- Trade with Confidence
- Fully Regulated
- Social Trading Tools
- eToro OpenBook
- Not Verified!
So You Want to Try Social Trading? Start Your Journey Here by Reading our eToro review.
Many of you will have heard that social trading is a great new way to make money, by copying the trades of other traders. Much of what you read online makes social or copy trading sound like a very attractive proposition. We’ve already discussed the virtues of social trading networks on another page; so rather than go over old ground we’ll be focusing here on one of the biggest names currently offering this type of service, and you’ll be able to decide whether you want to join millions of others using the social trading platform being offered by eToro.
- eToro Premium Programme: Lucrative benefits and services
- Max Leverage: 1:400
- Spread: 1.4
- Forex Licence: CySEC, FCA, MiFID
A brief introduction to eToro
eToro was founded in 2006, and is a social trading and multi-asset broker with offices in the UK, Cyprus, and Israel. It is a regulated Forex broker and has licences issued by the FCA in the UK, and CySEC in Cyprus. When it first entered the world of Forex trading it was known as RetailFX, but in 2010 it released its own social trading platform known as eToro OpenBook, as well as enabling clients to participate in copy trading. eToro currently has more than 4.5 million clients from more than 170 different countries around the world.
When we write our reviews we usually like to feature the various bonuses available next. But the information available on eToro’s website is currently only for the month of August, which is now more than a month out of date. No matter, though, as we can continue with other useful information.
What can eToro offer in the way of a trading platform?
When it comes to choosing an eToro platform there is a suite of choices available, which means that there is bound to be one to suit your needs. Everybody considers the eToro platforms easy to use, and we have to agree. The options include the following:
With eToro’s OpenBook platform you get the opportunity to work the crowd and copy the trades of more experienced traders than yourself. It’s a quick and simple platform to use, and because copied trades go straight to your account you will be able to manage them in a much more transparent and simple way. The CopyTrader tool enables you to automatically copy others’ trading activity.
eToro’s WebTrader is an all-inclusive portfolio management platform which includes a range of different trading tools so that you can manage manual and copy-trading portfolios. It’s a very intuitive and smooth-running platform, and is so easy to navigate, even for beginners. Included with the platform is the option to view live rates, orders, and open positions, as well as a good choice of charting software. WebTrader allows you to manage your copy-trading activity, along with editing take profit and stop loss orders.
eToro Mobile Trader
The modern trader is no longer content with spending hours sat at a desktop, and many prefer to do their trading when on the move. eToro Mobile Trader lets this happen. The app is easy to download, and means you can trade using any mobile device, including iOS and Android devices. Whether you’re sat on the bus, enjoying your lunch break, or waiting in a queue, the app gives you access to live rates, open and closed positions, charts, stops, and plenty of other important information.
Choose from standard or premium accounts with eToro.
As with many of the big-name Forex brokers, there is the choice of a demo account, which we always highly recommend, however good you think a broker might be. But once you’ve tried a broker out for size in the virtual world and are happy to continue with the relationship, it’s time to consider other account options. With eToro, there is a choice of two accounts: a standard account or a premium account.
The minimum deposit for a standard account is only $50, but we should point out that there is a strictly followed verification process. This has to be completed in full before any withdrawals can be made, and if you don’t you will find yourself in hot water should you try to take your money out.
The premium programme has only been introduced by eToro quite recently. As you’d expect, it does require a higher level of deposits and trading activity. In total, you have to have made at least $20,000 in new deposits over the previous 11 months. Having $20,000 equity in a trading account at the end of a trading day will also gain you membership to the Premium Club. Being a Premium customer will mean you are entitled to a special eToro bonus, a personal account manager, access to the eToros trading room and the Trading Central, market analysis videos, a personal Payoneer credit card, and membership to the Neteller VIP programme along with exclusive promotional offers.
Customer support takes place via live chat, email or telephone.
Customer service hours are 24 hours a day, Monday to Friday, and there is also a very comprehensive Help section on the website to answer many of the usual questions. There are addresses you can write to if you’d prefer to put pen to paper, along with a number of useful online guides and a trading blog.
So do we think eToro is worthy of consideration? Certainly for those considering social trading as a form of investment, because it is currently one of the leaders in this particular sector. But let’s have a look at the pros and cons to help you decide for yourself:
- You’ll be joining thousands of other happy traders.
- Trading can be automated by trading other traders’ positions.
- There’s a good range of training and educational material available.
- Settings are customisable.
- One-click trading is available.
- eToro regularly runs a good selection of offers and promotions.
There are a few disadvantages to choosing eToro as a broker. The first is that eToro is not one of the cheapest brokers to trade with. It also offers a limited choice of currency pairs and high-powered trading tools, which could restrict your trading.
|Company||eToro (Europe) Ltd|
|Languages||English, Chinese, Russian, French, Italian, German, Polish, Arabic, Spanish.|
|Deposit Methods||Credit/Debit Card, Wirecard, Neteller, Bank Wire, Skrill, PayPal, WebMoney and more|