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Is eToro a Good Broker?

eToro is an online broker based in Tel Aviv, Israel, and it was founded in 2006 by a team of two brothers and their business partner. They founded the brokerage in the hopes of developing a platform that would bring financial trading within reach of those with no prior trading experience. Since its founding, eToro has moved from strength to strength and experienced strong growth. It is currently one of the top social trading networks in the world, and one of the biggest online forex brokers.

eToro currently boasts more than five million members in over 170 countries. Its users are able to trade currencies, commodities, indices, and CFDs. The number of users is constantly on the rise with thousands of new members registering every day.

Openbook, their social investment platform was launched in 2010, alongside their CopyTrading feature. That same year they launched their Android app, allowing traders to make trades on the go from their mobile devices. Using these features, traders are able to follow other traders and automatically copy their trades.

Unique Features of eToro

The feature that most sets eToro apart from the competition is their online community, which is among the largest in the world. Now that eToro have merged their WebTrader and OpenBook platforms, the entire service is much more streamlined and far simpler to use. Users are now able to access all of eToro’s services from a single device.

When signing up for the service, users have a number of options. Depending on the region they reside in, they will need a minimum deposit of between $50 and $1,000. Users can also open a practice account, which incurs no cost and allows the user to practice their investing, using virtual currency, while testing out the platform and making sure that it is for them.

Like the majority of online forex brokers, eToro doesn’t charge any commission on trades. The company instead relies on offering their customers a slightly wider dealer spread to make up the revenue. For a guide on how to use eToro’s features, check out this eToro tutorial at InvestinGoal.com.

Trading Software

eToro’s trading platform has evolved and changed a great deal since its inception, but the original platform was very much geared towards new traders with little to no prior experience in making trades. As the platform developed, the company split off some of its new features into new products. However, this fractured approach made the platform less accessible and ultimately made those new features less useful than they could have been. The subsequent reintegration of their services into a single platform has allowed them to complement one another and has enabled the platform to be used to its full potential. Now that eToro is available on mobile platforms through their apps, it is one of the most accessible and easy to use of all the online forex trading platforms out there. Its unique social features, which allows users to follow other trader and to automatically copy their trades, set it apart from the

competition and make it easy for those who are completely new to the world of trading to take part. Because they are able to check the history and statistics of other traders before following them, the risk for new traders is considerably reduced.