With over ten million users across 140+ countries, eToro is undoubtedly one of the biggest online trading and investment platforms in the world. One of the major reasons eToro stands out is its wide trading options, including stocks, ETFs, cryptocurrencies, and CFDs.
But besides that, eToro has consciously grown its platform to suit the demands of its vast community. Its security is top-notch, and its ease of use deserves a round of applause. Little wonder that the platform boasts of over 346 million opened trades.
So, if you’re looking forward to starting your eToro trading journey right away, the first question on your checklist should be how to create an account on the platform. In this article, we’ll answer that question and guide you through the entire process of setting up your verified eToro trading account.
Table of Contents
- Types of eToro Account You Can Create
- How to Create an eToro Account as a Beginner
- After Creating Your Account, What Next?
- Frequently Asked Questions (FAQs)
Types of eToro Account You Can Create
Before we dive further, let’s familiarize ourselves with the five different types of accounts that eToro offers. Each of them comes with its peculiar features, and you can have more than one account if you want. Let’s take a look at them:
1. Demo Account
As a beginner or expert using eToro for the first time, a demo account is definitely where to get started. Even if you did copy-trading, you’d still need a little practice to see how it worked, right? eToro offers a demo account (also called Virtual Portfolio) with virtual currency of up to $100,000 to help you get acquainted with trading before going on a live account.
In the demo account, you can trade stocks, ETFs, and cryptocurrencies. You also get to learn how eToro’s copy-trading feature works and how to navigate the platform. So, how can I create a demo account? Read on to find out how.
2. Standard Live Account
As a beginner, you can go live when you’ve gotten acquainted with trading forex on eToro’s practice account (demo). However, if you’re already a professional looking to start trading on eToro, it is still the same process.
eToro’s live account is equipped with rich features that help you trade and invest hassle-free. The minimum deposit to get started with is $200, but you can choose to go higher than that. This amount may vary from country to country. So ensure to read eToro pricing terms before you proceed.
3. Islamic Account
As a Muslim, this account is specifically for you. It conforms strictly to Sharia law. It allows you to trade stocks, ETFs, CFDs, or crypto on eToro without fear of breaking any regulation as stipulated in the law.
Since interests and charges outside the normal trading charges are non-compliant and perceived as exploitation by sharia law, the Islamic account does not allow it. The minimum deposit is $1,000 or higher.
4. Corporate Account
If you’re looking to expand or include more instruments, you can get the eToro corporate account. Like its name, it is an account for corporate bodies, such as your company or a group. Anyone can open a corporate account as long as they meet the requirement of a corporate body.
The minimum deposit for this account is $10,000 or higher. You’d be required to provide more documents than required in your personal (standard) live account, and an account manager will be assigned to you too.
5. Professional Account
To use this account, especially as a trader within the EU, you need to meet at least two of these three basic requirements:
- You must have a minimum of 1 year of experience working with a financial company.
- At least 10 of your last forex trades must have amounted to a total minimum of $500,000.
- You should have a minimum financial portfolio of about $500,000 or more, excluding assets.
If you meet two out the requirements, you’re good to get started with the professional account. You can proceed to create an account with eToro, get a support ticket, and upload the required documents. A professional account allows you to trade high leverage of about 400:1.
How to Create an eToro Account as a Beginner
Step One – Creating and Setting up Account
Visit etoro.com and navigate to the “Sign Up” or “Join Now” button at the top right-hand corner of the page. You can easily do this by using this sign-up link.
Enter your Username (it mustn’t be your real name), email, and a unique password. Agree to the terms and conditions, then hit the “Create Account” button. You can as well, in one click, sign up using Facebook or a Gmail account.
Immediately, you’ll receive a confirmation email at the email address you provided. Open the email and “confirm” the account creation. The confirm button will direct you back to the eToro website.
Step Two: Complete Your Profile
The next step is to complete your profile, otherwise known as KYC verification. KYC means “know your customer.” It’s a verification procedure that enables eToro to verify your identity. This is pretty safe, and virtually all trading platforms do it to reduce instances of scams. Moreover, eToro is mandated to do it by law to help the authorities curb money laundering through these platforms.
By default, your eToro accounts come with a deposit limit, which will be lifted when you complete your profile. To do this, go to your eToro account dashboard and click on the “Complete Profile” button at the top right-hand corner of the page.
It will pop up.” a screen that informs you on why you need to complete the verification. Click on “Confirm” to continue.
The next thing is to enter your personal details, including your real name, date of birth (DOB), trading experience, etc. Enter your mobile number to get a unique code that confirms it is you. You can also provide documents containing Proof of Identity (POI) and a Proof of Address (POA). Then click on “Verify” to proceed to the next step.
Step Three – Demo and Real Account
After confirming your identity, you will land straight to the standard live account section. You can, however, switch between the live and demo accounts any time you wish.
To switch to your demo account, click on the “Real” button directly below your profile label. It will reveal a fly-down of “Real Portfolio and Virtual Portfolio.” The Virtual Portfolio is your demo account.
Once you click on the Virtual Account, eToro will reveal a notification informing you about your intention to go demo. You can click on “Go to Virtual Portfolio” to confirm your decision. From the demo account, you can familiarize yourself with the working dynamics of eToro. You can as well check out our comprehensive eToro review of what the platform offers and whether it’s worth it.
Step Four: Deposit Funds
Whenever you’re ready to do some actual trading, click on the “Deposit Funds” button at the bottom-left corner of your dashboard. Well, you can still deposit funds whether you’re ready to go live or not. The fund is pretty safe, and no one will tamper with it. It’s your account, right?
Heads up! The minimum amount of money you can deposit in your eToro account is $200. And you can use either your credit card or crypto. However, this minimum amount varies from country to country. Well, when you’re ready to do this, eToro will inform you whether the minimum deposit for your region is less than $200 or not.
Islamic Account Creation
If you want to create an Islamic account, you can go ahead with this step. The Islamic account creation is the same as the live account creation. The only difference is the extra measure you have to take to confirm your account as Islamic.
Head straight to the customer support section and open a “New Ticket.” eToro’s customer service is always active and typically replies within 24-48 hours.
Your query should have keywords that confirm your need to create an Islamic account. You do not need to be wordy about this. Just keep it simple. The customer support will walk you through the remaining steps. It is quite straightforward.
Corporate and Professional Accounts
Opening a corporate or professional account follows the same procedure as an Islamic account. In both cases, you have to open a customer support ticket. Enter your email, name, and type of query. It is easy because there are options relating to your query to select from. After this, you should fill out a questionnaire.
When creating a corporate account, you need to provide the following documents:
- Passports of the company’s shareholders. The passports must boldly have their names and addresses and must be less than three months old.
- A utility bill of the company’s shareholders that is not older than three months.
- The company’s bank statement
- The company’s Certificate of Incorporation
- Director and Shareholder’s certification
- Certificate of good standing.
Other documents may apply. To speed up the process and get verified as soon as possible, you need to have all the required documents ready. Your account officer will guide you through all the steps, which you must strictly follow and quickly. Also, all your payment information must comply with your account or business name.
After Creating Your Account, What Next?
The next step after creating an eToro trading account is to start trading its vast forex instruments and assets. eToro allows you to trade cryptocurrencies, stocks, ETFs, and CFDs. It offers brokerage services as well as trading services. Its brokerage services may not extend to all the countries it is present in.
Frequently Asked Questions (FAQs)
eToro fees include currency conversion fees during deposits and withdrawal fees. These fees may amount to $5-10 respectively and are collated in pips. However, the platform does not charge commissions.
Yes, eToro has a mobile app available for Android and Apple users. You can use the eToro app to trade as much as you’d use the web trader.
Yes, eToro is safe and has a good reputation. The public sentiment confirms this. However, crypto, CFD, forex, and Stock trading are risky. You may lose some or all of your money, and eToro does not offer any insurance whatsoever to losses you may incur while trading on its platform. Endeavor to get financial advice where and when necessary.
eToro Bitcoin trading is just the same as eToro crypto trading and crypto trading on several other platforms. They come with risks due to the general volatility of cryptocurrency. Before you embark on any eToro crypto trade, ensure you understand what it entails and do a proper risk analysis.