At the moment, Etoro is largely considered to be one of the world most visited and busiest (as well as most famous) online platforms for forex trading. Etoro is specifically known in the trading community for the benchmarking services that it offers, even though there are many reasons why it would not be preferred by professional traders.
The approach taken up by Etoro towards forex brokerage is extremely different. It has the potential to act as a bridge in between its forex broker partners and its community – a feature which is deemed rather successful y many customers and visitors in their feedback. When you go through stats, the online trading platform of Etoro displays a whole 2000 new trading accounts on a regular basis, not just from new traders, but from competitor migrating commodity and forex traders willing to give the online trading approach taken up by Etoro a try.
In the year 2010, Etoro received a World Finance Award for being the most innovative trading platform. The social oriented approach taken by Etoro in terms of online trading has become extremely popular. This approach can be classified to target novice or introductory level traders even though the services offered by Etoro do not lack any features that can be considered a necessity by more experienced traders who are presently trading at other forex platforms with a completely diverse approach.
Commissions and Associations that License Etoro
All of Etoro’s forex broker partners have been registered by the below mentioned Associations and Commissions:
- CySec Cyprus Securities and Exchange Commission
- Financial Services Authority (FSA)
- Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin)
- Commissione Nazionale per le Societa e la Borsa (CONSOB)
- Comision Nacional del Mercado de Valores (CNMV)
- Banque de France
- Finansinspektionen (FI)
- Finanstilsynet (The Danish FSA)
- Capital Markets Commisions (CMC)
- Commission de surveillance du Secteur financier (CSSF)
- Netherlands Authority for the Financial Markets (AFM)
- The Australian Securities and Investments Commission (ASIC)
- The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Operating through eToroUSA.
The Trading Platform at Etoro
The trading platform at Etoro makes it possible for traders to gain access to some of the world’s busiest and most liquid markets. This is done so by offering commodity trading, in currency trading as well as stock market trading that has limitless aids and enhancements, which enable you to learn about the nitty gritty of trading in the forex market and spot metal markets at Etoro. All of this is achieved through specialized social trading tools that allow traders to follow and monitor other traders, giving them the ability to cross reference trading patterns, strategies as well as analysis on the basis of what other traders are currently doing in the trading terminals at Etoro.
One of the most popular offering at Etoro with regards to trading software is the web based Etoro Webtrader which does not need to be downloaded. This particular feature makes it easy for traders to access the platform from any location considering that it does not need to be downloaded. The interface is basically developed in house by Etoro. It is extremely user-friendly and is basically considered flawless even by first-time users. As opposed to the trading platforms offered by other brokers, the Etoro Webtrader presents community and social features and is pretty much game-oriented. These features make trading enjoyable on various terms that might be experienced at other brokers.
An openbook by the name of Etoro openbook beta has been introduced by Etoro as part of the ever-growing enhancements in social trading. This Etoro openbook attribute features a real time interface inspired by Twitter and it shows a complete flow of real time trades that have been carried out by other traders at Etoro.com. It also displays statistics of the traders that have been most profitable together with images of trading instruments or currency pairs that are being mostly traded at the moment.
Using the Etoro openbook allows you to choose traders that you wish to follow so that you can receive feeds regarding the trades that they, as your friends, have conducted. To promote the social trading spirit, successful traders at Etoro are rewarded every single week and are ranked as top traders to follow.
Demo accounts at Etoro
Just like a majority of other forex brokers, Etoro also offers demo accounts to novice traders. First time users get to have a $10,000 virtual balance in their forex demo accounts, but to receive this amount, they need to download the online trading platform of Etoro.
Dealing Desk at Etoro
In terms of a dealing desk, a human controlled or human intervened dealing desk is not used by Etoro. Instead, it makes use of an automated approach to the typical dealing desk. This takes away all of the chances of possible errors and lags that might be caused by human intervention
The approach taken up by Etoro towards the dealing desk is not one that all types of traders would like to use. It is natural for more experienced traders to want a human available for interaction, communication and to even carry out telephone trades, which makes trading over the internet pretty much like the conventional stock market.
Fairly competitive spreads, that go down to two pips are offered by Etoro. When compared with other brokers, Etoro can be considered in the mid average level. However, with the services that Etoro’s trading platform offers, they can be claimed as somewhat fair.
Ranging from 1:5 to 1:400, Etoro leverage is in the high level of the industry in comparison to its competitor brokers.
Etoro Trailing Stops
At the moment, trailing stops are not offered at Etoro.
Bonuses offered at Etoro
The bonus programs being offered by Etoro are fairly famous. Every single customer at Etoro that deposits more than $500 through electronic bank to bank transfer must get in touch with Etoro so as to qualify for higher bonuses.
The bonus scheme at Etoro is defined below:
- Deposit amounts of $100-$399 earn a bonus of $25.
- Deposit amounts of $400-$999 earn a bonus of $100.
- Deposit amounts of $1,000-$4,999 earn a bonus of $250.
- Deposit amounts of $5,000-$9,999 earn a bonus of $500.
- Deposit amounts of $10,000-$19,999 earn a bonus of $1,000.
- Deposit amounts of $20,000 and above earn a 10% bonus.?
Mobile trading accounts at Etoro
Etoro additionally offers mobile trading offers to traders. This plan is known as eToro Mobile Trader. This plan basically makes it possible for traders to trade using their mobile devices (which obviously need to be connected to the internet). Mobile devices on which this service is enabled are:
- Android based smartphones
- Iphone 4
- Blackberry Phones
Depositing and Withdrawing Funds at Etoro
The available methods of funding your account at Etoro are basically dependant on which country you reside in. Those living in counties like USA, UK, and Australia etc can fund their accounts using bank wires and major credit cards.
General Overview of Etoro
Even though the concepts presented by Etoro are fairly new in the online trading world, it has surely gained massive popularity in the online forex trading community. Although its online presence is not really dramatic, its statistic and visitors are surely going to shock you. Its social trading features make it possible for traders to follow each other, just like they would on Twitter and acquire information about what they are selling and buying on Etoro. The online forex trading services presented by Etoro are presently being offered in 130 different countries. Itonlis trading services are also available in 18 distinct languages along with minor regional offering. Some of the best offerings are made in Arabic, Italian, Spanish, Portuguese, Greek, French, Chinese, Russian, Japanese, Turkish, German, Swedish, Finnish, Korean, Norwegian and Dutch.
On the whole, the utilization of Etoro is highly recommended. However, some of its features might not really be welcomed by professional traders, who would rather engage in solid trading by means of solid foundations instead of having to use widgets on the website. But then again, these features are just what make Etoro completely unique. So although not everyone would fancy it, Etoro happens to be safe, user oriented, fair and is meant to help novice traders get started. At the moment, it does not offer any managed accounts, but there are other aspects that are guaranteed to drive you towards Etoro. Its high leverage provision has made many traders criticize its utilization of highly leveraged trading. Moreover, Etoro should also introduce a downloadable package, which makes accessing the trade platform easier for traders. At times, the simple interface at Etoro makes the entire trading platform look a bit on the easy end instead of displaying the complexities of forex trading. But using Etoro is highly recommended for people interested in gaining online forex trading experience because this is just what this platform is meant for.