An Overview Of the eToro Forex Trading Platform
Forex trading has benefited a lot from advances in web technologies. One such platform that is leveraging this technology to great effect is eToro, which is one of the most flexible and versatile currency trading platforms on offer.
With 2 million plus active traders, this platform is more than just another trading platform.
In essence, it is a social investment network where both professional traders and novice traders interact without any boundaries (real or perceived) and share trading tips and information.
An active member is able to keep tabs on top traders’ in real-time, as well as follow them to the extent of duplicating their trades.
The Commodity Futures Trading Commission (CFTC), the Cypriot Securities & Exchange Commission (CySEC), and the National Futures Commission (NFA) regulate the broker.
The eToro currency trading platform is a social investment network which allows you to learn trading techniques off experts in real-time.
eToro FX Trading Membership Options
The cost of fx trading on this platform is quite affordable. Upon signing up for the first time, users get a welcoming bonus of 50% of their first deposit.
The minimum deposit is an affordable $50. This gives one access to the Bronze account that is used by traders who make a deposit less than $1,000 into their trading accounts. Bronze account incentives include weekly newsletters, free chat room access, and $1,500 weekly prizes.
If you deposit more than $1,000 and trade over 300 lots, you would quality for an upgrade to the Silver account. At this level, traders enjoy a trading e-course, referral incentives after depositing $2,500 or more, and a personal account executive.
The Gold account is open to traders who transact 600 lots quarterly and deposit more than $5,000. Incentives for the Gold account include personal account manager, daily market reports, 3-day withdrawals, and 10% bonus on first deposit every month.
VIP members deposit $20,000 into their trading accounts and enjoy personalized fx trading training.
Demo Trading with eToro Forex Trading Platform
Before trading with real money, you can open a demo account through eToro. This account comes with $10,000 in virtual money to help users practice how to trade without risking their money. At the same time, you can make use of the wide range of tutorial materials, eToro review, and webinars to improve your expertise.
Forex Trading Platforms Offered
As one of the best forex trading platforms, users have access to WebTrader, eToro OpenBook, and mobile trading. These features allow traders the opportunity to follow trades while at the office or on the road.
Trading Hours and Countries Accepted
If you are planning to trade currency online on this platform, trading hours start from Sun 2100hrs GMT to Fri 2000hrs GMT. The platform supports traders from more than 130 countries around the world. It is a multilingual platform that supports the following languages: English, Arabic, Russian, German, Greek, Chinese, French, Hindi, Italian, Finnish, Portuguese, Japanese, Spanish, and Turkish.
Fees, Commissions, and Spreads
Traders on this currency trading platform enjoy competitive spreads and margins. Instead of charging commissions, the platform charges spreads of 2 pips onwards.
You can leverage your position up to 400:1. Spreads for the EUR/USD start at 3 pips, USD/JPY at 2 pips, AUD/USD at 2 pips, and GBP/USD at 4 pips.
eToro Trading Platform Support
Trading on one of the best forex trading platforms gives you access to live customer service for 24 hours every day. You can access this service via email, live chat, or through the phone.
Both novice fx traders and seasoned trader find this platform extremely easy to use. It boasts of an intuitive design, easy money withdrawal options, charting, reliable connectivity, real time trading, and the ability to copy expert traders.
If you are looking to trade currency online, there is no doubt this platform is a very good tool. The official eToro review will give you a better grasp of all the features.
If you rely on fx trading robots, eToro’s trading platform does not provide automated trading, scalping, or trailing stops. Also, a slow Internet connection may hamper your trading on this platform.