eToro Review: A Complete Guide for Traders
eToro is one of the largest trading platforms in the world that allows users to invest in stocks, forex, cryptocurrencies, and many other assets. This trading platform is known for its pro-customer approach that aims to educate and facilitate the trading process to both beginners and experts. In this review, we’ll explore some of the important features of eToro and what you can expect when you sign up with them.
What is eToro?
eToro is a social trading platform that has been around since 2007. It was founded by Yoni Assia, Ronen Assia, and David Ring as an online exchange for retail trading. Today, eToro is home to over 20 million traders and investors across 140 countries. This is not just a platform for buying and selling stocks, currencies, and commodities. Rather, it is a community of traders and investors, where users can share their experiences, insights, and best practices in real-time.
Security on eToro
eToro has implemented various security features to ensure that users have a safe and secure platform to trade and invest. For one, all user data and transactions are encrypted with SSL (Secure Socket Layer) to prevent hacking. They also use two-factor authentication (2FA) to ensure that only the users have access to their accounts. eToro is also registered with several regulatory authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC), which means that they fully comply with the highest standards of security and safety.
eToro’s Trading Platforms
eToro offers two types of trading platforms that cater to different types of traders. These platforms are:
1. WebTrader Platform
The eToro WebTrader platform is one of the most intuitive and user-friendly platforms in the industry. It requires no downloads or installation and can be accessed from any device with an internet connection. This platform is designed with a simple interface that allows users to trade without any hassle. It features easy-to-read charts, advanced search, and real-time data updates, among other features.
2. eToro Mobile Platform
The eToro mobile platform is available on both Android and iOS devices. It allows users to trade on the go and provides the same level of security, convenience, and professionalism as the desktop version. The eToro mobile platform is highly rated in both the App Store and Google Play Store.
eToro Key Features
eToro has several features that are unique to the platform. These features include:
1. Copy Trading
Copy trading is a social feature that allows users to follow and copy the trades of other successful traders on eToro. This is a great feature for beginners who are still learning the ropes of trading. By following expert traders, they can learn from their experience and also benefit from the profits they make in their trades.
2. Education
eToro believes in empowering their community of traders and investors. As such, they have provided several educational resources such as video tutorials, webinars, and a trading academy that covers everything from basic to advanced trading concepts.
3. Social Trading
eToro is a community-driven platform that encourages users to share and interact with each other. The platform allows users to follow other traders, exchange ideas, and ask questions in real-time. This creates a unique social experience that is not offered by other traditional trading platforms.
eToro Fees and Account Types
eToro has three account types that are designed to cater to different types of traders. These account types are:
1. Zero Commission Account
The Zero Commission Account is the most popular account type on eToro. This account type allows users to trade stocks, ETFs, and cryptocurrencies with zero commissions. The spreads on this account type are also tight, which means that users can minimize their trading costs.
2. Standard Account
The standard account is designed for professional and experienced traders. With this account type, users can enjoy access to all the trading assets on eToro, including over 47 currency pairs, over 900 stocks, and over 100 cryptocurrencies. Spreads on this account type are competitive.
3. Islamic Account
The Islamic account is a unique account that is designed for Islamic traders who want to trade stocks and currencies under Shariah laws. This account type eliminates all types of interest charges or fees that are deemed haram under Islamic law. Instead, the account operates under a "rental fee" model, which allows Shariah-compliant traders to enjoy the same benefits as other traders.
eToro also has a few other fees that users should be aware of. These include overnight fees, withdrawal fees, and inactivity fees. However, eToro has one of the most transparent fee structures in the industry, which means that users will always know what to expect when they trade on the platform.
Conclusion
eToro is a user-friendly and pro-customer trading platform that caters to both beginners and experienced traders. With a community-driven approach and unique social features, eToro offers a highly engaging and educational trading experience. If you're looking for a reliable and safe trading platform that offers a wide range of trading assets, then eToro might be the right choice for you.
