Etoro is one of the most impressive forex brokers in the industry today. What makes etoro stand out is copy trading and social trading Futures. Many Traders are flocking onto etoro platforms hoping to make an easy buck. In as much as that is quite interesting to talk about, that’s not our concern today.
In this etoro review, we are going to talk about etoro minimum deposits and how to transact with etoro. If you have been trading forex for a while, we do not need to explain to you the need to have seamless transaction methods on your forex broker. We’ll also answer questions such as, what is the minimum deposit in etoro? what is the minimum amount i can invest in stocks? How much is the first trade minimum deposit? And many more.
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The conversation about minimum deposits is quite an interesting one as well. Note that the minimum deposit, is always different on different trading accounts and on different forex brokers. Some are low and some and there are reasons for that. The main question is how affordabe are they,to different kinds of forex traders? Obviously, you will not be able to trade on any forex broker if you cannot make the minimum deposit.
So, what is the minimum deposit on etoro?
In order to make better sense of the minimum deposits required to be able to trade on etoro, we have to first discuss about etoro trading accounts.
Etoro Trading Accounts
It has always been a very unique account from the word go. As such, etoro’s account framework is quite unique as well. While other forex brokers have long lists of trading accounts, etoro has only one trading account.
The best thing is that before you get onto the real a Toro trading account, you have a chance to familiarise yourself with the trading platform on a demo account. The demo account on etoro is quite realistic and it will give you a good experience of what you should expect when you get onto the real account.
Now to the Business of the day!
Etoro does not have one fixed minimum deposit. The minimum deposit for an etoro account vary depending on which country you are trading from. The least amount ask for is from USA and Australian Traders, have to deposit a minimum of $50 in order to get started. Other countries have to pay significantly higher etoro deposits, with the deposits going as high as $10000 for Israeli Traders. The etoro minimum deposit south Africa is $200.
This is quite unique of etoro, and it has its pros and cons. Traders from the USA and Australia will find it quite easy to get started on etoro since $50 is an amount that most people in these countries can afford. The etoro minimum deposit 2019 are quite controversial, but they do not lock many out either.
Now that we have a good idea of the kind of funds that will be required for you to start trading on etoro, let’s talk about how you get the funds into the trading account.
Etoro funding methods
When we talk for funding methods, we are talking of the channels through which you can deposit funds in your trading account. It is the same methods that you are going to use to receive your funds when you request a withdrawal.
Etoro is like any other modern online business. That means that it has to work with the standard methods of transacting online. Generally, these methods are divided into three major categories. They are;
- Credit and debit cards
- Bank/wire transfer
In the paragraphs that follow, we are going to explore how etoro works with each of these methods.
Credit and debit cards
It is going to be a while before credit and debit cards are out of fashion as a great method of transacting online. Card transactions are usually seamless and convenient. Etoro knows that most of its target market uses credit card to transact online.
There are many credit card companies, but it works with the most trusted ones. Here are the most notable credit card service providers that etoro works with.
The biggest advantage of using cards to deposit to your account is that your funds, will reflect on your trading account immediately. Card transactions are usually verified immediately, and eToro will add the funds to your account once the transaction has been verified.
It is also important that you keep in mind that you will incur some deposit charges. These charges are not from etoro though, they are from the service card or bank. Etoro holds trading balances in the US dollar. Therefore, it is best if you can make your deposit in the dollar. That does not mean that you cannot deposit any other currency that you’re holding. You will incur a conversion charge though, since it all has to convert the currency into the dollar. The amount that will reflect on your trading account is the equivalent of your currency in dollar minus the conversion charge.
One of the major drawback of using credit cards to deposit on etoro is that they will be rejected if you are moving around a lot. Among the information that is used to verify the transaction is your address. If your location has changed, and it does not match the address registered on the card it is highly likely that your transaction will be rejected. If you have to move around, ensure you notify your card service provider to avoid any inconveniences.
E-wallets are the modern way of making payments online. There are a lot of e-wallets that are available to online businesses today. Many people have fallen in love with your legs because they are seamless and quite convenient. Transactions are verified and completed instantly.
Etoro knows better than not to have the best ewallets on its platforms. The other impressive thing is that it has quite a variety of them. Among the evil let’s available on etoro are;
- GiroPay , etc
Just like is the case with cards, any church that you in car while depositing using an e-wallet is by the e-wallet service itself and not etoro. However, if you are depositing in a different currency other than the US dollar, you are going to incur a small conversion charge. Ewallet deposits also instant. You can expect your trading funds to reflect on your trading account immediately you hit the send button on your e-wallet account.
While there is quite a variety of wallets on etoro, not all of them are in all countries. Some are restricted to certain countries only. Many people around the world will be able to use just one or two of the services outlined above. Ultimately, you will only be able to use the ewallet permitted to operate in your country.
All transfers have been around even before the onset of forex trading. It is a method of transaction the other has been adopted by almost all online businesses despite being an old-fashioned way of transating. There are quite a number of reasons behind that.
One of the most significant reasons, is that it is the safest method of transacting. Many people who are always wary of online transactions, and their fears are not unrealistic at all. There are a lot of unscrupulous characters on the web today seeking to take advantage of people transacting online and steal their hard-earned money. Wire transfers are available on eToro, and they are the best option if you are depositing huge amount.
The major Downside of using wire transfer is the time it takes for the transaction to be verified and completed. Depending on the bank you are using, a wire transfer might take anywhere between 5 to 7 business days to complete. What transfers are also quite expensive as compared to the other methods of transacting online.
With regard to which currency you are holding, wire transfers work in a similar fashion as the other methods we’ve discussed above. You will incur a conversion charge if you are depositing your money in a different currency.
As you mentioned earlier, these methods are the same methods that you use to receive your money when you make a withdrawal request. Why receiving your money, they work in a similar fashion as we’ve discussed above. If you’re using cards or you e-wallets, you will receive your funds in a very short while. If you opt for wire transfers, you’ll have to wait for a couple of days to receive your funds. etoro fees are not the cheapest though. That should not be a major concern so long as the etoro returns are good. EToro India is one of the platforms on which traders register very impressive returns.
Have it in mind that the method you use to deposit funds is the same channel that your funds will be send through after a withdrawal request. All withdrawal requests are processed within 24 hours from the time you made the request. The etoro minimum withdrawal is $2. That means that you must have a minimum of $2 on your trading account in order to request a withdrawal.
eToro is a fantastic forex broker in many ways. It goes out of its way to ensure that its traders never run into any challenges. One or two of the transaction methods outlined above will certainly be in your country. If you have the luxury to choose between a couple of them, you should go for the one that entails the least charges to ensure you get more profit.