Everything You Must Know About eToro Account Types
eToro is an online broker who gives to their wannabe-traders many different kinds of accounts to satisfy any customer need. Those typologies of accounts differ very much between them and they are divided in the following types:
eToro Practice Account
When approaching a broker online for the first time, it should always be done with a demo practice account.
eToro Practice Account will allow the customer unlimited free access to the platform and giving at the same time the possibility of trying-out all the operations available on the platform. It also includes a virtual $100,000 balance and the chance of investing in any financial assets available also on the real stock trading platform.
To use a practice account you just need an email address, a telephone number and choosing a username.
eToro Standard Account
The famous Israeli online broker gives the possibility ì to any retail or non-professional trader to open an eToro Standard Account and execute live trading operations.
All you need to start with an eToro Standard Account is following the same process as for the Practice Account, signing some papers, adding documents able to prove your identity (like an ID or a passport) and a proof-of-residence where it is shown the same address put in the aforementioned papers.
Once finished with bureaucracy, all you’ll have to do is deposit the requested amount of money for minimum deposit. eToro minimum deposit worldwide is $200, with the exception of:
- Australia: minimum deposit is $50;
- USA: minimum deposit is $50;
- Israel: minimum deposit is: $10.000.
eToro Islamic Account
For those who follow the Islamic faith, eToro gives to its Muslim traders the chance to open an Islam Account. To abide Islamic religious rules, eToro does not charge in this case any form of SWAP fee while using this kind of account.
To open an eToro Islamic Account, you must contact eToro customer care and then make a $1,000 minimum deposit.
Professional Account (eToro PRO)
Because of the fact that this broker complies with ESMA standards, it divides traders in two main typologies: retail traders and professional traders.
For the European Union, to qualify a professional trader the trader has to satisfy two on three of these requirements:
- A large trade volume of10 transactions minimum and a total value of $500.000;
- A financial portfolio exceeding $500.000 in balance;
- A professional experience of one year (at least) in the financial sector.
eToro PRO traders receive many benefits and PROs, such as:
- A dedicated account manager;
- A higher leverage (up to 400:1);
- Competitive spread and fees.
eToro Club Membership
eToro has also a brand new addition which regards its account types:. Its last creation is a program now called: “eToro Club”.
eToro Club Membership is divided in five tiers, every one of those with specific upgrades able to enhance the overall eToro experience.
eToro Club Membership Tier-list is divided as it follows (top list is the lowest tier, while at the end of the-list there’s the highest tier):
If you are interested in a deep insight of this membership, you’ll also be interested in this eToro club membership review.
eToro: Where Is It Available?
eToro has many licenses and financial entities around the world which gives to this online boker to operate in different parts of the world. For instance, eToro is a certified online broker in Europe thanks to its CySEC licenses.
But there are also some countries which are not included in this offer, which includes…
- Congo Republic
- Democratic Republic of the Congo
- North Korea
- Bosnia and Herzegovina
- Crimea Region