Ever wanted to dive into trading, but lack the skill and knowledge in executing a fruitful and profitable trade? I know what you need! Do you need a game-changing broker platform that allows you to just automatically copy expert trades of traders knowledgeable at what they do, yes?
Etoro allows you to invest while doing so in a social community. It’s just like Facebook because you can follow and chat with traders regarding the minutes. It allows to spot the top performers and check their profiles to see their performance and copy whatever they are trading.
With Etoro, you learn by watching other trades which allows you to learn from their successes and mistakes. Sounds like something you would enjoy, no? If it is, I recommend this broker. It has been operating online since 2008 with offices in British Virgin Islands, UK, Cyprus, US, and Australia.
It s one of the leading social trading platforms. Social trading offers an opportunity for Forex traders who trade online to retrieve information from other retail retails. It allows connection between traders and uses Copy Trader to copy whatever they need. It is a member of Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA).
Features of Etoro
It has flexible trading platforms that provide fast and easy access to many financial markets. The platforms include;
- CopyTrader – this is the central platform. It allows a trader to see who is trading which currencies, indices, stocks and commodities and copy their trades. It gives the opportunity to crowd work. Trades you copy go directly to your account. It allows you to manage your copied trades transparently and simply.
This platform has a popular investment program. To be a popular investor you just have to let other clients see your trades, copy them and once you get a minimum number of copies you get paid, both in real cash and partial or full spread rebates. However, to qualify as a popular investor, you need to deposit a minimum of $1,000 and maintain at least one copier for two months. You also need a minimum average equity of $500; this will entitle you to a 20% spread rebate.
- Proprietary – This is an HTML5 Web application that fully optimizes and runs on any device. It is a combination of the old WebTrader and OpenBook applications.
- Mobile – it’s the IOS and Android applications that support both trading and copy trading. The full features of the mobile applications are available on their website, and you can access the website via the smartphones.
Etoro offers three types of accounts for its clients. They include:
- Demo Account – this account is free. It allows you to practice your trading with $10,000 play money to trade and help you become familiar with the platform.
- Basic Account – minimum deposit of $50 up to $20,000. It also comes with a demo account but allows you to earn exclusive promotions. Promotions are deals and savings they sent to you via your email.
- Premium Account – The minimum deposit is $20,000. It gives you $1,500 worth annual trading tools for you and premium management of your portfolio by one of Etoro’s professionals. Also, allows you to earn exclusive promotions which they send to your email. The maximum leverage is up to 1:400.
In all the accounts there is no additional cost to copying a trader. Spreads remain the same whether a trader is copying or manually trading on his own. Their latest innovation is CopyFunds. CopyFunds allow you to invest in a fund or group of top traders on Etoro then bundle together all asset classes in a single strategy. There are two types of CopyFunds you can invest in;
- Market CopyFunds – a range of financial instrument based on an individual approach or theme. Some are similar to exchange traded funds. It has PanicMode that combines buying commodities with selling indices.
- Top Trader CopyFunds – has the best performing traders. It is appealing to investors who are too busy to do their research.
You can make deposits via bank wires, credit cards, Neteller, Skrill, PayPal, WebMoney, Yandex, and Moneybookers. For withdrawals, the user must fill out a withdrawal form on the website. You enter the amount on the form, and then an email of the process is sent to you.
For first time withdrawals, you have to submit a clear copy of your passport including your signature, and a utility bill copy. The utility bill must be older than three months. If the deposit to fund was via credit card, you need to submit a clear copy of both sides of the credit card.
Etoro has different credit plans and incentives for traders. You can receive up to $1000 by inviting ten friends. There is no limit on the number of people you bring, and each trader you refer receives the $100 deposit bonus. To become a community leader, you need to get five copies. You will receive up to 50% credit points depending on the amount you have in you deposit once you become a community leader.
This broker has webinars, training videos and host videos to enhance successful trading. These tools offer a choice of trading guides from the basics to how to deposit and withdraw money from an existing account. You can join a live webinar and learn your way around the platform with the help of online experts.
Pros and Cons of Etoro
- It has an unlimited and free demo account
- You can copy trade with real money and verify with a real name
- It has many trading instruments, commodities, currencies and major stocks
- It has an easy interface
- Allows you to discover and find the top trader
- You won’t lose more than you deposit
- You can’t view the full history of a trader
- US dollars are the only currency they use
Etoro is all about helping you as an investor to profit in numerous ways while enjoying trading. If you want that package, then this could be the type of broker you need. It’s always about money, no questions about that. However, Etoro seems to approach a money-making industry with a user’s preferences in mind.