eToro Review

Overview

EToro is one of the most well known forex brokers online. Founded in 2007 on the British Virgin islands, eToro’s reputation has grown and earned them a place amongst the… more

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Details

Broker eToro
Website URL http://www.etoro.com
Founded 2007
Headquarters British Virgin Islands
Support Types Chat , Email , Phone , FAQ
Languages English, German, French, Spanish and more
Trading Platform WebTrader, eToro OpenBook, Mobile Platform
Minimum 1st Deposit $50
Minimum Account Size $50
Minimum Trade Amount $10
Leverage 400:1
Spread 2 Pips
Free Demo Account Open Demo
Deposit Methods VISA , PayPal , Neteller , Moneybookers , JCB , WebMoney
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 80/100

Pros

  • Great social interface
  • Two trading platforms
  • Tight Spreads

Full Review

EToro is one of the most well known forex brokers online. Founded in 2007 on the British Virgin islands, eToro’s reputation has grown and earned them a place amongst the top Forex brokers online. Where many people and brokers have seen forex trading as a individual activity, eToro has focused on making the trading game social.

EToro has integrated a social platform in which it’s users can share trading tips, copy each others trades and build somewhat of a community. This is something that can’t be found anywhere else, and already has it received a lot of attention from the public. Think of it as a social network, like Facebook or Linkedin, but focused on forex trading. One of the two main platforms is the eToro OpenBook, which is the platform that the social trader will want to use. This platform needs to be downloaded, and once installed on the computer, the investor can not only start trading, but are also presented with commentaries and tips from other users in the community.

The other platform is the WebTrader, which is the most convenient. The best thing about it is that it is browser based, meaning you can handle all your tradings straight in the web, with no download neccessary. The WebTrader is carefully built to cater the needs of new traders, with excellent ease of use making currency trading look easier than it has ever done before. This said, there are still enough options and analyzing tools to make the WebTrader suitable for advanced traders as well. Just like the OpenBook, eToro has made sure to make the WebTrader as social as possible by adding a chat window in which traders can interact with eachother.

eToro offers some great promotions for new traders, offering up to 10% bonus on your first deposit. There are three types of accounts: Practice, Basic and Premium. The practice acount is a great way for new traders to learn the game, the basic account is for hobby traders and has some great features, but for the real advanced traders, the Premium account will offer the most perks and promotions.

Regarding the design of eToros website and trading software, it’s clear that they have put a lot of effort in to making it as user friendly as possible. Instead of trying to make the website look fancy and advanced, they have come up with a basic design that still looks great. You are not likely to get lost when you’re looking for something, and the extensive FAQ will likely solve most of the basic problems you might encounter.

They also offer a mobile platfrom, which is a pretty recent installation on their website. This platform gives users the ability to make trades from their mobile devices. This is a great asset, as we all now that the currency market is always changing, so it’s important to be flexible and keep check on what’s going on.

As for customer service, eToro is not one to dissapoint. You can reach the customer support via a range of options,inculding telephone, email and chat. First of all, check out the Frequently Asked Questions, which is very detailed.

All in all, we think eToro is a great alternative both for new and experienced traders. The social networking makes it a trading experience hard to find elsewhere, so it’s definitely worth a try.

 

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