The eToro platform is the basic tool with which we will be interacting with the broker. That’s why we’re going to be particularly demanding when evaluating it. In general, all eToro platform reviews e.g. https://www.indexuniverse.eu/etoro/ that we have been able to find out about the eToro platform focus on the following aspects:
At first glance we can see that the interface is not cluttered with graphs and data that might suggest a complicated environment. On the contrary, it tries to be a user-friendly website and advocates providing concentrated information. One of the biggest mistakes brokers make is to unnecessarily overload the user with information.
The layout of the execution buttons is designed so that we can perform any action from the main menu. The same as depositing funds, consulting the portfolio or accessing the social network. This greatly simplifies our trading. A user who has to carry out real research exercises to get to where he wants to go will probably abandon the platform.
Navigation is agile and intuitive, making it easy to access the different sections without the need for complicated routes.
The reading is pleasant. They do not use an excessively technical vocabulary and rely on images and graphic resources to transmit the information. It is easier to recognise a logo than a ticker or a complex name.
Order execution is straightforward. The idea is that users can buy and sell quickly with as few clicks/taps as possible. It has been proven that a trade with too many parameters can be detrimental to the final result.
The CopyTrader operation, one of the company’s flagship brands, has been perfected to make it easy to execute.
In short, it is a platform designed so that trading is not something abstract, specific to investors with prior knowledge and experience, but rather an activity within the reach of anyone. Moreover, the interest in promoting Social Trading means that in some respects it ends up resembling browsing on any social network.
Is eToro reliable?
According to numerous opinions, there is only one answer to the question of whether eToro is reliable: no. Given the avalanche of arguments, you would be hard pressed to find anyone who would say otherwise.
Let’s start from the premise that scams are usually short-lived, just until the fraud is uncovered, but eToro has been in business for 15 years with an unblemished track record. Long enough to be able to say that eToro is reliable.
Then there is the role of the supervisory and regulatory agencies behind eToro. It is not difficult to verify the veracity of the licences held by the broker. Let’s start for example with the British FCA, where eToro holds license 583263 as we can see on the agency’s own website by clicking here:
FCA authorisation details
In itself, the FCA’s packaging would be enough to determine whether eToro is trustworthy. But this is not the only licence it holds, the broker is also listed on the CySEC Cyprus files under licence number 109/10. This licence allows it to operate within the whole of Europe. You can check the veracity of the information by clicking directly here:
Details of eToro’s CySEC licence.
It is also licensed in Australia through ASIC. The specific licence, called Australian Financial Services License (AFSL) has the number 491139 and can also be consulted directly on the agency’s website by clicking here:
Details of the AFSL licence in Australia
Already the boasting of these three licences should be enough to trust this company, regardless of any discrepancies in eToro’s opinions. However, another compelling reason to say that eToro is a reliable broker is its IPO.
Prior to each IPO process, the applicant has to provide a series of documentation that will be supervised by the SEC (equivalent to the Spanish CNMV) for approval. All this information is available in the file that Fintech Acquisition V, the SPAC with which eToro is going to merge, has open. What better example to prove that eToro is reliable than to remain under the scrutiny of the world’s toughest regulator?