Even if you are still enabled to trade and deposit to an eToro account without verification, there are some outstanding benefits to verifying your eToro account from the start, including:
- Full trading capacity
- The fastest withdrawal process
- In particular, no limitations on your deposit (unverified accounts are limited to a total deposit amount of €2000)
So all customers must provide the requested information and verify as soon as possible.
And in order for your live eToro account to work, you need to perform 2 processes: complete your personal information first and then verify your eToro account.
Below are the specific steps you should follow to activate your eToro account:
Table of Contents:
1. Completion of Personal Information
The first step on the road to verifying your eToro account is to confirm your personal information.
When you first click on the “Complete Profile” button on your live account, you will be taken to a pop-up window.
From the beginning of the pop-up windows, you will be asked to confirm your name, address and basic personal information.
Upon completion, you will be presented with some short quiz questions designed to assess your level of investment experience and trading knowledge.
By testing their previous financial knowledge through questions like this, eToro could better understand your needs and how to best meet your demand as a trader.
These types of questions, such as your risk tolerance, are beneficial to you. Based on your response, eToro will reduce the risk to new users. And some limits can be automatically adjusted by eToro after opening an account (determine eligibility for leverage, for example).
Then, you’ll need to answer a few short questions related to your employment, individual income, and other financial details.
You have now completed 70% of your profile and move on to the next process: Verify your identity.
Note: You’d better be as accurate as possible when filling out this form as eToro will use these answers to tailor their service to your trading needs and create the best possible trading environment for you. In addition, this potentially also helps to speed up the verification process.
In case the system finds that you provide inaccurate answers to some of the questions, it may cause problems during the authentication process later and your account may also be disapproved. So, be careful!
2. Verify your eToro account
You are almost done with the verification process for your eToro account. There are just a few other verification steps to complete. The first step is to provide your national ID, then verify your phone number and the last is to fill out the tax identification number in the form.
For preparation, the documents required for a successful account verification include:
- Government-issued ID
- A verifiable phone number
- Tax identification number
All this personal information provided to eToro is only used to ensure compliance and kept strictly confidential both by CySEC regulations and particularly in Europe where GDPR.
Provide your national identity document
Verify your phone number
Simply enter your phone number, then enter the SMS code you receive to verify:
Once you have completed this step, you will be directed to the final step for verifying your eToro account.
Provide your tax identification number
Then you have completed all the necessary steps to open your eToro live account.
You may be wondering why the verification of your eToro live account is still pending. It simply takes time to process the information provided.
The verification process will normally be completed within 24 hours. And the final confirmation will be sent to you by email.
You can still make your first eToro deposit from $200 to a maximum of €2000 and trade freely within your account during this period.
To sum up, verifying an eToro account is a simple process and takes no more than 10 minutes in total to complete. Verification of your trading account is necessary to provide you with the best possible service and comply with financial services regulations. Therefore, traders on eToro are advised to verify their accounts as soon as possible.
