Professional account on eToro: here’s how to apply for it

Compared to retail accounts, professional accounts on eToro offer traders more exceptional advantages over higher leverage (1:400). To change your status from Retail customer to Professional customer, you will need to meet some basic requirements. This article will provide you with the necessary criteria and a short guide to become a professional client on eToro.

Criteria required for professional accounts

To qualify as a professional trader, you must pass a test that determines the trader’s eligibility and whether you are eligible for this type of account or not.

Some criteria have been requested, namely:

  • Financial Portfolio: Your financial portfolio must exceed $500,000 and does not include property or cash.
  • Large trading volume: You must have made at least 10 forex transactions with a minimum total value of $500,000 in a recent time period.
  • Professional experience: You must have at least one year of work experience in the financial sector.

Only those who meet at least two of the three qualifying requirements can change their status from Retail Client to Professional Client.

Steps to apply for a professional account on eToro

To apply, follow these steps:

1. Go to the professional account registration page HERE

2. Click “Start” and complete the form by ticking the boxes next to the criteria that apply to you.

3. Submit your application by clicking on “I confirm”.

If successfully transferred to professional clients, they can access higher leverage (1:400) than retail clients, allowing them to open much larger positions. In turn, higher leverage will reduce margin rates in cases where leverage is applied to financial instruments.

In addition, on rare occasions when market conditions cause a negative balance on the trading account of professional clients, eToro will absorb the loss and restore their capital to zero, as for retail client accounts.

Professional clients, however, waive certain ESMA protections such as the Investor Compensation Fund and recourse to the Financial Ombudsman Service. And they should always recognise the risks associated with higher leverage so as to properly apply risk management protocols to prevent a substantial loss of initial capital.

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