Etoro Review

Etoro
10% bonus on first deposit up to $10,000
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Overview

A multiple award winning forex broker that goes from strength to strength. Follow and copy guru traders or use their user friendly range of platforms to open your own positions up to a 400x leverage (athough we’d recommend you stick to x50 max). Add a wide range of deposit and withdrawal methods including Paypal, Skrill and Neteller, a max $10,000 bonus and some of the best forex apps you’ll see in the App Store or Google Play, and you have an appealing and powerful trading system.

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Details

Broker Etoro
Website URL www.etoro.com
Founded 2007
Headquarters 7 Omirou Street, Limassol, Cyprus
Support Types Phone, Email
Languages English, French, German, Spanish, Italian, Swedish, Hungarian, Polish, Norwegian, Russian, Protuguese, Chinese, Swedish, Arabic, Greek, Dutch, Korean, Turkish, Japanese
Trading Platform Desktop, web. Android, iPhone, Mobile web, Social (Openbook), MT4 (Premium accounts)
Minimum 1st Deposit $50
Minimum Account Size $50
Minimum Trade Amount $1000 after leverage
Bonus 10% bonus on first deposit up to $10,000
Leverage 400:1
Spread 3-4 Majors
Free Demo Account Open Demo
Regulated Yes
Regulation FSA, BaFin, CONSOB, CNMV, ASIC, CFTC
Deposit Methods Credit Card, PayPal, Neteller, 1-Pay, Skrill (MoneyBookers), WebMoney, GiroPay, (available in Germany only), Wire Transfer, Western Union, MoneyGram
Account Currency USD, EUR, GBP
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 45

Pros

  • User-friendly
  • Big choice of payment (incl. Paypal)
  • good mobile apps
  • Social Trading
  • Deposit Bonuses

Cons

  • Average spreads
  • No Dealer Desk (phone trading)
  • No Trailing Stops
  • Cannot Trade from charts
  • You have to specify ´Carry Trade Over Weekend

Full Review

eToro bills itself as a “Social Investment Network”, and therein lies a great clue as to what this very popular forex broker is all about. They have literally rewritten the rule book when it comes to online forex and have developed a platform which is very user-friendly and easy to develop your trading skills on. This is a broker for new to intermediate traders. When you open up a position, the amount of money you are commiting to the trade is very clear, as are your take profit and stop loss targets (it defaults at 100% stop loss and take profit, forcing you to set your limits, which is good practice for those new to forex). You can then also see how many units or lots you are buying, so you can also learn the numbers that the pros trade on. The market sentiment is clearly shown.

The reason this platform that is popular with less experienced traders, as their trading platforms are so well designed and easy to understand. But they also have options for Super Users- you can open up more powerful features as you grow your skills- it is very good for intermediate forex traders, but if you are more rexperienced, we’d recommend someone like Alpari Forex where you can trade on the MT4 or MT5 platforms.

Etoro allows a leverage up to 1:400, although we’d recommend you stick to 1:50 or lower unless you are very experienced. In fact, the system sets a default safety net for you (which you can disable) with a leverage settings of 1:50 max, a maximum 20% from available balance can be placed in one trade, and a maximum 20% total balance can be used to copy one trader. Very sensible.

One of the major differences between eToro and the competition, is their Social Trading widgets. They are developing the service into a forex social network where you can use eToro to interact with other traders and discuss, trade, invest, learn and share knowledge across the network. The idea is, that with eToro you don’t need to be a pro to trade like one.  You can tap into the wisdom of the crowd to help you make smart investment decisions. If you like the profile of a trader, you can follow his or her trades. And, if you become a pro and make it into the Social Guru Trader program you’ll be able to earn money from other traders copying your investments.

eToro has a good trading apps for  Andriod and iOS (iPhone). Our only complaint is that sometimes it is slow to log in, and the charts are difficult to read (small numbers). As well as forex trading, you’ll be able to invest in some of your favorite companies, trade gold and silver and invest in commodities such as crude oil. The only other gripe we have is that you have to tick a box when you open a trade to “Carry Over The Weekend”. In our opinion, this should be th edefault, and in fact if you open a trade up on the mobile app, you can´t select it, so we have had positions automatically closed on a Friday night by mistake. A small point, buy a bit annoying, and we suspect that etoro like the extra volume in trades that this generates.

Recommended for all trading levels, but particularly newbie to intermediate and particularly strong in the “follow and copy” game. If you trade on an Android phone, the eToro app is one of the best in Google Play- it’s certainly up there. And if you trade with Paypal, Neteller or other web wallets, that’s covered too

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