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eToro payment methods: Capitalize your account and start trading CFDs!
Through eToro’s social trading platform customers can trade forex and CFDs. The broker was launched in 2007 and is based in Cyprus with eToro (Europe) Ltd. Social trading offers additional interesting aspects for trading due to the possibility to copy other traders. In order to trade via the broker, not only must a trading account be opened, but a first deposit must also be made. In the following article we will look into the question of whether an eToro minimum deposit is required and which payment methods are accepted to capitalize the account.
- Minimum deposit varies from country to country
- different payment methods available
- after the first deposit, minimum amounts must be observed
- non-verified accounts with deposit restrictions
Is there an eToro minimum deposit?
eToro is an established broker with a focus on social trading. Over the years the broker has been able to expand its offer and now offers numerous social trading functions which may be interesting not only for beginners. Via the platform, members can exchange information with other members of the community. In addition, Popular Investors that match their own requirements can be found and copied. Those who like the concept of the broker need a fully verified trading account to use all functions.
When opening an account, the minimum deposit should also be worth a look. There is an eToro minimum deposit which is 200 USD. The minimum deposit is the first deposit to the trading account. Depending on the country the first deposit can be between 50 USD and 10,000 USD. For example, the minimum first deposit amount is 50 USD for customers residing in the USA and 500 USD for customers from China. A minimum deposit is not uncommon among Forex and CFD brokers in the market.
Certainly it is desirable especially for less capital-strong traders if the amount of the first deposit does not create too high a hurdle. Not only for private clients eToro calls for a minimum deposit but also for corporate accounts. The minimum amount for corporate accounts is USD 10,000.
CHOICE OF ETORO PAYMENT METHODS
In order for traders to be informed in advance about the accepted payment methods, the broker lists the options via the website. Depositing the eToro money is possible using one of the listed payment methods. Payments can be made by credit or debit card. To make the payment, the card number, expiration date and CW must be provided. Payments can also be made by bank transfer. However, it may take up to 7 business days before the amount is credited. In comparison, payments with credit card are much faster.
If you have online banking, you can make payments in real time via Giropay. Payments with Giropay instant bank transfer have the advantage that the instructed amount is credited to the trading account promptly. Among the payment methods there are also various online payment services, including:
In addition to the listed payment methods, there are other options in the selection. The payment options show that the broker operates internationally and accepts payment methods from different countries such as Yandex from Russia and China Union Pay from Hong Kong.
Good to know: In order to deposit money to the trading account, you need to log in to the personal client area, specifying your username and password. The menu item “Deposit Money” allows you to define the amount of the deposit, currency and payment method.
WHAT ARE THE MINIMUM DEPOSIT AMOUNTS?
There are some important aspects in the conditions of a broker that traders should be aware of. Minimum and maximum deposit amounts are also of interest. Apart from the eToro minimum deposit, there are also minimum amounts for subsequent deposits which need to be observed after the first deposit. If a deposit is to be made by bank transfer, the minimum amount is 500 USD. For the other payment methods, the minimum amount is 50 USD.
There are also maximum amounts, which vary depending on the payment method used. For example, the maximum amount per credit card payment is 40,000 USD. Credit card payments are possible with Visa and Mastercard. If you make a deposit with Giropay, you can choose a maximum amount of 30,000 USD. Deposits via PayPal can be a maximum of 20,000 USD.
As far as the maximum amount is concerned, there are no restrictions on bank transfers. However, Skrill and Neteller have a maximum amount of USD 10,000 each. Especially for traders who want to fill their trading account with a large amount of money, the maximum amounts listed play a role. The minimum amounts for deposits are customer-friendly except for payments by bank transfer. Those who wish to deposit funds into the trading account that exceed 50,000 USD per payment can do so by bank transfer.
In what account currency is the trading account maintained?
When opening an account, some information must be provided, including the account currency. Many brokers offer a choice of base currencies. If you are familiar with eToro deposits you will quickly notice that there is only one account currency. Trading accounts with eToro are kept in USD, which is not negligible if you want to deposit in Euro or a currency other than US dollars for example. Conversion is done at the current exchange rate when deposits are not made in US dollars.
A conversion fee is charged, which results in additional costs. If a Euro deposit is converted by bank transfer, there will be a 50 pips conversion fee for converting to US dollars. For information on conversion fees for other currencies, please refer to the provided fee table. If deposits in Euros are made by payment methods other than bank transfer, conversion fees will also apply. For the EUR/USD instrument, a fee of 250 pips is estimated for the conversion.
In addition, a crypto-transfer fee is also included in the broker’s conditions for deposits. Customers have the option to transfer crypto currencies from the eToro account to the eToro wallet at the broker. For this purpose the crypto coin transfer service can be used if available for your country.
DOES THE BROKER CHARGE WITHDRAWAL FEES?
There are different reasons why traders may want to withdraw from their trading account. On the part of the broker there are no fees for deposits apart from the conversion fees. At this point we would like to discuss the eToro payout and also look at any limits. A payout can be made from a minimum payout amount of 50 USD.
The payout fee is 5 USD. If a payout is not converted to US dollars but to another currency, there will be a conversion fee. A conversion fee of 250 pips will also be charged for EUR/USD withdrawals.
A withdrawal can be conveniently requested online via the personal customer area. To do so, please go to the menu item “Withdraw money”. The payout amount must be entered in US dollars. Once the withdrawal form has been filled out completely, it can be sent off. The processing of a withdrawal may take up to one business day. In order to avoid delays in the withdrawal process, it is important that all necessary documents are provided. It may take up to 8 business days for the withdrawal amount to be credited. How long it takes for the withdrawal amount to be credited to your account also depends on the payment method used.
Note: Cash outs are usually paid out via the deposit method. If a deposit was made with a specific credit card, the payout will be made to that same credit card.
CLARIFY QUESTIONS ABOUT DEPOSITS AND WITHDRAWALS VIA CUSTOMER SERVICE
Questions may arise on various points of the offer, which can be clarified via customer service. If there are any questions regarding the accepted payment methods or the modalities of eToro payout, customer service can be contacted via online support. A phone number can only be found for eToro OFF. For customers in this country there is no German phone number among the contact options. A fax number is only provided for eToro (Europe) Ltd. The service times for online support are customer oriented. Support is available around the clock from Monday to Friday.
The broker’s website is equipped with a clear menu navigation so that the topics you are looking for are easy to find. In addition, the provision of information also includes a help centre equipped with a search function. Not only on the subject of “deposits and withdrawals” you will find interesting information, but also on categories such as my account, copy trading and more. Through the Trading Academy, the Broker offers learning content that is delivered through the following channels:
- Live Webinars
- Trading Videos
Anyone who would like to learn more about how to use the social trading platform can register for a corresponding webinar. The e-courses offered deal with various topics such as capital management and market analysis.
What role does verification play?
Account verification must be successfully completed for eToro to be able to withdraw money without any problems. As mentioned before, all the necessary documentation must be in place with eToro before a withdrawal can be processed. Two key elements of verification are proof of identity and address. A valid passport can be used to prove identity. Under certain circumstances a driver’s license can also be used as proof of identity if it has been issued by an authority. One of the following documents can be used as proof of address:
- Telephone bill
- Internet bill
- account statement of the bank keeping the account
- utility bill, for example electricity or gas
When choosing proof of address, it is important that the full name and also the address are legible. Furthermore, the invoice or bank statement should not be older than 6 months. At eToro customers have the option to upload the required documents via the eToro app.
If the ID document is labeled on both sides, a copy on both sides is required. The scanned document should be displayed legibly. Those who have not completed verification can only make deposits of $2,250 USD. Verification is therefore an important factor in being able to take full advantage of eToro’s service.
SECURITY MEASURES AT ETOR
eToro has several security measures in place that relate to the deposit process. Special attention is paid to the protection of sensitive customer data. SSL encryption is used during transmission to secure the deposit process. Furthermore, deposits to the eToro account can only be made using payment methods that can be assigned to the merchant account holder. Transfers to the eToro account by third parties are not possible.
Not only can you open an individual account with eToro but also a joint account. If you want such an account you can contact customer support with this request. With a joint account, deposits and withdrawals can also be made by the spouse, for example. If you are a private customer with a trading account with eToro you cannot make payments from a business account to a trading account. However there is the possibility to open a business account with eToro.
The broker is based in Cyprus and is regulated by the Cyprus Securities & Exchange Commission (CySEC). In addition, eToro (UK) Ltd. based in the United Kingdom is regulated by the Financial Conduct Authority (FCA). Overall, the broker’s hedging environment is proving to be satisfactory, and not only in terms of the deposit process and eToro payout.
START TRADING WITH CFD AFTER CAPITALISATION
Once the trading account is funded, you can start trading CFDs and Forex. The broker’s trading offer is well presented and includes underlyings from major asset classes. Forex trading also offers many investment opportunities for private investors. eToro’s forex trading offer includes not only the most commonly traded currencies like EUR/USD, but also Minors. At eToro stocks can also be traded without leverage, which provides additional trading opportunities. In addition, instruments from the following asset classes can be traded through eToro:
Commodities on offer include popular instruments such as gold, silver and oil. Also large indices and interesting ETFs can be found on the eToro platform. To meet the needs of different types of traders, crypto currencies are also available for trading via eToro. The selection proves to be convincing and also provides less well-known names like NBB and XTZ.
The eToro experience payouts are usually only made after the trade has been actively implemented. If you’ve made profits from CFD trading and don’t want to reinvest, you can get paid out starting at 50 USD. The broker does not offer free payouts, so fees for frequent payouts can quickly accumulate.
INVEST CAPITAL VIA COPYPORTFOLIOS?
The capital on the trading account can also be invested in copy portfolios. To do this eToro offers two different copy portfolios to choose from, Top Trader Portfolios and Market Portfolios. The CopyPortfolios are professionally managed and monitored. Which assets are included in such a portfolio corresponds to a pre-defined strategy. There is also an eToro minimum deposit when investing in CopyPortfolios. The minimum investment for this product is USD 5,000.
Only a few steps are required to invest in a CopyPortfolio. First of all, you have to decide on a portfolio that fits your investment goals and personal risk tolerance. Once a portfolio has been selected to match your strategy, the amount to be invested can be determined. Now the process only needs to be confirmed by clicking on the “invest” button. It is possible to end the investment in a CopyPortfolio at any time.
The minimum investment is higher for CopyPortfolios, as several positions are opened at the same time. A managed portfolio can be an alternative for traders who themselves have little time to deal with market developments. To maintain the target weighting of the portfolio, it is rebalanced from time to time. If you would like to take a closer look at the products, you will find the corresponding prospectuses.
Conclusion: Payments by Giropay, credit card and PayPal
Deposits and withdrawals at eToro can be made through various payment methods. Among the payment methods the broker accepts are instant bank transfers via Giropay, debit and credit cards and online payment services such as PayPal and Skrill. If you want to transfer the first balance to your trading account with eToro you need to make a minimum deposit of 200 USD. Further deposits which are not made by bank transfer are possible from a deposit amount of 50 USD.
The account currency for the trading account is the US dollar. There is no choice of base currency for the trading account. If deposits and withdrawals are to be made in Euro, conversion fees will apply. There are also fees for the eToro withdrawal which are 5 USD per withdrawal. In addition to minimum amounts, there are also maximum amounts per transaction for deposits. The only exception to this is that there is no maximum amount for deposits via bank transfer.
eToro’s online support is available around the clock from Monday to Friday. However, a German phone number is not provided for contacting them by phone. If you don’t fully verify your trading account with the required proofs, you will have to accept deposit restrictions. The required documents can also be provided by scanning the documents via the eToro app. With CopyPortfolios the broker presents a product for which a minimum investment of 5,000 USD is required.