Updated: February 21, 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:
- Credit/Debit Card
- 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 So, if a client used a credit card to deposit, then the withdrawn money will be sent back to the card.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:
- Credit/Debit Card
- Other e-wallets like Skrill or Neteller
- 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.
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?
No idea what eToro is?
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Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.