eToro prides itself as being the first global marketplace that offers traders various opportunities to trade commodities, currencies, and indices through effective online platforms. Founded in 2007, the company claims to have provided its services to almost 3 million traders across 140 countries to date.
Similar services have been offered over the years by other companies, with each promising to deliver the best trading tools and advice to those who wish to achieve success in their trading ventures. What makes eToro different and why should one even consider it? Let’s take a closer look and find out.
What eToro Promises to Deliver
It is a fact that trading strategies and techniques have evolved over time, with more and more people relying on the power of the internet to maximize gains and minimize losses. There has also been an increasing demand for online trading platforms where traders of various markets can interact and learn from each other in order. This is what eToro primarily offers to traders, providing three different platforms where one can safely and easily trade even while on the go.
As people become more and more preoccupied with their daily schedules, it simply does not make sense to spend a lot of time in front of a computer or in a day trading room just to be able to make a decent earning on forex, options, stocks, and commodities trading. eToro aims to address these problems through its online platforms – the eToro WebTrader, eToro Openbook, and eToro Mobile Trading Platform. Let’s discuss each in detail to gauge their effectiveness in providing safe and simple venues for traders to conduct their ventures.
The WebTrader, which is the first of eToro’s online trading platforms, offers traders the ability to conduct their business from any location in the world that has internet connectivity. This means that traders do not have to be stuck in their offices just to be able to trade and manage their portfolios, allowing them the flexibility to do other activities. eToro developers have also added a useful chat feature in WebTrader, allowing one to interact with fellow traders to gain insights on various trends and trading techniques that may come in handy. The same chat feature also offers a trader the ability to become invisible in chat rooms, providing a level of privacy when one does not wish to engage in conversation with others while trading. The WebTrader interface is sleek and uncluttered, allowing traders to continue with their business without distractions.
eToro’s Openbook on the other hand is geared toward providing a social network-like atmosphere to different trading rooms. This open-door trading platform provides traders with real-time information on other traders – what they’re doing, what strategies are being used, etc. – much like networking sites like Facebook. As a result, traders are likely to learn more from each other about trading strategies and techniques that work, benefiting everyone regardless of trading experience. eToro also provides traders with the freedom to follow and copy successful strategies, applying them to their own trading ventures to achieve better results.
To complement its first two trading platforms, eToro also has a Mobile Trading Platform where traders can manage their investments through their smartphones and devices. This is an interesting addition that every online trading marketplace should have in my opinion, as it allows traders to stay on top of their portfolios regardless of the time or location. Aside from this, a lighter version of a trading platform means that traders do not have to deal with slow PCs or laptops or poor internet connection when there is a crucial trade to be made since they can easily log in to their accounts from their mobile devices and continue their business from there.
Advantages and Disadvantages of eToro
One of the most obvious advantages of eToro is that it offers not just one but three types of trading platforms where traders can easily go about their business without the hassle of being cooped up in a cubicle or an office just to be able to trade. Aside from this, it facilitates learning while trading, allowing traders to share insights and trading strategies with others for better results. eToro also offers a demo account to those who are new to this type of trading platform.
Of course, too much of a single thing cannot be good at all times, and this applies to eToro as well. As I see it, the company’s trading platforms are closely tied to the internet to make them as efficient as possible, so traders who often have problems with internet connectivity can be drastically affected. Because trading is done real time, those who have poor connections will not be as efficient as those who have better connection to the internet and therefore unable to profit as much as they would like.
Pricing and Recommendation
At present, eToro offers three types of trading accounts to interested parties, with one being a demo account that does not oblige a trader to pay for anything. Both basic trader and premium trader accounts are open to everyone so signup is free of charge, with a required minimum of just $50 to begin trading. The premium trader account on the other hand is for professional traders with $20,000 or more in their portfolios. Premium trader account holders are also entitled to additional premium services such as a personal account manager and free access to eSignals which provides various signaling tools to traders.
The ability to trade even while on the go is what makes eToro quite an attractive venue for many traders, not to mention the numerous learning opportunities that one can take advantage of when interacting with fellow traders through their Openbook platform. Low deposit rates are also quite attractive especially to those who are just starting and don’t have as much resources to put into forex trading. If you’re looking for a trading platform that is different from others that you may have experienced, I suggest you try eToro. It makes it quite easy to trade even if you don’t have sufficient experience, especially since you can count on fellow traders in the marketplace to give you advice and information when needed.