eToro Forex Broker Review - Pioneer of Online Social Trading


eToro was launched in 2008 but it is markedly different than the rest of the forex and other online retail investment types’ service providers. In fact, eToro is not a mere trading venue and facilitator, but a true social trading market leader, pioneer and innovator and aims at becoming the platform where all traders, beginners and professionals, will be able to meet, discuss and share their experiences. Capitalizing on the notion the collective wisdom of traders, eToro has created an easy to use and intuitive venue and environment in which traders can exchange information, learn about investing and learn from each other, follow the strategies of other investors and have the chance to automatically copy the best performing ones.

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Having as its mission to make the markets more accessible to all and render the actual trading process more socially oriented, clear and transparent, eToro is a true success story since it currently brings together over 5 million registered users from over 140 countries around the world.

Its impact and popularity is also recognized in the industry in general, since it was recently awarded the Best of Show title in the Finovate Europe 2015, an expo of premier innovation in the fields of finance and banking technology. Moreover, the company’s CEO and founder Yoni Assia has been included in the Financial News FinTech40 list of most influential people.

eToro’s operation is completely licensed and regulated by the two top European regulators, the Cyprus Securities and Exchange Commission and the UK’s FCA, thus providing a secure, safe and transparent trading environment.

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eToro makes it really easy for each trader to be able to invest according to their own individual needs and preferences by making trading available not through a single, uniform platform, but instead three fast and user friendly platforms that allow traders full flexibility. The three platforms are:

eToro OpenBook

The eToro OpenBook is the main social trading platform through which a trader can connect with other investors on the eToro network and benefit from their wisdom. Through this platform, which is the social trading arm of the eToro operation, every trader can locate the investors that interest him/her, follow them to receive the latest updates on how they trade and finally use the CopyTrader tool to automatically copy all of their trading activity.

eToro WebTrader

The WebTrader is EToro’s all-inclusive and comprehensive portfolio management platform, which is packed with various trading tools allowing traders to effectively manage both their manual and their Copy Trading portfolio. Simple to use and sleek in appearance, the WebTrader platform is fully synchronized with the eToro OpenBook activity, making it the perfect place where one cannot only monitor, but also manage and analyze their trading portfolio.

Mobile Trader

eToro has developed two completely free applications one for Android and one for iOS devices that can be downloaded from Google Play and the iOS App Store respectively. This platform is for those who wish to trade on the go and be able to manage their portfolio and investments at any time and wherever they are.

Available in 14 different languages (English, Arabic, Russian, Spanish, French, Italian, Polish, Chinese, German, Finnish, Hungarian, Norwegian, Portuguese and Swedish) the complete eToro interface makes trading in one’s native language accessible and feasible. All clients can also expect to receive an excellent level of customer service and support, through a dedicated team that can be contacted in various ways on a 24 hour basis on all working days (Monday to Friday).

eToro considers all clients as important, unique and invaluable and this is why it pays much attention to offering them all the education and information they may require in order to be able to successfully trade the markets. To this end it has compiled and puts at the disposal of all eToro users a comprehensive education center which contains educational material for all levels of traders, from the novice to the experts, and in various formats, such as live webinars, a dedicated e-course, trading videos and guides. Moreover, traders can also find out a lot about trading in general and social trading in particular through the dedicated eToro blog.

True to its flexible approach to its customers, eToro makes available an impressive array of acceptable deposit methods, through which traders can fund their accounts. These include all major Credit Cards, bank wire transfers and a multitude of other methods such as PayPal, Neteller, 1-Pay, Skrill (MoneyBookers), Webmoney and GiroPay. Both depositing and withdrawing funds can be executed in an easy and secure manner, however fees apply according to the requested withdrawal amount, these being $5 for amounts between $20 and $200, $10 for amounts between $200 and 500 and a flat fee of $25 for all withdrawal amounts over $500.

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eToro promotions are as innovative as one would expect from the forward looking profile of the firm itself and its resolve to continue, enhancing and diversifying its offering. Thus, it not only offers more than 800 different investment instruments for traders to choose from, but also holds special promotions, such as bonuses for referring friends to the network. Moreover, it also makes available a Premium benefits package for higher depositing clients, that comes with a unique set of perks, such as a personal Payoneer credit card, faster withdrawals, a personal account manager and direct access to the trading room.