eToro have made copy trading and social trading popular. The broker’s fresh trading model enables traders to make money from the trading experience of other traders. Features like the Webtrader platform and Openbook portfolio manager are tools that help new traders learn how to trade, how to copy others and how to make money from online trading.
With so many Forex platforms popping up online it can be difficult finding a good one. Many platforms offer the same user experience and the trading options can be quite similar. So if you are looking for an industry leader, with a unique trading platform that has won numerous awards over the years – then you should check out eToro.
Users who try eToro’s simple trading platform end up sticking with them more often than not. Whether you are a veteran trader or a novice looking to get started in online trading, eToro is a great place to invest your money.
eToro Trading Platform Review
eToro offers one of the easiest forex trading platforms that we have encountered. They offer a full range of currencies for trading and also allow users to trade eToro CFDs and in the commodity market by trading gold and silver as well. The pearl of their trading platform is the WebTrader that allows users to trade from anywhere around the world.
eToro has taken steps to make sure that the interface looks clean and doesn’t give a user too much information. One fun feature of eToro’s WebTrader is the chat function. You can use this to talk trading with other users to hopefully gain some insight into their trading.
Beyond the trading, eToro takes its social features one step further with OpenBook which is eToro’s social media forex trading platform. You can see what other traders are doing in real time and monitor market trends. This is great for new traders who simply want to find a successful trader and “copy their trades” which is an option that eToro offers. You can follow other traders in a similar way to twitter or facebook and interact with them as they trade in real time. This is where the phrase “social trading” comes from.
In addition to their excellent WebTrader and OpenBook platforms, eToro is also an industry leader in mobile forex trading. Their Mobile Trading App is one of the best in the industry and is fully compatible with Android and Apple device. Users can access the OpenBook features directly from their smartphone or tablet device and copy trades as they happen in real time from anywhere in the world.
One thing that has drawn people to eToro is their higher degree of leverage than many other sites at 200:1. Although users should be careful with this features as it offers just as many risks as it does rewards.
eToro is an excellent site for ‘beginner’ traders , though the minimum deposit is a $200 while other sites can require a higher minimum than that. There is also a full demo practice account that you can take advantage of to test their software before depositing. The demo account includes all the features of a real money account, including the ability to copy other traders.
etoro mobile trader
eToro designed the Webtrader platform for Smartphones and mobile devices. Due to mobile social trading being at the forefront of the design process, the app is second to none.
It delivers all the features of the full website, and performs very well across all platforms including iPhone, Android and Windows devices. Traders can react instantly to any markets news.
Benefits of this platform include:
- Connected to eToro OpenBook’s top 100
- Copy/Follow traders
- Live trading feeds
- Up to date rankings
- View profiles
- Accounts/Fund Transfers
eToro offers some excellent customer service with live chat, email or telephone support that is available twenty four hours a day during the week. The customer service team is well informed and friendly. Most questions can be answered in eToro’s “eToroPedia” which has a large wealth of information that users can easily access.
Boasting an excellent web platform, smartphone and tablet enhanced compatibility and some of the lowest deposit requirements in the industry; eToro is a top destination for any aspiring forex trader. The ability to follow other traders and copy their trades is a top feature which has helped to make eToro the award winning forex platform that it is today. Without the social networking aspects, eToro would be a great site for forex trading, but with them they are one of the very best on the web today.
eToro is well known for introducing the concept of social trading into the forex retail trading community especially. Its social trading platform “Openbook” has proven extremely popular among forex traders as it helps to cut down a novice trader’s learning curve.
Experienced traders or “Gurus” as they are known at eToro are also taking a shine to Openbook as it allows them to earn additional revenue by sharing their trading experience among fellow traders within the Openbook’s social network.
Nevertheless, Forex is not the only market that traders can trade in. Traders now also have the opportunity to trade in CFDs with the same platform.
What are CFDs?
CFD or “Contract for Difference” is essentially a contract between two parties, a buyer and a seller, that requires one party to pay the other party the difference between current value of an asset and its future value at the expiration of the contract.
In other words, CFDs are financial instruments which let traders profit from the price movements of an underlying asset without having to own that asset physically. From a trader’s point of view, with CFDs, the trader gets to enjoy the same benefits as they would have from owning an asset but without having to invest as much.
Where are eToro Based?
Although eToro is a based in Cyprus at #7 Omirou St., 2nd Floor,3095 Limassol, the company also have several regional offices around the world to satisfy local regulatory requirements. Their regional offices can be found in the British Virgin Islands (BVI), New York, U.S.A and Sydney, Australia.
Regulation and License
eToro are regulated via a number of different bodies. In the UK, they are fully regulated by the Financial Conduct Authority (FCA). Any firm offering CFDs to UK consumers must be regulated by this regulator.
To meet its regulatory requirements throughout Europe, eToro is also regulated by CySEC, the Cypriot Securities & Exchange Commission. As the regulatory standard is in compliance with the European Union’s Markets in Financial Instruments Directive (MiFID), this means eToro is authorized to operate within the eurozone.
Social Trading Accounts
Traders at eToro can choose between opening a basic trading account or a Premium trading account.
- Deposit Promotions
- Free Webinars
- Full Access to eCourses
- Minimum deposit of $50 to open
- Practice Account
- Access to Expert Traders’ news
- Deposit Promotions
- Free Webinars
- Full Access to eCourses
- Minimum deposit of $20,000 to open
- Practice Account
- Premium Account Manager
However, prospective clients of eToro can also sign up with eToro for a free demo account to try out the various features of their trading platform before they commit. The Demo accounts come with $10,000 practice money. You only need to provide an email to gain access to the Demo account. I really like their demo account setup as there is no obligation to deposit any real money nor will you get sales representatives calling you and harnessing you to make a deposit.
GiroPay (Germany only)
Neteller / 1-Pay
Overall eToro is a reliable broker to deal with. They offer a truly social based trading environment allowing you to benefits from the experiences of real “Gurus”. Furthermore, they are fully regulated meaning you can trade with them with the assurance that they will not run away with your money!
The only setback with eToro is the fact that they don’t offer any downloadable trading platform like MT4 which can be customised to suit the individual needs of some traders. Then again, we have to remember that eToro is trying to cater to the wider market, traders who lack the experience in trading fast moving financial markets and traders who wouldn’t be able to appreciate the features of an advanced trading platform like MT4.