eToro Forex Broker Review
75% of retail CFD investors lose money
Those who have learned the art of trading online to make money know that it’s a great way to become financially independent, but unfortunately, scams have plagued the industry and continue to ruin its reputation as a legitimate way to earn a living. However, we know that there are time-tested and trusted systems or software that you could use if making money online is something you want to take seriously. We’ve conducted in-depth investigations and have a selection of approved robots that we recommend that you stick to if you want to really make money online.
eToro Trading Platform
At the moment the world recognizes eToro’s platform as a social trading platform that has grown to be the most popular. The eToro’s platform allows traders to keep track of each other by allowing real-time interaction. In this way, it has placed into your palm the power of networking. Now you can automatically get help from your more successful peers by copying their trades in real-time because of the “Copy Trader” feature that is integrated.
eToro Mobile Trader
With eToro mobile trader apps’ recent introduction, the power of social trading can now be accessed by traders using their mobile devices and smartphones. Now eToro’s trading platform you also have a selection of stocks and commodities to trade in addition to forex.
For now, the only two types of trading accounts available to choose from at eToro are the standard and Islamic trading accounts.
Standard Trading Account
At eToro, a trading account opening is easy with just a minimum of $50 as the initial deposit requirement. The following payment methods can be used to fund a trading account: Credit Cards, Wire Transfer, MoneyGram, PayPal, Neteller, WebMoney.
It is only when your account is verified that you can make withdrawals at eToro. After verification, withdrawal of funds is done using the same funding method used for trading account deposit. Funds withdrawal minimum is set at $20 and withdrawals attract a small percentage of the fee payable. The amount the client wants to withdraw determines the fee applicable and this fee is between the $5 to $25 ranges; requests for withdrawal takes about 5 business days.
You have the option of an Islamic trading account if you want to trade the forex market as a Muslim in accordance with sharia principles. With this type of account, they require $1000 as an initial deposit to meet the minimum balance. There are two benefits for the Muslim trader when he works with an Islamic account – overnight positions have no imposed interests and commissions are not payable either.
If you’d first like to have a go at the eToro trading platform without having to risk real money, you can try out their free demo account that comes with no obligation after sign up. You get the total package when you sign up for a free demo account as it comes with all the features of running an account that has real money in it. With the demo account, you are supplied with virtual cash for trading to the tune of $10,000.
Commission & Spreads
At eToro, all trades made are supposed to be done by playing a spread that’s slightly wider because there are no commissions’ payable on this trading platform. eToro’s minimum typical spread for the currency pair USD/JPY starts at 2 pips, while the currency pairs EUR/USD, USD/CAD, USD/CHF, USD/RUB start at 3 pips. However, there is a 1 pip spread if you’re making Bitcoin transactions. 14 pips spread is possible if you use less frequently traded pairs.
There are several major languages available for clients if they call in to eToro’s customer support and this service is offered 24/5. You can use telephone, live chat or email to contact the support team. Of course, as with any other trading platform, there are pros and cons.
In these past few years, an innovation of the highest level that has changed the playing field is undoubtedly, the introduction of eToro’s trading platform. With its introduction, OpenBook has brought fulfillment to a once stressful trading experience; singlehandedly transforming it into something that can be likened to a game everyone can participate in. If you are uncertain of what your experience is going to be like if you are just starting out, and or a complete novice, you will find the OpenBook platform specially tailored for you.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptoassets are highly volatile unregulated investment product. No EU investor protection.
This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.