eToro Review

eToro is gaining a reputation for being the internet’s “most innovative” platform and for “putting the fun back into trading”. As an example, if you are considering a trade involving United States Dollars (USD) and Japanese Yen (JPY), rather than watch rates flash by on your screen, you see a sprint race between a cowboy (representing USD) and a sumo wrestler (representing JPY). eToro also sponsors Forex trading competitions, where cash prizes are awarded to the winners. eToros’s Forex trading platform was designed with the beginner in mind, and in fact assumes no prior experience in Forex trading. Despite the desire to be useful to beginners, eToro provides tools that are powerful enough to support professional traders. The application has been built to trade in all major currencies.

Quick facts regarding eToro’s Forex Trading Platform

• Minimum deposit to open an Ava FX account?
  $50 (USD)
• Free demo account?
  Yes
• Maximum leverage trading?
  1:400

Bonuses & Promotions

eToro offers bonuses for opening a new account ranging from $25 to $1,000 with minimum deposits between $100 and $10,000 USD. Note that all bonuses are paid for initial deposits only. Additional funding does not qualify for the bonus program.

eToro’s Forex Trading Platform Features, Functions, and Costs

The eToro Forex trading platform enables users to choose between “visual mode” and “expert mode”. Visual mode is designed for those relatively new to or just starting out in Forex trading. The Global Trader arena helps users visualize the financial exchange when buying and selling currency pairs. The Forex Trend and Forex Marathon arenas enable trading based on trends of selected currencies against other selected currencies. The Trade Box is an advanced trading area that enables trading in a wider array of currency pairs and commodities with wider leverage (up to 1:400). You can also manage stop loss and profit taking in this area.

Like other Forex online trading platforms, there are no commissions or fees associated with using eToro. One of the key differentiators of eToro is that the “spread” (difference between the ask price and the bid price, quoted in “Pips”) is lower than many other trading platforms. The spread charged for eToro’s trading platform is only 2 Pips for most currency pairs.

eToro’s Support and Payment Options

Support tools include glossaries, online chat, live training over the phone, guided tutorials, and trading e-guide. Traders also have access to economic information, charts and graphs, market analyses, live trader forums, and technical analyses. The multi-lingual can be contacted Monday through Friday, 6:00 a.m. to 10:00 p.m. (GMT). Languages supported include English, German, Arabic, Russian, Chinese, Spanish, French, and Italian.

If you are new to Forex online trading, eToro might be a good solution for you. If you are a seasoned professional, you might find the user interface to be fun and refreshing. Give it a try!