eToro Full Review
eToro is a social trading platform based in Cyprus. The company has revolutionized the aspect of online trading, by introducing new methods and features that traders can capitalize on to make their online trading easier.
Indeed, some claim that the letter “e” for the word eToro is introduced to imply the easiness in trading via social trading platforms. eToro is one of the leading social trading platforms in the world and has grown significantly over the last few years due to increasing popularity in social trading.
The platform enables traders to follow and copy experts with the eToro OpenBook, while at the same time providing various tools to help traders trade more effectively.
This is the platform typical of any Forex Trading platform but generally differs in terms of added functions such as the chat section, which allows traders to interact with others in real time. Traders can also choose to remain invisible if they do not wish to chat with other traders.
The Webtrader interface is clean, simple and sleek. It does not have an informational overload which makes execution of trades fast. Now, because it is a web platform, traders can access it from anywhere in the world as long as they have access to internet connection.
The eToro OpenBook is the Facebook of Forex Trading. This platform allows traders to see what others are doing in real time. As such, it is possible to determine what would be a safe trading strategy to use, as well as examine new strategies.
The social aspect of eToro Openbook also allows traders to learn from others thereby shortening the learning curve. Finally, with eToro OpenBook, traders do not have come up with their own trading strategies by doing several sophisticated analysis. They can easily follow and copy expert traders for profitable gains.
New eToro Mobile Trading
Rather than try and convert existing platforms to mobile trading, eToro built their new platform from scratch. They invested a lot of time and resources in creating a trading platform that is compatible across all mobile devices and works beautifully on smaller mobile screens. The free app is available for both Android and iOS and can be installed easily on all mobile phones and tablet devices. Traders can deposit and withdraw with bank-level security, and trade on the go from any location on the planet that has network coverage.
The New eToro Online Trading Platform
The new eToro social trading platform is already a really big hit with traders. Instead of just offering the usual currencies, commodities, indices, and stocks as CFDs, eToro allows investors to connect directly to over 5 million other social traders in more than 170 countries. Traders can set their accounts to automatically copy the trades of Popular Investors and can ask questions, start discussions and share strategies on the online forums. Popular Investors who attract copiers receive monthly payments on top of their trading returns, and can even earn a percentage of assets under management!
Types of Trading Accounts
Just like several online Forex Brokers, eToro has ensured that traders receive various benefits in accordance with the trading account types. The company offers four trading account types which are defined by the level of deposit in the account. There is also an Islamic account for the Muslim faithful looking to do Forex Trading.
- Bronze Trading Account: This is the smallest account type and is tailor-made for beginner traders that deposit less than $1000.
- Silver Trading Account: This account type is for intermediate traders that already have significant trading experience and require a minimum deposit of $1000.
- Gold Trading Account: This is for traders who consider themselves as professionals, and require a minimum deposit of $10,000.
- VIP Trading Account: The VIP Trading Account is the most senior account type at eToro and requires a minimum of $20,000 in a deposit.
- Islamic Trading Account: For the Muslim faithful, the Islamic account at eToro allows for ‘No Riba’ trading principle among other features.
Commissions and Spreads
Like most Forex brokers, eToro charges no fees on trades executed by them. However, they do capitalize on the spread on trades which begins from 2 pips going up depending on various instruments.
The broker does not charge any fee for trades left open overnight, but a small fee is charged on trades left open over the weekend.
Trading Tools and Live Newsfeeds on New eToro
There are some outstanding features on the new eToro that take the trading experience to a whole new level. Traders can create customized Watchlists to monitor the performance of assets that interest them, manage their personal portfolio, and open trades from every single screen on the trading platform. It’s also possible to switch between technical and fundamental analysis with a single click, with eToro’s live newsfeeds and trading charts. The platform is highly sophisticated, allowing professional level trading, but is designed for easy navigation and delivers a genuinely user-friendly experience.
Deposits and Withdrawals
Traders at eToro can deposit and withdraw money via Credit/Debit Card, Wire Transfer, Paypal, Webmoney, Skrill, and Netteller. Traders can also deposit via Western Union and MoneyGram.
The minimum deposit is $500 for wire transfers, while traders can deposit a minimum of $100 via all the other methods.
The maximum deposit for Credit/Debit card, PayPal and Skrill are $5,000 while the maximum for Neteller and 1-pay is $10,000. GiroPay and Webmoney have a maximum deposit of $50,000 while there is no limit for wire transfer.
The minimum withdrawal amount is $20 (PayPal/Skrill) and attracts a fee of $5 up to a maximum of $200. Withdrawals between $200.01 and $500 attract a fee of $10 per withdrawal while those higher than $500 attract a fee of $25.
Currencies, Commodities, Stocks, and Indices
eToro offers its traders a wide range of Currencies, Commodities, Stocks, and Indices for trading as CFDs. It recently updated its list of stocks and gives traders fast access to all their favorite brands, and household names, that are traded on the world’s stock markets. Traders can display stocks on their screens using either the company name or a symbol. eToro is always adding new assets to the trading platform.
Account Management and Customer Care
Opening an account at eToro is fast and straightforward. Traders can use a free demo account with virtual money or deposit just $200 to begin trading for real. There’s also a very attractive program for Premium Investors who are ready for high volume trading.
eToro offers 24-hour customer care ( available in 8 languages including Chinese, Russian
and Arabic) and we found the support staff to be genuinely friendly and helpful. Unlike some brokers, eToro staff are well trained and fully understand the trading platform and eToro’s own systems. Deposits and withdrawals at eToro are fast and efficient and there is a wide range of payment methods available.
Traders can deposit using all major credit cards, Skrill, PayPal, Webmoney, Neteller and more). The account verification process is simple. eToro is also a fully regulated broker (FCA, ASIC, and CySEC) offering traders a high level of protection and transparency.
Traders at eToro can contact support via Email, FAX, and Live Chat. The company has also established an interactive Q/A section where traders can find answers for general inquiries via the eToropedia section.
Live Support: 24/5 Live Chart (Weekdays)
Should I Trade at eToro?
The new eToro offers a unique social trading experience backed up by top quality trading platform, good customer service, and some great promotions. Anybody who is serious about investing and learning the ins and outs of the financial markets has a great opportunity to connect with other traders, discuss the markets, and copy their investments.
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Currently, eToro offers three different trading platforms to its traders, which include the eToro Webtrader, eToro OpenBook, and eToro Mobile Trading platform.