Despite being a straightforward social trading app, there are still many things you need to understand with regards to managing your eToro account.
From opening an account to verification and deleting one, there are still a lot of things you need to learn in managing your account on the app.
In this section, you will go through and learn the other types and classifications of eToro accounts. Make sure that you also read our extensive study of eToro.
74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
The eToro Bronze account is the first tier of eToro club membership. Everyone automatically becomes a member of this tier after simply opening an eToro account. If you’ve made a couple of positions, then your account tier will be changed based on your realized equity.
But wait, what is realized equity?
This is the amount of money in your portfolio. The term “realized equity” defines the amount of “uninvested money” appearing in your balance, that are added to the initial amount you invested in any open positions.
Your initial deposit in your eToro account is $7,000. You then opted to open a position for $2,000.
The value of your open position increases to to $4,000, but you let it remain open.
So what is your realized equity in this case?
$7,000 ($5,000 balance + $2,000 opening amount invested)
$7,000 makes you qualified for the silver tier of eToro club membership.
However, if you closed your open position at $4,000, your balance will increase to $11,000 and this would be your “realized equity”, therefore you will be accepted into the gold-tier of eToro.
Part of the eToro exclusive tiers, membership to this level requires an investor to amass at least $5,000 in equity.
The eToro Silver account or “Silver Tier” is composed of member traders that enjoys direct link to Customer Success Agent as well as other perks like access to eToro’s detailed quarterly Stock Market Analyst Report, access to live webinars and an eToro debit card (coming soon).
eToro Gold Account
To be labeled as an eToro Gold Account holder or a member of the Gold Tier Club, an investor must amass at least $10,000 in realized equity.
Benefits of being a Gold tier member includes access to a dedicated account manager, reserved slots for live webinars and professional financial analysis reports.
The eToro platinum account requires realized equity of $25,000.
Members of this eToro tier enjoys all the perks received by members of the Gold-tier plus additional ones such as: zero withdrawal fees, access to trading central research and analysis platform, use of the Delta PRO investment tracker app and a subscription to the Wall Street Journal.
Platinum Plus Account
eToro users with a realized equity of at least $50,000 inevitably becomes a member of the eToro Platinum Plus tier.
Members of this club receives all the offerings of the previous tiers plus additional perks like one-on-one Zoom sessions with a dedicated account manager, tickets to cultural and sports events plus invitations to attend financial-related events selected by eToro to help you harness your trading skills more.
eToro Diamond Account: The Highest Tier
eToro Diamond account holders should have at least $250,000 in realized equity. This is the peak of the eToro tier membership program.
Enjoying all the exclusive advantages and privileges of all the tiers above, the Diamond members also enjoys zero exchange fees and an invite to attend eToro’s Diamond events held all over the world.
UPDATE: All events are postponed due to the COVID-19 pandemic.
Opening a Corporate Account
You must know: Opening a corporate account on eToro requires a minimum initial deposit of $10,000.
Signing-up for this type of account is not as simple as opening a personal account. Here are the steps for opening a corporate account:
- Open a “Ticket” in the Customer Service page of eToro.
- Send the required information including the type of legal entity and country of your company’s incorporation, detailed description of your business, a copy of the company’s Memorandum and Articles of Association (Translate in English if not written in the English language) and the confirmation of the $10,000 minimum initial deposit to open a corporate account.
Unblocking an eToro Blocked Account
Sometimes, your eToro account may get blocked due to technical reasons. When this happens, simply contact the customer service of eToro.
If you can’t log in as an existing user, click on “Visitor” and open a ticket by registering a new email address. Wait for the customer service to instruct you on how to unblock your eToro account.
How to Cancel My Account?
If for some reason you may want to close or delete your eToro account, just simply follow these steps.
- Click on “Settings” from your profile page.
- Select “Account”.
- Then click on “Close your eToro account”.
Take note: You will be asked for the reason why you decided to leave and options include payment or account issues, platform not meeting your needs, privacy concerns, personal reasons or other reasons which would need further explanation.
Close all open positions and withdraw funds over $25
To make a withdrawal request, simply:
- Click “Withdraw Funds” from the menu.
- Enter amount in USD.
- Fill-up the electronic withdrawal form.
- Click “Submit”.
Process of Account Verification
Another important and mandatory process in creating your eToro account is the verification phase.
First, you need to verify your registered phone number by having eToro send you an SMS of a number code.
After you enter it, you will be taken to the next steps of verifying your account, which simply consist of uploading a proof of ID (POI) and proof of address (POA) documents.
For proof of ID you can submit any of the following:
- Driver’s license
- Any government issued identification cards
On the other hand, here are the documents you can use for proof of address:
- Electricity and other utility bills
- Bank Statement
- Social service ID
- Any government issued ID showing your current home address
What Happens to an Unverified Account?
eToro users with an unverified account will experience limitations to several activities on the app such as trading and withdrawal of funds.
The Need for Identity Verification
To fully comply with world regulatory bodies and to ensure that they will remain a place for well-trusted and respective traders, eToro requires verification of the identities of all users.
Role of an eToro Account Manager
When you become a member of the eToro Gold tier and up, you will receive direct access to a dedicated eToro Account Manager.
An eToro Account Manager’s task is to provide an exceptional customer experience to eToro users. This includes the following:
- Helping traders maximize their Gold, Platinum, Platinum Plus and Diamond membership.
- Provide training and support to eToro exclusive club members.
How Can I See My Account Statement?
To view your eToro Account Statement, simply go to your “Portfolio” found on the left sidebar and click on the “clock” icon to show your transactions History.
Click on the wheel icon on the upper right part and from the dropdown menu, click on “Account Statement”.
Next step: Select the period you want to view your transactions history and tick a check mark on the small box beside it to generate your eToro Account Statement summary.
A chart showing the Closed Positions, Transactions Report and Financial Summary will appear. You will then have the option to save your account statement on a PDF or Excel file format by clicking their corresponding icons.
Different Types of Accounts
The three eToro account types are as follows:
- Demo Account: This comes with opening an eToro account for you to get started and have a feel of what it’s like to use the trading platform. You will be given a virtual money to use for making test trades. Think of your demo account as a necessary first step to familiarizing yourself with using the eToro App.
- Live Account: This is your verified and a working account using real money you have deposited. This is where you will do actual trading using actual money.
- Islamic Account: This type of account fully adheres to all the regulations of the Shariah Law.
But wait, there’s more:
eToro also has another two types of accounts. These are:
- Retail Clients: These are generally most users of the eToro app. They get access to all the features and trading assets via manually or through CopyTrading.
- Professional Clients: These are traders who have taken and passed a test qualifying as a Professional Client.
eToro Virtual Account
The eToro Virtual account or the demo account comes with a $100,000 virtual money that a user can use to practice and harness their trading skills and strategies.
Also referred to as eToro Practice Account—like the name suggest—, it is an integral part to jumpstarting your trading career using the eToro App.
Budding traders can use the virtual money to engage in simulated trades and investments on a wide range of financial instruments available as well as using it to study the Copy Trading social feature of eToro.
Can Reset a Virtual Account?
You cannot reset an eToro virtual or demo account. You can however, create a new eToro demo account under a new username by registering under a different email.
This will allow you to have a new virtual / demo eToro account with a new set of $100,000 virtual money to practice.
Are Users Allowed to Have More Than One eToro Account?
Yes. It is possible to have more than one eToro account under your name. To do this, you will need to sign up an account under your name but using a different username and email.
You are also required to verify your identity using the same documents you used in your first eToro account.
Switching From Demo Account to Real Account
If you want to start trading in the real world from your eToro demo account, just look at the link labeled “Switch to Virtual” on the dashboard and click on it.
To switch from Virtual Portfolio to Real Portfolio involves the same process but selecting the “Switch to Real”.
eToro Account Stats
Based on eToro’s Q4 2021 Investor Update (March 2022), there were 2.41 million funded accounts as of December 31, 2021. This is a 270.77% increase as compared to its March 31, 2020 data wherein 0.65 million accounts were funded.
The SEC report also indicated that 69% of the funded accounts were from Europe and UK, 14% from Asia Pacific, 13% from the Americas and 4% from Middle East and Africa as of December 31, 2021.
How to Open an Account
Opening an eToro account takes only a few minutes as long as you follow these simple steps.
- On your Android or iOS device or on the eToro website, look for the button labeled “Trade Now” or “Join Now”.eToro homepage
- On the next page, fill up your personal info on the digital form. This information is required when opening a new trading account.eToro registration page
- You also have the option to sign-up via Facebook or Gmail.eToro account sign-up via Facebook or Google
- Click the “Create Account” button.“Create Account” button on eToro’s registration form
As part of eToro’s Know Your Customer policy, newly registered traders are required to submit a “Confirmation of Residence” (billing documents from the last six months) and proof of identity like a valid passport.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.