Forex Trading Guide & Reviews
Etoro is an online Forex broker with more than 1.5 million users from 130 different countries around the world. Etoro.com makes it easy to get started in online Forex trading.
Min deposit: $50
Max leverage: 1:400
Pip spread: 3-6 pips for common pairs
Account Options
As with most online forex brokers, eToro offers a free demo account that lets you practice with $10,000 of virtual currency. Testing out a forex broker before you deposit is vital, and this is a great way to do it.
The Software
Etoro offers four options for online forex trading. The first, eToro Desktop, is a downloadable online forex platform that offers speed and sophistication. If you don’t want to install any software, you have the option of using eToro WebTrader. This is a no-download client that still offers plenty of features. An innovative feature of eToro is their OpenBook – a social trading network that allows you to see, follow, and even copy the trades of any eToro OpenBook trader. There is no fee for that service.
Finally, eToro MobileTrader makes it easy to trade on the move. You can use Mobile Trader with the iPhone, iPad, Blackberry, and most smartphones. This puts eToro at the forefront of the market for mobile support. Continuing their dedication to mobile technology, eToro recently launched an Android version of their mobile application, ensuring that the vast majority of the smartphone and tablet market is supported by their trading platforms. If the ability to trade on the move is important to you, and you change devices regularly, then this could be the killer app that persuades you to choose eToro over other, less flexible brokers.
The desktop software has several benefits – it is responsive, fast, sophisticated, customizable, and easy to use. If you are an experienced daytrader or online forex trader who does most of their trades from one PC (or a couple of PCs) then you will love the software. Granted, browser based software has its benefits – trading from anywhere is incredibly convenient if you do a lot of travelling, but standalone apps tend to run much better and are usually more stable. If you will be spending a lot of time using the software then this is something that cannot be overlooked.
Trading
Etoro offers low minimum deposits, and competitive spreads. Depending on the currency pair that you choose to trade, the spreads can go as low as 2 pips.
The leverage options on eToro are broad, so you can trade at a level that suits your own budget and risk tolerance. Trading is open 24/7, and customer support is available all day, every day too.
Depositing options include credit cards, wire transfers, Western Union, Neteller and Paypal. Withdrawing your funds is easy, although the speedy withdrawal options (such as pre-paid cards) offered by some other brokers aren’t available on eToro.
In addition to the usual signup bonuses, there’s also a referral program that gives existing customers a chance to earn $100 for each friend they refer that becomes an active, depositing member of the site. Each referred friend gets a $50 bonus, making this one of the more generous refer-a-friend bonuses available at the time of writing. There are some limitations on the countries that can take advantage of the refer a friend bonus – unfortunately, USA based traders cannot take advantage of the offer. The person being referred must be a new customer, and must not have visited the eToro site prior to clicking on the referral link.
Added Value
.Where eToro really comes into its own as a forex broker is the learning opportunities. Between the OpenBook social trading network and the wealth of tutorials and guides on the site, eToro manages to offer value for both forex novices and experienced traders.
In 2010, eToro won the World Finance Award for Most Innovative Trading Platform. The philosophy of the site means that they will continue to innovate.
Gurus are carefully selected based on their trading skill and their past record, and users can see a lot of information about gurus, allowing them to make an informed decision before they decide to copy or follow a gurus trades. eToro recently expanded their OpenBook platform by launching Copy.Me, which allows gurus to offer their expertise in a friendly, easy to use “online shopping” style environment.
Gurus benefit from the copy.me service by earning a share of the spread on trades that were made through people that have signed up to follow their trades. Users of the Copy.me service benefit by having a wide range of gurus to choose from.
This keeps the OpenBook service busy and active, and ensures that it will always have a lot of traders and trading styles available for people to follow.
Account Safety
eToro’s borkering services are provided by a company based in Cyprus. This company is a registered Cypriot Investment Firm called RetailFX. It is registerd with the Cypriot Securities and Exchange Commission and operates under the Markets in Financial Instruments Directive. It is also reistered with the Commodity Futures Trading Commision and the National Futures Association in the USA, and several other authorities in other parts of the world.
It is always worthwhile to perform extensive research before registering with a new forex broker. The forex market does not have one central regulator, so due diligence is vital. That being said, eToro is a respected site that has a good reputation and that as won many awards in recent years for its innovative and exciting online currency trading facilities.
Etoro is popular because of its low spread, fast software, and 24/7 trading options.
Conclusion
The eToro online forex broker is great for novice forex traders and hardened, experienced daytraders. The community aspect of the site is something that you will not see at many other sites. As a broker, eToro has done a great job of catering to a wide range of clients. Novice brokers will enjoy the learning opportunities, and experienced brokers can experiment, broaden their horizons, and enjoy the good spreads and margins that are on offer.
It would be nice to see a browser-based client, but this is something that could well be added in the future, but the community focused aspects of the site do make up for it.
It’s well worth signing up to the practice account to test out the website. You can enjoy all the features of the site with virtual money, and you’ll quickly decide whether or not you like the site. Due diligence is always advisable, so before you deposit don’t forget to check online forex trading communities for recent comments on the status of the site – companies can change, and it pays to check before spending money online.
Areas of Activity
eToro is a thoroughly regulated broker with clients in 130 countries. Primarily based in Cypriot, it gets its regulation there through Cypriot Securities and Exchange Commission. USA speculators can avail the fledgling eToro USA, made legible by Commodities Future Trading Commission and National Futures Association. Australian traders get strength from Australian Securities and Investment Commission. Markets in Financial Instruments Directive (MIFID) are instrumental in ensuring security and client protection through member states of EU. Each major country here has its typical regulating body. For instance, UK is layered through by Financial Esrvices Authority and France by Banque De France. It provides both investment and ancillary services through specific regulations in 130 countries.
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Most sites charge you a lot of money to learn That’s ealolutbsy false! All the reputable/major forex brokers or dealing desks offer free training and free demo accounts where you can learn to trade in the real market with dummy cash. Once you are satisfied that you are ready to start with real money you have the option of opening a live account and funding it with your home country’s currency. Etoro is just one example. Check house rules.
I have just recently gotten into the forex market and I’m already profitable. There’s some cool free software that teachers beginners how to trade with a free demo account. You can get it by going to Stock tips . Weekly . comp won’t let me type it Just type it in your browse. It is an awesome and simple way to learn about forex trading. You just play and learn with the free demo account until you are ready for the real thing. I give it two thumbs up and highly recommend that you just try it
Dealing in money was never that entertaining as eToro has made it to be.
For a starter like me, learning the ropes through interesting graphics and easy guidance is a gift.
Depositing and withdrawing are butter-easy and there are a plethora of pairs to trade in. I have this fetish about dollar trading and they have just the answer as to which currency you should compete it with.
My Open Trades and Forex Marathon are here to stay.
Why do they still need external funding? IF they are as successful as they claim to be why do they need to keep bringing in investors? Maybe because their business model looks attractive to people from outside the industry (i.e VC firms) but in reality they are simply not making any money? VCs these days are easily impressed by keywords like Social , user-base growth etc .. but just because you get a bunch of people signing up to your social network doesn’t mean they will convert to clients or that you will make any money.Any proper broker with a budget of around 10M could easily make that generate 40M+ over a period of a couple of years. Especially these guys should have been able to do that because they already had a platform/ system before they got their last big round from Spark Capital.
haha funny video, but i wanna talk about forex! has anyone heard of/tried FAP Turbo? my roommate has been using this little forex robot/tool for a while now and he’s been earning pretty well with it.. lol. i’m interested in trying it out, did a google search and found the site. anyone else have experience with it?
Hi Ruchika, You can find a good review here http://commonforex.com/forex-robot/fap-turbo/
If you have more questions you can contact us.
Have a nice trading
Yes Currency, is probably the first one to go , these guys will make sure they take the brokers leads , re market them to other brokers , So if you really want to know what Currency is , its called a glorified PAMM For Etoro , they have somewhat of a business model as they are a broker/dealer and have their platform. So I wouldn’t count them out just yet , however as with any private equity investment in this market ( IBFX) usually deals end up going sour in the long run unless there are some decent gains..
Being a thorough Forex trader, I love to be updated about the exact forecasts and detailed analysis of currency vis-à-vis currency. I have often traded into multiple pairs, and eToro gives me the current picture of respective pairs any time. Yes, it could be a lot more seasoned and serious for mature players, and suggestions could be a bit more adventurous. The exit points and support-resistance points are well laid out. Just know when to get out!
Try forex early warning and browse and study the FREE information on the site. Free Wednesday night educational seminars too. Many who studied this info quietly make 100 s of pips every week. Many top level full time traders are in this webinar who learned from the site. No free ride though- you must study all the lessons and tips. The good information is always simple and free. Top level traders don’t charge big bucks if they’re successful- they give the information away.
Four years ago I discovered that the entire Oil market doesn’t really trade, rather the price of Oil is controlled by a computer, I broke this computer code 4 years ago, which allows you to know which direction Oil is going to go before it goes there, further allowing you to take trades on Oil with a very high degree of success.
An amateur doesn’t know where to stop and therein lies his downfall.
You cannot go wrong while affiliating with eToro, and this is from personal experience.
They have a nose for sniffing impending troubles with currency, and this makes it a winner for long-term speculations. The details are shared transparently and in user-friendly way.
The support-system is proactive, and with emergence of message boards, this one will be tops. However, it can reduce the spreads a bit.
this is all great information dont get me wrong but what if you didnt have to listen to all these videos and pick and pull what you think works best for you. and what if there was no risk in trading.. well we can provide you with someone to train you on everything in person using our new product that has given us 8 mo of variable flawless day trading.
It is a registered site with NFA, and has a string of traders in multiple countries. This is mainly because of great number of facilities and leniency on minimum deposit and leverage. Thus, day-traders love to crack the code and certain strong economic indicators promise huge profits with such leverage.
It offers 4 trading areas, which more or less takes care of the entirety of speculators. eToro has an affinity for hedging games, and often advises you on investing in multiple pairs. Its technical analysis is however point perfect, and its systematic calls go on generally right. It is better to keep some balance of cash flow, if you are just beginning, especially if you are day-trading. eToro, admittedly, knows when a currency becomes a white elephant.
I am a shoestring player and this site suits just fine. Its customer support is quite fast and slick and commissions reasonable.
Good article, thanks.
etoro is a good broker
eToro offers an impressive four options for trading. Its compatibility with web and mobile is bought on by tech-savvy busy fellows. Its spreads get as low as 2 on particular blue-chip currencies and the deposit is modest. You have the facility to switch from one market to other or hold simultaneous trades. Its experts know the pulse of currency market and have a cute profit percentage with remarkable frequency.
There are two drawbacks however. Even with downloadable facilities, one yearns for a browser-based broker. Also, its extreme leverage instills the tendency to take unnecessary risks. In the final analysis, this is a leading broker.
I am more or less brand new. Tried twice to open a demo (practice) account. Failed. Warnings on the security certificate do nothing to re-assure me. I wanted to compare etoro to oanda, which was so easy to use.So my short list is now oanda, avafx, UFX bank.
I love its poignant reading of market trends and wonderful graphics. I have anyway a heart for margin calls, and take occasional risks, made meaningful at leverage of 1: 400. In times of confusion, I simply download other trader’s trades and get enlightened.
You don’t get that many followers and frequency of trades without being the best. Its trading options and Openbook software are the icing. I relish eating this cake everyday.
A right arm for the leverage of 400:1. That’s my deal.
If you want to make money with eToro, be clear about your choice of trading area. Don’t put your feet on two boats, especially of different sizes. Know your margins and balance it with available spread and leverage. Forex trading is not as volatile as stock trading, so be patient. Remember to listen to their golden picks and be enlightened about the status of varied currencies. It is best to spend some time on practice account, if you want to play big.
eToro is a smart tool for beginners. You open up a demo account and learn through its well-managed charts and analysis. You give cursory glances to other fellow’s trades and use a load of videos to learn the ropes. Moreover, even the actual account is cheap at $50. Start with a few trades at a mix of risky and conservative speculations. You will know how to determine the support-restraint points. Just don’t inculcate the tendency to fall into high risks.
The site has won awards for its financial ingenuity, transparency and a plethora of technical facilities. Transactions are managed through various transfer methods. Learn to trade with a PC and get quality inputs through smart analyses of Forex markets. 4 options and Openbook software; great learning institutions for one and all!