|Country||British Virgin Islands|
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Many traders think of Forex trading an ‘independent sport’, but eToro is a Forex broker that is looking to negate this stereotype. In addition to offering a user-friendly traditional trading experience, eToro has pioneered the ‘social’ trading arena, something we enjoyed tremendously throughout our eToro review. The company’s OpenBook platform allows users to follow the trades of other users and to share own their trading experiences, a give-and-take which will likely revolutionize your personal trading strategy and the way the private trading arena functions. Forex traders in the United States should check out our eToro USA review for more information.
Founded in: 2007
Headquarters: British Virgin Islands
Maximum leverage: 1:400
Minimum deposit: $50
Minimum deal size: 1,000
Languages available: English, German, Arabic, Russian, Chinese, Spanish, French, Italian, Japanese
Regulation: NFA, FSA BaFin and more (See All eToro regulations here.)
eToro offers 3 trading platforms, including its WebTrader, eToro OpenBook and a mobile trading platform. The beauty of a WebTrader is that you can make trades from virtually anywhere, without having to install the software. But with eToro WebTrader, there's an additional beauty in an excellent user interface which caters especially to new traders (and is just a pleasure for experienced traders as well!). The design is clean, uncluttered and easy to understand, and traders should have no trouble executing the trades they desire with the eToro WebTrader.
In a continued effort to add a social component to the trading arena, eToro’s web platform also incorporates a chat feature which allows traders to chat with other eToro traders in real time. Traders can also choose to be ‘invisible’ if they don’t wish to receive chats or to broadcast that they are online.
As of this eToro review update in January 2012, eToro's mobile trading application is currently available for Android phones, and will be available for iPhones in the near future.
eToro Android mobile app
Instead, both expert and novice traders can enjoy eToro’s OpenBook platform, which essentially merges Twitter with Forex trading. Traders can see what moves other traders are executing, which can offer a glimpse into what’s successful and what’s not, or provide inspiration for new strategies. Those who are unfamiliar with this form of social networking may require a few minutes of initiation to familiarize themselves with the site, but traders who have used a similar Forex social platform should be able to jump right in.
In addition to offering revolutionary trading platforms, eToro also offers a host of features that set it apart from many of the other top Forex brokers. As is common in the industry, traders that deposit more funds can enjoy more features.
eToro’s most basic trading account is called the Bronze account, and it caters to traders who deposit under $1000. The account boasts the following benefits:
• Automatic enrollment in eToro's Trading Challenge which has $1,500 weekly prizes
• Free entrance to the real traders' chat room
• Pop up notifications of anticipated figures for financial announcements
• Receipt of eToro’s weekly newsletter
Traders who trade over 300 lots or deposit over $1000 will be automatically upgraded to the Silver account, which offers the same benefits as the Bronze account, plus:
• Access to the eToro’s trading e-course
• A personal account executive to answer basic questions that you have about investing and platform use
• Referral incentives for people who deposit over $2500
Traders who deposit $5000 and trade 600 lots quarterly will enjoy a Gold account, which includes:
• A 10% bonus on your first deposit each month (up to $500)
• Phone access to eToro’s trading room
• Daily market report via email
• An account manager who will monitor your trading, and give you Risk Management, Trading Strategy and Market Analysis coaching
• 3 day withdrawals, which is faster than with other accounts
• Referral incentives
Finally, if you deposit $20,000 you’ll be enrolled as a VIP member, which entitles you to all of the features offered with other plans, plus:
• A 15% bonus on your first deposit each month (up to $2,000)
• One on one training sessions with Forex experts
In addition to these features, we were also impressed by the company’s Forex resources and educational materials which were both well-organized and well-written. The self-study video course was also helpful, with crisp graphics and a clear voice that should be easily understood by most (if not all) viewers.
eToro provides live customer support from Monday-Friday between 6am and 11pm GMT. Customers who prefer live support can receive support via email, chat and phone. eToro makes it easy for traders across the globe to call customer support by offering a Freephone number as well as customer service phone numbers in over a dozen countries worldwide. We emailed eToro on a Sunday, and were impressed that we received a response within 12 hours, despite the long email queue that we had anticipated.
We chatted with eToro on Monday, February 21, 2011. We were instantly connected to an eToro representative, but it took her over 5 minutes to respond to our question. Still, the response that we received was helpful, courteous and relevant.
Equally impressive is the extensive self-help section that eToro provides which offers succinct answers about questions relating to their trading platform, and that help is available directly from their trading platform, a feature which, though it should be obvious, is not always available. The brokerage's new nanoRep service also allows traders to ask questions and to get automated answers. For questions that are overly complicated, the system redirects to chat, making answers always accessible.
Ease of Use
Though we’re not quite sure what the “e” stands for in eToro, we wouldn’t be entirely surprised if it stands for ‘”easy.” From account registration to trade execution, eToro has earned our respect as a Forex broker that is truly invested in enhancing the user experience.
Registration was quick and straightforward which was hardly unique. What did stand out, however, was the welcome message that we received immediately after registering, which offered useful links directing us what to do next. Whereas other Forex brokers assume that users can figure out the next step, eToro eliminates the guesswork and makes it easy to get started.
Each of eToro’s platforms have uncluttered, intuitive designs that mimic the company’s tasteful website. Sufficiently large font sizes made it easy to locate all of the actions that we wished to perform. Equally easy was the ability to switch between modes in the downloadable platform with ease without losing critical information during the switch. The OpenBook platform is similarly pleasant to use, with country flags indicating where every other trader is located and an orderly interface that welcomes new users instead of overwhelming them.
Funding your eToro account is consistent with the trading experience, ie it is simple and user friendly. You can fund your account using the standard credit card, wire transfer, Paypal, Neteller, Western Union, MoneyGram, and Webmoney.
eToro supports all the major currency pairs with a spread of as low as 2 pips for the majors. You can also use the eToro practice account before trading real money and with one click, begin the actual trading with as low as a $50 initial investment. The maximum leverage eToro support is 400:1, which is the highest I have come across with any Forex broker. In addition, eToro allows you to trade with a few different base currencies in addition to the US dollar.
Overall, we found eToro to be among the most user-friendly trading platforms, and one definitely worth testing out during your search for the right Forex broker.
Free Forex Trading Courses
DailyForex has teamed up with Online Trading Academy to provide you with 3 e-courses for FREE! Valued at $150, these courses focus on Technical Analysis, Trading Basics and Risk Management.
Yes, Etoro sucks !!
There are lots of issues with it !!
There webtrader is too slow and un resonsive :@@
Even when you want executed your trade .It will not execute fast as you will want
Come on stop spams!!!We all know that eToro is the Best but of course if we do not trade properly then we lose and we have to blame some one!
come on be honest people!No company give the support eToro gives!if you cannot withdraw money then simply send your documents because eToro does not accept scammers!
if you lost money then shut up!
ifyour account manager did not help yoo then ask to change it but the new one will notTrade for you it is your skills that will help you!
If you do not have skills then copy the besty traders because 15 000 people Copying Nmarijus or waleed0987 or Moksel cannot be Wrong!
Just do not sit there and play it clever because eToro Rocks!
Maya, I've never heard of anyone getting charged for a demo account. You shouldn't have to give in your information to open one, so how/why would they charge you?!IngridA March 2012
Will I be charged already if I use the demo account?Maya.Gotis March 2012
You guys are all full of crap...I've been trading with eToro for 3 years, never had a single problem - you're probably just pissed because you lost or because you can't figure out how to use a Forex brokerage. I read a ton of eToro reviews before signing up, and found most of them to be accurate - and most people do have positive experiences with eToro. Just get your account manager to help, and practice before you invest, and you'll be much better off.amartinez December 2011
SCAM SCAM SCAM!
Last week and this week was a bad week for traders and just like most traders i made wrong trades and i took risk with 50% of my account. but i was ready to deposit more money if the market goes against me. so euro and australian dollar drop 400-500 pips, so my account was left with 10% of my balance, so i try to deposit more money, but when i try to pay with my visa card, i get message that talk to support.
i get support and they say i have to send my passport copy and utility bill and they review it and then i can deposit money, but the first time i deposit money without any documents, they only ask for registering online and pay with visa, no document nothing.
so i asked the support person first time i had no problem depositing money and now that my account is wiping out , etoro is asking for document and by the time etoro review my document and allow me to deposit money my $2000 account will be zero. they say this is company policy.
so when they get a chance to destroy you they will, i will never trade with them again and i thought i should share this with fellow traders.
very bad broker, and scam artists, not let me withdraw my money.... they say problems with my paper work and this broker never ask for paper in the start....no other broker do this....everyone ask for paper in the start....but this broker dont want to pay anyone and believe that no one can withdraw money.....so they ask for documents when you ask for withdraw.....and i want my money and i send them document....they say i can not get my money back ....and no problem with my paper....4750 Euros. if you have 200 Euros and up look some where else.mehut46 December 2011
Their stoploss is fixed. This is the worse this that a trader can experience. You would loose everything when you wake up on the following morning.Charm August 2011
The platform is nice and easy to use, and the advanced chart option is good as well. But there are also a few problems with etoro which made me look for a better and more reliable broker: 1. their system can lag quite badly when there is heavy movement in the markets. Have tried several times to execute a trade, and then it moves 10 pips before it is actually traded, which can ruin the potential profit from the trade. Sometimes I have also had problems closing a trade, and had to wait for several minutes for the system to work. 2. their support is really bad! When you complain about the lags, they tell you that the are not the market makers, as if I am stupid or something, and at best, they apologize but there is nothing they can do. 3. sometimes their charts and data stop updating, without telling you so. Then when it updates again, it can move significantly one way or another. 4. you cannot have advanced graphs and trades in the same window. 5. I also often get kicked out of the system without being able to log right in again. At first I thought all the connectivity issues could be my internet connection, but I´m using a 20Mbps dedicated line, and all other pages I have tried while etoro.com is lagging, works just fine.Jakob August 2011
I have used etoro for a short time with their practice account and I had the worst online customer service session possible with some Natalie character who acted like questioning some of their methods made me stupid. I just tried to ask a few simple questions such as having more than 1 practice account to try different trading methods, can I reset my practice account, can I close my account ... and the answer was NO to everything and the tone of the answers was very arrogant. I tried to get another person on live support and kept getting the same Natalie who right away made some smart-ass remark when I said I wanted to talk to someone with someone else ... just terrible!michel August 2011
I have used etoro for about 7 months now, made some early losses but now made trading history is 98.6% in profit, so its not bad, i do have some glitches to report that people might not quite understand as I don't always explain them well, but they are a little annoying at times. 1. their servers can be slow to respond, in a fast market when things are moving quickly you want to open or close quickly, it seems the busier the movement in currency pairs the slower their servers respond and you can miss optimum open and closes 2. they take FIVE, yep 5 pips on a gpb/usd trade, most are 3, I have asked them for an improvement in this, I am a VIP member with them and 5 pips is taking the michael! 3. you have to open trades in defined brackets, i.e. you can open a trade with $100, $200, $400, $5k, $10k etc, trouble is, if i have say $8,970 I have to settle for a $5 trade rather than one of my chosing... this is real annoying, the other money just has to sit there not earning its keep 4. its the same with take profit and stop loss, its pre-defined, you can alter it once the trade is open, but, i use a lot of automated trades and when setting up an automated trade you dont have much control over this, which is just crazy, so for instance i place an x10 order of 10k at 1.6000, in the night it hits this 1.6000 and opens, now i quite often like small short trades and happy with take profit of $200, but, with the platform you can only take profit of 25% of your open position, which on an x10 10k trade is never likely to happen, if i could set the take profit to what i want chances are the trade opens and closes in the night and i wake up to money, this i love ;-) so, there weekend hold over fees are quite expensive as well, not sure if there are any that do it for free, unlikely but I am looking. They also offer a mobile platform now that i have wokring on my android phone, its good, not quite as good as desktop app but not bad, it does force close quite a bit. they aint bad, but, they have silly userability issues that annoy me, i am trying to work with them on these :-)Darren July 2011
The etoro is pathetic in terms accepting error at their end. Their reason is always - Its technical issue and we can't help. Like I lost my all amount put on one trade because it was closed as stop loss was wrongly executed by etoro. On providing screenshot that the stop loss rate never reached their reply - "We can't be always accurate in Stop loss. Its technical issue and can't help". There are other issue with copy trade feature. If trader close in loss position, your trade will not always close and may subsequently lead to loss if untracked because you thought its copy of other trader. I think, all features are sort of gimmicks and etoro is pathetic broker for retail users.Pra July 2011
Nice post! eToro offers different payment options including PayPal , Neteller, which is very convenient to deposit into his/her account and make fast withdrawals.lisahenry June 2011
etoro, is a newbe trader. the STOPLOSS IS FIXED. THAT is for all people lose all your money... look, study and you will understand all i telling you. use etoro demo account, for learning uses, but dont open a real account. u will lose, study what mean the stoploss and what mean the stoploss is so close to your trade......lv May 2011
I have started using eToro now for about 3 weeks. I have never traded before and never used any other brokers. All I can say based on my experience with eToro and from what I have read online, is that I am glad that I am using eToro. I can see why World Finance Magazine voted them most innovative trading platform in 2010. I have only one issue with their platform, and that is their charting functions. So I use Metatrader 4 instead. Besides I think using independent charting helps to keep tabs on eToro and act as a control so to speak. Otherwise I do think eToro is doing a brilliant job, and I have no complaints.Dr Shaun Hutchinson July 2010
I don't know what you're talking about, I've been trading with eToro for a long time now and it's excellent, the software, the execution, the service everything. sounds like someone can't handle a few losses.pitbull3 April 2010
I lost few goods positions (crashing when changing stop loss or freezing (too) long seconds to validate an action ...) Theirs servers are slow, we know it, they know it. But the application should manage that. I mean a server not responding is one thing, but an application that crashed because server is not responding is another thing. Even more for forex trading. But this interface is a nice effort ! And i'm sure that developers are working on that timeout prob, at less it's what i would work on.tom June 2009
After discussing the issue with my account manager at eToro, I came to the conclusion that it was all a misunderstanding. eToro's support checked what I sent them and showed me that a part of it was due to technical problems on their side and a part was because of my side. eToro took responisibility for the technical problems on their side and compensated me for the amount that was lost because of the technical issues. I thank my account manager for his help on this one and I have to say my impression of eToro improved because of this story. I saw that their support department is helpful and together we solved the issue, however, not as quick as I expected. I would say after all this, eToro was willing to help, for which I will continue trading with them. PS: Jack Daniels, I get the impression you are from eToro. Anyway, either if you are or if you aren't, please dont take a whack at anyone and reply like that. If you have any honest review about eToro, do that without calling others names. DONT EVER talk to somebody like that. All are humans, and everyone has freedom of speech without hurting an individual.Vinith June 2009
that's bulls##it man, you probably lost some money on trades and now you're trying to blame them. if the progrma is stuck, what good will it do you to stay glued to the screen? that won't help! you probably went against the direction and lost everything, take responsibility for your trades and don't try and blame the platform...Jack Daniels May 2009
Etoro is one of the best broker i have never known.Michel May 2009