eToro broker Accounts

eToro Account Type

eToro offers several types of accounts to cater to different trading needs:

1. Retail Account: This is the default account type for most users, allowing access to a wide range of assets, copy trading features, and smart portfolios. Retail accounts offer the highest level of consumer protection, but leverage is limited to 1:30 for major currency pairs.

2. Professional Account: Designed for experienced traders, this account type allows the use of higher leverage, up to 1:400, but requires users to meet specific criteria to qualify. Professional accounts do not receive the same level of consumer protection as retail accounts.

3. Islamic Account: This account type is specifically for Muslim traders and complies with sharia law, meaning no overnight fees or interest are charged. A minimum deposit of $1,000 is required to open an Islamic account.

4. Corporate Account: Intended for legal entities and businesses, this account type allows trading with capital belonging to a corporation. A minimum deposit of $10,000 is required.

5. Demo Account: eToro provides a demo account with $100,000 in virtual funds for users to practice trading without risk. This account has no time limit and allows traders to familiarize themselves with the platform.

eToro Broker Account Opening Process

Opening an account with eToro is straightforward and can be completed in a few steps:

1. Visit eToro's Website: Go to the official eToro website and click on the "Join Now" or "Trade Now" button.

2. Fill Out the Registration Form: Enter your personal details, including your name, email address, and password. You can also register using your Facebook or Google account.

3. Verify Your Email: Check your email for a verification link from eToro and click on it to confirm your account.

4. Complete the KYC Process: To comply with regulations, you must provide proof of identity (e.g., passport) and proof of address (e.g., utility bill). This process helps prevent money laundering and ensures the security of your account.

5. Fill Out a Questionnaire: After verifying your identity, you will be asked to complete a questionnaire regarding your trading experience and investment goals.

6. Make a Minimum Deposit: Depending on the account type, the minimum deposit can range from $10 to $10,000. For example, a retail account generally requires a minimum deposit of $200.

7. Start Trading: Once your account is verified and funded, you can start trading on the platform.