eToro Review









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Fast becoming a very popular way to participate in the world of Forex trading, social trading is taking the industry by storm. One of the well-known names that has emerged is eToro. Forex trading was brought to the masses in 1997, following its deregulation. However, this has meant there has been a huge influx of internet based Forex brokers. Not always a bad thing to have plenty of choice, but the sheer number to choose from can be rather daunting, particularly for those new to this particular form of investing.
In 2010, eToro introduced their Openbook social trading platform and things began to change. The innovative platform meant that traders could easily watch what other traders were doing, as well as copy those who were more successful. Even the most inexperienced traders now had the opportunity to test their metal in the Forex trading market.
eToro is a financial services company with offices in the UK, Cyprus, and Israel and is licensed and regulated by CySEC (the Cyprus Securities Exchange Commission) as well as the FCA (Financial Conduct Authority).

eToro offers a trio of trading platforms

eToro decided to make more than one platform available for clients, and offer a suite of online investment solutions that are flexible enough to suit most needs. It is claimed they are easy to use, and after experiencing them when writing this eToro Forex brokers review, we won’t be arguing. On offer are the following:

Standard or premium accounts with eToro

Aside from the free demo account, there are two options for new trading clients. First, there is the standard account, with a minimum deposit requirement of only $50. eToro has a strict verification process, and new traders are advised to ensure this has been successfully completed, before embarking on their Forex trading journey. We came across a number of complaints online, from current clients regarding withdrawal of their funds. But also found that problems often occurred because the verification process hadn’t been completed. The terms and conditions on the site clearly state that this process has to be completed before withdrawing any funds. So it’s no surprise that these particular users couldn’t do what they wanted, and shouldn’t be held against the good name of eToro.
The eToro Premium Program is a relatively new addition for eToro, and requires a certain level of deposits and trading activity. To become a member of the eToro Premium Club, users must have a total new deposit of $20,000, within the previous 11 months. Having total equity of $20,000 at the end of a trading day will also entitle users to Premium Club membership. Premium status entitles traders to a special eToro Forex broker deposit bonus, direct access to eToros trading room, a personal account manager, unique promotional offers, free access to the Trading Central, weekly market analysis videos, a personal Payoneer credit card, and membership to the Neteller VIP program.
Let’s not forget to mention the free demo account, as this always a great way to get a good feel for the world of trading Forex, without risking any real money.

Screenshotsetoro homeetoro social

The benefits of eToro

The downside of eToro

eToro is not the cheapest of brokers to choose, and many reviews mention the fact that the trading spreads are higher than many others. The number of currency pairs available for trading is limited, when compared to the competition. There are also fewer high-powered tools than we’d have preferred, and the charts are pop-out windows which can make things a little cumbersome. Many trading platforms can be fully customized to individual user needs, but not so with eToro.
But even with these disadvantages, we’d certainly recommend you give eToro a try.

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