In this guide, we are going to look at how to open an account on eToro. The good thing with eToro it’s fully online and user-friendly.
This means that you can go through the registration process easily in front of your device.
eToro account opening requirements
To be able to open an account with an online broker, you are generally required to provide proof of identity and proof of residency. Ideally, this process is completely digital. The difficulty is that some brokers eventually require physical copies of your documents.
eToro accepts the following documents for identification purposes:
Proof of identity: passport / personal ID
Proof of residency: utility bill
Account opening at eToro is fully digital, so you can go through the entire identification process on the company’s web platform.
Once registration and the account opening process are done, you will first need to transfer the minimum deposit to your brokerage account from your bank account to be able to start trading.
The minimum deposit at eToro is $50.
Account types at eToro
One important choice to make when you open a new account is the “type” of account to create. Each of these has specific requirements and features. Most online brokers offer accounts varying based on your identity or experience, the nature of traded products, available currencies, and included features such as personal investment advice. Of course, each broker company will offer slightly different packages.
Unfortunately, eToro offers trading in only one currency, which is the USD.
This matters because if you deposit funds in currencies other than the base currency, your money will be converted into USD.
To save on conversion fees, you can open a multi-currency bank account. Revolut and Wise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone. You can read more about brokerage fees in this article.
The steps of account opening
The specific process of opening an account at eToro might differ slightly from the one detailed here, but generally, the process involves the following steps:
1. Choose your account
Before you would submit any of your personal information, make sure you have selected the right type of brokerage account for you. Make your choice on the registration page and then proceed to the next step.
2. Add personal info
The next step is to go through the basic information questionnaire. You will have to provide your name, birth date, address, nationality, employment, and other similar info. The complexity of this step depends on the broker you chose. You will also have to answer some security questions to make sure you are legally allowed to trade, as well as some questions on your trading experience.
3. Identify yourself
In this part of the process, the broker website will ask you to scan and upload your proof of identity. This can be a passport, an ID card, or a bank statement; exact requirements vary by broker. Some online brokers will ask you to mail them physical copies of your documents. This can drag out the account opening process a lot.
4. Seal the deal
Once you’ve made it through basic registration and identification, you will have a chance to review the information you provided, and then sign a virtual contract after agreeing to the terms and conditions of the broker you chose.
5. Fund your account
Once your account is confirmed and opened, you can start trading. Transfer the minimum deposit, or if there is none, any amount of money to your broker account and let’s roll! You are now an investor!
Please follow the steps below in order to open a new trading account
- On the www.eToro.com page, find and click on the button marked “Join Now” or “Trade Now”.
- On the following web page, you will see an electronic form where you will be able to enter all the personal data that is required to open a new trading account.
- Please fill in all the relevant information requested in this form. Logging in via Facebook or Gmail are additional options
- Upon completing your review of all the terms, please indicate your agreement with them by checking the appropriate box.
- Submit your information by clicking the “sign-up” button.
- Investors are hereby kindly notified that eToro and all associated brands are in full compliance with Directive 2005/60/EC of the European Parliament and of the Council; on the Prevention of the Use of the Financial System for the Purpose of Money Laundering and Terrorist Financing. As such, it is incumbent upon all investors to undergo the KYC process, as mandated by the above-mentioned EU laws and regulations. For more information about the verification process and documents needed, click here: https://www.eToro.com/customer-service/account-verification/
- As part of the KYC process, newly registered investors are required to provide a Confirmation of Residence (e.g. a valid utility bill dated to the last 3 months,) as well as a Proof of Identity such as a valid passport, or other form of officially issued photo ID.
- As a further step of the KYC process, new investors will be requested to fill out a questionnaire, in order to better ascertain how eToro may custom-tailor a service package ideally suited to each investor’s individual profile. Examples of information that would be requested include queries regarding the new investor’s professional status, level of knowledge of the capital markets, financial liquidity, acceptable levels of risk, investment goals, etc.
For specific instructions on account opening with eToro, visit their website or see our own review:
We hope this article helped you learn how to open an account on an eToro account. You may also want to see our step-by-step eToro review and our ultimate guide on how to log in to an eToro account.
Editorial Staff at Benstride is a team of Forex traders led by Vincent Nyagaka. We have been creating Forex tutorials since 2013, and Benstride is one the largest free Forex resource site in the industry.