Our comprehensive comparison of eToro vs FXTM dissects key areas like trading costs, Forex trading platforms, and regulations to help you choose the right Forex broker.
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Our full comparison covers the 10 most important trading factors. Here are key differences between eToro and FXTM:
Both brokers offer variable spreads across their CFD product lists. The floating spreads can widen depending on the market conditions. For the purpose of the current review, we will present a direct comparison between minimum spreads offered by FXTM (Standard accounts) and eToro across several asset classes.
| Standard Account | eToro Spreads | FXTM Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.5 | 2.6 | 1.6 |
| EUR/USD | 1 | 2.1 | 1.2 |
| USD/JPY | 1 | 2.5 | 1.4 |
| GBP/USD | 2 | 2.5 | 1.6 |
| AUD/USD | 1 | 2.1 | 1.5 |
| USD/CAD | 1.5 | 2.8 | 1.8 |
| EUR/GBP | 1.5 | 2.7 | 1.5 |
| EUR/JPY | 2 | 2.5 | 1.9 |
| AUD/JPY | 2 | 3.6 | 2.1 |
Standard Account Analysis Updated December 2024[1]December 2024 Published And Tested Data
The data shows that the spreads vary quite a bit between eToro, FXTM, and the industry average. eToro generally offers lower spreads than FXTM. For example, the spread for EUR/USD is 1 for eToro and 2.1 for FXTM. This pattern is consistent across most forex pairs, with eToro offering lower spreads than FXTM.
However, when we compare these brokers to the industry average, the picture becomes a bit more nuanced. For some pairs, like EUR/USD and USD/JPY, eToro and FXTM offer lower spreads than the industry average. But for other pairs, like GBP/USD and AUD/USD, eToro’s spreads are higher than the industry average, while FXTM’s are significantly higher.
In my opinion, eToro seems to be the cheaper option for spreads. However, it’s important to remember that spreads are just one part of the overall cost of trading. Other factors, like commission fees and overnight financing costs, can significantly impact your trading costs. So, while eToro may have lower spreads, that doesn’t necessarily mean it’s the cheaper broker overall.
It’s also worth noting that the industry averages are just that – averages. They represent the middle ground, but there’s a lot of variation around those averages. Some brokers may offer much lower spreads, while others offer much higher ones. So, while it’s useful to compare eToro and FXTM to the industry averages, it’s also important to consider the wider context.
To make it clear how smaller spreads influence trading fees, we included a calculator. Select your currency, amount, and pair to see the result.
Verdict
Overall, FX traders looking to trade the major currency pairs have lower spreads at eToro, but some minor and exotic pairs come with a tighter spread at FXTM.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
FXTM and eToro tend to have different focuses. While FXTM aims to ensure competitive trading conditions and extra trading tools for clients across its MetaTrader suite of CFD trading platforms, eToro has invested time and effort in developing the best social trading platforms.
| Trading Platform | eToro | FXTM |
|---|---|---|
| MetaTrader 4 | No | Yes |
| MetaTrader 5 | No | Yes |
| cTrader | No | No |
| TradingView | No | No |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | No |
FXTM’s MetaTrader 4 Trading Platform
The Forex trading standard, MetaTrader 4, comes equipped with a variety of features and offers notable benefits for FXTM clients. First, the trading platform grants access to a full technical analysis suite containing 30 technical indicators, 31 graphical objects and 9 time frames with real-time quotes in MarketWatch.
Second, the trading software offers 3 order execution modes (Instant, Market, Request) and 4 pending order types (Buy Limit, Buy Stop, Sell Limit, Sell Stop).
For automated trading, the platform grants access to the MQL4 environment for the development and testing of Expert Advisors (EAs). MT4 offers a single thread EA tester and optimisation plus it features position hedging. To run your algorithms, the online broker grants access to a reliable VPS hosting service, which can be completely free for clients given they meet certain trading volume criteria.
Moreover, ForexTime’s MT4 ensures access to additional Forex trading indicators such as Pip Value Calculator, Pivots SR Levels and Day Bar info, among others.
In terms of compatibility, the trading platform offers good Windows and Mac OSX compatibility, while its Web Trader version is compatible with six browsers, including Internet Explorer, Microsoft Edge, Mozilla Firefox, Google Chrome, Safari and Opera. FXTM also offers the Best Forex Trading Apps for iOS and Android devices.
ForexTime’s MetaTrader 5 Trading Platform
MT4’s successor, MetaTrader 5, expands analytical, charting and customisability options for traders, as it offers the following features and benefits: 38 technical indicators, 44 graphical objects and 21 time frames.
The most important thing is that the trading platform grants access to a wider range of tradable assets, including CFDs, Stocks and Futures. We expanded more on the main MetaTrader 5 features in the table below.
eToro Social Trading Platform
eToro offers not just the best social trading platforms, but also offers newsfeeds and social networks for sharing trading knowledge. eToro’s Web Trader is a user-friendly trading platform which has several notable features, including:
eToro’s CopyTrader technology is the piece of resistance to its platform offerings. CopyTrader enables eToro clients to follow and replicate the trading activity of any other user on eToro’s platform by depositing as little as $200, while this process will not incur any management fees or other hidden costs.
Traders being copied can also benefit, as they can sign up for eToro’s Popular Investor program and earn a second income. To join the program, traders need to ensure at least $1000 in equity and at least two full months of stats on the broker’s platform. The Popular Investor program is structured in four different tiers, each having specific requirements and bringing particular benefits.
To become eligible for a Cadet rank, every trader needs to ensure a minimum equity of $1,000 and a minimum value of allocated funds by copiers, or assets under management, of $500.
FXTM vs. eToro: Mobile Trading Options
Along with mobile apps for MT4 and MT5, ForexTime also offers the FXTM Trader mobile app.
This proprietary software allows clients to open, close and modify trade orders in seconds and features state-of-the-art charting tools and some of the most popular technical indicators. The FXTM Trader mobile app also offers a one-click trading option and an opportunity to trade across more than one device (for example, clients can open a trade on their Desktop PC and close it from their iPhone).
At the same time, eToro offers an innovative mobile app for iOS and Android devices, which supports 21 languages and offers the same features as eToro’s Web Trader (including Virtual Portfolio, Tipranks Research Tab and One-Click Trading).
Verdict
In terms of trading platforms, eToro and FXTM make for a very apple-orange comparison. For social trading and copy trading features, eToro offers a better experience, while for CFD trading and forex trading, FXTM’s technological solution is better suited. Both brokers offer full-service platforms accessible via desktop, browser and mobile Apps. On the downside, neither eToro nor FXTM offers cTrader.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
While FXTM offers a plethora of live trading account types to suit the preferences and financial objectives of a more diverse customer base, eToro offers only one type of live trading account. FXTM offers 6 main trading accounts broken down as follows:
| eToro | FXTM | |
|---|---|---|
| Minimum Deposit | From $50 | From $10 |
| Number of Accounts | - 1 Standard account - 1 Professional account | - 3 Standard account - 3 ECN accounts |
| EUR/USD Standard Account Spreads | 1.0 pips | 1.9 pips |
| EUR/USD ECN Account Spreads | ✘ | 0.3 pips |
| Commission (ECN Account) | ✘ | $2 per side per 100k units ($4.0 round-turn) |
| Range of Platforms | eToro Platform | MT4, MT5 & FXTM Trader App |
| Maximum Leverage | 400:1 | - FXTM UK 1:30 - FXTM Global 1:2000 |
| Instruments | +2,000 | +250 |
| Social Trading | eToro Social Trading Network | MQL5 Signals and FXTM Invest |
Standard Account Types By FXTM
Clients can open a Standard account with FXTM by ensuring a minimum deposit of $100 or as little as $10 for the Cent account and a minimum deposit of $100 for the Stock CFDs account, FXTM’s exclusive account for share dealings.
FXTM standard account offers the most complete solution for forex trading and CFD trading. The offering includes:
| Standard Account | Cent Account | Stock CFDs Account | |
|---|---|---|---|
| Min Deposit | $100 | $10 | $100 |
| Account Currency | USD / EUR / GBP | USD / EUR / GBP | USD / EUR / GBP |
| Trading Instruments | - 59 FX pairs - 5 Spot Metals - 14 CFDs | - 25 FX pairs - 2 Spot Metals | - 120 US shares - 40 EU shares |
| Trading Platforms | MT4 | MT4 | MT4 |
| Best for | All traders | Traders with small deposits | Stock traders |
By comparison, the FXTM Cent account includes a limited number of tradable instruments. Only 25 major and minor currency pairs, as well as 2 Spot Metals, are available to trade with zero commissions on ForexTime’s MT4 platform.
Learn more about FXTM Standard vs ECN Accounts.
Last but not least, on the FXTM share dealing account, clients can trade CFDs on more than 160 US and European Stocks on ForexTime’s MT4 platform with a maximum leverage of 1:5 (for US Shares) and 1:3 (for European Shares).
ECN Account Types By FXTM
eToro essentially operates on a market-maker model so traders looking for ECN trading conditions can find a home at FXTM. At FXTM, the minimum deposit starts from $200 on the ECN Zero account and can go as high as $25,000 on the FXTM Pro Account.
Below we’ll break down the trading conditions found on the 3 ECN account types offered by FXTM:
| ECN Account | ECN Zero Account | FXTM Pro Account | |
|---|---|---|---|
| Min Deposit | $500 | $200 | $25,000 |
| Account Currency | USD / EUR / GBP | USD / EUR / GBP | USD / EUR / GBP |
| Trading Instruments | - 48 FX pairs - 3 Spot Metals - 14 CFDs | - 48 FX pairs (33 on MT5) - 3 Spot Metals (2 on MT5) - 14 CFDs (None on MT5) | - 43 FX pairs - 2 Spot Metals |
| Trading Platforms | MT4 / MT5 | MT4 / MT5 | MT4 / MT5 |
| Best for | Scalpers | Commission trading | Professionals, institutional traders and hedge fund managers |
eToro Retail Investor Accounts
To open a live trading account with eToro, clients are required to ensure a minimum deposit of $200 (for payment methods such as credit or debit cards) and a minimum deposit of $500 (for bank transfers).
Traders from Australia and the United States are required to ensure a minimum first-time deposit of $50, while clients from Algeria, Lebanon, the Maldives and Venezuela – have a minimum first-time deposit of $5,000.
The online broker will not charge any commissions for trading Forex and CFDs since it is compensated entirely by the bid-ask spread. eToro clients are offered relatively low spreads on trading instruments, which we will discuss in the next section of the review.
FXTM vs. eToro: Free Demo Account
Both brokers offer a free demo account for clients to test their trading skills in a risk-free environment. FXTM offers a demo account that mimics conditions on its Standard, Cent, ECN and ECN Zero accounts, while eToro offers a demo account that comes with $100,000 in virtual funds.
FXTM vs. eToro: Islamic Account Options
FXTM offers an Islamic account option on all of its Standard account types, while swap-free options are available only on its MT4 ECN account types.
eToro also offers an Islamic account for Muslim traders. No interest will be paid, and no additional rollover commissions will be charged. In addition, eToro will not charge any account management fees but will disallow scalping and hedging.
| eToro | FXTM | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | No | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | No | No |
| Spread Betting (UK) | No | No |
Verdict
Overall, FXTM tops eToro as its trading account offering caters to a wider audience. Each of FXTM’s 6 trading accounts comes with its unique set of features and tradable instruments. At the same time, eToro delivers an all-inclusive account package with the benefit and flexibility to meet all your trading needs.
When it comes to trading, the experience and ease of use are paramount. After all, you want to focus on your trades, not on navigating a clunky platform. From our deep dive and our own testing, here’s what we found:
Now, I’ve been in the trading game for a while, and I can tell you that both platforms have their merits. eToro’s platform is sleek and modern, making it a breeze for newbies. FXTM, with its MetaTrader integration, offers a more traditional trading experience, which can be preferred by those who’ve been trading for years.
Verdict: While both brokers offer solid trading experiences, eToro edges out slightly due to its user-friendly interface and innovative features.
eToro Trust Score
FXTM Trust Score
The side-by-side FXTM vs eToro comparison shows that eToro holds 3 global Tier-1 licenses (UK, EU and Australia), while FXTM holds 2 global Tier-1 licenses (UK and EU). This means that both FXTM and eToro abide by the regulatory standards imposed by some of the most respected Forex regulators worldwide.
FXTM is authorised and regulated as follows:
Meanwhile, eToro is authorised and regulated in the following jurisdictions:
Funds Security
Given their strong regulation, both brokers can be considered safe. In addition, both brokers ensure that their clients’ funds are kept fully segregated from their own corporate accounts at reputable financial institutions. This significantly minimises the risk of fraudulent behaviour.
Since both brokerages are members of the Cyprus Investor Compensation Fund, retail clients should have peace of mind that they will be compensated in the event of broker insolvency.
Our review has also found that both FXTM and eToro follow negative balance protection policies. In case any negative balances occur, clients will not be required to repay the respective amount to the brokers. Instead, their account balance will simply be brought back to zero. Or, we can say that client losses cannot exceed their initial deposits.
| eToro | FXTM | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) FCA (UK) | CYSEC (Cyprus) FCA (UK) |
| Tier 2 Regulation | MFSA (Europe) ADGM (UAE) GFSC (Gilbraltar) | FSCA (South Africa) |
| Tier 3 Regulation | FSA-S (Seychelles) | FSC-M (Mauritius) CMA (Kenya) |
Verdict
Our review clearly highlights that eToro appears to be the better choice as it holds forex licences only in Tier-1 jurisdictions. On top of that, eToro also offers its clients free insurance of up to USD 1 million from the world’s largest insurance services provider, Lloyd’s of London. Overall, both brokers are considered to be safe.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
In regard to financial instruments available for trading, our broker review found that eToro’s main focus is set on Stocks, ETFs and Cryptocurrencies, while FXTM focuses more on Forex trading.
| eToro | FXTM | |
|---|---|---|
| Financial Instruments | +2000 | +250 |
| FX Pairs | 47 | 62 |
| Indices CFDs | 13 | 11 |
| Commodity CFDs | 12 | 3 (Energies) |
| Metals | 7 | 5 |
| Shares CFDs | 2038 | -50 European stocks -141 US stocks |
| Cryptocurrencies | 94 | ✘ |
| ETFs | 151 | ✘ |
We should note that, along with the CFD option, eToro offers real Stocks, ETFs and Cryptocurrencies and long (buy) positions in those assets mean clients are actually investing in them. Such positions are not leveraged. Of course, eToro clients are free to choose trading Stocks and ETFs as CFDs, while only short (sell) positions in Cryptocurrencies can be executed as CFDs and fall under the regulation of bodies such as FCA or CySEC. Long (buy) Crypto positions are not regulated and do not ensure any protection for investors!
Risk Disclaimer: On the other hand, trading complex instruments such as CFDs on retail investor accounts is associated with a high risk of rapid capital losses as high leverage ratios are used. Therefore, clients need to make sure they fully understand how CFDs work before they start operating with such instruments on a live trading account.
Range Of CFD Instruments Comparison
We can summarise the range of tradable financial instruments at both brokers as follows:
We should note that FXTM has not included cryptocurrencies and Futures CFDs in its product list, while eToro does not offer Bond CFDs.
Verdict
eToro tops FXTM as its online trading service includes almost all major financial markets like stocks, Forex currencies, commodities, cryptocurrencies, indices and ETFs. When placed side-by-side, eToro has more instruments in each asset class compared to FXTM, with the only exception being FX trading, where FXTM has more currency pairs. In conclusion, in terms of the range of offerings, we can safely say eToro is a better pick.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
Our broker review has discovered that FXTM does offer diverse Forex education content to the benefit of both beginners and more advanced traders.
What clients can find in FXTM’s education section includes:
Meanwhile, eToro offers a more modest education content, including:
Additionally, eToro offers an extensive market news and analysis section with publications on a daily basis.
Verdict: FXTM tops eToro in terms of educational resources and research offerings, making it the best broker in this category. eToro focuses more on providing live classroom courses, which are conducted face-to-face by eToro’s market specialist, Henry Ward.
Professional customer support service is another metric we used in our eToro vs FXTM review. In the case of FXTM and eToro, both brokerages offer customer support via several channels 24 hours a day, 5 days a week.
| eToro | FXTM | |
|---|---|---|
| Live Chat | ✔ | ✔ |
| Web-based ticketing system | ✔ | |
| Phone | ✔ | ✔ |
| Social Media | ✘ | WhatsApp, Viber, Telegram & FB Messenger |
| Call Back | ✘ | ✘ |
| FAQs | ✔ | ✔ |
We must say we were very impressed with FXTM’s live chat option. We were able to reach a representative from the broker’s support team in less than 30 seconds, and we were treated in a professional, respectful manner. But what is more, we managed to obtain useful, precise information regarding the matters we asked about. We were interested in FXTM’s ECN pricing model. Along with the live chat, the broker offers some other chat options such as WhatsApp, Viber, Telegram and Facebook Messenger.
In comparison, eToro’s live chat link is not immediately found on its website’s home page. That link can actually be found below the FAQ in the “Help Center” section. But this was not what we considered a concern. It was rather the fact that the company’s chat option appeared offline way too often. Nevertheless, we managed to reach eToro’s support team and received some relevant answers to our inquiries.
Another way to contact FXTM’s support team is via email. Meanwhile, eToro has a web-based ticketing system, with which clients will receive a response to their inquiries via email.
And finally, FXTM’s customer support team can also be reached over the phone by dialling +357 25 55 87 77. eToro, on the other hand, does not offer customer support service over the phone, which we consider as a drawback.
Verdict
Both brokers have customer support service that is up to industry standards.
While FXTM allows account funding in 7 different base account currencies (USD, EUR, GBP, PLN, CZK, INR, NGN), eToro allows deposits made in USD only. We consider this as a certain drawback because all deposits made in currencies different from USD will be subject to a currency conversion fee.
Both brokers will not charge any deposit fees, but there will be fees on withdrawals depending on the payment method selected. eToro will charge a $5 withdrawal fee, and it also requires a minimum withdrawal amount of at least $30. There may also be fees charged by the intermediary bank, the receiving bank or the credit card provider, which clients should take into consideration.
| eToro | FXTM | |
|---|---|---|
| Base Currencies | 1 | 7 |
| Payment Methods | 8 | 7 |
| Inactivity Fee | $10 | $5 |
| Withdrawal Fees | $5 | - Eur 20 for bank transfer - 2% for Paypal - $3 for credit card |
Deposit And Withdrawal Methods
With eToro, clients are able to choose from the following account funding options:
The time intervals to receive funds withdrawn are presented in the following table:
| eToro Withdrawal Method | Estimated time to receive funds |
|---|---|
| Asia Online Banking | 1-2 business days |
| China Union Pay | 1-2 business days |
| Credit / Debit card | Up to 8 business days |
| Neteller | 1-2 business days |
| PayPal | 1-2 business days |
| Skrill | 1-2 business days |
| Wire Transfer | Up to 8 business days |
Meanwhile, FXTM offers the following account funding options:
While fund withdrawals via Skrill or Neteller will incur no fees, with all other payment methods, clients will be charged a withdrawal fee:
Verdict: In this category, we have a tight match between FXTM and eToro. Both brokers have pros and cons. On the one hand, FXTM supports more funding currencies, while eToro supports more payment options. On the downside, the withdrawal fee is a little bit higher at Forextime vs eToro.
At eToro, the minimum deposit ranges from $50 (US-based clients), and can go as high as $5,000 – for certain countries in South America and Africa. Additionally, depending on the payment option used, eToro requires different account minimums – see table below.
| Standard Account | Cent Account | Stock CFDs Account | ECN Zero Account | ECN Account | FXTM Pro Account | |
|---|---|---|---|---|---|---|
| FXTM Minimum Deposit | USD 100 | USD 10 | USD 100 | USD 500 | USD 200 | USD 25,000 |
By comparison, FXTM clients need to ensure a minimum deposit of $10 (Cent Account) or $25,000 for the professional trading account.
| Trader is a redident in: | Minimum First Deposit (USD) |
| Australia, United Kingdom, Germany, Malaysia, Singapore, Thailand, Ireland, Spain, Sweden | $50 |
| France, Poland, Slovakia, Belgium, Czech Republic | $100 |
| Eligible countries outside of the list | $200 |
| New Zealand | $1,000 |
| Israel | $10,000 |
| Uniited States | $10 |
*Your capital is at risk ‘68% of retail CFD accounts lose money’
eToro is the winner because of its robust MetaTrader integration, wide financial markets, and competitive spreads and fees. The table below summarises the key information leading to this verdict:
| Criteria | eToro | FXTM |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ❌ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ✅ | ✅ |
| Better Funding Options | ✅ | ✅ |
| Lower Minimum Deposit | ❌ | ✅ |
While eToro offers an intuitive platform ideal for beginners, FXTM provides comprehensive educational resources that can greatly benefit novice traders.
FXTM stands out as the preferred choice for experienced traders due to its advanced trading tools and in-depth market analysis.
FXTM generally offers lower costs compared to eToro. FXTM boasts competitive spreads starting from just 0.1 pips. eToro, on the other hand, has a slightly higher spread on major pairs. For an in-depth analysis of brokers with the most competitive rates, see our list of Lowest Commission Brokers.
Both brokers support MetaTrader 4, but FXTM is often preferred by traders specifically looking for advanced MT4 features. FXTM offers a seamless MT4 experience with enhanced tools and analysis capabilities. Dive deeper into the world of MT4 with our best MT4 brokers guide.
eToro stands out with its pioneering social trading platform, allowing traders to emulate the strategies of seasoned professionals. This feature is especially beneficial for beginners keen on learning from the pros. FXTM doesn’t offer a native social trading feature on par with eToro’s. Discover more about platforms championing social trading in our comprehensive review of the best copy trading platforms.
Neither eToro nor FXTM offer spread betting as a primary feature. Spread betting is a unique form of trading popular in the UK and offers tax benefits. If you’re keen on exploring brokers that specialise in spread betting, consider checking out our top-rated spread betting brokers in the UK.
In my opinion, eToro has a slight edge for Australian Forex traders. Both eToro and FXTM are ASIC regulated, ensuring a high level of trust and security for Australian traders. However, eToro’s user-friendly platform and innovative features make it a popular choice down under. While FXTM is based overseas, eToro has made significant inroads in the Australian market. For a comprehensive overview of brokers tailored for Aussies, you can visit our guide on the Best Forex Brokers In Australia.
For UK traders, I’d lean towards FXTM. Both brokers are FCA regulated, which is crucial for ensuring trust and security in the UK market. FXTM’s integration with MetaTrader and its comprehensive educational resources make it a top choice for UK traders. While eToro is not founded in the UK, its global presence and reputation give it a strong foothold in the British market. To delve deeper into the best platforms for UK traders, explore our comprehensive review of UK trading platforms.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
Ask an Expert
Do i need to take an online course to start trading? Does it require a lot of research?
Whether it be via an online course, a book, or video series or in person classes – Given the risks of losing money are high, it is wise to educate yourself before you commence trading,