eToro Bonus Review - the Broker with the Best "Refer a Friend" Bonus
The eToro is a unique Forex brokerage that believes in innovation, rather than following the tried and tested strategies adopted by its competitors. Ever since they burst into the scene in 2007, the company has been making great leaps in the Forex market, with the company currently valued close to $1 Billion. A part of their unique strategy was to promote innovative products through promotions, rewards, and bonuses, which certainly had their charm.
Although the company continued to penetrate the markets with amazing promotions, they have recently started to cease any extravagant promotions, primarily due to their regulatory status. Therefore, a generous eToro bonus has become a thing of the past, as the company is gradually moving towards a self-sustaining promotional strategy that depends on promoting the services, rather than the promise of free money, which most of the brokers like FBS, AVATrade, HYCM, FXTM provide.
We realize how hard it is for our readers to find a good promotion in the market, especially a rewards program that does not work against their interest. We have compiled this eToro bonus review to evaluate the current offers, rewards, and any other programs that will provide you with an additional boost to tackle the markets. However, we would also like to caution you to avoid falling into any false promises offered by third-party websites, as eToro will not be responsible for your losses. That said, let us now take a look at the different eToro promotions that are being offered to its traders.
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- Platforms & Mobile
- eToro has developed a proprietary Social Trading platform that is unlike any of the conventional trading platforms that are available in the market. The platform is available for both desktop and mobile operating systems.
- Regulation & License
- eToro is licensed and regulated by the CySEC of Cypriot, the FCA of the UK, and the ASIC of Australia, and the FinCEN of the USA.
- Min. Deposit & Leverage
- The minimum deposit starts from $50 but can vary with the region and the regulation. For access to premium services, the minimum deposit starts from $200.
- Funding Options
- Funds can be deposited at eToro using several funding methods, including Visa, Mastercard, Diners Club, PayPal, Skrill, NETELLER, UnionPay, WebMoney, and Yandex.
- Customer Care
- There are two separate sections to cater to questions from visitors and customers, which makes it easier for existing clients to get support faster. The Club program also provides a dedicated account manager, which can be of incredible help.
eToro Bonuses and Offers
eToro currently operates its brokerage from some of the major financial markets in the world, which include the US, the UK, Europe, and Australia. Naturally, it is quite tough for the broker to bypass the regulatory restrictions that particularly ban brokers from offering any forex bonus offers. Therefore, the eToro rewards are developed by keeping in mind the various regulatory stipulations, which means that you can’t expect much by way of free money or trading credits. Outlined below are some of the promotional programs that are offered by the company at the moment:
Free Access to Copy Trading
Most social trading platforms and copy trading services are offered by brokers to their traders for either a fixed or a variable subscription fee. However, eToro aspires to be different, as they have based their entire services portfolio around the Copy Trading platform. Therefore, as a bonus to its users, the company has chosen to offer its Copy Trading to its users completely free of cost. It is indeed an incredible advantage for traders, as it offers them the opportunity to copy trades from other successful or profitable traders in the community.
Of course, there are performance-related costs according to the profile of the copier and the master account. Still, in the grand scheme, there aren’t any barriers that limit new traders from copying the top traders in the market.
Copy Trading services are only available to traders who deposit a minimum of $200 into their trading account. The minimum trade size starts from $1, but traders are free to allocate any proportion of their funds into different investor portfolio accounts. All calculations are done by the platform, which frees traders from performing any complex arithmetic to get things right. Of course, the total control of how the funds are proportioned lies with the trader, but the results can be representative of the investor performance.
eToro Referral Bonus & Affiliate Program
There are two different referral programs for traders if they would like to earn an additional income on the side. The first is a pure referral bonus that qualifies for a $50 free trading credits, which are available to both the referrer and the referral. It is only offered to traders joining the brokerage through its ASIC-regulated brokerage, but traders from the Middle East can earn double the amount for both the referrer and the referral.
In effect, Middle Eastern clients do get to enjoy $100 each, but all referrals and referrers must have valid accounts, verified identities, and accountable deposits. The company will also verify that the new referrals have not previously held an account at eToro, which implies that new referrals must be completely new to the platform to be able to receive the refer/invite bonus.
If you are looking for a full-fledged affiliate program, then the eToro Partners program is the one that offers excellent rewards for referring new clients. The program works on either a commission/CPA basis or a revenue-share basis, which depends on the affiliate’s preferences. The CPA share offers anywhere from $100 to $500 per referred individual, while the revenue-share model can pay out around 10% to 30% on the life-long spending of the referred individual. Nevertheless, it can be an unlimited earning potential for the right affiliate, but affiliates must follow the terms and conditions to be eligible for a payout.
eToro Club Membership
The eToro Club program is a Loyalty program that divides traders into different tiers, depending on their account equity. There are five tiers in the eToro Club - Silver, Gold, Platinum, Platinum+, and Diamond tiers. The account equity for the Silver and Gold are $5,000 and $10,000, while the minimum equity for the Platinum and Platinum+ accounts are $25,000 and $50,000. The Diamond tier is quite expensive, as it requires minimum account equity of $250,000. There are different rewards and benefits associated with each tier, with the Silver account being the least beneficial of all the membership packages.
Silver account holders get access to a dedicated account manager, daily market summary, and live webcasts. Gold tier traders get to enjoy all the benefits of the Silver account, plus additional benefits such as market analysis and an extended credit line. The credit line can be used to borrow funds for investing, which can be paid back to the broker by making an additional deposit at a future date.
Platinum tier users get even more benefits, such as zero withdrawal fees, research and analysis platform, exclusive assets, and discount/exception of exchange fees. Platinum+ users can receive additional benefits such as Financial Times subscription, consultation with analysts, an invitation to top industry events, and tickets to handpicked sporting events.
The Diamond tier is mostly the same as the Platinum+ tier, save for one additional benefit. Diamond traders get an exclusive invitation to the broker’s Diamond Gala event, which we feel does not justify the high entry cost. Regardless, all the tiers are accessible for all traders, and the broker automatically calculates the club tier membership as per the changes in the account equity.
EToro Contests
The eToro contest is available for all real accounts that are funded or have positive account equity. The broker does not support any demo contests, but all live and funded accounts are automatically entered into the contest. The total prize money is $15,000, with the first-placed, second-placed, and third-placed traders receiving the bulk of the prize money at $5,000, $3,000, and $2,000, respectively. The remaining prize money is distributed among the remaining seven traders in the top 10 list, and the winners are chosen every month. The eToro contest has been running successfully, and several traders have taken advantage of the incredible prize-money on offer.
The Terms of Use of eToro Promotions
eToro has outlined several usage terms with respect to its promotions. Although the broker does not indulge in any outright deposit bonuses, traders are still expected to comply with the broker’s T&C:
- Each rewards program that is designed for a specific brokerage will only be available for traders from a particular region.
- Traders must have a funded real account that is verified to take part in any promotional program.
- Copy Trading accounts may charge a performance fee, which may be deducted from the profits or the balance as may be determined by the company.
- All bonuses will be withdrawn by the broker if the trader fails to comply with the company’s user policies.
- The promotions will be altered if the regulators change their policies.
eToro Promotions FAQ
eToro Benefits – How to Overlook the Absence of Bonuses
eToro may not impress traders who are searching for a massive bonus, but the promotions and benefits do outweigh any free trading credits that may be on offer at other brokers. The social trading platform is quite an innovative and excellent tool, which brings the entire world of Forex trading into a different era. Of course, there are some additional benefits that are offered as a token of respect, which can be used to your advantage.
The Club Membership is easily one of the best rewards programs that allow higher-tier traders to use the features to their trading advantage. Similarly, free money can be made through contests and referral/affiliate programs. Therefore, even without a free deposit bonus, eToro is indeed one of the better broker choices in the market.