Etoro Review

Costs:

FREE practice account with a $10000 balance
Switch to real trading with an minimum deposit of $50
Spreads as low as 2 pips
Minimum deal size: 1000
Maximum leverage: 1:400

Prices are subject to change. For the most up to date information, please refer to the actual website.

Features:

Downloadable Forex trading program
Languages available: English, German, Arabic, Russian, Chinese, Spanish, French, Italian, Japanese
Choose between visual and expert mode
Price charts
Economic calendars
Traders who deposit up to $1000 gain access to eToro's Bronze account which boasts the following features
- Automatic enrollment in eToro's Trading Challenge which has $1,500 weekly prizes
- Free entrance to the real traders' chat room
- Pop up notifications of anticipated figures for financial announcements
- Receipt of eToro’s weekly newsletter
Traders who trade over 300 lots or deposit over $1000 will be automatically upgraded to the Silver account, which includes the additional features:
- Access to the eToro’s trading e-course
- A personal account executive to answer basic questions that you have about investing and platform use
- Referral incentives for people who deposit over $2500
Traders who deposit $5000 and trade 600 lots quarterly will enjoy a Gold account, which includes the additional features:
- A 10% bonus on your first deposit each month (up to $500)
- Phone access to eToro’s trading room
- Daily market report via email
- An account manager who will monitor your trading, and give you Risk Management, Trading Strategy and Market Analysis coaching
- 3 day withdrawals, which is faster than with other accounts
- Referral incentives
Traders who deposit $20,000 enjoy VIP membership, which entitles you to the following additional features:
- A 15% bonus on your first deposit each month (up to $2,000)
- One on one training sessions with Forex experts
eToro CopyTrader
- Find top traders in your niche and automatically copy their accounts
- Full control and full transparency of your account
- Manage a “people-based” portfolio of top traders you want to copy
- Get a kickback from Guru program copiers

Editor's Verdict:

With over a million users, eToro is undeniably one of the market leaders in the online Forex trading world which has really taken off in the last 10 years due to increasingly powerful personal computers and high speed internet connections. Basically, users make deposits with eToro which get converted directly into an online balance. With this online balance, users can set up trades on currency pairs, commodities or international stock markets. Upon each trade you have the option to set the risk level and set values at which losses or profit are stopped or taken. The risk level, or leverage, can be set at a minimum of X2 and a maximum of X400. This tool acts like a multiplier with which you are effectively borrowing money in order to increase your potential profits. For example, if you buy $50 dollars worth of Euros and the Euro increases in value by 10% your investment will have increased in value by $5. However, with a multiplier of X100 you will enjoy benefits to a value of $500. Investments of small amounts with a high leverage will fluctuate rapidly while larger amounts with a low leverage will be more steady. Although leverage will also multiply losses, you cannot lose more than your initial investment. Profits and losses can also be managed through adjusting levels at which your trades are sold automatically.

Once you have invested, there are various tools such as price charts and economic calendars with which you can track the progress of your investments; with this information in mind it is simple and easy to make trades. eToro is available in two modes; visual and expert. Visual mode makes online Forex trading much easier to understand as you are able to see exactly what you are effectively buying while expert mode makes it easier to simultaneously track all your investments as well as make faster transactions. As a massive Forex stockbroker, eToro enjoy a high level of liquidity allowing users to make instant orders at the exact price they see. In fact, you can set up a 'one-click buy' mode which enables you to make a trade by simply clicking on the relevant currency, stock or commodity. These features are vital in a market that is changing rapidly and (seriously) a matter of seconds could mean you miss out on a great rate and high profits. This becomes especially relevant when we take into account the leverage that eToro offer which, at X400, is one of highest on the market and means that tiny fluctuations can lead to big profits or losses. Furthermore, eToro also offer some of the lowest spreads (trading costs) on the market, as low as 2 pips (points) on the major currency pairs. This makes eToro especially conducive to Forex trading involving many transactions. However, as with all Forex trading, you must be careful not to make too many transactions or else you will see your profits eaten away by the associated trading costs.

From the moment we logged onto eToro we found it exceptionally user friendly; a pleasure to navigate. Signing up is easy, as is activating your account and the customer support is excellent. Whilst some other products in this category leave you to figure out Forex trading for yourself, eToro leads you step by step through all you need to know to begin successfully Forex trading. The software you download is simple yet boasts all the advanced features you need for serious trading and if you should have any problems you can get in touch by email, freephone or live chat between 06:00am and 11:00pm GMT. There is also a useful help section which can answer most of your questions. Although we found the chat assistant to be quite short, we did get our question answered in a matter of minutes. On top of this, the more you invest the more support you will receive: those with a silver account will have access to an account manager who can offer you basic advice on investments and platform usage; gold account users will have access to a Forex e-course and a personal account manager who will monitor your investments and give you risk management, trading strategy and market analysis coaching; VIP members will be able to enjoy one on one training sessions with Forex experts. Along with video tutorials, regular newsletters and financial information pop-ups, you will have access to all the information you need and will certainly learn a lot about online Forex trading.

We were especially impressed with the pioneering social media functions of eToro which certainly helped the company win the World Finance Award for the most 'Innovative Trading Platform 2010'. You are able to follow other users' trades, view their profits / losses and choose to copy their trades if you so wish. eToro CopyTrader identifies the top traders for you which allows you to track their trading behavior and incorporate this into your own. This feature is great for beginners as it enables you to learn from the veterans. There are also chatrooms and a chat function which connect users and allows you to swap hints and tips. With many Forex trading platforms, the feeling that 'everyone knows something you don't' can be frustrating. However, the 'social aspect' of eToro makes Forex trading a much more open and social experience. Twitter is also merged with eToro so that you and your friends can tweet each other about your most recent trades - a great way to stoke up a bit of competition!

On the downside, some users have experienced problems with the server speed of eToro which can make the platform freeze during periods of high activity. However, if there has been a genuine technical fault, eToro will reimburse you for any losses you may incur due to this. Also, although it is very easy to make deposits, it is a little harder to make withdrawals from your account as you need a Paypal or Netteller account. Apparently, this is in order to maintain a high degree of Internet security and for most users this shouldn't be a problem, just something to bear in mind.

Overall, due to low minimum deposits and trading amounts along with a simple user interface and good customer support, eToro is an excellent Forex trading platform for beginners. Along with all the great offers available, you may make yourself a tidy profit and will certainly learn a lot. Their free trail is an excellent no risk first step into the potentially daunting world of Forex trading and we would encourage anyone to check it out.

Click on the button below to check out Etoro.com for yourself...

	No1Reviews.com >> UK Online Stock Trading Websites >> Etoro.com

Etoro Reviews