Online trading has advanced over the past few years due to advanced web technology. This has prompted the emergence of numerous online Forex brokers in the market. It is however important to note that very few brokers have stood the test of time. One such broker is EToro.
The company has managed to adapt quickly to changing markets to become one of the most popular Forex brokers today. EToro has won very many awards from review companies such as World Finance, Global Banking, Finovate Fall, Finance Review and European CEO among many others.
This simply shows that EToro is among the best Forex brokers in the market today. Some of the benefits of EToro include; offering traders numerous tools. EToro also has software known as Guardian Angel software which promotes responsible trading. It is also possible to copy and follow experts using the eToro Open book.
EToro trading platform
According to numerous customer reviews online, EToro is one of the easiest Forex trading platforms to use. This is one of the main reasons why many Forex traders prefer using EToro. The company currently offers three trading platform types namely; EToro WebTrader, EToro OpenBook and EToro Mobile Platform.
It is obvious that EToro has invested substantially to enhance client trading experiences through this trading platform. The WebTrader trading platform gives traders the ability to go anywhere worldwide and trade provided one has an internet connection. The platforms interface is sleek and clean which eliminates ”information overload” which is common in very many trading platforms today. The WebTrader platform also stands out because of its unique chatting feature that allows traders to chat with other traders real-time to exchange ideas. This platform is undoubtedly on its own level.
2. EToro OpenBook
This is another fantastic trading platform by EToro. The OpenBook trading platform is unique in terms of including the social media aspect in the trading environment. For instance, with the Openbook trading platform, it is possible to see real-time trades of other traders. This is very important in helping you get insights and formulate your own strategies. EToro OpenBook simply shortens the trading learning curve saving you a lot of time.
3. EToro Mobile Platform
As the name suggests, this trading platform is mobile based. According to numerous customer reviews online, EToro Mobile Platform is one of the best of its kind. The platform allows traders with Smartphones and/or tablets to trade using the OpenBook and WebTrader platforms. Most brokers lack mobile based platforms which offer traders convenience. This mobile trading platform is another important reason why most traders prefer EToro.
EToro Trading accounts
There are 4 main trading accounts offered by EToro. These include; Bronze, Silver, Gold and VIP trading accounts for basic, intermediate, advanced and professional levels respectively. As the names suggest, different accounts cater for different clientele categories.
It is important to note that traders can get more features and benefits when they fund their accounts with more money. For instance, the Bronze trading account is for traders who deposit less than $1000. VIP accounts are for traders who deposit $20,000 or more. It is also important to note that EToro offers other trading account types i.e. Islamic trading account. This type of specialized account is for Muslim traders who prefer trading guided by the no ”Riba” principle.
EToro spreads and commissions
EToro charges very small spreads. This fact can be attested by very many traders who prefer EToro trading platforms over many other platforms simply because of spread. It is also important to note that EToro doesn’t charge rollover fees/commissions for trades which are opened for a prolonged period of time i.e. overnight.
EToro offers 24 hour support 5 days a week (weekdays) to live and demo account customers. You have the option of calling, emailing or chatting live with an EToro customer support representative if you have any questions or enquiries. EToro also has a conclusive FAQ’s section which has answers to all common questions different kinds of traders ask. In regards to customer support, EToro is highly rated according to numerous customer reviews.
EToro is also ahead of the pack in regards to reliability. EToro goes the extra mile to ensure that traders execute trades seamlessly. Funding live accounts and withdrawing is also simple because of the numerous funding/withdrawal methods EToro allows. You can use any acceptable payment/withdrawal means you can think of i.e. PayPal, credit card, Money Gram, Webmoney, Western Union e.t.c.
In summary, EToro is undoubtedly one of the best Forex brokers in the market today. The main pros of the broker are evident in the above discussions. Other pros include; high leverage (400:1), low minimum deposit ($50), low spread, social networking e.t.c. It is important to note that EToro cons are very rare. The most common con is the real-time nature of the trading platforms i.e. slow internet means low trading capability. Apart from that, the platform is highly recommendable.