eToro Review

eToro is a relatively new but fast-growing brokerage firm. Unlike the vast majority of brokers, eToro aims to entertain its clients, while educating and preparing them for the difficult and stressful atmosphere of currency trading. Nervousness and unease are common features of a beginner’s experience with forex, since the vast majority of new traders have little knowledge, understanding or experience with the dynamics of this giant market. All the various types of analysis, news flow, charts and indicators can be very confusing and intimidating for beginners. eToro aims to tackle all these issues by its friendly platform and innovative attitude to trading.

Safety
The company owning the eToro online trading software in the United States, Tradonomi LLC, is registered with the CFTC and is a member of the NFA. Apart from compliance with the regulatory requirements on capital and the various rules aimed ensuring a fair and honest trading environment, eToro implements the industry-standard secure socket layer (SSL) technology for data encryption. The firm’s privacy policy states clearly that client data on credit history, net worth or other personal information is never shared with any person or institution.

Account Types
eToro offers one type of account for different kinds of traders. Registration is easy: download the software and the program will prompt you to open an account with step-by-step instructions.
Instead of offering separate accounts for traders of different backgrounds and experience levels, eToro implements a visual mode and an expert mode, corresponding to the mini and standard account packages of other brokers. In the expert mode, traders have the option of adjusting leverage between 10:1 to 400:1, in accordance with their strategies and expectations. The visual mode introduces the trader to the world of currency trading with a very measured step-by-step approach, explaining every aspect of the platform in detail, from order entry to charts to leverage. Every trader must understand that if you increase leverage, you increase risk.

Account Deposits
eToro accepts deposits via Paypal, MoneyGram, Neteller, WebMoney, in addition to credit card deposits and wire transfers. Depending on the funding channel used, the minimum initial deposit requirement can be either 50 or 500 dollars. In order to withdraw funds the client must fill and submit an online form. eToro’s website offers extensive guidance on account deposits and withdrawals.

Trading Platform
By far the most unique and innovative trading platform that is on offer in today’s market, the forex trading program of eToro enables a gaming like experience for the retail trader. In the Forex Marathon, currencies compete against each other and in the forex trend section, national symbols of various currencies compete in an arena.
For more experienced traders, the trade box section allows various adjustments to be made in order to increase and decrease risk and manage the sizes of the lots.
Finally, the trading challenge section lets traders compete against each other for a prize determined by the broker, according to the simple rule that the most profitable trader gets the prize money.

Beginner Support
Apart from the demo account, eToro offers numerous guides, tutorials and a trading forum where traders can share their experiences and discuss the lessons learnt with others. The support staff is very professional and patient. As the firm specifically targets the retail segment of currency trading, traders of all experience levels are welcomed to ask questions and seek help from the knowledgeable and helpful support team.

Conclusion
Certainly, eToro is not your usual broker and the eToro platform is not your usual trading platform. It is hard to overemphasize the changes wrought in the retail broker industry by the introduction of the light-hearted, fun, easy platform of eToro. Low leverage options, very small intial deposit requirements all ensure that the beginner will have an extremely satisfying experience with this broker. Not only is the platform easy to use and get used to, it also implements various unique features which all add a whole new dimension of excitement and enjoyment to trading in general. With its competitions, eToro doubly rewards its most successful clients: not only do you make a profit with your own account, but you can also win the competition and earn the sizable prizes offered by the company.
As a member of the NFA, eToroUSA is a regulated by the CFTC and the clients can rest assured that they have the highest authorities on their side when it comes to account safety. Competitions, an entertaining platform and a humorous approach to life and trading all set eToro apart from its competitors. For those who’d like to ride the bull and tame the bear in the forex market, eToro is the perfect choice.