07 Jun eToro Singapore Review | Get Started with eToro in Singapore
eToro Singapore Review | Introduction
If you’re reading this article chances are you’ve heard of eToro. eToro is a well known Fintech startup that has its roots from Israel where it was initially established. eToro is also not new to the brokerage and trading scene as they started operating back in 2007.
Although eToro started off initially as a general trading platform, it has in recent years added cryptocurrency and various other trading instruments to keep up with the constantly changing demands of investors and traders alike. Today eToro is also a pioneer and best known for their ‘Social Trading’ feature on their platform. In fact eToro is today best known for being a ‘Social Trading Platform’ true to their innovative manner in which they operate. eToro was in fact the pioneer of adding social features into a full fledged trading platform with the use of CopyTrading and CopyPortfolio features on their platform.
There are currently well over 6 million registered and active users on the eToro platform – which makes it a leading broker in Singapore and worldwide.
eToro Trading Platform History
In 2011, a big step forward came with OpenBook, the first so called social trading platform in the world. This included the then-new CopyTrader feature, which let anyone copy successful traders – which was absolutely a feature that brought eToro to traders around the world. In 2012, eToro subsequently added stocks to its asset class, which also included currencies and commodities. Circa-2013, they laughed the eToro mobile app for both Apple and Android phones – which greatly expands the platform’s reach around the world again. eToro also started offering cryptocurrency trading right about this time, hence making I possible to trade Bitcoin and other cryptos via CFDs.
Around 2015, eToro embarked on a platform interface upgrade that costed million of dollars and brought about a fresh, new intuitive and innovative user experience for its millions of traders worldwide. The now well known CopyPortfolio was launched around 2016, which managed portfolios that bundled various assets or top traders with a selected market strategy.
In January 2017, eToro expanded its offering of cryptocurrencies by adding various other smaller cryptocurrency trading ability into the platform. This includes the likes of Litecoin, Ethereum, XRP and others.
Last year, in 2019, they also launch eToroX – which is a full crypto to crypto exchange.
Is eToro Legal in Singapore?
Does eToro Have a Singapore Office?
Singapore based traders however can avail themselves to the excellent support and customer service that eToro is well known for. Customer support is available for traders worldwide via their platform using emails, phone support, live chat as well as a ticket system. All enquiries are dealt with in less than 24 hours via electronic means.
You can also check out another comprehensive review on eToro we did not too long ago for international traders here.
eToro Commissions & Fees for Singapore Traders | eToro Singapore Review
As eToro is a market-maker broker and lists a typical minimum fixed spread of three pips on the EUR/USD, which is the usual standard rate charged by most brokers.
However eToro is not a platform that’s known for its cheap spreads, but rather for its innovative trading platform and social trading capabilities tools.
eToro Trading Account Categories | eToro Singapore Review
There are a number of key eToro trading accounts that you as a trader from Singapore could quality for depending on your trading volume of course.
- VIP accounts: This account category offers a VIP club membership with five tiers ranging from gold to diamond for traders who maintain balances between $5k -$250k. Depending on your level, benefits vary from a dedicated account manager to discounted withdrawal and deposit fees. You can also avail yourself to access to private signals, and exclusive assets, among other VIP-style account benefits. Refer to the table below for full details.
- Account tiers: eToro’s Popular Investor program has four levels – starting from cadet to elite. This is where you can can be eligible to receive various perks ranging from spread rebates to a monthly payment and even a management fee rebate for those who reach elite status. Unlike an active trader program, which usually requires volumes or deposit thresholds to be met, the Popular Investor program on the other hand encourages traders to focus on producing successful results to receive applicable incentives – which is another great feature of eToro’s platform.
- Cryptocurrency trading: The fee for exchanging crypto to fiat on eToroX is fixed at 5% (based on an eToroX fee of 1% plus a 4% Simplex fee), while converting from crypto to crypto is only 0.1% with a minimum trade size of $20 and maximum of $10,000 per transaction. In terms of crypto trading costs, the spreads at eToro range from 0.75% on Bitcoin (BTC) to as much as 4.5% on crypto-assets such as Miota (IOTA) which is very attractive compared to other cryptocurrency trading platform in Singapore.
eToro Minimum Deposit Amount
eToro’s minimum deposit amount is just $50 to start trading on a live trading account from Singapore. You can fund your eToro trading account via various options such as Credit Card (Visa, MasterCard, Diners Club, Maestro), PayPal, Neteller, and Skrill.
This offers you great flexibility to choose any of the above to fund your new eToro trading account accordingly.
eToro Trading Platform and Tools Available | eToro Singapore
eToro Singapore has done an amazing job at creating a self-directed trading and copy trading ecosystem under a unified trading experience for traders worldwide including those from Singapore. It’s proven to be a winning combination without a doubt.
At eToro ease of use is at the heart of the trading platform experience. It is also surprisingly easy to carry out basic operations and do things quickly, such as creating several watchlists and adding instruments by searching available markets to trade with.
Placing and executing a trade from each watchlist is also a breeze. These qualities have helped eToro rank the Best in Class in the Ease of Use category, as well as for Beginners in 2020 in an independent trader survey undertaken recently.
Here are some of the tools you could avail yourself to when you open your eToro trading account from Singapore today.
- CopyPortfolios: An innovative tool by eToro. eToro groups traders into a single fund you can then copy trade. CopyPortfolios help bridge the gap for investors who want to use eToro on a passive basis, as they can create a portfolio based entirely on one or more CopyPortfolios. On the other hand, self-directed traders can also use CopyPortfolios to diversify their trading, making it useful for all eToro clients.
- Cryptocurrency: In addition to self-directed trading across 93 cryptocurrency CFD pairs (which is HUGE!), users can find crypto trading ideas and copy other individual crypto traders or groups of traders. For investors who are interested instead to trade the underlying crypto assets, eToroX offers the eToro Mobile wallet app that acts as a custodian.
- Copy-trading: All traders on eToro trade manually. Fully automated trading systems are in fact not permitted, which means when you copy another trader, you can be sure they are placing each trade manually. This is handy to know as many other social trading platforms that aggregate the performance of traders usually permit both manual and automated strategies, whereas with eToro they are all manual trades. Hence you can be certain they are all executed individually by the trader conceded that you’ve set you mind on copying.
Here you can easily see various other traders from Singapore 🇸🇬 boasting some pretty impressive return (screen grab taken on 05 June 2020) with some over 100% return in the past 12 months. You can then easily start copying these traders and take advantage of such profitable trades too! Amazing feature ain’t it?
Conclusion | eToro Singapore Review
eToro offers one of the best platforms for you as a trader in Singapore to copy or emulate other successful traders in real time easily. The ease of use of the platform also makes it a lot easy for you to trade successfully, and is perfect even if you’re a complete beginner.
At Marketpotentials.com we do highly recommend this platform to Singapore based traders who’d like access to an intuitive, easy to learn platform that incorporates cutting edge social trading capabilities. Instead of trying to study the markets and have extensive knowledge on technical analysis, risk management and mitigation strategies etc, all you got to do is pick a successful trader with a proven history and follow exactly what he/she does to start earning some impressive returns via trading.