eToro Forex Brokers are becoming very famous in the Forex trading, social trading is taking the business by storm.
This Forex broker was brought to the masses in 1997, following its deregulation. However, this has meant there has been a massive inflow of internet based Forex brokers. It is not a bad thing to have plenty of choice, however, the sheer number to select from the container is rather intimidating, mainly for those newbies to this certain form of investing.
In 2010, eToro Forex Brokers announced their Openbook social trading platform and things started to change. The innovative platform meant that traders could easily watch what other traders were doing, other than copy those who were more successful. Even the most new traders now had the chance 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) along with the FCA (Financial Conduct Authority).
eToro offers a trio of trading platforms
eToro Openbook – This is the social trading platform for eToro, and can be used to follow and copy trades, as well as work together with other traders.
eToro WebTrader – This is an all in one portfolio management platform, it has lots of trading tools to help handle both manual and copy trading portfolios.
eToro Mobile Trader – This is the mobile option. With the eToro Mobile Trader app, it’s easy to take part in social trading using smartphones and mobile devices.
Standard or premium accounts with eToro
Aside from the free demo account, there are two choices for new trading clients
Standard account – It requires a minimum deposit of only $50. eToro has a strict verification procedure, and new traders are recommended to ensure this has been successfully completed, before boarding on their Forex trading journey
eToro Premium Program – is a relatively new addition for eToro, and requires a definite level of deposits and trading activity. To become a member of the eToro Premium Club, trader must have a total new deposit of $20,000, within the previous 11 months.
Free demo account – this is always a great way to feel good for the world of trading Forex, without endangering any real money.
The Benefits of eToro
- A popular social trading platform that connects users to thousands of other online traders.
- The OpenBook platform allows users to automate their trading by copying other positions.
- Educational resources are extraordinary.
- One click trading and customizable settings.
- Great offers and promotions, as well as eToro Forex bonuses
The Disadvantage of eToro
eToro is not the most inexpensive of brokers to choose, and many reviews stated the fact that the trading spreads are higher than many others. The number of currency pairs available for trading is limited, in comparison to the competition. There are also fewer high powered tools than we’d have chosen, and the charts are pop out windows which can make things a little awkward. Several trading platforms can be fully modified to individual user needs, but not so with eToro.
But even with these disadvantages, eToro is surely recommended to give it a try.
For other best forex brokers and bonuses, feel free to visit 24fx.com, forex.com, Trade12.com ,Markets.com,Vantagefx.com,Avatrade.com, Instaforex.com, Mxtrade.com and many more, which I will be checking as well.