There are a lot of factors to consider to know if eToro is ideal for beginners but let’s list the most important ones to determine this. A broker that is suitable for newbie traders must have:
- A user-friendly platform – eToro has a simplified online trading platform that can be accessed on any browser or via any of their mobile apps. The user interface is pretty easy to understand and has an unlimited demo account that can be used to test out the platform.
- Low minimum deposit requirement – eToro’s minimum deposit requirement ranges from $50 to $1000 depending on which country you reside. It’s not as low as what other brokers require but if you’re serious about trading then this is not really an issue.
- Excellent customer service – It’s important to be with a broker that takes good care of their clients especially when they need assistance or help. Fortunately, eToro’s agents are easy to get in touch with and are dependable in providing support.
- Lots of educational resources especially for novices – There’s a dedicated eToro Trading Academy that has a plethora of educational materials including guides, videos and other informational resources.
- Reasonable trading fees – The fees that you need to pay when using eToro’s services are just the spreads and conversion fees. These are relatively low as compared to the fees of other known brokers.
- Licensed by a trusted financial regulator – eToro has a license from CySEC (Cyprus), ASIC (Australia), FCA (UK) and FinCEN (USA) and these are strong indications that they are trustworthy and safe.
- Quick registration process – Opening an account will only ask for a username, email and password initially so you can have one actively running in less than a minute. Keep in mind that you’ll eventually need to complete your profile (note: all brokers require this) so this will require an additional few minutes of your time. You can quickly register for an account here.
In general, these are the basic criteria that you need to look for especially if you’re just starting your online trading experience so to answer your question, yes, eToro is ideal for beginners.