eToro - Forex Trading Review

eToro was one of the pioneers in the current world of mainstreamed online trading, having been established in Tel Aviv in 2006 as RetailFX. Today, it is one of the most immediately recognisable brands in the financial services industry, and is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC).

Accounts

eToro doesn't offer a broad range of account options as is the case with some of its rivals in the Forex trading space. Instead, there's a standard signup page at which you will be asked to provide such details as your first name, last name, username, email address and so on. Then, you will be able to access the simple-to-use, no-nonsense interface and see an overview of your portfolio, look at the markets that you can trade and request help, among many other things.

eToro Bonus

Like many of the leading Forex brokers, eToro offers various goodies and perks to help encourage users to sign up and trade. These included, at the time of this review, the opportunity to get up to $1,000 simply by inviting 10 friends to the site. There's no limit to this promotion, but it's worth paying close attention to the small print - each invited friend most deposit at least $500 into their eToro account, but when they do, you'll get $100 added to your own account.

Those who become a Platinum member of the site, meanwhile, can enjoy various other benefits, including a Personal Payoneer credit card, personal account manager, direct access to the site's trading room and unique promotion offers. 

 

Start Trading

 

Features

There are plenty of markets in which you can trade as an eToro member, including ETFs, stocks, indices, commodities and currencies - it's certainly not all about Forex!

However, one of the most central features of eToro is the assistance that it gives you to copy other leading traders in the site's wider community, as part of what the site calls "social trading". Simply click the 'Copy People' menu option, and you'll be able to find out more about the most successful traders on the site and familiarise yourself with their winning strategies.

Simply by using the CopyTrader feature to automatically duplicate the portfolio and investment decisions of the site's other traders, you can ensure a much stronger long-term success rate than would have otherwise been realistic or possible.

Platforms

Unlike so many of its competitors, eToro does not offer the Meta Trader 4 financial trading platform, instead providing a social trading alternative - the eToro OpenBook, which does away with the overly complicated charts and indicators that many people have come to associate with online trading platforms.

The site's commitment to making social trading as easy as possible - even for those who may have never been involved with Forex trading previously - extends to its offer of an iOS and Android mobile app. It enables the novice and seasoned trader alike to simply and easily invest in stocks, currencies, indices and more, while choosing top traders to copy and receiving real-time notifications about market events.  

Education

Within the trading interface itself, you can click the 'Help' option to receive assistance in relation to various ways of using the site. However, the real educational goodies are to be found when you log out of your account and visit the 'Trading Academy' part of the site, where you will find every resource from live webinars and trading videos to an exclusive financial trading 'eCourse'.

Those trading videos, for example, allow you to swot up on such subjects as how to copy other people's trading strategies on the site and how you can trade 'on the go'. The aforementioned 'ecourses' also take the form of videos, and enable you to learn about more general, but nonetheless no less crucial topics like basic Forex terms, trading psychology and capital management.   

etoro screenshot

 

Deposits/Withdrawals

Adding money to your eToro account is pretty straightforward - all that you have to do is log into the user interface, click the large blue 'Deposit Funds' button at the bottom at the left-hand side menu and then follow the simple instructions. There is an extremely wide range of accepted payment methods, including not only the likes of credit and debit cards and PayPal, but also wire transfer, Skrill, Neteller, UnionPay and more.

Withdrawing from one's account, meanwhile, is as simple as clicking the 'Withdraw Funds' option from the same menu, selecting the desired amount and confirming the request. User funds are held in segregated accounts at reputable banks, and eToro pledges never to share the user's invested amount.

Customer Support

As aforementioned, if you need assistance as a member of eToro, you can access it by clicking 'Help' within the trading interface itself. This will open up a database of easily searchable information - all that you have to do is type in your query and you can receive answers to your questions on such matters as how to deposit, how to withdraw, the copying of other trader strategies and more.

The FAQs cover everything from "Why do I need to verify my account?" to "What is Copy Stop Loss?", so you shouldn't encounter any problems having your most pressing questions answered.

Bottom Line

eToro may not offer the range of accounts and trading platforms that some of its competitors do, but that hardly matters - it is a true leader in the world of social trading, with a user interface that is easy to get to grips with even if you have never before traded Forex. 

Here at Top 10 Forex Brokers UK, we certainly find it hard to argue with eToro's in-depth educational resources and many social trading tools. With the site's various promotions also tempting, perhaps now is the time for you to sign up? 

 

Start Trading

 

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