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About eToro
Founded in 2007 and located in Limassol, Cyprus, eToro is a top forex trading and CFD (Contract for Difference) trading site, which serves more than five million traders all around the globe. It has received several awards over the years and is regulated by NFA, CySEC, ASIC, CFTC, MiFID, and FCA. eToro leads the pack when it comes to being a forex trading platform, as it brands itself as a “social trader”. By social trading, we mean the process that presents an opportunity for Forex traders that trade online to access information that has been generated from other retail traders and leverage their combined experience and knowledge to trade in their own accounts. As a trader, you can connect with other traders to discuss trading strategies, as well as gain access to eToro’s patented CopyTrader technology, which allows you to copy their trading portfolio performance automatically.
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Accounts
The minimum deposit required for its account in Arabic regions has just been increased to $200. In all other areas, it is still $100 or up to 40% of the realised equity up to $50,000. If you deposit a minimum of $20,000, you will be deemed a Premium member, and you will receive special benefits, such as your own account manager, your own Payoneer credit card, direct access to the eToro forex trading room, and faster withdrawals. The spreads on forex trading vary, with the lowest being two pips, while the offer a maximum leverage of 400:1.
There are no other costs required to copying a trader. The spreads do no change whether a trader is copying someone or simply trading their own strategies. I was really happy to find that a $100,000 practice account using virtual money is available to new customers; however, this option was only listed in the ‘Ask a Question’ section. This is unfortunate, as any newbie traders may miss this opportunity if they do not read the information in the FAQ section. A demo account allows traders to have access to the eToro’s social trading platform, but any trading activity and online profiles are only displayed for actual real-money traders.
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Bonuses and Promotions
There are various credit plans and incentives for traders at eToro. While doing this eToro review, the company had a special offer of a bonus for referring friends to eToro. A referrer is entitled to get up to $1,000 by inviting just ten friends to use the site. Each friend will receive a special deposit bonus of $200 to begin trading at here. After getting the first and fifth copier, a trader is then considered to be a community leader in the eToro social investment network and is entitled to bonus of up to 50% in eToro credit points, depending on the deposited amount.
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Platform Features
In the realm of forex brokers, social networking has grown at an exponential rate. This ‘social’ trading arena was started by eToro many years ago and has recently introduced its most updated eToro forex trading/CFD trading platform. Connecting clients with each other to trade, invest, learn, and share knowledge across the network is actively encouraged by eToro. The top-ranking traders are listed on the eToro landing page, as well as the number of people copying a trader, their win rations, and the related gain percentage. eToro’s CopyTrader program gives traders an opportunity to crowd work by quickly and simply copying the best traders on the eToro trading network. Using the Copy Trading portfolio, copied trades automatically go into a trader’s account and allow the trader to manage their copied trades in a simple but transparent way.
Any ‘Personal Investment Program’ clients can build and monetize their portfolios with accumulated trades, which will earn them a nice monthly income in addition to their profits. As a trader at eToro, you can also take advantage of Personal Portfolios, Watchlists, News Feed (similar to a Facebook Wall), trading history; risk levels, stats, and can even use one-click trading. If that wasn’t enough, you can also search by entering specific profile features, such as location, duration of trade, or percentage of returns.
There is a huge range of investment vehicles at eToro, and this includes a diverse range of stocks on the financial markets, precious metals (i.e. gold), and commodities (i.e. crude oil). But, as we all know, eToro truly comes alive in the CFD trading and forex trading stakes. Not only does eToro have a huge list of trading products, but it also offers US, Spanish and Italian stocks, EFTs, and Russian, and Chinese ADRs. eToro has also recently introduced Bitcoin as an option for its trading choices. But, in contrast to most other Bitcoin brokers, Bitcoin is listed by eToro as a stock on its platform instead of a currency. The platform trades the Bitcoin on a CFD trading basis. This means that users can buy and sell financial derivatives that track the Bitcoin price, but without actually owning any BTC in question.
Recently, a new platform has been introduced by eToro that redesigns their old WebTrader and OpenBook platforms so they fit all devices. It is a very responsive HTML5 web application that is fully optimised to run on any mobile device. All the features of their mobile app is also available on their website, and the website is fully accessible to mobile devices.
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Education
The education centre provided by eToro offers traders a number of forex trading tools to improve their forex trading experience. These tools include webinars, training courses, and large selection of videos. There are also a number of trading guides provided that covers the basics of forex trading and how to make deposits and withdrawals from an already existing account. Traders are also offered an opportunity to join a live webinar to learn their way around the eToro platform by using the help of eToro’s online trading experts. Traders can also receive top trading tips from many forex trading experts.
eToro also has exclusive eCourses on forex trading, so that users can master trading at their own pace. These courses are interactive and are suitable for both new and veteran traders. The WebTrader platform has a news screen that will show traders what is happening in the forex trading markets at the moment. A team of market analysts at eToro updates these news items live, so it functions in real time.
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Deposits and Withdrawals
You can make deposits into your eToro account through credit cards, PayPal, bank transfer, Skrill, WebMoney, Neteller, and MoneyBookers. Entering the ‘Cashier’ section, clicking on withdrawal, and filling out the electronic withdrawal form is how a “cashout” is put through at eToro.
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Customer Support
Customer support representatives at eToro can be contacted by phone or Live Chat 24/5. The telephone support is through a toll free numbers in the UK, Cyprus and New Zealand. Questions can also be sent via email if a quick response is sought. There are eToro forex broker offices spread throughout the world, so they are quite suited to assisting a customer base that speaks a number of different languages too.
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eToro Final Thoughts
eToro is undoubtedly one of the better forex brokers if you are looking for interaction with different currency traders, as well as being able to study how other people choose to invest. The social trading platform provided by eToro is a great way for new traders to test new trading strategies and provides for the experienced trader who wants professional-level forex trading.
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