About eToro – Introduction
eToro was founded in 2007, and has been recognized as one of the most reliable forex brokers in the industry. In last few years, this broker has won many awards, and instantly became a hit among financial traders. The broker claims to be the first international brokerage house for retail traders to trade currencies, indices, commodities, and CFD stocks.
In recent years, this broker has expanded significantly, and now includes other types of financial instruments such as indices and commodities. Operating from its’ headquarters in London, United Kingdom, the company is committed to capture more online financial brokerage business by this year.
With thousands of new traders joining every week, eToro holds the honor to be one of the largest financial brokers, offering innovative investment opportunities and empowering more than 4.5 million traders from over 170 countries around the world.
With our experts’ help, in this eToro review, we will explain to you just what to expect from this broker to make your forex career more safe and profitable. All the most significant features will be thoroughly revealed, so you will realize exactly why this broker has been given such high respect by so many financial traders worldwide.
As an alternative to the common MT4 platform, eToro provides its traders a complete suite of online trading solutions, which give traders the opportunity to invest according to their specific needs. The broker offers 3 different platforms for its traders, eToro WebTrader, eToro OpenBook (Social platform) and Mobile Trader for trading on the go.
• eToro WebTrader
100% unique online trading platform that you can use anywhere, without downloading the eToro’s desktop trading. The cleanest, easy to use, and most responsive web trading platform you’ll find, also includes various trading tools and community trading feature.
• eToro OpenBook
Allows you to copy and learn the “hotshots” trade. This is best for newcomers who want to earn fast returns with no risks at all. All you have to do is search for the best trader, copy their investments and earn profits. It is as simple as that. Once you sign up with eToro, a lot of opportunities will unfold and you will be awed by it.
• eToro Mobile Trader
And for multi tasking traders, eToro assists you daily trading via eToro Mobile Trader where you can continue to track your account in real time, anywhere you may be. Works perfectly on iPad, iPhone, Blackberry and Smartphone.
Why eToro? eToro’s Advantages
• Innovative and Unique Trading Platforms
Simplicity is important to any platform; allowing everyone to trade with ease. eToro prides itself with its very own proprietary platforms that provide flexible, advanced and an easy trading experience for any level of trader. Their platforms are also available in different versions which allow a trader to trade on financial markets from anywhere around the world using any devices they feel comfortable with.
• Social Trading
Social trading is a special opportunity to those with limited knowledge and experience of financial markets. Allowing them to follow market analysis done by experienced traders or copy their trade positions. With eToro’s social trading network, a trader can find an experienced trader to learn from and copy his/her trading positions. Traders are also provided with a live chat messaging system to communicate with other traders, and discussion boards to share trading ideas with others.
• Responsible Trading
eToro provides its customers with extensive ‘Responsible Trading’ features to make it easy to trade the forex market, such as, default leverage settings to assist traders with calculating their risk.
• Dedicated support manager for each trader
For any level of trader, with any amount of investments, eToro provides dedicated account managers to support traders’ investment needs. Therefore, it is very easy to manage your funds, and make investment decisions with the help of your personal account manager while trading.
• Opportunity to Learn and practice for FREE
With an extensive forex academy, eToro offers video tutorials for its traders to learn and think like a Pro, analyze the market like a Pro, act like a Pro and trade like a Pro. In addition, this broker also provides a demo account with US $10,000 virtual funds allowing traders to practice, practice and practice before they begin their live trading career with their own funds.
Standard account comes with many unique features that will help you with your trading and education, and you will also have the full accessibility of customer support. The account also includes 24/7 assistance from a dedicated account manager, as well as access to special trade lot, leverage and instant withdrawals upon request.
One of the key advantages of online Forex trading is that traders are eligible to trade 24 hours a day and five days a week. However, while trading with eToro, you must know when this broker offers trading services for its traders. Lucky that eToro has a special page from where we can easily know that trading market hours with eToro starts from Sunday 22:05 GMT+00 to Friday 21:30 GMT+00.
Commission and Spreads
In common with the rest of the industry, eToro does not charge any commissions for funds deposit or withdrawal on traders account. Also, spreads are fixed and variable depending on what type of trading account you choose. Unlike some brokers, eToro does not claim any commission, or hidden fees on its traders. If you are trading with this broker you keep 100% of your profits.
Support and Services
Our eToro review revealed that the broker has a standard set of online contact options. Contact numbers and E-mail address are displayed along with a contact form. As well as, answers for FAQ and numbers for a phone call are also available on their website. Dedicated phone options are accessible for clients from all over the world. Overall, we found the customer support options as excellent.
To consider a broker as reliable and authentic, it needs to have proper regulation and license with regulatory bodies. So, while reviewing eToro, we tried to find the truth if this broker is really regulated and a safe platform for any level of traders. Fortunately, from our investigation we revealed that eToro (Europe) Ltd. provides the trading services for eToro’s brokerage and that the company is registered with Cypriot Investment Firm (CIF) under the registration number HE20058.
In addition, eToro Europe is also regulated and licensed by the CySEC (Cyprus Securities and Exchange Commission), one of the major regulatory bodies in the financial industry. Furthermore, Financial Conduct Authority (FCA) regulates the eToro UK under registration no 583263 and both eToro UK and eToro Europe follow the rule with the MiFID (Markets in Financial Instruments Directive). Therefore, as a regulated broker with so many regulatory bodies, we can trade forex with the full knowledge that our money is in good hands.
Safety of Funds
Before depositing our funds with this broker, we obviously have done proper research on eToro’s technical side to find out if our transaction is secured or not. What we found is, our account is absolutely private, safe, and secure. While depositing, transactions are processed through a Secure Socket Layer (SSL) technology, that confirms that any personal information you are sharing with this broker is kept safe and not being watched by any silent hacker.
Banking – Deposit and Withdrawals
eToro is dedicated to the highest level of security when sending out your payments. Also, deposits can be done through a wide selection of safe and trusted payment methods, in a selection of different currencies. When you request a withdrawal, funds are simply transferred to your preferred account in the currency of your preference and through the process most suitable to you. This makes the process safe, simple, and quick. Currently, eToro accepts deposits via; Visa, MasterCard, PayPal, Neteller, WebMoney, Skrill, and Wire Transfers.
The PERFECT trading experience
eToro ensures that all new and existing traders will have an amazing trading experience. All new members will enjoy the below competitive offerings from eToro.
• Up to $10,000 credit on their first deposits
• Free lifetime practice trading
• Unlimited use of eToro social trading network
• Simple, secure and enjoyable trading
• Fixed spreads as low as 2 pips
• Flexible leverages ranging from 1:2 to 1:400
• Free educational tools, including specially developed forex trading e-course
• Live streaming news and market updates
• 24/5 professional support and account managers
• Four tier VIP account program
• Fast withdrawals
• No commissions
• Islamic accounts
Since 2007, eToro received three major awards for their innovation and steadfast financial growth. The Finovate Europe 2011 duly acknowledged eToro the “Best of Show” recognition, the MoneyAM Online Finance Awards in 2010 awarded eToro for the “Best Active Trading Platform, and the World Finance Foreign Exchange Awards in 2010 also rewarded eToro for the “the Most Innovative Trading Platform”.
We were extremely happy with the withdrawal process at eToro. The process was quick and easy. As soon as our review team provided the necessary documentations, the withdrawal was completed within 24 hours. So, go ahead, open an account with eToro – this is one of the best brokers in the forex industry, no doubt about that.