eToro forex broker review

eToro website
eToro
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Online forex broker eToro is truly a social trading platform, which boasts software that no other online broker can compete with. But eToro is more than just good looking, because this broker offers a very unique and complete set of forex trading options.
A quick sign-up gives you access to real money trading and an unrestricted demo account, which you can switch between any time you like. At eToro, you can also trade gold, silver, oil, and stocks, but here we will just focus on forex trading.

Software

One of eToro's main goals is to make forex trading easily accessible to all, and when you use their software, you immediately see that they are serious about this mission. You won't have to download anything, as all trading activities are compressed into eToro's WebTrader.

From the main screen, you can access anything you need. First and most importantly, there is a list of currency pairs, each of them with graphics, statistics and sentiment percentages showing the recent course of the pair. When you decide to buy or sell, you can set a stop-loss, or a point where you want to take your profit automatically, so that you can even trade when you don't have too much time.
Besides trading, you can follow your investments, your balance and even the news using the WebTrader. The most experienced traders might still feel a little bit limited, but this means the software is all the more suitable for those who are just starting out.

Before, there used to be a downloadable, almost game-like version of the software, but this has been cut completely to focus more on the integration with social trading, which is what eToro is most famous for. In our eyes this was a good choice, because it has led to one, strong new product.

Extra features

The social possibilities at eToro are therefore its most important extra feature.
There is a very large and active community of traders, and the website offers plenty of ways for them to interact with each other. You can chat with someone, go on the forums, or enter a trading competition where real money prizes can be won. You can even copy other people's forex trades and strategies, using the unique OpenBook software.

Of course, these sort of possibilities are absolutely ideal for beginning traders, who can take full advantage of the knowledge that others have gained in years of speculating at the forex market.

eToro WebTrader
eToro WebTrader

Besides following other people's trades, anyone who joins eToro can also become a so-called 'Social Guru'. A guru in this case is a social trading community leader. This means that people can actually copy the trades that you make, and you can interact with them through blog entries and a personal page.
The Social Guru program doesn't just make currency trading a lot more interactive. It can also be lucrative, since you can receive up to thousands of dollars in extra income when people start to copy you. Exact details on how this works can be found at the eToro website.

A third and final extra feature is the eToro education section. With live webinars, the financial trading eCourse, trading videos and even an eToropedia, you can spend many hours feeding your brain with precious forex trading information.

Bonuses

There are several bonuses available for people who make their first deposit at eToro. We have displayed them in the table below:

Deposit amountBonus amountExtra
$1,000-$4,999$250Silver Account
$5,999-$9,999$500Gold Account
$10,000-$19,999$1,000 Gold Account
$20,000 or more10%VIP Account


The Silver, Gold and VIP Accounts each offer various perks to the user, like faster withdrawals and personalized discounts. More details about these special advantages can be found at the eToro website.

Deposits and withdrawals

At eToro you can make a deposit using Paypal, MoneyGram, Neteller, WebMoney, wire transfer, and credit cards such as Visa and Mastercard.
As part of its safety policy, you will have to fill out an online form when you want to withdraw funds for the the first time.

Conclusion

At eToro, you will find a mix between a simple yet powerful trading platform, and an enormous social community that adds a whole lot of fun and insight to your foreign currency exchange market activities.
The option to copy successful trades from others is revolutionary, and very interesting for those who want to make money in forex trading (and who doesn't?).
In short, this is the ideal starting point for every forex trader with ambition and a sense of style.






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