eToro is a social and multi-asset brokerage company established in 2007. Its founders had an aim of creating an online Forex trading platform that is convenient to all Forex traders, while still upholding the eToro’s ethical and professional values. eToro is currently the world’s leading social forex trading network. It hosts about 6 million registered users and offers multiple investing and trading tools to its customers in over 140 different countries.
eToro has over 1,000 assets in five categories, which include: currencies, commodities, stocks, cryptocurrencies, indices and ETFs. The company is not listed on a stock exchange nor does is it have a bank parent. However, it is a well-known Fintech startup that has acquired trade licenses in many countries, making it highly regulated company that conforms to the high industrial standards. Some regulatory bodies that have given eToro a trading license include:
- Financial Conduct Authority (FCA) U.K. : The body has given the company permission to offer services to traders in Great Britain.
- Cyprus Securities and Exchange Commission: This body has permitted the company to provide their services to all European based clients who would wish to trade with it.
- and in the U.S., eToroUSA is a member of the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) (ID 0382918).
EToro’s Trading Platforms
The company has multiple trading platforms. They include:
- Open Book
The platform enables you interact with traders logged onto it. It is ideal for traders searching for tips and hints on the trades to place. It is also ideal for traders who would like to pass valuable information and advice to other traders.
- Web Trader
It enables you to connect to eToro website from any device or computer using your choice web browser. You can instantly log into your account and start forex trading.
- Mobile Trader App
This platform is ideal for Forex traders who prefer using their mobile devices to trade in forex. The platform is very advanced and free to download. It is compatible with most mobile devices.
Banking Options (Deposit and Withdrawal)
eToro’s trading platforms are designed to accept US dollars as the reference currency. However, your home currency can be changed into US dollars. EToro’sbanking interfacechanges currency for you such that you can use any currency to deposit your funds.
You can deposit your funds using your debit or credit cards, webmoney, Neteller, Giro Pa, Skrill or Paypal. You can also transfer funds from your bank account to your eToro trading account using bank wires. All your deposits with eToro are 100% safe since all its transactions uses SSL technology to process payments.
For you to withdraw, you have to fill out a withdrawal form in the cashier section of eToro’s website. The amount you are withdrawing is entered onto the form. eToro then informs you about the withdrawal process through an email. You can withdraw your funds using your credit card or bank transfer in order of priority.
Which accounts can you open with eToro?
EToro forex brokers offer you 4 types of trading accounts. The accounts vary in the minimum deposit required. These accounts are:
- Bronze Trading Account: Ideal for basic level traders. A minimum deposit of less than 200 US dollars is required.
- Silver Trading Account: Used by intermediate level Forex traders
- Gold Trading Account: Ideal for advanced level Forex
- VIP Trading Account: Used by professional level Forex traders. A minimum deposit of 2000 USD is required
What about Spreads and Commissions?
eToro charges no commissions on your trades. Instead, they charge a minimum spread of 2 pips onwards. Moreover, they don’t charge fees for rollover trades unclosed overnight.
eToro Forex Trades provides you with a 24 hours customer service. Furthermore their website contains trading guides that will give you answers about questions that you might have about forex trading. In case of complicated queries whose answers are not contained in the website, please contact their customer support and care center.
eToro is at the top of its class in relation to the services that it offers. It presents you with state-of-art resources and software to make your social trading experience profitable, reliable and easy. With its multiple benefits ranging from its availability inline to favorable deposit and withdrawal options are ideal for any forex trader. Do not be left behind. Grab this opportunity and start trading with eToro to enjoy these benefits.