|What we like about eToro:
The Forex Broker eToro was founded in 2006 and has since grown into a world class brokerage offering professional trading services. Domiciled in Cyprus, eToro revolutionized brokerage with its 2010 introduction of the “OpenBook Social Investment Platform”. This platform allows eToro clients to effortlessly copy trading strategies of successful traders, without having to possess a strong knowledge of technical analysis. eToro is the recipient of numerous awards.
As at the time of writing, eToro is regulated by several bodies including CySEC, MiFID, ASIC, FCA, and NFA.
The parent company, Tradonomi LLC, owns eToro’s online trading platform. It is based in the United States and is licensed with CFTC and is also a member of the NFA. eToro therefore meets regulatory capital requirement and other rules that devised to ensure safety of funds and a level playing field. In addition, eToro’s data encryption technology via a Secure Socket Layer (SSL) ensures all-round safety.
On eToro traders can select either a standard trading account or trade on its Islamic trading account. With a minimum of $50, clients are able to start trading on the eToro Standard Trading Account, having funded their accounts via funding methods like such as credit cards, a wire transfer or dedicated funds transfer systems including Neteller, MoneyGram, Paypal or WebMoney.
The Islamic Account is tailored for Muslims who want to engage the forex market in accordance with Sharia principles, avoiding interest and commissions. The account requires a minimum deposit of $1000. No interest is charged on overnight positions and there are no payable commissions.
Clients are also entitled to a free demo account on eToro, which allows traders get a hands-on experience with all the features offered without having to risk their real money. Traders are able to get $10,000 worth of virtual money to start off their trading adventure on eToro’s free demo account.
eToro does not charge payable commissions, but traders are charged a wider spread on every trade entered. Apart from Bitcoin transactions that are charged at a 1 pip spread, eToro has a minimum spread of 2 pips for the USD/JPY forex pair and 3 pips for EUR/USD, USD/CAD, USD/CHF and USD/RUB. Spreads can get to as high as 14 pips for least traded forex pairs.
After the introduction of the eToro OpenBook trading platform that supports social trading, eToro now has 3 means in which clients can access the market. Other means in which traders can access the market on eToro includes the eToro Webtrader, a web based client offering traders access to eToro trading tools and the eToro Mobile Trader, which offers clients full access to eToro’s social trading features live on their mobile devices.
eToro’s website is present in eight languages spanning English, Chinese, German, Spanish, French, Italian, Russian and Arabic.
With a responsive support team that is available 24/5 on live chat and telephone, the broker delivers a top notch trading experience along with an interactive trading approach in the form of the OpenBook platform – great for newbies who need to learn the ropes.