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What we'd want to know before joining a stockbroker:
eToro Registration - At a GlanceThe registration process in four steps
Basic infoEnter contact information such as name & email, and choose a password
Risk profile quizHelp eToro choose the services which match your risk profile by answering some quick questions
Deposit detailsSetup a linked bank account to fund your trades, and pick an initial deposit amount (minimum $200)
Why am I asked to deposit in US Dollars?
eToro accepts £ deposits, and converts this balance into $ automatically.
Why? Because most large publicly traded company shares are priced in $. These include Apple, Tesla, Netflix, Disney & Google. Having a $ balance means no FX conversion required when buying and selling these shares.
You can still trade in UK shares, and any withdrawals will return to your bank account in £.
Identity checkIf automated verification checks aren't sufficient, provide additional ID or proof of address
ID checks are a legal requirement
All UK banks, building societies and stockbrokers must carry out identity checks on their customers.
This complies with UK money laundering rules and provides extra protection against identity theft. It might be frustrating, but it's what responsible custodianship looks like.
eToro RegulationImportant information about this stockbroker
Number of clientseToro has over 20 million brokerage clients worldwide
RegulatoreToro UK Limited is regulated by the Financial Conduct Authority. Its firm reference # is 583263
FSCS ProtectionRegulated activities that this firm has permissions for may be covered by the Financial Services Compensation Scheme. If this firm has failed, you can contact the Financial Services Compensation Scheme for help
Financial Ombudsman ServiceRegulated activities that this firm has permissions for may be covered by the Financial Ombudsman Service. If you have complained to the firm and they haven’t responded satisfactorily, you can contact the Financial Ombudsman for help
How can I independently verify this information?
The regulatory information above has been reproduced without any modification, from the Financial Conduct Authority firm register. Click here to visit the FCA website to verify this information.
The customer data was taken from a public press release issued by eToro on 8 March 2021.