the Bronze, Silver and Gold Club tiers down to 0.10% at Diamond tier and $10M+ in monthly volume, and again, short or leveraged crypto positions become CFDs. Separately, CFD trading itself carries a flat 1% per-trade fee on crypto CFDs and 0.15% per trade on stock and ETF CFDs, per the same fee page.

Futures are in beta, and the fee page says so

eToro’s fee page lists Micro E-mini futures on indices, metals and energy, priced as a flat 0.75 eToro fee per contract plus an exchange and clearing fee that the page gives as anywhere from 0.57 to 1.42 depending on the contract, charged on both open and close. Spot-Quoted Futures on indices, crypto and FX carry a flat $1.22 per contract. The same page states plainly that futures trading is in beta for a limited audience and that the fee structure is subject to change, which is eToro’s own qualifier, not ours.

What eToro’s site navigation shows, and where it differs by region

The main site navigation on the gb, de, jp and za site variants lists Stocks, Crypto, ETFs, Indices, Commodities and Currencies as market categories. The ae (UAE) and sg site variants show a narrower navigation of only Stocks, Crypto and ETFs, without separate Indices, Commodities or Currencies categories in that menu. We read this from the navigation markup itself; it describes what the menu surfaces on each regional site, not a claim about which underlying instruments a given account can actually open.

The gap between “CFD” and “regulated instrument”

eToro’s own legal page states that CFDs offer exposure to currencies, commodities and indices, plus leveraged/short stock, ETF and crypto positions and that CFDs are “not listed on any exchange.” The same legal page’s risk disclosure carries two different figures for CFD retail loss rates on the same document: the body text states “50% of retail investor accounts lose money when trading CFDs with this provider,” while the footer disclaimer repeated on every page states “51%.” Both figures appear on eToro’s own risk disclosure; we are reporting the discrepancy as it appears in the source, not resolving it.

Crypto sits partly outside eToro’s regulated cover

eToro’s legal page states that eToro (Europe) and eToro (UK) customers using the Cryptocurrencies Trading Service will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund… /FSCS and the Financial Ombudsman Service for dispute resolution. That is a direct consequence of asset choice: a client trading stocks, ETFs or CFDs through the regulated entities keeps that protection, while the same client’s crypto trading with the same firm does not. The same legal page also caps cryptoasset movement through the eToro Money crypto wallet at “a permitted maximum of $50,000 per transaction, and an overall daily maximum limit of $200,000,” and states that on likely delisting eToro “shall make an effort to sell the Cryptocurrencies on your behalf at such time and price, and in such manner, as it determines” rather than the client’s.

Stock lending touches the shares eToro holds for a client

eToro’s fee page gives a worked example of its stock lending program: gross lending revenue less a 15% facilitation and maintenance cost, with the remainder split, so that “Retained by eToro = $16.52 × 50%” and the client keeps the other half. On the figures in that example, the client nets roughly 42.5% of the gross revenue generated by lending out their own shares, once the facilitation cost and the 50/50 split are both applied.

How the score moved

Our previous score for eToro was 7.3/10; this review scores it 6.6/10. The platform criterion sits at 6, and against the evidence here that reflects the beta status eToro itself attaches to futures trading, the CFD-only execution route for short or leveraged stock, ETF and crypto positions, and the two conflicting CFD loss-rate figures sitting on the same disclosure page. The move is our assessment against the current evidence, not a claim that eToro’s asset range changed.

Education & Analysis

eToro’s own site names two places to trade: “eToro Platform (web)”, described as needing no separate software installation, and the “eToro App” for iOS and Android, linked from the main site navigation under “Download the App”. Those two are the whole of what the evidence shows for where a client actually places a trade. The pages we fetched say nothing about a desktop application, no separate charting workstation, and no third-party platform such as MetaTrader or TradingView being offered alongside eToro’s own interface.

What eToro’s own pages say about tools for analysis

The material we read describes trading modes rather than analysis tooling: the fee page carves out exemptions for “Copy trading” and “Smart Portfolios” when listing what the stock commission and crypto trading fee do not apply to, which tells us those two features exist as ways to open a position, not what a client sees on a chart while deciding to open one. Beyond naming them, the pages we fetched say nothing about charting packages, technical indicators, drawing tools, or a screener, and we did not find a page describing any of that on the firm’s site. That is a gap in what we could check, not a finding that eToro has no such tools.

One clause in the terms does bear on how a client is left to watch their own trading. Under “Position Monitoring” the terms state flatly: “We are not responsible for monitoring positions on your account.” Whatever charting or price-alert functionality the platform carries, the contract puts the burden of watching an open position squarely on the client, not on eToro.

Markets shown on the eToro platform

The site’s own navigation on the gb, de, jp and za variants lists Stocks, Crypto, ETFs, Indices, Commodities and Currencies as market categories. The ae and sg variants of the same navigation show only Stocks, Crypto and ETFs, without an Indices, Commodities or Currencies category. We can only report what each site’s navigation displays; we did not test whether a UAE or Singapore-registered account can still open a position in an instrument absent from its own site’s category list.

Futures trading appears in the fee page as a beta feature “for a limited audience”, covering Micro E-mini index, metal and energy futures priced with a flat eToro fee plus an exchange and clearing fee, and separately Spot-Quoted Futures on indices, crypto and FX at a flat $1.22 per contract. The same page notes the futures fee structure “is subject to change” while the beta runs, which is eToro’s own qualifier on a product it has not finished rolling out.

The demo account is the one tool we can point to directly

eToro’s fee page lists a Demo Account with $100,000 in virtual funds, free for any registered user, described as giving “full platform access”. That is the clearest first-hand evidence in what we read of a client being able to try the charting and order tools before funding a live account, though the page does not itemise what “full platform access” includes beyond the virtual balance.

Why the platform score moved

Our previous review of eToro scored 6.6/10 overall against this review’s 6.6/10 is not the comparison; our prior score was 7.3/10 and this review’s is 6.6/10. That drop sits mostly in the platform criterion, now scored 6/10 by our current rubric. The evidence behind that number is thin by design of what we could fetch: two named platforms, a demo account, and a beta futures product, with nothing on our list of pages describing the charting or analysis capability that a platform score usually has to weigh. We are restating the score from what the current evidence actually supports, not reporting that eToro’s platform got worse; the criteria and the material we checked this time are not the same as last time, so the two numbers are not a before-and-after of the same thing.

Special Offers

The pages we fetched do not include a promotions page, a deposit-match offer or a welcome bonus for new eToro customers. What the firm’s own about page does describe in detail is eToro Club, a tiered loyalty programme, and that programme is the only mechanism in our evidence that functions as a discount or special offer, so it is what this section reports.

How eToro Club tiers are earned

eToro’s about page lists six Club tiers, running Bronze, Silver, Gold, Platinum, Platinum+ and Diamond. Reaching a tier is tied to a balance held on the account: the page gives $5,000 as the threshold for Silver, rising to $250,000 for Diamond. For Platinum and Platinum+ specifically, the same page offers an alternative route in: a monthly subscription of $4.99 to $14.99, paid instead of holding the qualifying balance.

What eToro’s fee page ties to Club tier

The firm’s fee page sets several of its charges by tier rather than as a flat rate for every customer. The crypto trading fee is quoted at 1.00% for Bronze, Silver and Gold members, and falls as low as 0.10% for Diamond members trading $10 million or more a month. Selling crypto out of the eToro Money wallet for GBP, EUR or USD is priced at 1% for Silver members, 0.8% for Gold and Platinum members (the fee page calls this a 20% discount), and 0.6% for Platinum+ and Diamond members (a stated 40% discount). Currency conversion fees are described as waived entirely for Diamond members and cut by 50% for Platinum and Platinum+ members, though the fee page does not state the base rate that discount is applied to for the tiers below it. The card fee terms on the same page also set two different monthly ATM withdrawal allowances before the 1% fee applies: £2,000 or €2,500 free a month for Green-tier cardholders, against £10,000 or €12,000 a month for Black, Platinum+ and Diamond tier.

Non-fee benefits eToro lists for Club members

The about page lists a further set of benefits attached to Club tier rather than to a fee schedule:

• A dedicated account manager, described as reachable “on a variety of channels, including WhatsApp.”
• Free insurance cover of up to 1,000,000 USD, EUR or AUD, arranged through Lloyd’s of London.
• Higher interest paid on a USD cash balance, quoted at up to 3.55%-3.8% in some regions.
• Airport lounge access.
• A share of crypto staking revenue, described as up to 90% for the top tiers.

The about page presents these as ongoing membership benefits rather than as time-limited promotions. There is no sign-up window, expiry date or new-customer restriction attached to any of them in what we read.

The condition eToro attaches to all of it

eToro’s own Club terms, quoted on the about page, state: “eToro reserves the right to change the terms and conditions for the eToro Club and any eToro Club offers at any time.” That clause covers every tier threshold, discount percentage and benefit set out above. None of the figures in this section are fixed for as long as a customer holds the qualifying balance or pays the subscription; eToro can revise the terms of its own Club unilaterally, and a member has no stated right to lock in the terms they joined under.

This is a statement about the two pages we read, eToro’s fees page and its about page, and not a claim that eToro runs no deposit bonuses, referral credits or introductory offers anywhere. A separate promotions page, if the firm publishes one, was not part of what we fetched, and its absence from our evidence is not evidence that it does not exist.

Opening an Account

Opening an eToro account is free: the fee page lists both the account-opening fee and ongoing management fees as free, and a Demo Account with $100,000 in virtual funds is available to any registered user with no cost and full platform access. The base account is the Investment account, denominated in USD by default and used for stock, ETF, crypto and CFD trading.

The account types eToro offers at signup

Alongside the standard USD Investment account, eToro’s fee page describes a Local Currency Account that lets a client deposit and trade in GBP, EUR, AUD or DKK as well as USD. This account is not run by the same regulated trading entity as the CFD business: the GBP version is provided by eToro Money UK Ltd and the EUR and DKK versions by eToro Money Malta Ltd, two separate companies from the CySEC, FCA, ASIC, FSAS and ADGM entities that hold the trading licences. Eligible UK and EU Club members attached to a Local Currency Account can also get an eToro Visa debit card, with card issue, maintenance and payment fees listed as free.

eToro Club membership requires a balance or a subscription

Above the base account, eToro Club membership is tiered from Bronze up to Diamond. The about page ties entry to the tiers to an account balance running from $5,000 for Silver up to $250,000 for Diamond, or alternatively to a monthly subscription of $4.99 to $14.99 for access to the Platinum and Platinum+ tiers. Club level then determines what a client is charged elsewhere on the account: it sets the crypto trading fee (as low as 0.10% at Diamond against 1.00% at Bronze and Silver), the discount on currency conversion (up to a full exemption for Diamond, 50% off for Platinum and Platinum+), the fee for selling crypto out of the eToro Money wallet, and the monthly free ATM withdrawal cap on the debit card (for example £2,000 a month before a 1% fee at Green/lower tiers, rising to £10,000 at Black/Platinum+ and Diamond tiers).

What eToro requires a client to agree to before trading

The legal documents we read make client money consent part of onboarding rather than optional small print. eToro (UK) Ltd and eToro (Europe) Ltd reserve the right to place client money into units of a Qualifying Money Market Fund rather than a traditional client money account, and the terms state plainly that “this consent is required for us to provide our services” and that if the fund loses money “eToro UK may choose to compensate you, but we are not legally required to do so.” A client who does not want their cash moved into a QMMF has no opt-out short of not opening the account.

Restrictions on who eToro will open an account for

The fee page records one dated, sourced restriction: new users from Spain have not been able to trade CFDs with eToro since 2 August 2024, a change eToro attributes to guidance from the CNMV, Spain’s securities regulator. Separately, the site navigation itself varies by where a visitor lands: the UAE and Singapore site variants list only Stocks, Crypto and ETFs as market categories, while the UK, Germany, Japan and South Africa variants also list Indices, Commodities and Currencies, meaning what a prospective client can even see on offer differs by the geographic version of the site they reach.

An earlier version of this review listed countries including Iran, North Korea, Syria and Cuba as restricted under eToro’s policy. That claim could not be tied to anything eToro itself publishes, so it has been dropped: a check of eToro’s homepage, legal, terms and legal-documents pages run via an Indonesian exit on 27 July 2026 found no published restricted-country list on those pages. That is not the same as eToro having no such restrictions, country-eligibility terms of this kind often sit inside a client agreement PDF or in the country dropdown of the sign-up flow itself, neither of which the pages checked would surface, so the honest position is that we found nothing published where we looked, not that no restriction exists.

Deposits & Withdrawals

eToro’s fee page sets out one withdrawal structure that splits by account type rather than by tier. From a Local Currency Account, that is GBP through eToro Money UK Ltd or EUR and DKK through eToro Money Malta Ltd, a withdrawal to an external account carries no fee and no stated minimum. From the standard USD Investment Account, the same fee page gives a fixed $5 charge per withdrawal and a $30 minimum withdrawal amount. There is no free path out of a USD account by this page’s own terms; the $5 charge is what a client with a USD balance pays every time they pull money out, however small the amount above the $30 floor.

What eToro charges to deposit

The fee page lists the account opening fee as free and management fees as free, and the same page lists SEPA transfers into a Local Currency Account as free, matching the free SEPA transfer out. The page does not give a deposit fee for the USD Investment Account separately from the withdrawal side, so the $5 and $30 figures above are what the evidence documents for that account’s money movement.

The eToro Visa debit card and its ATM caps

The fee page describes an eToro Visa debit card tied to the Local Currency Account, available to eligible UK and EU Club members, with card issue, maintenance and payment fees listed as free. ATM withdrawals are free only up to a monthly cap, and the cap depends on Club tier. For Green tier and the lower tiers, the fee page gives £2,000 a month free on the GBP card and €2,500 a month free on the EUR card, with a 1% fee on anything withdrawn past that. For Black tier, Platinum+ and Diamond, the same page raises the free allowance to £10,000 a month on GBP and €12,000 a month on EUR, again with 1% charged past the cap. A client who withdraws cash by card and sits below the top Club tiers is paying that 1% on every pound or euro over the lower threshold, and the terms state the fee changes always apply going forward rather than only to new withdrawals.

Currency conversion on the way in and out

The fee page states a currency conversion fee applies and that it varies by location, payment method and Club level, without giving a flat percentage on this page. It also states Diamond members are exempt from this fee, Platinum and Platinum+ members get a 50% discount, and conversions tied to a Recurring Investment deposit are free for all users regardless of tier. For anyone below Platinum moving money in a currency that does not match their account currency, this fee is a real deduction from what actually reaches the account or the client’s bank, and the page does not publish the base rate a Bronze or Silver member pays.

Crypto transfers and the third party in Germany

Moving cryptoassets off the eToro trading platform into the eToro Money crypto wallet costs 2% by the fee page’s own figure. The same page states that transfers from or to an external source, rather than between eToro’s own platform and wallet, incur only the blockchain fee, which is a materially different cost depending on the route taken. Selling crypto held in the eToro Money wallet for GBP, EUR or USD is charged separately, at 1% for Silver members, 0.8% for Gold and Platinum, and 0.6% for Platinum+ and Diamond, again a Club tier discount rather than a flat rate. The fee page also states that for customers residing in Germany, cryptoasset transfers and the associated fees are processed and charged by Tangany GmbH, a named third party, not by eToro directly, so a German client’s crypto transfer cost sits under a separate company’s own terms rather than eToro’s fee schedule.

Limits on how much moves at once

The fee page sets a per transaction cap of $50,000 on any supported cryptoasset transaction through the eToro Money crypto wallet, and a combined daily cap of $200,000 across all such transactions, regardless of the account’s total balance.

What sits outside the fee page

The Client Consent terms we read state that eToro UK and eToro Europe may place client money into units or shares of a Qualifying Money Market Fund instead of a traditional client money account, and that “If the QMMF fails and you suffer a loss, eToro UK may choose to compensate you, but we are not legally required to do so.” The same clause states this consent “is required for us to provide our services.” That term does not set a fee, but it changes what a deposited balance actually sits in while it waits to be withdrawn, and it removes any legal obligation on eToro to make a client whole if that fund loses value. We read this in eToro’s own terms rather than in the fee schedule, and it belongs alongside the withdrawal figures above because it describes the state client cash is actually held in between a deposit and a withdrawal.

Customer Support

Our previous review scored eToro high enough to land an overall 7.3/10; this review scores support at 3.8/10, and that low mark is the largest single reason the overall score is now 6.6/10. That is our assessment against the current evidence, not a claim that eToro’s support got worse in the interval: what we hold on how a client actually reaches eToro is thin, and what is there describes a channel gated by Club tier rather than a service open to every account holder.

The channels eToro’s own pages name

eToro’s Club tier comparison table, on its own about page, lists “Customer Service Live Chat” as one of the benefits a Club member receives, and describes a “Dedicated Account Manager” as available “on a variety of channels, including WhatsApp” to premium members. Both descriptions sit in the same comparison table and are framed as tier perks, not as a support line stated to be open to every account holder. The eToro pages we fetched name no phone number, no support email address, and no stated response-time commitment for any tier. An earlier review of eToro described email replies within 24 to 48 hours and a dedicated phone line; we could not confirm either on eToro’s own pages.

What it costs to reach eToro’s account manager

The Club ladder that carries this support is tied to money in the account or to a paid subscription. eToro’s own Club tier table sets the Silver threshold at a $5,000 account balance and rises to $250,000 for Diamond, or offers a $4.99-$14.99 a month subscription for Platinum and Platinum+ access. The WhatsApp channel and named account manager sit inside that same ladder: eToro’s about page frames it as Access premium support… available to you on a variety of channels, including WhatsApp. Going by the material we hold, a client below Silver has no evidenced route to that account manager or to the WhatsApp channel eToro advertises to its higher tiers.

Terms that bind a client who complains to eToro

eToro’s own risk disclosure limits what a complaint can recover before it is even filed: “Under no circumstances shall eToro have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.” A client disputing a CFD loss is dealing with a firm that has, in its own terms, disclaimed liability for the loss itself and for any consequential damage flowing from it.

The same terms put the burden of watching a position on the client, not on eToro’s support desk: “We are not responsible for monitoring positions on your account.” The fees page adds that overnight financing charges on already-open leveraged positions carry no notice requirement: Please be aware that fee changes always apply to open positions… Please note that fees may change without advance notice. A client who wants to raise a complaint about a fee change on a position opened before the change has, by these terms, no advance-notice clause to point to.

For crypto specifically, the terms remove two of the standard complaint routes rather than merely limiting them. eToro (Europe) and eToro (UK) customers using the Cryptocurrencies Trading Service will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund… /FSCS and the Financial Ombudsman Service for dispute resolution. A client with a crypto dispute loses the compensation-fund and Ombudsman routes that the same client would otherwise have when disputing a non-crypto trade with the same firm.

Prohibited Countries

The one restriction eToro states outright is narrow and recent. eToro’s own fee page says new users from Spain cannot trade CFDs, a policy the page dates to 2 August 2024 and attributes to guidance from the CNMV, Spain’s Comisión Nacional del Mercado de Valores. We did not check the CNMV’s own register or publications for this guidance; the claim comes from eToro’s page describing it, not from a CNMV source we read directly.

What eToro’s site shows by geography

Beyond the Spain rule, eToro does not publish a country-by-country prohibited list on the pages available to us. What we can point to instead is a difference in what the site itself displays depending on where it’s accessed from: on the UAE and Singapore site variants, the main market navigation lists only Stocks, Crypto and ETFs, while the UK, Germany, Japan and South Africa variants add Indices, Commodities and Currencies to that same menu. That’s a difference in which markets are surfaced in navigation on different regional versions of the site, not a stated ban on any of those asset classes for residents of the UAE or Singapore, and eToro’s pages don’t explain the gap.

The firm’s legal page also names five separately regulated entities, each tied to a different regulator: eToro (Europe) Ltd under CySEC licence 109/10 (confirmed on the Cyprus Securities and Exchange Commission’s register of investment firms), eToro (UK) Ltd under FCA reference 583263 (confirmed on the FCA register, authorised since 09/05/2013), eToro AUS Capital Limited under ASIC licence 491139 (confirmed on ASIC’s register), eToro (Seychelles) Ltd as a registered securities dealer with the Seychelles Financial Services Authority (confirmed on that regulator’s list, though it does not publish licence numbers, so the “SD076” figure remains eToro’s own claim), and eToro (ME) Limited under FSRA authorisation 220073 on the Abu Dhabi Global Market’s public register. Five regulated entities operating from five different jurisdictions implies some system for routing a given customer to one entity rather than another, and by extension some criteria for which residencies each entity will or won’t accept. eToro’s legal page does not publish that routing logic or a list of excluded countries; it only names the entities and their licences.

A country list that didn’t hold up

An earlier version of this review carried a list of countries barred from eToro, including Iran, North Korea, Syria and Cuba. That list could not be traced to anything eToro itself publishes, and an earlier check of eToro’s homepage, legal, terms and legal-documents pages, run through an Indonesian exit point on 27 July 2026, found no published restricted-country list on any of them. That check is being reported here as an earlier review’s finding, not our own first-hand work in this pass. It’s also worth being precise about what a negative result like that does and doesn’t show: not finding a restricted-country list on the public pages checked means those specific pages don’t carry one, not that eToro applies no country restrictions at all. A firm’s client agreement PDF, or the country dropdown on its own sign-up form, can carry residency exclusions that never appear on the marketing or legal pages searched, and neither of those was part of what got checked.

Put plainly: the only country-specific access rule eToro states in the material available here is the Spain CFD restriction for new users. Anything beyond that, for this catalogue’s evidence, is either a difference in site navigation between regional versions of etoro.com or an inference from the firm operating five separately licensed entities, not a documented prohibited-country list.

Conclusion

eToro scores 6.6 out of 10 in this review, down from the 7.3 this catalogue previously gave the firm. The drop is this review’s own assessment, built from the register checks, fee pages and terms read for this pass, not a claim that eToro’s business has gotten worse since the last one. The component scores behind the 6.6 tell the story: fees sit at 9, regulation at 7.5 and reviews at 6.9, but platform sits at a middling 6 and support drags the average down hard at 3.8. That last number is the one worth explaining, and the evidence below explains it.

eToro’s regulatory footprint

eToro operates through a spread of separately licensed entities, and we checked each claim against the regulator that issues it. The Cyprus Securities and Exchange Commission register shows an active CIF licence, # 109/10, held by eToro (Europe) Ltd, matching what the firm’s own legal page claims. The FCA register lists FRN 583263 as held by ETORO (UK) LIMITED, status Authorised, effective from 9 May 2013, with Companies House number 07973792 attached to the same entry. The ASIC register confirms AFS licence 491139 belongs to eToro AUS Capital Limited (ABN 66612791803), authorised since 4 September 2017. The Seychelles Financial Services Authority lists eToro (Seychelles) Limited as a regulated securities dealer, though that register doesn’t publish licence numbers, so the “SD076” eToro quotes remains the firm’s own figure rather than something we could read off the register itself. The ADGM Financial Services Regulatory Authority’s public register shows eToro (ME) Ltd as FSP number 220073, status Active since 16 October 2023. Separately, the Cyprus company registry confirms eToro (Europe) Limited as company HE 200585, registered 26 May 2007 and still listed as active, but that’s a company record, not a licence, and it confirms only that the company exists, not that it’s authorised to do anything.

What eToro charges

The firm’s own fee page is where the 9 comes from. Account opening, management and inactivity are all listed as free. ETF commission is 0%. Stock commission is $1 or $2 per position depending on country and exchange, and doesn’t apply to CFDs, Copy Trading or Smart Portfolios. Withdrawals are free from a local currency account (GBP, EUR, DKK) but carry a flat $5 fee from a USD investment account, with a $30 minimum withdrawal on that account and no minimum on the local currency ones. Crypto trading fees run on a Club-tier ladder, from 1% for Bronze/Silver/Gold members down to 0.10% for Diamond members trading $10 million or more a month. Moving crypto from the trading platform into the eToro Money wallet costs 2%, though transfers to or from an external source are billed only the blockchain fee. Stock lending is a smaller line worth flagging: the fee page’s own worked example takes gross lending revenue, deducts a 15% facilitation and maintenance cost, then splits what’s left 50/50, so a client whose shares generate lending revenue keeps only around 42.5% of the gross figure.

Platform and where eToro’s support runs thin

Trading runs through eToro’s own web platform and a mobile app; futures trading, including Micro E-mini contracts and Spot-Quoted Futures, is live but the fee page itself describes it as in beta for a limited audience, with the fee structure subject to change. The site’s market navigation isn’t uniform either: the UAE and Singapore variants of the site list only Stocks, Crypto and ETFs, while the UK, Germany, Japan and South Africa variants add Indices, Commodities and Currencies to the same menu, so what a visitor sees as available to trade depends on which site they land on.

Support is where this review marks eToro hardest. The support channels the firm’s own about page lists, Live Chat, a dedicated account manager and a WhatsApp channel, aren’t described as available to every account; they’re listed specifically as eToro Club benefits inside the Club tier comparison table, with the dedicated manager reachable “on a variety of channels, including WhatsApp” for premium members. The evidence gathered doesn’t show a support channel offered outside that Club structure, and that tiering is what a support score of 3.8 reflects.

Terms that bind an eToro client

The firm’s own general risk disclosure states plainly: “Under no circumstances shall eToro have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.” Clients trading crypto give up more than that disclaimer implies: eToro (Europe) and eToro (UK) customers using the Cryptocurrencies Trading Service, per the same legal page, will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund… /FSCS and the Financial Ombudsman Service for dispute resolution. The same terms also require consent to a specific cash-handling arrangement: eToro UK and eToro Europe “may place your money into units or shares of a Qualifying Money Market Fund (QMMF) instead of holding it in a traditional client money account,” and if that fund loses money “eToro UK may choose to compensate you, but we are not legally required to do so.” The terms describe that consent as mandatory to use the service at all. On margin, the crypto terms warn that eToro “may ask you to provide a substantial amount of additional margin funds on short notice,” and that a client who doesn’t meet that request in time “will be liable for any resulting deficit in your account,” language that sits oddly against the same page’s separate assurance that a client “cannot lose more than the equity in your account.”

Two smaller points from the same pages are worth a mention for anyone checking eToro’s own numbers rather than taking them on trust: the risk disclosure page states the CFD retail loss rate as 50% in its body text and as 51% in the footer disclaimer repeated on every page, and eToro names different custodian banks in different places, Barclays, Deutsche Bank and BNY Mellon on the homepage banner against J.P. Morgan, Deutsche Bank and Coutts on the Investor Protection page.

eToro is a multi-regulated broker, confirmed on the CySEC, FCA, ASIC, Seychelles FSA and ADGM FSRA registers, with genuinely free account opening and low headline trading costs, but this review scores it 6.6 out of 10 because its support runs on a Club-tier structure rather than a channel open to every account.

FAQ