eToro is one of the most popular social trading platforms today. The company allows Forex traders to buy and sell financial securities and utilize their combined knowledge and experience to trade with each other. Brokers can connect with fellow traders, discuss investment and trading strategies, and use applications provided by eToro to copy their trading performance automatically. eToro is a visual FX trading platform that makes forex trading fun and easy to understand with the use of graphic representations for different monetary contracts.
Since 2006, eToro has been serving millions of traders worldwide. David Ring, Yoni Assia, and Ronen Assia established eToro in Tel Aviv, Israel. The company was created with the vision of opening global markets and social trading networks for anyone who wishes to invest and trade in a transparent and straightforward way. eToro is one of the top ten international online forex brokers.
eToro has millions of users worldwide. The brokerage company’s clients can trade indices, commodities, CFDs, and currencies. Its online trading network and platform attract tons of users, generating thousands of accounts every day.
Ever since eToro launched its social trading platform called OpenBook, along with its CopyTrading feature, the number of users boomed from a few hundred thousand to over five million. These ingenious platforms enable investors to follow, copy, and watch the top forex traders in eToro automatically.
In general, eToro is not a scam, for it is considered as one of the most popular and reputable brokers in the online trading industry. Its services and OpenBook have been featured in a dozen of financial periodicals like Forbes, Finance Magnates, Fintech Finance, and Financial Times.
As it was stated earlier, eToro is regulated and authorized by Cyprus’ Cysec and the United Kingdom’s FCA. These agencies impose strict guidelines for investment firms. In addition to the strict regulations that eToro abides by, traders are also protected by CySEC’s Investor Compensation Scheme and the Financial Services Compensation Scheme. Your funds are maintained at banks, and protected by strict regulations, so no one can access or withdraw any amount from it other than you.
eToro has a 4.5/5 rating on trusted websites of forex traders. Many people love using eToro because it has lots of advantages and only a few disadvantages.
eToro is a unique online brokerage company because of its innovative trading platform. When the software was launched in 2010, it was the first online trading network of its kind. This earned eToro the distinction of being the broker who invented the first ever social trading platform in the industry.
Unlike conventional trading programs, eToro’s OpenBook utilizes the collected wisdom of thousands of users to assist traders in maximizing their profit. The said platform allows you to view the statistics of other users. Such stats include profit levels, trading strategies, and market positions. eToro’s OpenBook breached all the walls between traders; this accelerates the learning process and training of beginner traders or newly registered users.
Regarding OpenBook’s interface, one can say that it possesses simple functions and a clean design. It is also user-friendly. The buttons and menus are where you need them, the color schemes are soft on the eyes, and the panels are fixed. In addition, its watchlist is configurable, and the simple UX allows beginners to understand all buttons and functions easily.
For the platform’s charts and search functions, the incorporated search field is easy to use and is also predictable. You can input your product or company name or search using ticker symbols. The tool for searching charts is also a favorite of many users because you can utilize over 20 indicators to look for what you want. The charts are saved automatically, so that you don’t need to set up indicators repeatedly.
In terms of trade types, a variety of indices, currencies pairs, commodities, ETFs or Exchange Traded Funds, and precious metals can be utilized for trading at eToro. In 2014, the brokerage firm also introduced cryptocurrency trading. Bitcoin, the first cryptocurrency supported in this trading platform, is not traded as a digital currency. Instead, it is traded as a CFD.
Recently, the value of cryptocurrencies has been increasing steadily. To cater to the popularity of digital currencies, eToro now supports the following cryptocurrencies:
Trading these coins at eToro is easy and simple. Instead of hustling to buy and sell the said cryptocurrencies, eToro allows its users to trade them with the use of CFDs.
eToro has two types of trading accounts, and they are both beginner-friendly. Newbies don’t have to answer any questions when they are choosing their trading account. The first one is the practice account; it is free for a limited time. The second one is called the standard account; this type of eToro account requires a minimum deposit of $50 to be activated.
Aside from the demo and standard accounts, eToro also offers users an account that conforms to Islamic Sharia principles. This account is known as the swap-free account or the Islamic account.
This broker doesn’t charge any commissions or annual fees for users who join OpenBook, but it charges a relative value traded on top of price quotes that they get from exchanges. eToro makes sure that its users don’t encounter slippages when they conduct their trades.
eToro’s users have more than a handful of methods to fund their accounts and withdraw their money.
Traders often use eWallets and credit cards such as Skrill and Neteller to top-up their accounts. After confirming each deposit, the funds are updated to the user’s account automatically. When it comes to withdrawal options, the most used methods are wire transfer and PayPal. However, keep in mind that the methods that you will use for depositing money at eToro will also be the method used for withdrawing your funds, and the processing time for each withdrawal is one business day.
Aside from eToro’s web-based social trading platform, users can also trade and use eToro on their mobile devices. The mobile app provides all of OpenBook’s features for your Android or iOS device. The application allows you to view real-time feeds, check instrument prices, monitor your eToro account, and chat with other traders.
eToro’s Popular Investor program enables you to earn extra income while earning with your investments. With this feature, you let others copy your trades, and after that, you get 2% of their annual assets. Furthermore, successful and popular investors get 100% rebates for all of their trades.
eToro provides a Demo account for newly registered users. They are given $100,000 worth of virtual currency to conduct test and trial runs for their different investment strategies without incurring any risk. It allows potential traders to test eToro’s trading platform and services be