Trading with eToro means you are part of a globally-respected broker with one of the widest ranges of markets and resource bases anywhere.
Reading our eToro review will put you on the right path if you have just started trading or you are an experienced trader who has decided to open an eToro account.
Here we will delve deeper on a few points related to eToro. These will be focused around the base currencies which are available, and the eToro minimum deposit which will apply depending on your funding method and account type.
Account Base Currency
The account base currency is that which you can trade in with the broker. With eToro, this base currency is limited to USD only. With that said, you can actually deposit any currency you wish. The only point here is that the currency you do deposit would then have to be converted to USD in order to trade. This conversion would incur a fee.
As you would expect from a major forex broker, eToro makes several funding methods available for your convenience. Let’s take a closer look at each of these and how the eToro minimum deposit impacts each of them:
eToro wire transfer deposits are available to traders worldwide. With such transfers eToro fees are not applicable if you deposit in USD. If you deposit in another currency though, you will have to consider the conversion fee mentioned above. Your bank may also charge a fee, so you should double-check their policy in this regard.
The eToro processing time on wire deposits is 3-5 business days and in regard to the eToro minimum deposit on wire transfers, the first will be equal to that which applies to your account type. From the second deposit, the eToro minimum deposit is $500 on wire transfers.
Naturally, credit card deposits are available through eToro. They accept Visa, MasterCard, Diner’s Club, and Maestro so you have a lot of options. The deposit time here is also instant so you can trade with your deposit immediately.
When it comes to fees on these deposits, again there are no fees if your deposit is in USD. If you deposit another currency then you will have to pay the conversion fee.
Again, the first deposit minimum will correspond to that of your account type. Going forward from that, the eToro minimum card deposit will be $50. You should also note that not every card type will be accepted in every location around the world.
eToro deposits through certain eWallets are facilitated. Paypal, Neteller, and Skrill are all accepted deposit methods currently. As with the other methods, if you deposit in USD you will not incur any fees. The conversion fee will come into play though if you deposit with another currency.
The first deposit, as with other eToro deposit methods, will match what is required by your account type. Subsequent deposits must be at least $50.
When it comes to processing time, both Neteller and Skrill are instant whilst Paypal can take up to 7 days to become available. Skrill also provides for rapid transfer in the majority of EU countries. EUR, USD, and GBP are all available to deposit in this way.
WebMoney, GiroPay, and Yandex may also be available depending on the country where you are located and again you should note that every deposit method may not be available in every country.
eToro has recently launched their own platform to facilitate crypto trading. This is known as eToroX and you can also deposit cryptocurrency into this account. This means that you can both deposit cryptocurrency that you may have, and that you can transfer crypto bought on eToro to the platform.
The eToroX platform creates separate wallets for each cryptocurrency that you are holding. You should keep in mind that there may be fees depending on where you transfer your crypto from in order to reach the eToroX platform. With that said, the crypto fees in the sector and particularly when it comes to eToro are generally very low.
There are of course other methods available when it comes to funding your eToro account. These will be localized to fit the region and specific country you are living in and the fees and eToro minimum deposits here may vary.
In Malaysia, Thailand, Indonesia, and Vietnam, local bank transfers are available to make your eToro deposit. These transfers are typically instant and at the moment the only limitation we know of comes in Vietnam where the maximum funding limit stands at 100m VND which is equal to around $4000.
In the United States, ACH fund method is available and this can be processed within two business days. Finally, China Union Pay is available for instant deposits within the country.
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Having taken a detailed look at the various funding methods eToro make available to you as a trader, it is time to dig a little deeper in the area of eToro account types. Here we will see how these come into play when determining the minimum eToro deposit you are subject to.
If you are an eToro Standard account holder, you will have noticed that the eToro minimum deposit requirement has changed a number of times recently. At the moment, the minimum deposit here varies depending on the country you are from though it generally stands at $200 with a few exceptions.
These exceptions are the USA ($50), Australia ($50), Russia ($500), China ($500), and Israel ($10,000).
A final note here is to mention that if you have not completed eToro verification, the maximum you can deposit in total will be $2,250.
With an eToro corporate account, as mentioned above, you can trade under the name of your company. If you are holding this type of account, an eToro minimum deposit of $10,000 will apply. eToro verification on corporate accounts also needs to be completed before you can trade at all.
eToro bonus amounts and deposit bonuses are unfortunately not available at this time. This is in part for EU traders at least, related to being compliant with ESMA regulations which eToro must fully be given that they are regulated by CySEC and other respected bodies.
This also prohibits any kind of eToro deposit bonus being given to you by eToro.
This does not rule out the possibility of future eToro bonuses, but they are currently not being offered.