3 min read
eToro is one of the largest currency trading companies operating currently on global financial markets. Forex etoro was established in 2007, its headquarters are located in Limassol, Cyprus and broker etoro is a Cyprus licensed and registered investment company. This multi-regulated company is widely known to be the pioneer in integrating online trading with social media and now they have more than 5 million users across the globe.
So, let us see is eToror the best choice?
At first we want to check their PLATFORM.
It is all – in – one platform which integrate all the features of their previous platforms. That means that they have all the tools you could possibly need to manage your trading portfolio. Their social trading system is very flexible which provides you to easily set the amount that you want to automatically copy. Than, you have possibility to either copy all the open trades or only the new trades of your selected investor. You are free to browse thousands of profiles and copy their trades to increase your chances of generating profitable yields because there are no limits on the number of users that you can copy.
Their page is remarkable designed, visual attractive and they always make constant updates and improvements.
eToro allows a minimum lot size of 0.01. That is very important for new investors because the risks are lowered and you can even do some experimenting on your trades.
eToro give us more than 1000 choices between stocks, commodities, currencies and cryptocurrencies like Bitcoin, Ether (digital currency for the Ethereum blockchain), Bitcoin Cash, Ripple, Dash, Litecoin, Ethereum Classic, Stellar Lumens and NEO.
And more important: You can open demo account totally FREE AND UNLIMITED!!! You can use this FREE DEMO ACCOUNT to try with paper money trading, test, learn, see how it looks when you lose trades, see when you win some. EToro, with hedge to hedge fund security will never forced you to open real account until you want that.
And their Withdrawal Time! Most traders complain about the delays in the processing time of their withdrawal requests with their brokers, but with eToro it is very smooth and didn’t take too long to accomplish. The withdrawal processing time only take 1 business day while the time it takes to receive the payment may vary depending on your payment provider.
They support a wide selection of banking methods: credit and debit cards (Visa, Mastercard, Diners Club), China Union Pay, Giropay (Sofortüberweisung), Neteller, Skrill Limited UK, WebMoney, Wire Transfer, Wirecard- Wire and Credit Card, Yandex and even PayPal.
There are so many ways to contact their support department. Customer support is available 24/5 – Monday through Friday via telephone and email, with email having a 48 hour response time. The company also features a “Customer Service Wall”, where customers can interact with customer service in a forum type format. But they don’t have live chat which is not too good because the patience of the customers puts it to the test and this can make them nervous which can cause them to lose faith.
Speaking about that, it is obviously time to say what is not good for their customers.
- Their spreads are slightly more than with most other brokers and their trading platform isn’t as advanced like offered by other brokers.
- The data eToro provide are not completely transparent
- You cannot download or view the full trading history of the traders you may want to copy and the performance statistics only go back for 1 year.
- the disclosed deadlines are long and you should expect even longer than it is disclosed (instead 5 you can wait 10 days)
- Does not accept Bitcoin deposits/withdrawals
- Limited cryptocurrency listings
Their feeds are synchronized with the actual market prices, which is highly essential to know if the quotes or market prices that you are receiving from your broker are accurate because on that information you will base your trading decisions.
eToro is known as the pioneer in the social trading industry and that is proven by their massive 5 million global users. There is no doubt about that.
Plenty of testimonials are speaking that they are broker from trust. There are some of them:
”I am a strong supporter in etoro. Being from New Zealand. It isn’t easy investing in the crypto space. Thanks entire etoro team.”
”eTorro is simply the best and easy to use for newcomers. There is a difference between losing because you made the wrong decisions and a poor site.”
”I’m using eToro for FX trading since 2013 and haven’t encountered any issues so far. I consider that FX rollover fees are ok for main pairs.”
But there are also bad experiences:
”It is the worst platform I came across, freezes 2-6 hours every week during peak times and times when you can make money.”
”Poor execution (always 8-10 pip delay for execution on top of spreads). You cannot do market orders and have to wait manually to open trades and when you open you lose out 8-10 pips due to poor execution. There is no trailing stops either.”
But eToro team have something very important and useful – eToro CopyFunds
Almost 2 years ago they made innovative financial product available to its traders: CopyFunds. Instead of being required to comb through thousands of possibilities to select traders and investment strategies to copy, traders can use CopyFunds™ to simplify and expedite the process by choosing from a selection of pre-packaged funds that wrap together a selection top traders or investment strategies/positions in choice markets.
Paradise on earth for beginners and not only for them.
Use this link to check:
Regulation: NFA, CySEC, ASIC, CFTC, MiFID, FCA
The еTоrо’s main characteristics are: Simplicity, Innovation, Enjoyable, Openness, Quality!
eToro is recommended!!! Hurry to open your DEMO ACCOUNT!!!
eToro and WYT are now offering a 100,000 practice account. You can test your skills for FREE, and get to know the financial field, no strings attached! Click here to get access to your free practice account.