eToro review

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Background Information About eToro

 

eToro is an investment and social trading platform that allows users to invest in cryptocurrencies, indices, commodities, stocks, as well as trading CFD with different underlying assets. An Israel-based company with a huge user base in Singapore, eToro offers a  social trading and multi-asset brokerage marketplace that acts as a connecting bridge between the old and new world of investing by helping investors navigate and benefit from the transition of various assets to the blockchain.

 

Established in 2007, eToro was started with the vision of making the global financial markets more accessible to anyone, anywhere, and by reducing the dependency on traditional financial institutions. The company was founded by David Ring, Ronen Assia, and Yoni Assia with an aim to disrupt the world of trading. Yoni Assia is the CEO of eToro who passion for finance and computer science led to the foundation and development of eToro company’s widespread network. Today, eToro is among the leading crypto exchanges in Singapore.

Table of content

How to open an eToro account in Singapore?

 

To open a new account on eToro, please follow the below step-by-step process:

 

Step 1: Go to the official website of eToro, and click on the “Join Now” or “Trade Now” present in the top right corner of the website. 

Step 2: On clicking on the “Join Now” or “Trade Now” button, you’ll be redirected to the sign-up page, where you have to enter your username, email address and create a password. Additionally, you can also log in via your Facebook or Google account.

Step 3: Before submitting your personal information for review, you need to read and accept the terms and conditions and privacy policy of the company by checking the appropriate box.

Step 4: Next, you have to submit the information by clicking on the “Sign-Up” button.

Note: Since eToro and its associated products are in full compliance with directives of the European Parliament and of the Council; on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, all investors have to mandatory undergo the KYC process.

Step 5: To complete the KYC process, newly registered investors are required to provide a valid Singapore government-authorized identity card (passport, driving license) and a proof of residence (ex: a valid utility bill for the last 6 months).

Step 6: As an additional step of the KYC process, new users are requested to fill out a questionnaire. This questionnaire is for eToro to ascertain how they may better provide a tailor-made service ideally suiting the user’s individual profile. Some examples of questions asked include- investor’s professional status, financial liquidity, investment goals, level of knowledge of the capital markets, etc. Once you submit all the requested details, you are ready to get started with trading on eToro.

 

How do I deposit funds to my eToro account in Singapore?

 

Funding your eToro account in Singapore is a fast and simple process. eToro offers various payment methods to deposit funds in your account. Simply select your preferred method of payment and follow the below steps to make a successful deposit:

  1. Log in to your eToro account
  2. Next, you have to click on the “Deposit Funds” or “Fund your account” option
  3. Select your preferred currency and enter the amount
  4. Finally, you have to select the preferred method of deposit and following the requisite steps.

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How do I withdraw funds from my eToro account in Singapore?

 

eToro does not mandate any specific timings for withdrawing funds, You are free to withdraw funds anytime you want. But when you will receive your funds will depend on the withdrawal method you choose. As far as withdrawals go, you are allowed to withdraw funds up to the value of the balance available in your account, minus the amount of margin used.

 

To withdraw funds, you need to use the same method and send them to the same account as previously used for deposit funds in your account. The withdrawal payment will be made in the following order of priority- 1) Credit card, 2)PayPal, 3) Bank transfer

 

Note that eToro may also ask you to provide an alternative payment method if in case they are unable to process your funds via your original deposit method.

Free quently asked questions

1Is eToro legit?

eToro is a legitimate company and is a licensed brokerage registered firm registered under various regulatory bodies to provide a wide range of services. In Europe, it is licensed under the Cyprus Securities Exchange Commission (CySEC) and in the U.K. under the Financial Conduct Authority (FCA). It is also authorized by the Australian Securities and Investments Commission (ASIC) and licensed by the Financial Services Authority Seychelles ("FSAS").

2What is the minimum first-time deposit on eToro?

eToro enforces minimum first-time deposit limits based on your region and country regulations. The minimum first-time deposit on the website ranges from $50 to $10,000. In the case of unverified accounts, the deposit amount is limited to $2,250.

3How long does it take for eToro to settle my withdrawals?

The withdrawal requests on eToro are processed within one business day, provided you have all the necessary information. However, the estimated time taken to receive your payments varies based on the method of payment used and ranges anywhere between 1 to 8 business days.