- The ability to copy trading strategies from other traders
- Exposure to wide range of trading techniques from different traders
- Mobile friendly to operate on this platform
- The minimum deposit of this platform is quite high
- There is minimum anonymity on this platform due to the large number of documents that are needed to open an account
- Some traders may relay untrue information to try and skew the market in their favor
O/S CompatibilityWindows, iOS, Android
Charting & Tools
- Group Trading
- Mobile Friendly
- Free Demo Account
- Web Hosting
eToro is a trading platform that encompasses the concept of social trading. Traders can engage in the platform and exchange ideas for more successful trades and be able to employ the copy trading technique at all times. eToro is a trading broker that was established in Israel in 2006. It is a platform that is widely used all over the world mostly due to its efficiency and ease of use. In the UK, the platform is regulated by the FCA while in the other countries that it is located in; it is run by a Cypriot entity. The platform is not listed on a stock exchange and does not have a parent bank. The platform uses a concept known as social trading. Social trading is when traders that trade online are able to get information from other retail traders and use their knowledge and experience collectively to use in their own specific accounts. The traders can communicate and discuss their various strategies. The traders then use the eToro copy trader technology to copy their trading performance.
Ease Of Use
The platform offers individuals the unique ability to communicate and retrieve information form a large group of people. The prices in the markets are influenced by buyers and sellers. The actions of one single seller or buyer influences the way the market is skewed even if by a very small margin. In the end, the price increase or decrease is determined by the aggregate outcome of the buyers and the sellers. eToro enables people to communicate and know how the majority of the traders will act. The wisdom of many people supersedes the wisdom of one individual and this helps people make their profits in the long run and in the short term.
The platform offers its clients a demo account to trade with before they can actually get into trading. A demo account is a virtual account that one can actually trade with to practice so as to have a feel of the real trading market. The account has everything that the actual account has and this makes the trader learn the basics without the fear of having to lose money when learning. The recent unification of its WebTrader and OpenBook trading platforms has seen its popularity soar. The platform now allows traders to access all of their services on all devices at a go. The ability to copy trades is also a major feature of the platform. People can now sit back and copy the traders of a specific trader without the fear of losing money because the trader that they are copying from is implementing the tried and the tested.
The platform operates at its optimum when being used on a computer that has Windows 7/8, 1GB HDD space, Dual Core CPU, 10kb/sec Internet connection and a RAM of 4GB. However, the platform can also run on a computer that has a minimum of Windows XP or Vista, 2GB RAM, 10kb/sec of Internet connection, a Dual Core CPU and a 100MB HDD space.
Range Of Markets
Etoro offers a wide variety of assets on its platform which include currency pairs, stocks, cryptocurrencies (coins and crosses), commodities, indices and ETF’s. Then of course you have the CopyPortfolios which are baskets of various funds to follow. You can read more about this in the automated trading section of this review.
The charting tools offer studies as well as drawing tools. Some of the popular studies that can be found on the platform are High low bands, Aroon, average true range TRIX, true range typical price, swing index among others. The studies and the drawings made on the platform are now automatically saved for the next time you visit the platform. Charts can now be easily shared by clicking on the share button that is provided.
As a trader, if you are making profits it is always easy to get carried away with the nation that your strategy is the best. However, there is no one specific strategy that is the best when engaging in the market. It is possible that there is a better strategy than the one that you are using and that can only be discovered through communication with other traders. The social network that eToro offers gives the perfect opportunity for traders to try and implement different investment strategies. A trader only needs to copy what the other traders are employing and then use them to their own benefit a trader only needs to allocate a small portion of their equity to copying a specific trader and then wait and see how it turns out in the end.
This platform allows you to automatically follow the trades of other trade leaders. You can take a look at their risk appetite, their history and P&L and automatically copy them. You can change the default settings to decide how much to risk per trade and when to stop out. CopyPortfolios is another product on offer that allows you to automatically copy set portfolios. These may be baskets of tech stocks or gold and energy stocks for instance.
The platform offers a wide variety of trading courses and tools to ensure that you end up being a very successful trader and investor in the long run. The courses offer a smooth transition from being a rookie in the trading sector to being a guru. The free demo account ensures that the trading strategies can be put into play in the real world. The constant communication with other traders also ensures that if a trader has a question or something that needs to be clarified, then they can promptly get what they are looking for.
eToro is accessible through a wide range of devices. The platform has a mobile phone app for iOS and Android. Majority of people in the modern society have access to an Internet enabled mobile device. People are virtually ever on their phones and the ability to trade on their phone is welcome. The people can trade easily at any place while still communicating on the social trading platform.
eToro is one of the best choices for those traders that want to engage and be more interactive with other traders. People that wish to help others invest could really use this platform because they will engage freely and divulge information that could be helpful to other traders. New traders also get to enjoy this platform because they get an account with virtual money to try and trade before they actually engage in the real market.
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