eToro Review – Great for novice traders

There are not many brokers you should have heard of but eToro is definitely one of them. This broker has no running TV commercials but there’s lots of talk on the Internet and in many spots this broker is recommended to you. You will read in this review why this broker is a recommendation from lots of people. This broker is definitely the most innovative on the Forex market and was reinventing the wheel with their own social trading network. This way you can get in touch with other traders and even copy their trading activities. This is something very unique and a good reason to take a look at eToro.

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eToro Platforms: CopyTrader

eToro started out with a very simple and easy to navigate trading platform that was more like a game than a professional trading platform. This way it was possible to make Forex trading attractive to a large base of customers. Everybody could start trading easily. There was even features where you could “bet” on either a sumo wrestler or Uncle Sam, both representing their currencies (JPY and USD). Forex trading could not be easier than that. Nowadays eToro is more professional but is still offering a platform that is very easy to use. That’s the reason why eToro is still the best broker for novice traders that just want to start out trading and gather experience.

What we really like about this broker is their steady innovation approach. In 2011 the OpenBook was introduced. There you could see the trades of all other (successful) traders. The advancement was CopyTrader – a feature that lets you simply copy the trades of other traders without doing anything. For example you can deposit $100 and invest $25 in a specific and successful trader. This way all of his trades will be copied 1:1. If he earns 10% in profit you then have $27,50 in your account.

It’s sad that eToro lacks behind competition when it comes to mobile trading. Plus500 is doing a better job there and is offering apps for iPhone, Android and iPad.

When it comes to demo accounts eToro is on top of things again and offers demo accounts that are absolutely free.

Bonus offers and accounts

There are different accounts at eToro depending on your deposit amount. When you deposit between $50 and $999 you’ll get a Bronze account, with $1,000 – $4,999 a Silver account, etc. Unfortunately, eToro does not offer bonuses with stone-cold cash any more. There are other incentives like a better VIP support, webinars or daily analysis.

Deposit and Withdraw

To make a deposit or withdraw at eToro you can make use of the following payment options: credit cards (VISA, Mastercard), Paypal, Skrill/Moneybookers, wire transfer, instant cash and Neteller. It’s very simple to make a deposit and a withdraw at eToro.

eToro overview

Currency pairs: 16
Spread: 3 Pips EUR/USD
Commodities: Yes
CFDs: No
Max. leverage: 400:1
Min. Margin: 0,25%

Summary

eToro is maybe the largest Forex broker on the market (in 2015) and there are several good reasons for that. eToro achieved something very unique: they could reach the masses with their innovative approach, making Forex trading interesting to everybody. People that did not even know that you could trade with currencies are turning into Forex traders. Other success factors are steady innovations (with OpenBook and Copytrader), an exremly easy to use platform and a great customer support. We’re confident that eToro will work on these things in the future as well and that’s the reason why this broker should stay on top for a long while.

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