eToro provides an electronic trading platform for the Foreign Exchange Market (“forex”) based in its social investment network. It was created in Cyprus and offers clients personal financial service in online transactions. eToro works in forex, stock indices and commodities. Their forex products are the ones upon which the company relies and they are offered through their partners in brokerages around the globe. Their major partners are RetailFX in Cyprus, IC Markets in Australia and FX Solutions (part of City Group) in the United States. This network makes eToro maybe the largest retail broker out there and it really is the best choice for novice traders (especially thanks to the low minimum deposit and easy to use trading platform). If you’re new to Forex you should definitely signup at eToro and make use of their great offering.
- Regulation: NFA, CySEC, ASIC, CFTC, MiFID
- Accepts US Clients: Yes
- Min. Deposit: $50
- Leverage: 400:1
- Platforms: eToro webTrader, etoro Openbook, eToro Mobile Trader
- Payment options: Credit Card, Debit Card, Wire Transfer, Moneybookers, Paypal, Webmoney, Moneygram, Westerrn Union, Neteller
Advantages: Progressive Platforms
One of the best things about eToro is that they constantly strive to stay up to date on the latest developments in the forex industry. But eToro also looks at the larger picture and what in general is succeeding on the internet. Even the latest trends socially are analyzed and included in one of their three platforms. In their first platform, eToro offers a social network for their traders, which allows different traders around the world to share about experiences, negative and positive. It is an invaluable resource for new traders or traders looking to expand to different currencies or countries. Called Openbook, the social trading network lets traders follow more experienced traders and even copy their trades when they see something they like and can afford. It is also one of their trading platforms, so traders can make the trade they want after seeing someone else’s, without ever leaving their Openbook account or page.
Openbook operates in real time so that traders really can jump on good moves by other trader “friends.” Modeled after Facebook, their Openbook is easy to use and lets traders friend and follow more seasoned traders to keep track of what they are up to and when the have succeeded or failed. It also allows traders to take time and study the actions of other people and what works and doesn’t without having to try it out themselves. It’s part of what is great about eToro, they place an emphasis on education and research tools and Openbook is a very useful tool for all levels of traders.
Their second and original platform is WebTrader. As with most platforms for forex trading, WebTrader lets users trade from anywhere at any time as long as they can get online. The previous literature for eToro spoke of the “e” meaning easy and this is one of the easiest platforms to use for fast and effective, but secure, trading. There are ways to access any information desired, but the trading pages aren’t cluttered with too much unwanted data. It is simple and straightforward, which is important to traders with limited web access when away from their home PC. One of the best things about WebTrader is that, for people who don’t want the whole social experience of Openbook, but might want to ask a fellow trader a question now and again, there is a chat option. For the more advanced traders or those in a rush, there is the option to stay invisible if they so desire.
The third trading platform is their mobile app. This lets traders be just as informed as they would be on their home pc and trade on their smartphones or tablets through either Openbook or WebTrader. Mobile Trader gives access to both android and iPhone users with an app that allows them to be just as informed and connected while on the go. The app also keeps them secure from just accessing their accounts from their phones or wi-fi as well, so it is more secure than just a usual mobile site. People without the app on their phone or tablet cannot access the information.
Trading Assistance: Guardian Angel
In terms of safe trading, eToro has a state of the art security system. But it also gives users Guardian Angel for safety in another way. This is special software that provides professional guidance to ensure traders don’t repeat mistakes. It reviews trades in real time and identifies what could be part of a pattern. The patterns could be for success or failure and feedback is immediate, suggesting whether the trade was part of a pattern and attempting to help the trader succeed. It is a fairly unique and very helpful tool that is meant to help users succeed and understand why they did or didn’t.
Within all of these platforms, there are chances and opportunities for traders with any level of experience. All levels have access to the whole system, but with varying levels of guidance. There are four types of trading accounts, especially helpful for things like following on Openbook, or requesting to chat with someone on WebTrader. New or basic level traders can avail themselves of the Bronze Trading account. The Silver is for intermediate level traders. Gold is advanced level traders and for the real professionals that make a good living from forex trading, the VIP trading account allows them to proceed with business in the most simple, but successful way.
They are basically separated by the amount of money a trader deposits into their trading account with eToro. The Bronze is under $1,000, while the VIP deposits at least $20,000. The benefits, bonuses and various features and amenities increase with each level of trading account and there is no cost or administrative hassle to upgrade when/if the time comes. While some may protest the inequality or class-like system of these accounts, it does provide quite the motivation to trade successfully and level up for even easier trading.
The customer service alone would be a reason to trade with eToro. Traders can get live support 24 hours a day, no waiting for return emails. And it is available by phone, with international numbers for users around the world to be able to access live human support at all times. There are also chat and email options for people who prefer to get help online.
eToro is a versatile trading platform that is great for all levels of users. They are efficient and they provide constantly updated options and services so that all traders can work with tools and a platform that they feel most comfortable with. eToro is very customer based with a focus on getting their traders the best resources, real time support and a full network to promote and facilitate each trader’s success in the forex market.