eToro USA Review
Though previously regulated in the United States, eToro no longer operates in the U.S. and it no longer accepts U.S. citizens as clients.
Etoro USA is an American version of the famous eToro brand that is based on FX Solution's infrastructure. As stated clearly on the eToro USA home page, they are an introducing broker of FX Solutions, enabling eToro to trade in the US without receiving NFA regulation. After examining eToro USA's offering, it seems that the trader would be doing pretty much everything with FX Solutions, while benefiting from eToro's famous Game-Like trading platform.
eToro is a Forex broker that offers a true revolution in Forex trading, when it comes to their trading platform. eToro's game-like experience just might be the most novice-friendly Forex learning tool on the market today. eToro makes learning and mastering your Forex trading skills an incredibly fun experience with a graphical user interface like no other Forex platform, while offering a competitive platform for more experienced traders as well, known as "Expert Mode". Beginners first venturing into the world of Forex now have an entertaining solution to the difficulty that comes in trying to initially understand Forex and making sense of the most highly regarded, widely used but complex Forex platforms out there. If you are not a beginner, you can click on Expert Mode and you are presented with a standard trading environment, plus the advantage of a highly responsive, easy on the eyes, advanced trading platform.
The people behind eToro didn’t look to create another drab platform with absolutely no user interaction or a sense of community amongst users. They’ve instead produced a very lively alternative. eToro mixes the traditional Forex platform with elements of a video game. The graphics are enough to make even a small child curious about “playing” Forex. You keep score with other traders in the community – sometimes with a cash prize on the line to be rewarded to the champion. Even in their new addition, the Expert Mode, your experience is quick and easy, but without the game like experience, something that is not as suitable for experienced traders.
The eToro lobby has four trading areas. The first one is the Forex Marathon. Graphic characters, ranging from a farmer (US), sumo wrestler (Japanese Yen) and a European businessman (Euros) represent each currency in the Forex Marathon. Simply choose the currency that you’d like to buy, pick the currencies to compete against, select the amount and click the “Open Trade” button at the lower bottom right of the screen. Within these four simple clicks you have a visualization of the marathon, showing you exactly how your money is moving as you watch your character race for the finish line.
If you’d like to run more than one trade, simply click back to the lobby to open additional trades simultaneously. You can click back and forth between whatever simultaneous trades are active with the My Open Trades section in the lobby or the Trading Log screen. My Open Trades does a really nice job of allowing you to view all running trades, regardless of the trading arena, detailing the currencies you are buying/selling, the amount, profit and gain.
The Dollar Trend is the next trading area in the lobby. You choose whether the US dollar will rise or fall and the currencies to pit the dollar against. Similar to the Forex Marathon, you watch the currencies race against one another, this time the graphics are in the shape of a coin or button, representing each currency.
The Globe Trader is the third trading area in the lobby. Make your selection and you will see a wire signal, representing your trade, between the competing countries on the trade arena’s map. A tiny info box above the wire will give you access to exactly how your trade is performing profit-wise with a more detailed breakdown at the lower left of the map.
Forex Match simulates a tug of war between currencies, representing your trading. I tend to spend a lot of time in this arena.
All trades from each trading arena will remain open until you manually close them. The trades continue running even if you close out of the program entirely. The trades will automatically close out when the market closes at the end of the week. eToro runs on historical data on the weekends so you can still practice and test your trading skills although the market is closed.
The Trading Log presents you with a breakdown of the performance of your Active Trades and your trade History.
Please note the Championship & Chat section of eToro. eToro tracks score of every individual user Forex performance, just like video arcade games list user high scores. eToro periodically holds championship challenges with the top traders winning prizes, namely cash. Traders are also able to communicate with each other in real time in the chat room. Message board forums are coming soon.
eToro is an exciting force in the Forex community. It’s proof that Forex trading can be fun and entertaining. It wouldn’t be surprising to see more people catch onto Forex, thanks to eToro’s innovative and inviting presentation. The program is in its infancy right now and it will be very interesting to see where the developers and programmers take it from here!
It is clear to anyone who uses Etoro that their big attraction is their trading platform. It is easy to use in both modes, and makes the trading experience an enjoyable one.
In regard to other parts of eToro USA's offering, the service, the registration, deposit, and withdrawal process is done via FX Solutions.
The deposit process is fairly easy, and FX Solutions offer a very convenient table explaining the procedures and fees involved with each of the payment methods. Methods include: Credit Card, PayPal, paper check, electronic check and wire transfer.
In order for the account to actually be funded all identification papers requested must be received and documented by FX Solutions.
Withdrawal of funds requires faxing in a signed request form. Withdrawal fees & length of the process depend on the payment method you wish to receive your funds back to (as well as what method the initial deposit was made from).
Once registered for either the demo or real money account, and receiving the login details, you will proceed to download the GTS trading platform, a process which takes about 5 minutes.
All in all, this combination of the revolutionary eToro trading platform and the impressive FX Solutions infrastructure provides US traders with a win win situation.
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