Complex trading on a global platform made easy.
With over 6 million users, eToro is one of the largest social trading communities in the world. They are also one of the first, having launched back in 2006. eToro is well regulated by the Financial Conduct Authority (FCA) as well as CySIC, MiFID, and ASIC.
eToro is a great option for people without a lot of experience because they offer a very user-friendly, four-step training process through their proprietary trading platform. This platform allows you to directly copy other, more experienced traders to increase your chances of success as a beginner. You can also opt for a demo account which allows you to practice trading without having to take the risk of using your own money.
Headquartered in Cyprus with offices in Israel and the United Kingdom, eToro now has a fairly global presence. They were basically the pioneers of social trading back in 2006, which has not become very popular.
eToro offers a very generous range of financial tools, including forex, stocks, metals, and commodities. They also now offer the program in 10 different languages as well as an option to use an Islamic-friendly account. Minimum deposits are relatively low, and no commission is taken. Swap rates are published on their website.
With their proprietary, user-friendly trading program CopyTrader, users can copy the moves of the best traders on the site, increasing their chances of making a profitable trade and educating them in the process. Eventually, these users can become top traders that are then copied by other new traders. That being said, eToro falls short when it comes to offering users different options for trading programs and more advanced features.
There are only a few options when it comes to choosing an account. Aside from the standard account option, there is also an Islamic-friendly option and a practice or demo account option.
eToro offers just one trading platform, and this is their proprietary CopyTrader platform, formerly known as OpenBook. With this platform, you can watch eToro’s most successful traders and copy their trades. There is no delay when you copy another trader, so in theory, you can use this platform to profit as much as a trader who is far more experienced than you.
eToro is a global platform available in all countries except for Iran and North Korea.
There’s a lot to say for being the first company to launch the concept of social trading, and they’ve been tried and trusted for over 10 years now. Because of this, they’ve accumulated a huge network of users and a truly global presence.
Their user-friendly platform and copy trade system make them a great option for newbies, especially because they can start out in practice mode using virtual money. You simply sign up, create your account, and start watching and copying the pros.
Of course, there is usually a trade off between being user-friendly and offering advanced, customizable options. Unfortunately, eToro doesn’t offer a wide array of advanced options, so more experienced traders might be put off by this. Also, while their minimum deposit is low, they still have a required deposit.
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