Brokers available in Australia
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ETO Markets Forex Broker Review
After conducting an in-depth analysis of the ETO Markets online broker and testing their services, we’ve decided to place this online forex broker on our best forex broker list due to a wide range of factors, which you will discover if you read this ETO Markets broker review.
Some of the most important reasons for our decision include the fact that they are a regulated broker and they offer a wide range of educational content for beginner traders.
Their pricing policies are transparent, they offer MetaTrader 4, and they host a wide range of currency pairs. It also helps that they provide you with quite a few withdrawal and deposit options.
ETO Markets Online Broker: Company Information
ETO Markets was launched in 2013 and is headquartered in Sydney, Australia. They provide trading solutions to clients in Europe, Asia, the Middle East, Africa and Oceania. Please note that their services are not available in North and South America.
They are regulated by ASIC (Australian Securities and Investments Commission), which is a reliable agency that is very strict regarding the brokers that fall under their supervision. In this sense, being regulated by ASIC certainly makes ETO Markets a trusted broker.
The ETO Markets online broker offers over 80 trading products, including currency pairs, CFDs, indices, and commodities.
The trading platform they offer is MetaTrader 4, which is the most popular platform available. They provide two types of live trading accounts, but also offer demo accounts. The leverage they offer goes up to 1:400.
ETO Markets Accounts
ETO Markets offers two type of accounts, namely a standard account and a pro account. The standard account is meant for beginner and more casual traders, whereas the pro account is targeted at professional traders.
The standard account features higher spreads than the pro account, which start at 1.6 pips. Keep in mind, though, that they do not charge a commission per trade.
The minimum deposit is $200 USD or equivalent in AUD or EUR, while the maximum leverage is 1:400. The minimum trading volume is 0.01 lots.
The pro account, on the other hand, features much lower spreads, with some being as low as 0 pips, like on the EUR/USD. However, there is a commission of $7 USD per round trade.
As is to be expected from an account created for professional traders, the minimum deposit is much higher than on the standard account, namely $20,000 USD, while the leverage goes up to a maximum of 1:200.
As this ETO Markets broker review was able to confirm, the broker does offer demo accounts for both the standard and pro versions, available in USD, EUR, or AUD as base currencies.
While creating a demo account will allow you to test this online forex broker’s services via the MT4 platform, as far as we can tell, it does not give you access to the secure client portal, where the vast majority of the educational materials are available. For that, you will require a live account.
ETO Markets Broker Features
ETO Markets offers a wide range of trading products including currency pairs, commodities, and indices.
When you trade with ETO Markets, you will have access to over 80 currency pairs, including the majors and the minors, as well as a slew of cross-currency pairs and other popular pairs.
In terms of commodities, you will be able to trade gold, silver, and oil, while also having access to a variety of indices, including the Dow Jones 30, the S&P 500 stock index, the Hong Kong Hang Send, the FTSE 100, and more.
ETO Markets Introducing Broker Program
While ETO Markets doesn’t offer bonuses as such, they do provide an Introducing Broker (IB) program, which is, basically, a referral program.
Thus, for every client that you refer to the platform who starts a live trading account, makes a deposit, and starts trading, you will receive a commission. The commissions you can earn as well as the minimum deposit required for you to earn a commission are only available once you sign up for the program.
Unlike many other referral programs, with ETO Markets, your commission will immediately be deposited into your account.
It is certainly quite a lucrative opportunity to earn some extra income and ETO Markets provides a lot of support via experienced personnel to help you make the referral program a success.
Education and Resources
At first glance, it doesn’t seem like ETO Markets offers too much in terms of education since they only have a few tips available on their website, along with their glossary.
However, once you sign up for a live account, you receive access to the client portal area, where things change.
ETO Markets offers quite a few online learning opportunities for customers. They make demo videos available and have small class sizes to make sure that everyone can benefit extensively from learning how to trade forex effectively.
Thus, you will learn the basics, including how to read charts, but also more advanced things such as a variety of trading strategies and techniques to help you trade successfully.
After you’ve gone through all of ETO Markets’ educational material, you will be able to develop your own trading strategies. However, keep in mind that you should test your knowledge and understanding of trading with a demo account before you start placing live traders to minimize risk.
Platform and Tools
The ETO Markets online broker only offers MetaTrader 4 as a trading platform, which some might see as a drawback. However, according to this forex review team, we feel it is more than sufficient since it is the best trading platform around.
While the learning curve might seem a little steep at first, it’s actually quite user-friendly once you get into it. It’s also highly versatile and comes with a wide range of trading tools, including automated trading, one click trading, lots of indicators and more.
And if you feel that the tools available aren’t sufficient, you also can create your own indicators. If you are uncomfortable with the idea of programming the indicators yourself, you will find freelancers more than willing to help you. It might come with an additional cost, but it’s something you won’t have to worry about too soon, especially if you’re a beginner as MT4 has hundreds of indicators available for free.
MetaTrader 4 also allows you to set up your trading environment in any way you like and really provides you with all the charting tools you could possibly need. Whether you want to draw support and resistance lines, add indicators such as the stochastic oscillator, the RSI, MACD, ATR, and many, many more, or even create your own templates that can be loaded with a few clicks, MetaTrader 4 can do that and much, much more. There’s a reason that it has become one of the most popular trading platforms available at the moment.
ETO Markets also has a mobile version of MT4, which means that you can monitor your trades on the go. It features all order types and execution modes, interactive charts, 30 of the most popular indicators, 24 analytical objects and much more.
Note that ETO Markets provides the MT4 platform both for Windows and Mac, as well as Android and iOS, meaning that you can trade at any time, regardless of the device you own.
Spreads and Leverage
ETO Markets offers leverage up to 1:400. On the standard account, spreads start at 1.6 pips, which is somewhat above the average.
For example, the EUR/USD, the GBP/USD, the AUD/USD, and the USD/JPY feature a spread of 1.8 pips, whereas the USD/CAD and the USD/CHF feature a spread of 2.2 pips.
However, on the pro account, the spreads are much lower, with some as low as 0 pips, especially on currency pairs with a high trading volume. Thus, the EUR/USD, the GBP/USD, and the USD/JPY have a spread of 0 pips, the AUD/USD has a spread of 0.3 pips, the USD/CHF 0.2 pips, and the USD/CAD a spread of 0.4 pips.
Keep in mind, though, that there is a commission of $7 per round trade, which is why the spreads are so low.
Deposits and Withdrawals
ETO Markets offers quite a few options in terms of deposits and withdrawals.
Thus, you can deposit in three currencies, namely AUD, USD, and EUR. You can deposit money via a credit/debit card as long as it’s Visa or MasterCard. Other options include wire transfer, Skrill, and POLi courtesy of Australia Post.
There is another deposit option, namely by using a China Union Pay card, but this is only for Chinese Yuan.
Clearance times are immediate on all deposits other than wire transfers, meaning that as soon as you make the deposit, the money will be available in your account. With wire transfers, the clearing times range between 2 to 3 business days.
Withdrawals can be made using the same options as deposits, with processing times ranging between 1 and 2 days, and clearing times another 2 to 3 days.
ETO Markets doesn’t charge any fees on withdrawals and deposits.
The ETO Markets customer support team is available from Monday to Friday 9am to 5pm (Sydney time) and can be contacted via phone, live chat, and email.
The team consists of people with a solid financial background, so they can actually help you with a wide range of issues. This is likely one of the reasons this trading site has a great reputation when it comes to customer service.
In terms of FAQs and tutorials available on the trading site, these are rather slim and won’t be of much help.
ETO Markets Broker Review Verdict
ETO Markets is regulated by ASIC, which is the first thing that makes them a trusted broker from the viewpoint of this ETO Markets forex broker review.
They also clearly cater to retail traders, beginner and veteran alike, and not just professional traders, as can be seen from the types of accounts they offer.
Their transparency in terms of fees and spreads also sets them apart, even if they have slightly higher than average spreads on their standard account. The fact that they offer leverage up to 1:400 doesn’t hurt either since it offers a far higher profit potential.
The aforementioned facts, coupled with their extensive educational materials and the fact that they offer demo accounts, make ETO Markets one of the best forex brokers available at the moment for beginner and veteran traders alike.
Does ETO Markets offer a bonus?
As far as this ETO Markets forex broker review has been able to ascertain, no bonus is available.
Is ETO Markets a scam broker?
ETO Markets is a regulated and trusted broker, and, as per this ETO Markets broker review, they are one of the best Forex brokers currently available, which means they are definitely NOT a scam broker.
Is ETO Markets the best forex broker for beginners?
Due to the low minimum deposit, the multiple leverage options, the availability of a demo account, as well as their extensive educational materials, we feel that ETO Markets is definitely one of the best forex brokers for beginners.
How do I open an ETO Markets account?
To open an ETO Markets account, you will have to fill out a form with your personal information, including name and address.
Subsequently, you will need to answer a few questions regarding the source of your income and your experience with trading. You will also be required to submit some form of ID as well as proof of address.
Once that’s done, you will be asked to make a deposit and you can then start trading.
To open a demo account, you will be required to provide your name, date of birth, your email, and a phone number.
- Over 80 trading products, including major, minor, and cross-currency pairs, indices, and commodities;
- Two account types for regular and professional traders;
- A wide range of deposit and withdrawal options with no additional fees;
- Transparent spread/commission policy;
- Vast library of educational materials along with a demo account to help beginner traders increase their proficiency;
- MetaTrader 4 trading platform, which is one of the best and most versatile platforms available.
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