eToro

Added on September 16, 2011 02:41 PM
(4.5 / 5)
Spread: 3.0 Min. lot: 0.01 Execution: STP
Leverage: 1:400 Country: British Virgin Islands Regulated by: NFA, FSA, BaFin
Min. deposit: $50 Platforms: Custom trading platform, Web platform Payment methods: Bank Wire, Credit card, PayPal, MoneyBookers, Neteller
Headquarters: British Virgin Islands

eToro is one broker that has changed the face of Forex trading and gave it a social angle by letting their members follow trades of the fellow traders and also share their trading experiences, strategies and more. Here is a detailed review on eToro broker.

About eToro

eToro was established in 2007, with their headquarters in the British Virgin Islands. One can open an account with a minimum deposit of $50. The maximum leverage offered is 1:400, while the minimum deal size is 1000. The spreads are as low as 2 pips for major currency pairs. The website is available in several languages including English, Arabic, German, Russian, Spanish, Chinese,French, Italian and Japanese

eToro also lets traders open demo account with just a single click.

Types of Trading Platforms

Traders can select from 3 trading platforms namely, eToro Openbook, Webtrader and mobile trading platform. With webtrader, the trader is saved from the trouble of having to install the software and can trade from anywhere. eToro offers an excellent interface that makes trading easy even for a complete newbie. The web design is crisp, concise and extremely user friendly.

eToro WebTrader

eToro Ipad platform

The power of networking

eToro has revolutionized the trading arena by adding a social component to it. It offers a chat feature by which traders can interact with fellow eToro traders in real time. Traders have the flexibility to remain invisible if they so desire.

At the time of writing this review eToro is available to Android phone users, smart phone and tablet users. With this platform, traders can virtually trade while on the go.

The Openbook platform where eToro blends Forex trading with Twitter and lets traders view and copy trades of the other traders. With this feature, traders can brainstorm new strategies, check strategies that bring profits and avoid the ones that don’t work.

Advanced traders with more deposit enjoy several other features. But even the basic Bronze account holders with a deposit of less than $1000 enjoy fantastic benefits, such as:

  • Participating in eToro’s Trading challenge and a chance to earn prize worth $1500 every week
  • Access to trader’s chat room
  • Get notified of expected financial announcements data
  • Free weekly newsletter

Traders whose trading crosses 300 lots or if the deposit amount exceeds $1000, they get upgraded as silver account and enjoy additional benefits such as:

  • Access to a personal account executive with regards to all the issues and queries related to platform usage and investing
  • Free access to trading e-course offered by eToro
  •  Referral incentives where the deposit crosses $2500

Traders further get upgraded to Gold account if their quarterly trading lots are in excess of 600 or if their deposit is $5000 or more. They enjoy these additional benefits:

  • 10% bonus (up to $500) on initial deposit every month
  • Access to eToro’s trading room on phone
  • Daily market report in your inbox
  • Personalized account manager to overlook your trading and assist you in trading strategy, risk management and teach market analysis
  • Withdrawals within 3 days
  • Referral incentives

Traders with a deposit of $20000 become VIP members and enjoy preferential benefits as:

  • Earn 15% bonus (upto $2000) on initial deposit every month
  • Personal training sessions with Forex professionals

Moreover, there was a plethora of truly useful, highly informational resources to assist Forex traders. The video course is also quite impressive.

Customer Service

eToro provides commendable customer support 5 days a week from 6am to 11pm GMT. In addition to customer support through chat, phone and email, eToro also offers a toll free number and customer service phone in more than a dozen countries across the globe.

At the time of writing this review, the customer support responded to us promptly and had been quite courteous in their reply.

eToro also has a self help section where the trader’s queries are reply at length.

Registering with eToro

eToro has taken all round efforts to ensure that their trading members have no difficulty while dealing with eToro. Right from the registration process to the execution of trade, the procedures are simplified.

eToro registration page

Upon registration, traders receive a welcome message along with useful links to help traders get going.

eToro confirmation page

Depositing money in to the trading account

Traders can fund their account using Paypal, credit card, Western Union, Neteller, MoneyGram, Wire transfer or Webmoney.

 

Conclusion

eToro is a fantastic broker that offers customer friendly trading platforms and a host of other benefits.


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