eToro Review with complete detail

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.

Sign up Now!Open your demo or live account!

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%

Trading with eToro

Why should I trade with eToro?

eToro is an online financial trading platform and community unlike any other. Aside from our unbeatable trading conditions, it’s our innovative platform that will really knock your socks off.

If you’re new to financial trading you’re sure to get a kick out of our amazing trade visualizations, and you might just end up picking up some trading skills as you go along. We then apply the same simple and innovative approach to our advanced trading interfaces, chock full of all the trading tools a professional trader may need. The end result is that whatever your experience in trading may be, you’ll find the eToro platform inventive and easy to use.

How do I use the WebTrader trading platform?

To start using the eToro Platform you can just head over to our online WebTrader where you can trade in eToro Expert Mode, no download required.

Do I need to provide any documentation in order to open an eToro account?

You do not need to send us any documents in order to open a real trading account. We may request documents once you reach a certain volume of trades, or once you want to make a withdrawal.

I’ve run out of practice money. Can I get more?

We want you to keep practicing your trading skills for as long as you’re trading with us, so you can always get more practice money if you run out.

Once your initial 10,000 credits have run out your practice balance will be refilled automatically so you can keep practicing indefinitely.

Do I need any prior experience to trade with eToro?

We assume that every trader that registers at eToro is trading for the first time. That is why we’ve made our platform entirely intuitive, so you can concentrate on trading alone, without having to work out the mechanics. For first timers we recommend registering for Practice Trading first and to get the hang of the platform before going on to Real Trading. We also urge you to take a look at our Platform Guide, and our Forex Trading Guide.

What is the minimum amount needed to start trading?

All it takes is a deposit of as low as $50 to get you started in the currency trading business. Keep in mind that you also get up to $10,000 bonus on your first deposit, so make the most of this fabulous opportunity to get some extra trading balance.

How do I fund my real account?

We give you the option of funding your account through a variety of methods, so you’re sure to find one that suits you. You can fund your account by credit card (Visa, Mastercard, Diners), wire transfer, PayPal, Neteller, Moneybookers, Western Union, WebMoney and MoneyGram.

Please check out the Funding Account section on our homepage for further information and instructions on how to fund your account with these methods

Is eToro safe?

Your money is perfectly safe with us. We use the latest SSL encryption technology to ensure that our trader’s funds are untouchable.

You can learn more about Forex scams here and understand for yourself how eToro operates and why eToro is not scam.

How long does it take for my deposit to come through?

If you are depositing with a credit card, PayPal, or Neteller your account is funded immediately. With payment methods such as wire transfer, Western Union, or MoneyGram, your account is funded the moment the processor in question approves the transfer.

What is the first deposit bonus?

The first deposit bonus gives you a chance to get up to $10,000 in extra trading cash according to the amount of your first deposit. The more you deposit, the bigger your bonus! Remember, you’ll only get this bonus once, so make it count.

How do I trade?

If you’re a novice trader please take the time to go over the Platform Guide and the basic Forex Trading Guide available on our site. These two guides will give you the basic info you need to start trading with us, and you can try out your newly acquired trading skills in our practice trading mode. Once you’re ready to trade for real and have funded a real account, eToro will provide you with our custom-developed e-Course for free. This course will take you from basic trading knowledge to advanced trading strategies and market analysis techniques.

What leverage does eToro offer?

We offer a range of leverages from as low as 1:5 to as high as 1:400, so you can trade with the leverage you’re most comfortable with. Remember, leverage must be used carefully. The higher your leverage the higher your risk.

Does eToro charge a commission on trades?

We do not charge any commissions or fees on trades. Our revenues come strictly from the spreads (the difference between the Ask and the Bid prices of a currency pair) which are exceptionally low.

Does eToro charge overnight/rollover fees?

We do not charge any costs for leaving a position open overnight. However, we do charge a small fee if you want to leave your trade open over the weekend while the markets are closed.

When can I contact eToro’s support?

You can contact our support operators by phone or by live chat Monday to Friday, 24 hours a day.

Does eToro offer any other promotions?

We have lots of periodical promotions which we will certainly notify you about. Make sure to check your email and to log in frequently to avoid missing out on any exciting offers.