Regulation: CySEC, FCA
Instruments: Stocks, Currencies, Indices and Commodities (CFDs)
Social trading has taken the industry by storm. It is fast becoming one of the most popular ways for the ordinary man or woman on the street to participate in the world of online trading. It is rumored to be an interesting and exciting way to earn money. You simply copy the trades of other traders. A name which has found itself at the forefront of the trading revolution is eToro. Millions already make use of its services and if you read our eToro review youâ€™ll be able to decide whether youâ€™re going to be another one.
Introducing eToro – A social trading and multi-asset broker
eToro entered the world of online trading in 2006 when it was known as RetailFX. Things changed in 2010 when the eToro OpenBook was released. This social trading platform enabled clients to take part in copy-trading, and trade CFD stocks, currencies, indices, and commodities online. eToro has offices in Cyprus, the UK, and Israel, and is a licensed and regulated broker. There are currently more than 4.5 million clients on the books, trading from more than 170 different countries across the globe. Before going any further, weâ€™ll explain exactly what social trading is. Just in case youâ€™ve never heard of it.
What is social trading?
Social trading allows you to connect with traders all over the world in a social trading network. This network allows you to use the skills of other traders to trade together. It is this collective wisdom which allows trading on a level never before possible. Basically, eToroâ€™s social investment network brings live feeds of trading activity. Which means you can see what other traders are doing. This gives you a valuable insight into market trends, trading ideas, and innovative strategies. There are some traders you will find more interesting and useful than others and be more inclined to follow. You are even able to get in touch with them in person. The main benefit from social trading is the chance to copy other traders.
Refer your friends for the chance to earn an eToro bonus
eToro are currently running a refer a friend program, with the chance to earn up to $1000 by inviting 10 friends to sign up with eToro. Of course, itâ€™s little more complicated than just inviting them. Your 10 friends have to open a social trading account and deposit at least $500. This will entitle you to $1,000, and your friends will get a $200 eToro deposit bonus as well. Each friend who makes a deposit will earn you $100, and you can invite as many as you want. There is no limit.
eToro gives you the choice of being a standard or premium customer
When youâ€™re ready to step up to the real world, after spending some time practicing with an eToro demo account, you can choose between a Standard and a Premium account. The Standard account requires a minimum deposit of $50, and then there is a very strict verification process to complete before you make any withdrawals. And the process has to be completed in full or you will find yourself with a heap of problems. The Premium package is designed with the larger trader in mind, so it requires larger deposits and more trading volume. To be considered you need to make at least $20,000 in deposits during the preceding eleven months. You will also be eligible for membership to the Premium club if there is $20,000 in equity remaining in your trading account at the end of a trading day. Premium status entitles you to a personal account manager, an exclusive eToro bonus and special offers, entry to the eToro trading room and Trading Central, market analysis videos, Payoneer credit card, and membership to the Neteller VIP Program.
eToro offers an exclusive range of trading platforms
With so many clients eToro must be doing something right with its trading platforms. There are a number of different options but all are easy to use:
eToro OpenBook – This platform will give you the opportunity to work the crowds, using the experience of other traders and copying their trades. Copied trades go straight to your account making management of them much simpler and more transparent.
eToro WebTrader – This is a portfolio management platform giving you access to a range of different trading tools for managing manual and copy trading portfolios. Even a beginner will be able to navigate and understand this user-friendly platform.
eToro Mobile Trader – This easy to download app will allow you to trade on any mobile device, both Android and iOS. It provides access to live rates, charts, stops, open and closed positions, and heaps of other useful information wherever you might be.
eToro provides a one-stop shop for education and information
These are the words of eToro itself, and weâ€™re certainly not going to argue. It provides the right kind of information, whether youâ€™re a beginner or a pro trader. There is a wide choice of live webinars, eCourses, trading videos and various other learning tools as well as helpful guidance giving you all the information you need to make the most of your social trading experience. Additional online customer support is available 24 hours a day, 5 days a week. Either through the live chat option or by sending an email. There isnâ€™t a direct phone number you can call, which you may find a little disappointing, but the communication you can take part in online is more than adequate. There are a few disadvantages with this particular broker that are only fair to mention. You will find a number of other brokers offer a much cheaper service than eToro, and there are a limited number of currency pairs and trading tools. However, you may consider the benefits far outweigh these, so why not feel the quality of eToro by opening a demo account today? It may possibly be the best decision you make.