Overview of EToro forex Broker
We have chosen to present to you just a small number of Forex Broker reviews on this website, for we are firm believers in quality over quantity, and as such one first class and top rated Forex Broker that is going to offer you everything you are looking for is eToro. The word “e” in eToro is believed to refer to “easy”.
Having been established back in 2007 they quickly established themselves as one of the more dependable Brokers who offer traders several different forex trading platforms on which you can place a huge number of currency pairings.
Please take a few minutes to read through this review of eToro for when you do you will discover why we have chosen to list them as one of our approved and higher rated Forex Brokers.
One thing that will soon become apparent to you when you start trading at eToro is just how large their site is, they offer millions of customers based in 140 different countries the ability to sign up and place currency parings instantly and in real time.
Being available to traders from many different o countries of the world, one thing that eToro has achieved is to get trading license in many different countries, and as such they are a highly regulated company that always adhere to the highest of industry standards.
Below you will find information on each of the regulatory bodies which have granted eToro with a trading license.
Cyprus Securities and Exchange Commission – Having been granted a license to operate by the one of the most stringent licensing authorities that being the Cyprus Securities and Exchange Commission, all European based Forex traders are going to find eToro adhere to the highest of industry standards.
Financial Conduct Authority – UK based Forex traders will be happy to learn that the Financial Conduct Authority has also granted eToro a license to offer their services to traders based anywhere in Great Britain.
Australian Securities and Investments Commission – If you are based in Australia then you will be pleased to learn that eToro has also acquired a license from the Australian Securities and Investments Commission which adds another level of security to your trading funds.
Commodity Futures Trading Commission – One final licensing issuer that eToro is licensed by is the Commodity Futures Trading Commission, however please be aware that US based Forex traders are not currently permitted to utilize the services offered by eToro, however if that situation changes in the very near future we will of course keep you fully updated.
Trading Platforms and Features
One important aspect you need to keep in mind when looking for a new Forex Broker at which to start trading at, is just how many trading platforms each Broker has on offer. You will find three different Forex trading platforms available at eToro and below is an overview of each of those platforms.
eToro WebTrader – Not being forced to have to download a trading platform onto your computer means that you are going to be able to connect up to the eToro website form any computer using any web browser and instantly log into your account and start playing Forex trades. The EToro WebTrader platform is a state of the art platform offering traders lots of option settings.
eToro OpenBook – The social trading platform known as the eToro OpenBook is going to allow you to interact with other traders logged onto it, and as such if you are looking for hints and tips of which trades to place or wish to pass onto valued trading advice to other traders then this is the trading platform to use.
eToro Mobile Trader App – One final trading platform will be suited to all traders who like to use their mobile devices as the way to place Forex related trades The eToro Mobile Trader App is one of the most advanced mobile trading platforms and it is completely free to download and is fully compatible with the vast majority of mobile devices.
Types of Trading Accounts
The broker offers their clients with 4 types of trading account to trade on. They generally vary in the minimum deposit required by the broker.
- Bronze Trading Account is an account that can be used by the Basic Level traders and the broker requires deposit under $1000
- Silver Trading Account is an account that can be used by the Intermediate Level traders.
- Gold Trading Account is an account that can be used by the Advance Level traders.
- VIP Trading Account is an account that can be used by the Professional Level traders and the broker requires a minimum deposit of $20000
Commissions and Spreads
Unlike most of the Forex brokers, eToro never charges commissions on trades performed by the traders. Instead of this, they charge minimally them like spread of 2 pips onwards. Additionally they do not charge any fees for rollover trades which are unclosed overnight.
You are never going to be left to fend for yourself as a Forex Trader at eToro for they offer a fully manned customer support service centre that you can access 24 hours a day.
However, it may be beneficial for you to have a look around their website for it is packed with trading guides like eToroPedia and comes with a very informative frequently asked questions section which should enable you to get all of the answers to your questions without having to make contact with the support centre.
The trading platforms at eToro are configured to operate using US Dollars as the base currency, however please be aware you are going to be able to sign up and use any currency to deposit as their banking interface will make all of the currency exchanges for you to allow your home currency to be exchanged into US Dollars.
You can fund your eToro account instantly using Credit and Debit Cards, PayPal, Neteller, 1-Pay, Skrill, WebMoney and Giro Pay. If you wish to send money from your bank account directly into your trading account that is possible as they accept bank wires too.
Why Trade at eToro?
Having read through our review above of eToro you are probably now interested in signing up as a new trader. However, if you need a little more convincing then let us pass onto you a few more of their outstanding qualities and explain why you really will be making a smart move by singing up.
The speed of which you will always receive your withdrawals means that you will find eToro are one of the fastest paying Forex Brokers, and thanks to their huge array of trading opportunities there will certainly be even ways you can place several winning trades.
Their informative and ongoing trader training guides are another reason why we think you are going to enjoy being a trader at eToro and we invite you to visit their website and make use of their trading guides as soon as you can do.