Etoro – review CFD and Forex broker with social trading opportunity

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ETORO social forex, cfd and cryptocurrency trading platform

✅ This Trading Platform is available in Russia

A huge number of companies providing their clients access to the world financial markets significantly complicate the choice of a trading platform, which will enable to receive high and stable profits. The given problem is actual not only for beginning traders, but also for their more experienced colleagues. Another factor that everyone who is involved in online trading should remember is the presence of various fraudulent schemes on the World Wide Web. They provide an opportunity to deceive traders, regardless of their work experience, the level of theoretical training or other parameters that allow to distinguish decent brokers from scammers. Special interest of traders is evoked by the trading platform Etoro, which has been providing services for more than 10 years, and today has about 6 million users from 140 countries from all over the world.

Main features of Etoro

eToro is, first of all, the international Forex broker that uses advanced technology for copying trades of the most successful traders. This is a unique platform that provides the best conditions for social trading with indices, foreign currencies, shares of well-known companies and raw materials. Choosing among brokers with sufficient experience of activity in the Forex market, you should pay your attention to eToro.

eToro – revolutionary social forex trading broker

Currently, the number of active users of eToro is about 4 million from different parts of the world. This service is very popular, because of the proposed conditions for trading, which, in fact, are really unique and which attracts more and more traders every day. Actually, eToro is concentrated at the retail segment of the Forex market.

This broker refers to a social investment network, which gives a unique opportunity for traders to make transactions and communicate with each other using the eToro OpenBook application. In fact, using this internal app, you become the “subscriber” of the trader you like, regardless of whether he is your friend or any other trader. EToro OpenBook provides an opportunity to monitor the work of chosen trader, thereby learning the basics and subtleties of his trade. Moreover, this platform includes an additional set of social functions for the productive communication of traders. In other words, you do not necessarily have to be an expert to trade successfully. So, all you need to do is go to the search page of traders, choose the most successful or liked and start copying its transactions “with one click” using the CopyTrader function.

Key indicators and trading conditions of Etoro

If you decide to register an account on a trading platform, before doing so, be sure to check the terms of work on the resource you are interested in. The main indicators of activity of Etoro are:

The minimum deposit – $200

The minimum transaction – $50

Leverage – from 1:2 to 1:400

Spread – from 2 points

Recharge methods – Credit card; PayPal; Skrill; NETELLER; WebMoney; Yandex money; UnionPay; Bank transfer; Promotional code.

Assets – raw materials, stocks, indices, currencies

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Applications – mobile, tablets

Trading platforms – WebTrader.

Account currencies are American dollars.

There is a bonus for registration.

There are pages in social networks.

Well-known partners – Sberbank, Barclays, Commerzbank, Ping An, Spark Capital.

How to withdraw money or replenish an account with Etoro

In order to deposit money for the deposit or withdraw the earned financial means, there are provided:

• Visa and MasterCard (plastic cards).
• Bank transfer.
• Webmoney.
• Neteller.
• Giropay.
• Skrill.
• PayPal.
• Wirecard.
• Yandex Money.
• China Union Pay.

Where to invest

In order for the work on the Etoro trading floor to bring profit, the broker offers the following types of transactions and financial assets: CFD, currency pairs, indices, precious metals, commodities and military-technical cooperation.

In the section “Traders” filters for finding the right trader are placed, so that you will be able to find suitable treder according to chosen profitability, drawdowns, aggressiveness and other parameters you specify. Having copied the transactions of the selected trader, you, therefore, instruct the system to repeat all of his actions. So, you eventually, will earn the same percentage of the transactions as a chosen trader. And the main thing in this is that you can stop copying the actions of the trader at any time.

Control of activities and licensing of the broker

The company in question is registered in Cyprus, where it has a head office, and its work is controlled by CySEC (Cyprus Commission on Exchanges and Securities). In the UK, the broker received all the documents required by the Financial Supervision Authority (FCA), necessary for work in Europe. These organizations confirm the fact that Etoro is a reliable and sustainable, financially, a company.

Clients of the broker can’t worry about the safety of their deposits: they are stored in separate accounts in reliable banks. If you decide to leave the trading platform, you will receive timely and full refund of financial resources, after agreeing all organizational issues with broker representatives.

Training

Everyone is given the choice to make deals independently or to copy the actions of the selected trader. In cases where you are interested in independent trading, use the WebTrader 2.0 platform and do not invest in other traders. If you decided trading on your own, you will be available to use instruments from the following categories: exchange-traded funds, commodity markets, stocks, indices and currencies.

In addition to theoretical knowledge, users of the trading platform can be trained using the demo account on Etoro, with a balance of 100 thousand virtual dollars. This service allows you to check how the trading platform works and make sure that all the declared features of the web resource are not advertising, but the actual performance indicators of Etoro.

How to get started on the platform

Start trading with eToro is very simple:

• Firstly, you are going through free fast registration and create own account.

• Then, you need to refill the account for the amount of 50 to 1000 USD – the sum depends on the country and the requirements of local legislation (we hasten to note that for unverified users of eToro, the total amount of replenishment of the account can not exceed $ 2,250).

• In the section “personal cabinet” choose a real or virtual portfolio, as well as financial funds for personal investment, or copy transactions of other traders.

All trading accounts on eToro can be opened only in US dollars. Therefore, when making a transfer in other currency, the amount is converted at the current market rate to USD. It is important to remember that commission is always charged for every currency conversion.

The site also has an extensive database of studying materials, analytics and even an online course of trading. In general, there is more than enough information for a trader of any level. A convenient and intuitive interface makes all the proposed features of the site easy in use.

eToro offers an advantageous option for large investors as a portfolio “CopyFunds”. This portfolio can include at the same time financial markets and successful traders. Since the portfolio is composed of reliable and most profitable assets and traders, its owner can be sure of its profitability. In fact, you simply invest funds, and the company’s specialists independently diversify all the risks, doing independently all the trading process.

eToro – an ideal investment option for everyone!

If you are an experienced player then invest independently promoting your own trading strategy, and if you are new or unsure of your own abilities – copy successful traders and get a profit right now!

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

eToro Review

eToro is a winner in 2020 for its easy-to-use copy-trading platform where traders can copy the trades of other users across over 1,900 instruments, including CFDs on popular cryptocurrencies. The one downside of eToro is pricing; otherwise, eToro delivers.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on eToro:

  • Founded in 2007, eToro and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (low-risk) for forex and CFDs trading.
  • eToro is excellent for social copy trading and cryptocurrency trading, our top pick for both categories in 2020. Furthermore, eToro offers a user-friendly web platform and mobile app that is great for less experienced investors.
  • For regular CFDs and forex spot trading, eToro is pricier than most of its competitors and charges wide spreads, despite offering a premium account for high deposit clients. Also, while eToro offers traders unique research for social trading, we found its market research tools to be unimpressive.

Overall Summary

Feature eToro
Overall 4 Stars
Trust Score 91
Offering of Investments 4.5 Stars
Commissions & Fees 3 Stars
Platform & Tools 4 Stars
Research 4 Stars
Mobile Trading 4 Stars
Customer Service .1 Stars
Education 4 Stars

Is eToro Safe?

The bottom line is that eToro is regulated, licensed, and is a safe broker to trade forex and CFDs with. eToro is considered low-risk, with an overall Trust Score of 91 out of 99. eToro is not publicly traded and does not operate a bank. eToro (UK) Ltd, a Financial Services Company, is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263. eToro (or one of its subsidiaries) is also authorised by Australian Securities & Investment Commission (Licence 491139) and the Cyprus Securities and Exchange Commission (license # 109/10). Learn more about Trust Score.

Feature eToro
Year Founded 2007
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 2
Tier-2 Licenses 1
Tier-3 Licenses 0
Trust Score 91

Offering of Investments

eToro offers forex and CFD traders a wide variety of investment options. Alongside 47 currency pairs for spot trading, eToro also provides 1,933 CFDs, including on cryptocurrencies.

When it comes to trading cryptocurrency, eToro is our top pick for 2020. Note: Trading in the actual (non-CFD) underlying cryptocurrencies is available through the firm’s eToroX offering, regulated by the Gibraltar FSC, and registered in the US with FinCEN as a Money Service Business (MSB).

Feature eToro
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 47
CFDs – Total Offered 1980
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD Yes

Commissions & Fees

eToro is a market-maker broker and lists a typical minimum fixed spread of three pips on the EUR/USD, which is on the high end of the range when comparing brokers with fixed and floating spreads, making it a more expensive platform.

When comparing fees alone, retail traders don’t choose eToro for its spreads, but rather for its platform and social trading capabilities tools (see further down for more details), as its pricing is otherwise expensive.

VIP accounts: eToro offers a VIP club membership with five tiers ranging from gold to diamond for traders who maintain balances between $5k -$250k. Depending on the level, benefits vary from a dedicated account manager to discounted withdrawal and deposit fees, access to private signals, and exclusive assets, among other VIP-style account benefits.

Account tiers: eToro’s Popular Investor program has four levels – from cadet to elite – where you can can be eligible to receive various perks ranging from spread rebates to a monthly payment and even a management fee for those who reach elite status. Unlike an active trader program, which usually requires volumes or deposit thresholds to be met, the Popular Investor program encourages traders to focus on producing successful results to receive applicable incentives.

Cryptocurrency trading: The fee for exchanging crypto to fiat at eToroX is 5% (based on an eToroX fee of 1% plus a 4% Simplex fee), while converting from crypto to crypto is only 0.1% with a minimum trade size of $20 and maximum of $10,000 per transaction. In terms of crypto trading costs, spreads at eToro range from 0.75% on Bitcoin (BTC) to as much as 4.5% on crypto-assets such as Miota (IOTA).

Feature eToro
Minimum Initial Deposit $200
Average Spread EUR/USD – Standard 3 (as of May 19)
All-in Cost EUR/USD – Active N/A
Active Trader or VIP Discounts Yes

Platforms & Tools

eToro has done well merging self-directed trading and copy trading under a unified trading experience. It’s a winning combination. See Best FX Brokers for Copy Trading 2020.

Ease of use is at the heart of the eToro platform experience. It is easy to carry out basic operations and do things quickly, such as creating several watchlists and adding instruments by searching available markets, as well as placing a trade from each watchlist directly. These qualities helped eToro rank Best in Class in the Ease of Use category, as well as for Beginners in 2020.

CopyPortfolios: One innovative tool is CopyPortfolios, where eToro groups traders into a single fund you can copy trade. CopyPortfolios help bridge the gap for investors who want to use eToro on a passive basis, as they can create a portfolio based entirely on one or more CopyPortfolios. On the other hand, self-directed traders can also use CopyPortfolios to diversify their trading, making it potentially useful for all eToro clients.

Cryptocurrency tools: In addition to self-directed trading across 93 cryptocurrency CFD pairs, users can find crypto trading ideas and copy other individual crypto traders, as well as copy groups of traders. For investors looking to trade the underlying crypto assets, eToroX offers the eToro Mobile wallet app that acts as a custodian using a multi-signature scheme and nearly matches the brand’s forex mobile app.

Copy-trading quality: All traders on eToro trade manually. Fully automated trading systems are not permitted, which means when you copy another trader, you can be sure they are placing each trade manually. This is useful to know as many other social trading platforms that aggregate the performance of traders usually permit both discretionary (manual) trades as well as automated strategies, while eToro’s network consists solely of manual trading.

MetaTrader: Unfortunately, MetaTrader is not available at eToro (see: Best MetaTrader Brokers 2020).

Indicative prices for illustration purposes. Indicative prices; current market price is shown on the eToro trading platform.

Research

Overall, eToro’s research offering has a good foundation but can be improved. Beyond a standard economic calendar (which is only available on the website) and news headlines (also found only on the broker’s site), there are few research options on eToro in the traditional sense of technical and fundamental analysis.

Social Trading: eToro does, however, incorporate many social elements into its available research tools when it comes to market sentiment. For example, rather than show sentiment based on all users – only the trades of top traders are used to calculate sentiment data (taking it a step above the usual sentiment tools brokers provide). In addition, collective commentary about an instrument will appear as a stream of updates from users to give you an idea of what other traders are posting about in the eToro network, compared to StockTwits, for example.

Other market research: In 2020, eToro boosted its research offering with the addition of TipRanks, which powers the new research tab on its platform. That said, adding news headlines and incorporating the economic calendar into the platform experience would help fill the gap in the research tools available on the eToro platform.

Indicative prices for illustration purposes. Indicative prices; current market price is shown on the eToro trading platform.

Mobile Trading

Overall, eToro has done a great job with its mobile experience. Testing the mobile app on Android, eToro maintains the look and feel of the web version, which is great. Functionality such as syncing watchlists helps to unify the platform experience across devices further.

Charting: Like the rest of the mobile app, the charts were responsive and closely matched the web platform, even though just five indicators are present compared to 67 on the web. Drawing tools were missing from the app entirely and would be a welcome enhancement. Otherwise, the charts in the mobile app are nicely integrated and function well, despite the lack of drawing tools.

Cryptocurrency wallet: The eToro Wallet is a separate mobile app where users can deposit and withdraw actual cryptocurrencies that are held by eToroX, which acts as the custodian of their private keys and broker. The eToro Wallet closely resembles the look and feel of the eToro mobile app, including support for social trading.

Indicative prices for illustration purposes. Indicative prices; current market price is shown on the eToro trading platform.

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: (23 brokers)

Final Thoughts

eToro can be great for retail traders who want to crowdsource investment ideas using the power of copy trading, or for highly experienced traders who want to be rewarded for sharing their ideas with other traders.

Less experienced traders requiring handholding may find the user-friendly platform an added benefit. That said, I do not recommend eToro for active or high-volume traders as high spreads and small maximum trade sizes will be a limiting factor. Otherwise, when it comes to social copy trading and crypto trading, eToro is our number one choice in 2020.

About eToro

As an early pioneer in social copy trading, eToro was founded in Israel in 2006 as a financial trading technology developer. After launching its first product, it has since grown to service over 9 million users with an innovative platform that continually evolves to be one of the largest social networks globally, with clients in over 170 countries.

In March 2020, eToro announced it had raised a $100 million round of private equity financing led by China Minsheng Financial, the SBI Group, and Korea Investment Partner, and other investors, valuing the company at $800 million. Read more on Wikipedia about eToro.

eToro Trading Features

Feature eToro
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) No
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) No
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 66
Charting – Drawing Tools (Total) 13
Charting – Trade From Chart No
Watchlists – Total Fields 6
Order Type – Trailing Stop Yes

eToro Research Features

Feature eToro
Daily Market Commentary Yes
Forex News (Top-Tier Sources) No
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment – Currency Pairs Yes
Economic Calendar Yes

eToro Mobile App Features

Feature eToro
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields No
Watch List Yes
Watch List Syncing Yes
Charting – Indicators / Studies 5
Charting – Draw Trend Lines No
Charting – Trend Lines Moveable No
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar No

Disclosures

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Cryptocurrencies are a highly volatile unregulated investment product. No EU investor protection.

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

eToro Review – Is This Service a Scam or Legit?

eToro Review
  • Commissions and Fees

Summary

eToro is a global online brokerage with built-in social trading features. Many traders are attracted to eToro for their “copy” features which allow you to replicate the trades of other traders. Read our review to see if it makes sense to use eToro and copy other traders.

About Etoro

eToro.com is a global online brokerage enables users to trade a variety of financial instruments including stocks, ETFs, indices, forex, commodities and cryptocurrencies via CFDs (contract for difference). The intuitive mobile platform along with the social trading features have caused the popularity to flourish worldwide. The platform claims to have over five million users worldwide in over 170 countries executing over 250,000 million trades to date. eToro is currently not available for U.S. customers, but is working on making it happen soon.

Originally launched as a forex trading broker by brothers Yoni and Ronen Assia and their partner David Ring in Tel Aviv, Israel in 2006, the platform has since expanded to include stocks, commodities and cryptos. 2020 was a pivotal year as eToro rolled out their social network called Openbook which enabled the CopyTrading function allowing users to follow and autotrade the specific trader’s trades on the platform. Additionally, they rolled out their mobile trading platform on Android, which sparked growth like wildfire. The platform has evolved into a comprehensive one-stop shop for traders wanting instant access to some of the most popular global trading instruments.

eToro is a brokerage platform operating under two entities eToro Europe Ltd and eToro U.K. ltd. eToro Europe Ltd. is based in Limassol Cyprus and registered as a Cypriot Investment Firm (CIF). It is regulated by the Cyprus Securities and Exchange Commission. eToro U.L. Ltd. is based in London and regulated by the Financial Conduct Authority (FCA).

Commissions and Fees

Due to the global nature the eToro platform, certain countries and regions may have different policies, pricing and processing schedules. While eToro technically has “no-commissions” or “ticket-fees” on most trades, they make their fees from the spreads and additional fees like USD LIBOR for U.S. stocks. Here are the minimal spread fees . It’s best to confirm the rates specific to your country.

Forex trade spreads can range from two-to-five pips on the most popular major pairs like EUR/USD, USD/JPY, USD/CAD, GBP/USD and AUD/USD. As the pairs get less liquid, the spreads widen up to 20 pips or more for more exotic pairs like EUR/SEK.

Cryptocurrency trades are “commission-free” when opening a position, but (like forex) they make their fees on the spread. The spread can range from 1.5% for Bitcoin (BTC) to 3% Litecoin (LTC) to 5% on less popular (and liquid) currencies like NEO. The spreads vary during periods of heavy volatility and liquidity. BTC spreads can range from 100 to 225 pips. Therefore, it’s wise to consider using limit orders.

Commodities trade spreads range from two pips for copper to 45 pips for gold trades.

Stock and ETF trades have a 0.09% minimal spread fee for both buy and sells.

Stock and ETF trades held overnight (CFD trades leveraged or sold short) incur additional daily fees of 6.4% + one-month LIBOR for buy orders and 2.9% + one-month LIBOR on sell orders. (IE: A $1,000 value buy order results in a $0.22 daily fee. A short-sell position results in a $0.12 daily fee.)

The minimal account starting account balance ranges from $200 to $10,000 (residents of Israel) depending on your region. However, a demo account is provided free-of-charge just for registering as a user. There are no software fees. There is a $5 inactivity fee if no trades are made during 12-months. There are also various withdrawals fees based on the region.

eToro Platform Features and Tools

The platform is accessible on desktop as well as mobile on Android and iOs. There is no direct-access trading and the order entry is suited for investors and newbie traders who don’t require sophisticated tools. The navigation is very intuitive and fits like a glove for most experienced traders with a very shallow learning curve. The demo is identical to the live account platform, which makes it easy to learn.

Charts

The eToro Procharts has various types of charts including candlestick, bar and line with time frames ranging from 1-minute to monthly. It has drawing tools that enable trend lines and basic indicators from moving averages to Bollinger Bands. Multiple charts can be opened on the workspace to show multiple time frames on a single asset or multiple assets to compare performance and any combination of each.

Users can click news for access to headlines and articles relating to the underlying symbol. The newsfeed also allows for keyword searches or a general stream of headlines that you can configure by symbols, themes or markets.

Watchlists

Traders can create watchlists of their favorite markets and trading instruments. It’s pretty fluid and impressive having such a variety of diverse products all in a single window. You can also set up watchlists of traders on the platform to follow their performance and trades. Ultimately, you may consider the CopyTrade function if the style and strategy fits yours preferences.

Margin/Leverage

eToro renames leverage as ‘risk level’ , which can range from 2x to 400x depending on the underlying financial asset. The max risk level on stocks range between 5x to 10x. Currencies range from 50x to 400x. ETFs have a max 5x and commodities range between 10x to 100x. There is no leverage provided for cryptos. With this kind of leverage, it’s crucial that newbies understand they can owe more than they have in their account if margin calls trigger.

eToro’s Trading Academy

From live webinars to e-courses and training videos, eToro provides a nice array of learning content to get newbies situated with the platform. The material doesn’t dive too deep into specific methodologies, that’s on the user. However, the instructional content allows for quicker acclimation to the platform.

Order Entry

The order entry windows have a comprehensive set of user-configured conditions. The ability to place limit orders with conditions like risk level (leverage) along with pre-set profit and stop losses are very convenient. There is no ‘direct-access’ on stocks as all orders are routing through eToro based on their own spreads, which will different from other platforms since they factor in their fees.

Watch Lists

Users can create and customize their own watch lists or use the pre-set watch lists like the most active stocks or benchmark index stocks like the S&P 500 or Nasdaq 100. Stocks can be linked to charts so simple click on any symbol in a watch list can quickly update the chart along with all your indicators and studies.

Social Trading

This is one of the most unique aspects of eToro. While many fintech’s have tried the social network approach to markets, eToro set up a system that is equally rewarding to both the following and followed traders. This is the main platform differentiator coupled with the convenience of mobile trading.

CopyTrader

This function enables users to allocate up to 25% of their accounts to autotrade, mirror, the trades placed by selected Popular Investors . This win-win situation enables followers to mirror performance while the traders receive various fees and benefits based on the number of ‘Copiers’ autotrading their trades. Users can also apply to be a Popular Investor for an opportunity to earn fees based on level rankings from Cadet to Elite.

CopyFund

There are two types of CopyFunds. Top Trade CopyFunds include top performing traders for specific strategies and mirrors their trades, whereas Market CopyFunds are based on financial assets only, not traders. These are constructed by eToro’s investment teams. Minimum investments are $5,000.

Customer Service

eToro has 24/5 customer service via online/mobile chat. Visitors and existing users have access to the help center and ability to open tickets. The website operates in 14 different languages.

eToro Platform Differentiators

eToro stands out due to the social tools incorporated into the platform. There are very few established companies that offer social trading features and “Copy trading.” That said, traders should be careful to not become overambitious in their pursuits of profit. Copy trading is not always as simple as it sounds.

eToro also covers a wide range of assets, including stocks and Forex.

What Type of Trader Is eToro Best For?

eToro is an exciting brokerage platform that takes a direct approach to social investing. This platform is great for beginners to seasoned traders and investors, who are educated in the underlying financial assets they are trading. While the learning curve is shallow thanks to the tons of education and instructional content, it’s easy to get over confident with the leverage.

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