Although there are hundreds of online brokers, we only recommend the few with great services. As you can tell from previous reviews we have done, eToro is one of the world’s top online brokers. Meanwhile, Ayondo is the exact opposite with generally negative reviews. We hope that, from this comparison, you learn how to tell good and bad brokers apart so as to avoid losing your money. 

Regulation

The Forex market is rife with fraud because it is all based on online platforms. As such, fraudulent brokers can pose as real and trustworthy to get away with your money. Your only protection when looking for an online broker is to ensure it is regulated properly. Fortunately, the world’s top financial regulators make all relevant information easily accessible for you. 

It is very clear that eToro is well regulated in the various countries it operates from. In the UK, eToro (UK) is licensed by the FCA under the license FRN 583263. Another of its subsidiaries, eToro AUS Capital is regulated by ASIC under the License 491139. The third subsidiary, eToro Europe is regulated by CySEC under the license number 109/10. All these subsidiaries are part of eToro Group Limited, and its various licenses have been verified. 

Questions arise, though, when looking at Ayondo because there is a lot to consider. From its own website, Ayondo claims to be a part of BUX Financial Services. (See image below)

Ayondo website

We confirmed that BUX is actually licensed by the FCA under the reference number 184333 as seen below. 

We further confirmed that BUX had indeed acquired Ayondo back in June 2019 after raising $35 million. So far, so good. 

Ayondo goes further to boast about being the first fintech company to be listed on Singapore Stock Exchange (SGX). 

This is also true, although it doesn’t talk about its troubles at the exchange that forced it to suspend trading its shares. The suspension was due to, among other things, regulatory compliance in the UK. We do not yet know if Ayondo shares have resumed trading at the SGX, but the situation already makes it hard to recommend. 

Besides, there are a lot of negative online reviews for Ayondo that further push it down our list of top online brokers. 

All these considered, eToro wins this round with a stellar reputation and proper regulation. 

Deposit and withdrawal

eToro

All deposits are in USD, so conversion rates will apply when using other currencies. 

  • Bank transfer
  • Credit Card (Visa, MasterCard, Diners Club, Maestro),
  • PayPal 
  • Neteller
  • Skrill

Minimum deposit for the first time is $200, but US and Australia residents can start with $50 and Israel residents must come up with $10,000. Deposits by wire transfer have a minimum of $500 and the minimum withdrawal is $30. 

Ayondo

Ayondo accepts deposits in EUR, GBP, USD, SEK and CHF

  • Credit/debit card
  • Wire transfer

Minimum deposit is EUR/GBP/USD 100 and the minimum withdrawal is $10. 

The winner in this category is eToro for having more deposit and withdrawal options. 

Trading platforms

eToro only offers its web-based platform when trading on desktop, but there are mobile apps for Android and iOS for trading on the go. Compared to other popular online brokers, this is a limitation, but the apps themselves are good enough. 

Traders on Ayondo will have access to TradeHub, which is also a web-based platform, developed by BUX Financial Services. In addition, TradeHub is also available on mobile through iOS and Android apps. TradeHub is a renowned trading platform with plenty of features and is very capable of handling all trading requirements. 

Ayondo platform

This section is tied as each broker offers its own proprietary software. 

Ease of use

When you want to start trading at eToro, you can get a free demo account to practice with and get acquainted with the platform. Considering that the broker does not offer MT4, it would be a good idea to get some practice before moving on to a real account. When you do, it is easy to get verified and get started with real money. As discussed in previous sections, eToro supports several deposit methods to get you started. 

Your experience with Ayondo will be very similar to that of eToro because here too you can get a free demo account to practice using TradeHub. The signup process is also easy if you decide to use this broker, and you can easily fund your account and start trading. 

It would seem we have another tie, but eToro also offers social trading while Ayondo stopped its social trading features. For a new trader, these facilities will make it easier to trade the markets with help from seasoned traders. 

Therefore, eToro is a winner in this category.

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