eToro Review




eToro
eToro is one of the better know Forex brokers out there, that’s quite an achievement since they’ve only been around since 2007. Founded by Brothers Jonathan and Ronen Assia in Limassol Cypress, they took Forex to a whole new audience by introducing foreign exchange trading as a series of games which conceptualized the trading process as a race between currencies.

This added a sense of fun to the rather mundane world of currency trading; it was certainly new and innovative. eToro quickly built up a large following of both experienced and not so experienced Forex traders.

As the company matured they’ve turned into a more traditional style Forex broker. The games have been replaced by more conventional charts and trading tickets.

 

eToro Trading Tools

eToro offer both a web based platform called Webtrader as well as a downloadable platform. Webtrader is a beautifully presented Forex platform that’s both easy to use and navigate around. Executing trades couldn’t be easier using the preformatted trading tickets.

This is not a professional style platform but it has a full set of eToro trading tools to help you find profitable trades. You can even change the layout of the platform to suit your trading style by adding widgets.

 

 

But the best thing about Webtrader is eToro Openbook, this is a Facebook style community but with a difference, you can actually follow the more experienced traders and monitor how they trade. This is a great idea and incredibly useful if you’re new to Forex trading, it’s like watching a master trader over his shoulder.

You can literally look at a given situation and then checkout how most of the more experienced traders within the community are trading it. It’s one of the best training tools I’ve ever come across and it’s sure to improve your trading if you’re a novice.

A few words of caution though, don’t just follow along like a sheep, if you do that you’ll never learn anything. You still need to understand the basics and have a valid strategy before you trade anything.

But once you’ve developed a strategy you’re happy with, you can use Openbook to validate any given chart pattern. Simply decide on whether to go long or short and then corroborate your answer with the rest of the community. If you say long and they say short, you’re either a genius or wrong.

The downloadable offers everything that Webtrader offers but it’s aimed at more serious traders; it has a fully customizable interface so you can set it up exactly how you like it. There are a few more professional grade tools available within it. It’s free for all users to download but it’s more complicated to use so beginners are better off using Webtrader to start with.

eToro offer a full mobile trading platform as well, enabling you to make trades and manage your account whilst on the move. At the moment eToro mobile is only available for android powered devices, but Blackberry, iPhone and iPad apps are currently in development and will be available shortly, check out their website for the latest updates.


eToro Pros

  • Intuitive interface
  • Valuable bonuses for regular traders
  • Excellent platform for new traders
  • Innovative use of social platforms as a way to enhance the trading experience

 

eToro Cons

  • Customer support is only available 5 days a week

 

Summary

eToro is an excellent Forex broker, their Webtrader platform is one of the best laid out and easy to use Forex platforms I’ve ever seen.

But the best reason to choose eToro is free access to their online community Openbook. This is an opportunity not to be missed; you literally get the chance to watch how some of the more experienced traders structure their trades.

There are so called professional traders that charge thousands of dollars for this kind of service but at eToro you get it for free and it’s available at all times of day for every single trade.

I would seriously recommend all rookie traders sign-up for an account with eToro. Their platform is easy to use, their education is second to none and eToro Openbook is a resource that isn’t available from any other broker.

If you’re a more advance Forex trader then eToro is still a good choice. Their downloadable platform offers an excellent array of trading tools and you still get the opportunity to participate in Openbook. You could even share your trades and help out the rest of the community but this is purely optional.

eToro have certainly added a lot of innovation to the online Forex market, they’re suitable for both beginners and experienced traders.

Beginners will find Openbook a particularly useful resource which is bound to help your trading. You can sign-up for a demo account at eToro and try them out for yourself.




Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright 2008 - 2011 - howtotradestocks.org - All Rights Reserved

Discount Stock Brokers | Compare Online Brokers | Penny Stock Brokers | Sitemap | Privacy/Affiliate