Social trading is one of the fastest growing investment trends in recent times. The power of the Internet will help to generate real-time financial content for traders. Then, these traders can invest wisely through the use of several virtual platforms. Other advantages include instant access, advice from experts and the ability to monitor all of the latest financial news. One such platform is known as eToro. In this article, we will provide a comprehensive eToro review in regards to its features as well as some of the benefits that are offered to the astute trader.
eToro Social Trading
This eToro review should first mention that the company has won several awards over the years due to their ability to adapt to the ever-changing world of finance. In fact, they were rated as the top online Forex broker in 2014. This primarily arises through the fact that numerous social trading signals are available. Not only is the system extremely user friendly, but novice traders have the ability to glean valuable advice and tips from experts in the field. There is even software intended to promote responsible trades.
An eToro Review: How it Works
There are three primary platforms that are employed by eToro. These are:
- A mobile application (more on this later)
The WebTrader provides clients with instantaneous access to any market in the world (assuming that the market is currently open). There is even a chat feature should the user wish to interact with other traders. All positions are presented in a sleek and streamlined form. This takes much of the guesswork out of a certain position.
OpenBook software is indeed the more “social” aspect of social trading. This enables the client to see the actions taken by others. Not only will this provide valuable insight for the novice, but there may very well be times when a profitable position could be discovered.
eToro Advantages for Social Trading
This eToro review would never be complete without mentioning the other advantages that the OpenBook software offers. As the user will be able to “follow” their favourite users, the learning curve in terms of investing is dramatically shortened. In fact, profitable trades can even be copied. This would have been all but impossible in the past and is another primary reason that many eToro reviews are so very positive.
The eToro Platform
There are several different trading platforms that are highlighted in this eToro review. While all boast the very same WebTrader interface, levels of investment will vary. There are four accounts which can be opened. These are:
These will all obviously depend upon one’s discrete funds. Bronze accounts are perfect for those who wish to deposit $1,000 dollars or less while VIP positions have a minimum investment of $20,000 dollars. There is also a platform designed to adhere to the relevant rules of Islam. It should also be noted in this eToro review that the company will not charge any commissions when a position is opened or closed. They instead use pips to earn a profit (two and up). Levels of customer service are excellent while a representative is available 24 hours a day. A live chat feature is offered through this online platform and there is even an “eToroPedia” designed to answer general investment questions.
The eToro App
Customers can enjoy social trading via their smartphone. This dedicated application utlisies the aforementioned OpenBook software. One’s portfolio can be managed, trades can be enacted, others are able to be followed and real-time data such as prices and market movements are likewise available. This is great for anyone who is away from their computer and still wishes to stay connected to the trading world.
eToro as a Source of Binary Signals
It is important that this eToro review briefly covers binary options. Many binary signals need to be followed accurately in order to glean a sizable profit. While users can employ the platforms mentioned earlier, it should be noted that leverages of up to 400:1 are offered here; much higher than similar sites.
Putting it All Together
This eToro review has highlighted some of the most important features of the site. In terms of social trading, this provider is certainly not to be overlooked. By combining a user-friendly interface as well as three different trading platforms, both novices and professionals will have a firm grasp on the markets. It should still be mentioned in this eToro review that it is up to the individual to make certain that he or she trades responsibly. With many different features to choose from, it is clear to see why eToro is so very popular.