eToro was founded in 2007, and promotes itself as the world’s first and foremost global market place to trade currencies, commodities and indices online. It has 2.75 million users, and some great features that result in an interactive community of traders in one of the largest markets in the world.
If you want to invest and manage your funds so that other investors around the world can see exactly what you are doing and how your trades and portfolio are performing, then eToro gives you the platform to do so. You can even copy the most successful traders online!
eToro has three trading platforms that are easy to use. The first two are for a keyboard and monitor, and the third is a mobile platform for those on the move.
The WebTrader platform is a browser based trading application. In line with its community based philosophy, there is a chat function allowing you to talk to other traders whilst trading. You don’t have to use this function: if you prefer to be left alone to trade, then you just make yourself ‘invisible’.
Charts and news are viewed on one screen, giving a real trading screen feel. There’s no information overload, and trading is easy – although one click trading from the chart is not yet available.
eToro’s OpenBook is the platform that is downloaded to your pc. With the functionality of WebTrader, this is the ultimate in social networking and forex trading combined. Positions are easily monitored, and like the WebTrader you can interact with other traders.
The final platform is the eToro mobile, which replicates almost all the functionality of eToro’s other two paltforms for those that are continually on the move.
The more you deposit, the more you gain
Though you only need $50 to open an eToro account, the more you deposit the more features you’ll have access to. Advantages and benfits of each account build up as follows:
The basic, Bronze, trading account is the entry level account. If you begin here, then you’ll have access to the traders’ chat rooms, receive a weekly newsletter, and also the pop-up notifications of news and financial announcements.
If you deposit over $1000, then you’ll be enrolled into the Silver account, have access to eToro’s trading e-course, and be able to speak to a personal account executive to solve any queries you have.
For the Gold account holders that deposit $5000, and trade a minimum of 600 lots quarterly, there are bonuses of 10% on the first deposit of upto $500 each month. On top of this, these account holders receive a daily market report, a dedicated account executive who will mentor yopu as top your strategies and risk management, various referral incentives, and telephoine access to eToro’s trading room.
The highest account available is the VIP account. Holders of this account receive one on one training, and a 15% bonus on the first deposit of up to $2000 each month. But to gain access to these benefits you have to depsoit $20,000.
Information from Experts and Traders
The main site holds a plethora of educational information, news, commetary, and opinion from both seasoned professionals and novice traders. You’ll find it well organized, and with most of the content well written there is something for all to get btheir teeth into. There’s a blog aplication that allows questuions and comments to eToro’s writers, and these are usually answered very quickly.
Easy to open, Easy to trade
Opening an eToro account is simple, completed online in just a few minutes. Deposits into the account can be made by credit card, paypal, or electronic bank transfer, so trading can begin almost immediately. The account opening message received by email then explains what the next steps are, giving links to useful information, so any gueswork is taken out of your next moves.
Like most other such platforms – for example, forexsocial and currensee – eToro don’t charge a commission, but rather a spread of 2 pips or more on the trade.
If you want to trade Forex, give eToro a trial run
Using eToro is almost like merging the chat functioanlity of twitter with the ability of a forex tradimg system. You can watch what other traders are doing, chat with them, follow their trades and strategies and discuss your own.
If yopu have any problems using the platforms, then there’s a live chat facility with the help department. It has to be said that this can be a little slow, and as with many other customer service operatives in other companies, there is always a script to be followed. But the operative will always come up with the answer you require in a courteous manner, so not too bad as an experience.
If you’re not convinced by the marketing and the professionalism of its website, then you should download eToro’s test, virtual trading system. You’ll have to give up your email details, which means you’re going to get a few emails requesting you sign up for the full version and start trading, but you’ll be able to get a good feel for Forex and social netwroking combined very quickly.