With a $200 initial deposit and an ability to copy other successful traders, this broker is best for beginners or those who enjoy the social elements of this platform. Fully regulated on both sides of the Atlantic, eToro is a member of the NFA and CySEC. With an attractively simply account setup, eToro offers a single risk-free demo account for trying the social concept, and a standard live trading account so you can get going easily without complication. A good choice in broker if you want to try a unique broker with a modern twist.
With this new approach, eToro strives to make trading more stress-free, and keep beginners out of the complexities of the more traditional way of doing Forex trading. They know that analysis, news, charts, and indicators can be confusing and be intimidating for the beginner trader, and so eToro has addressed these trader concerns with a more friendly platform and a different approach.
The trading on eToro is all based on social trading in which traders can see where the positive action is and basically follow successful trades online. They also have a browser version of their software, mobile apps and stocks trading.
Because traders will commonly trade the same pairs, eToro’s platform gives traders a customizable overview of different currency pairs. This offers a good and simple overview to see where opportunities may lie.
Spreads and Leverage
Spreads are set at 3 pips which is a little high compared to the rest of the industry, but spreads are not everything. Leverage at eToro is up to 400:1.
Deposits and Withdrawals
All credit and debit cards, other forms of bank wire transfers, as well as internet-based payments are all accepted. Withdrawals take 1 business day for eToro to process, and allow time for the transfer to be completed. Funds are returned to in the same way in which they were deposited.
As well as the demo account eToro provides lots of guides and tutorials and they even have a trading forum where members can share information and experiences. Online client support is available 24/5 and my experience is that service is prompt.
eToro is not your usual broker. It certainly has a different type of trading platform, and an approach that they believe is a comfortable way for beginners to trade forex. Start with a small deposit, and enjoy the differences in trading on a social platform.