Important Updates on eToro for 2021

Updated: January 12, 2021

Global multi-asset broker, eToro implemented some changes to their platform early this week. This post will try to clarify them for the benefit of those who might have been affected or are asking about those changes.

1. First-time Deposits

The minimum first-time deposit has increased to $1000 from $200.

According to their customer service team:

eToro has seen an unprecedented demand for our services from new users. To manage demand and ensure our existing global community of 17 million registered users can continue to enjoy the best possible customer experience, we have temporarily increased the minimum deposit amount for new users to $1,000.

Our educational resources, including our demo account, remain unaffected. eToro has long advocated that the global markets should be available to all and we remain committed to that mission.

2. Local Online Banking

Local online banking is currently not available to some clients and may encounter issues.

eToro is doing important maintenance and updates to the platform. Unfortunately, this required them to temporarily disable support for Philippine local online banking. They don’t have a timeline yet on when this will be completed.

In the meantime, to Deposit Funds, you can use any of the following:

  1. Credit/Debit Card
  2. PayPal
  3. Traditional Wire Transfer

For Withdrawals, eToro will use the method of deposit that the client used. So, if a client used a credit card to deposit, then the withdrawn money will be sent back to the card. In the event that the client used 2 deposit methods, priority will be as follows:

  1. Credit/Debit Card
  2. PayPal
  3. Other e-wallets like Skrill or Neteller
  4. Traditional wire transfer

3. Not Available in These Countries

Unfortunately, due to regulations set by the specific country, eToro doesn’t accept clients from Brunei, Cambodia, Canada, Cuba, Guam, Hong Kong, Iran, Iraq, Japan, Lebanon, Mainland China, Mongolia, Myanmar, Nepal, Pakistan, Portugal, and Sri Lanka.

A complete list where eToro is NOT available can be seen here.

4. Cryptocurrencies

Because of the recent volatility and uncertainty around cryptocurrencies, the management felt it was in the best interests of the clients to disable leverage for all cryptos at this time.

Do you have questions?

If you have other questions or would like to receive further clarifications, then you can send an email to Jeff Guo at jeffgu@etoro.com or to one of his team members, Lailah at lailahra@etoro.com.

No idea what eToro is?

Then watch the replay video below from our most recent live stream, where we had Jeff as our special guest. In this video, Jeff talked about the company and explained one of the coolest features of eToro, which is Copytrader.

Sign up with eToro and get a FREE $100,000 Practice Account — just visit bit.ly/openetoro100

Note: Your capital is at risk when you invest in the financial markets. Moreover, eToro is a brand partner of this website.

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