In the section below, we covered everything you need to know related to eToro Deposit.
eToro Account Base Currency
The eToro account base currency is that currency in your account which you can use while trading with a broker. Only USD can be used as an eToro account base currency. You can choose to deposit any currency you want, but this currency will automatically be converted into USD, and then the conversion fee will be charged.
eToro Deposit Methods and Fees
As a significant broker, there are several deposit methods available in eToro for you.
We will discuss these methods and will see how the minimum deposit affects each of them. Following are these methods:
eToro wire transfer can be used and utilized by all the traders worldwide. There are no eToro fees, if you deposit the cash in USD, in the wire transfer. But, as explained earlier, if you deposit in any other currency than USD, there will be conversion charges. There will be a transaction fee from your bank, to know about that fee you should check your bank’s policy in such cases. The processing time for wire deposit is just 3-5 business days. The minimum deposit for the first transfer depends upon your account type. But for the second wire transfer, the minimum deposit is $500.
In forex trading, credit or debit card is the leading transaction methods for most of the brokers. You can also deposit through your credit/debit cards on eToro. Many card types are acceptable on eToro such as Mastercard, Visa, Maestro, and Diner’s Club. You have a lot of options while depositing through or to credit/debit card. The transaction time for this method is rapid, you just have to deposit the cash, and you are good to go for trading.
There is no deposit fee for this method if you are depositing the cash in USD; otherwise, a conversion fee will be applicable.
The first deposit depends on the type of your account, but there is a minimum of $50 that you can deposit from the second time and onwards. It should be kept in mind that every card type is accepted regarding its location.
You can also deposit through several eWallets on eToro. The accepted eWallets are PayPal, Skrill, and Neteller. Again, if you deposit in USD, there won’t be any charges, but there is a conversion fee if you choose any other currency to deposit.
For this method, the first deposit depends on the type of your account, and from the second time and onwards, the minimum deposit is $50.
If you deposit using Skrill and Neteller, there is no transfer time. But PayPal can take up to 7 days to process the deposit. In major European Union countries, Skrill can be used for the instant deposit of EUR, GBP, and USD.
WebMoney, GiroPay, and Yandex can also be available for some regions. It should be noted that not every eWallet is available for every region.
eToroX deposit is eToro’s deposit method for crypto-trading. By using this method, you can choose to deposit crypto-currency in your account. You can deposit the crypto-currency that you have and also the crypto-currency you bought from eToro.
You can create a separate wallet for every different crypto-currency you have. There might be some fees depends on the platform from which you are going to transfer your crypto-currency. There is a low fee if you transfer the crypto-currency from the eToroX platform.
Other eToro Deposit Methods
There are many other deposit methods available for the funding of your eToro account. These methods can be local depend on the region or country you are in. Fee and minimum deposit also rely on the region.
You can make your eToro deposit through local banks in Malaysia, Thailand, or Vietnam. Generally, these transfers are instant. The only problem in these methods occurs in Vietnam where you have to deposit a minimum of 100M VND equivalent to $4000.
ACH fund method can be used to deposit in your eToro account in the USA. The processing time is two business days. In China, you can get the services from China Union Pay to deposit cash in your eToro account.
eToro Minimum Deposits
After explaining the deposit methods above, we will now see the deposit account types and the minimum deposit required for each of these accounts.
eToro Accounts types
1. Standard Account
Standard eToro account holders should know that this type of account’s minimum deposit requirement kept on changing over the years. Currently, the minimum deposits required for Standard Accounts depend on the country you are in. But generally, the minimum deposit is around $200 with some exceptions. These exceptions include the accounts from the USA which requires a minimum deposit of $50, Australia which requires the minimum deposit of $50, Russia and China which requires the minimum deposit of $500, and the account holders in Israel need to put a minimum of $10,000 as a deposit.
If you didn’t complete the verification from eToro, the maximum amount you can deposit in your account is $2250.
2. Corporate Account
Corporate Accounts are for those people who want to trade under the name of their company. The minimum deposit for this type of account is $10,000, and you also need to complete eToro verification before starting the trading.
Currently, there is no deposit bonus offered by eToro. eToro has to follow the regulations from CySEC and ESMA. That is why there is no deposit bonus available for the users. But it doesn’t mean that it won’t be offered in the future.
For trading on eToro, you need to have cash in your account. There are several deposit methods that you can use to deposit the required amount. The default currency on eToro is USD, which means a conversion fee will be charged if you choose any other currency than USD to deposit in your account. Apart from that, there are no charges. You can use eWallets, Credit/Debit Cards, Wire Transfer, and eToroX to deposit currency in your account. Most of these transfer methods have instant processing. The minimum amount required to deposit depends on whether you are using Standard Account or a Corporate Account. It also varies on the deposit method you are choosing.