With the development of the internet, online trading has also developed greatly. As a result, the trading environment continuously changes. eToro is one of the very many Forex brokers on the market who have always kept abreast with these changes. Their platform is incredibly innovative, and this is what they have been able to win various awards for. Some of their awards have come from real industry experts, including Finovate Fall, World Finance, MoneyAM Online Finance Awards, Global Banking & Finance Review and European CEO. eToro claims to offer various advantages, such as:
- Openbook, which allows you to copy the traders experts make
- Guardian Angel, which promotes responsible trading
But are they all they say they are? Is copying the right policy when it comes to trading on Forex, or should you opt for different solutions? We have used eToro for a few weeks, and here is how we felt the platform performed.
The Trading Platform
Some suggest that the “e” in eToro doesn’t mean “electronic” but rather “easy”. This is probably not true, but what is true is that the platform is incredibly easy to use. They offer three different platforms to make sure everyone is able to trade as and when they see fit. The first is the WebTrader, second the OpenBook and third the Mobile Trading Platform.
eToro have put a lot of money into making sure people are able to trade easily and well. Because the platform is online, people are not bound by their geographical location, enabling them to access the platform from anywhere with an internet connection. We loved how sleek and clean the platform was, meaning that we didn’t feel like there was an information overload. We were particularly impressed with the chat function, which allowed us to speak with other traders. At the same time, if we wanted to, we could remain “invisible”, so that we could focus on what we were doing rather than get disturbed when we wanted to. An entertaining platform to say the least!
OpenBook is like the Facebook of Forex traders. It basically allows people to see what other traders are doing in real time. We loved it, because it enabled us to see what strategies were being successful and which ones weren’t, thereby developing our very own strategies. It makes it much easier and quicker to learn the ropes. However, we didn’t use it to copy strategies in real time, as eToro suggested we do, because we felt this was cheating. However, the option to follow (or copy) other traders is there.
The Mobile Trading App
One of the things that shows just how innovative eToro is, is the fact that they also offer a trading app. This means that we were able to keep up to date with our traders on the go. There is no more need to always be behind a computer. The app works well, albeit being a bit more restrictive than the regular platform, but we felt it was great to look at trades that were closing or near closing while we were out.
The Trading Accounts
Another thing that sets eToro apart is that they offer trading accounts across four levels, depending on your level of expertise. Bronze is for basic, silver for intermediate, gold for advanced and VIP for professionals. We didn’t make it past silver, but we were incredibly impressed with these and heard from others that the higher levels are perfect for what they want to do with their trades. Basically, the more money we put into our account, the more features and benefits we were able to access. In order to access bronze, a deposit of less than $1,000 is needed. The VIP account is offered for those who deposit $20,000 or more. eToro also offers a trading account directed specifically at the Muslim community. They have the ability to work in line with the directives in the Riba principle. We loved the fact that eToro is so inclusive.
Spreads and Commissions
There are no commissions on any trades that get executed, which is what you would expect from a Forex broker. Their spread is 2 pips onwards instead. Furthermore, eToro has no rollover fees either, which is great if you want to execute an overnight trade. However, if you want to leave your trade open all over the weekend, there is a small fee.
During weekdays, eToro offers around the clock live customer support. They do this through phone, email and live chat. There is also a range of international telephone numbers for customers across the globe. They also have a fantastic help section known as “eToroPedia”, which is very concise and well formulated.
Reliability of the Platform
We found the platform very reliable. Because eToro offered various ways for us to credit our account (online payments platforms, credit cards, wire transfer, Western Union), it was really easy to get around. eToro is one of the few that offers the online payment platforms, which includes PayPal, Webmoney, MoneyGram and Netteller.
What We Like
- A good demo account to allow new traders to practice
- Trading in real time
- Leverage is 400:1
- You can start trading for as little as $50
- Spreads are really low
- Social networking included to help new traders learn from the best
What We Don’t Like
There wasn’t much not to like with eToro. If we had to nitpick, we felt that the real time function can mean that people with a slow internet connection will struggle to keep up. On the other hand, that also means that those with a fast connection can make more profits.
eToro really is a leading provider in the Forex market They have won various awards over the years and it is clear that they actually use profits they make to improve their customer experience. Their platform constantly improves, so that traders have the best opportunity to actually make a profit. Because they offer various trading levels, anybody should be able to use the platform and have a go at it. And we have to say that the innovative OpenBook is a fantastic addition, allowing for contact and copying of other, more experienced traders. Top marks from us!