eToro Broker Review
eToro Corporate History
eToro was launched in 2006 by three young professionals and has introduced a revolutionary new forex trading platform that essentially animates trades in a fun and competitive environment. eToro performs its retail forex operations under the corporate name of eToro, and the firm is headquartered in Cyprus. The U.S. branch of the firm, eToroUSA, provides an online trading platform operated by Tradonomi, LLC.
- Quotes in all major currency pairs, plus gold and silver.
- Simple and friendly interface.
- Fixed dealing spreads.
- Free advanced trading and analysis tools.
- Market analysis, economic info and charts.
- 24-hour trading and customer support through e-mail, phone or chat.
- Trade immediately upon broker's receipt of deposit.
- Start trading with as little as $50.
- Leverage ratios from 5:1 to 400:1.
- No commissions or fees on transactions or withdrawals.
- U.S. Dollar-based accounts.
- Withdraw funds to credit card accounts.
- Website translated into 9 languages.
- Islamic accounts.
- Full leverage on funds.
- Bronze, Silver, Gold, and VIP accounts depending on number of lots traded or number of deposits.
- Minimum deposit requirement is $50 USD
- Maximum leverage of 400:1.
- Minimum trade size is $10,000 after leverage.
- No maximum size.
eToro VIP Premium Account
- Total deposits of $20,000 or trade 10,000 aggregated lots of currency.
- Trade a minimum of 2000 lots quarterly to hold a VIP account.
- One-on-one training with a forex professional.
- Account review and monitoring by a professional risk manager, trading strategy and market analysis coaching.
- A 15% bonus on first deposit each month (up to $2000)
- Daily market report in your e-mailbox.
- Trading signals.
- The eToro Forex e-course.
- Direct trading room telephone access.
- Fast 3-day withdrawals.
- Pop up notifications of anticipated figures for financial announcements.
- Free access to the real traders' chat room.
- Free of charge.
- Practice trading with an unlimited amount of virtual currency.
- Access provided to eToro trading platform.
- Receive cash bonuses of $25-$1,000 depending on your initial deposit.
- Silver deposit of $1000 - $4,999, gives $250 bonus.
- Gold deposit of $4,999 - $9,999, gives $500 bonus.
- Gold deposit of $10,000 - $19,999, gives $1,000 bonus.
- VIP deposit of +$20,000 Special offers available.
- Market orders
- Limit orders
- Entry stop and entry limit orders
- Stop orders
- You can fund your trading account at eToro in U.S. Dollars, Euros or British Pounds, but funds will be held in U.S. Dollars.
- Minimum single deposit amount of $50.
- Make deposits with:
- Credit card transfers from Visa or MasterCard
- PayPal, WebMoney, Neteller or MoneyBookers
- Western Union or MoneyGram
- Wire transfers from banks
- Other methods depending on location.
- eToro reserves the rights to refund traders via the original payment method they used when initially funding their trading account.
- Bank wire - 5 days for processing, $25 fee.
eToro's trading platform presents a new concept in educational trading platforms by using animations and games that make the currency market both fun and accessible to almost anyone. Different currencies vie against each other in running marathons and other competitive events as animations on your trading screen. Users can trade with sumo wrestlers or cowboys and can even participate in competitions, chat and paper trade, as well as trade with real money.
The platform offers step-by-step instructions to get started and features several trading arenas such as Forex Match, Forex Marathon, Dollar Trend and Globe Trader. In addition, the platform offers a Trading Log for users to keep track of their trades, chats where users can discuss matters with friends and fellow traders, and a Championship mode where users can win money.
eToro Trading Platform
- Downloadable desktop version.
- Windows-based trading station.
- Animated interface.
- Customizable display.
- Real-time charts showing an animation of the selected currency pair pulling against each other in a tug of war. When one currency strengthens against the other, you see it pulling its opponents over the edge.
- Free of charge to broking clients.
- Online users manual.
eToro Webtrader Online Platform
- eToro Webtrader is an online platform based on the desktop platform's Expert mode
- No download required.
- Straightforward to use.
- Secure Java-based application.
eToro provides answers to a good selection of common questions online, in addition to quality trading support via phone, e-mail and live chat. In addition, local telephone numbers for countries in Europe, Asia, North and South America, Australia and the Middle East gives customers phone support coverage throughout the world.
eToro's educational resources include a comprehensive forex guide for beginners as a downloadable e-book in PDF format. The guide gives users the same information base available with an expensive forex course, only for free. The online eToro homepage features the eToro platform user's guide and links to tutorial videos.
eToro offers its clients technical analysis through its Webtrader online platform with advanced chart indicators. The software has almost every technical analysis indicator available, from simple and exponential moving averages to Bollinger Bands and the Stochastic Oscillator.
Market News and Data
- Market analysis is made available on eToro's sister site, with forex market reports, opinion pieces and live forex news feeds.
- Forex and commodities trading recommendations and commentaries.
eToro submits to regulation by the CySEC in Cyprus that keeps to E.U. standards. In the United States, eToro is registered with the CFTC and is also an NFA member with NFA ID#:0382918. The forex broker commits to upholding the highest standards and business practices and subjects itself to strict financial reporting and regulatory requirements.
Customer funds are securely held in a client fund by International Capital Markets, based in Sydney, Australia.
eToro provides a unique solution in online forex trading with an extremely accessible trading platform full of educational features. The animated features of this trading interface give even the novice trader an amusingly clear idea of how currency pairs are traded in the forex market.
Also, traders can open demo accounts with unlimited virtual money to trade and learn about trading forex. In addition, an account at eToro can be opened with as little as $50 and leverage can vary according to each trader's specifications from 5:1 to 400:1.
Basically, eToro ranks among the best online forex brokers for all levels of forex traders.