Etoro is a forex broker with a unique twist. Their forex trading platform is a clever and entertaining new take on forex trading that is more geared towards new traders and casual traders than towards the professional trader. Etoro allows new and old traders an opportunity to trade forex in an environment that is graphic, fun and easy and doesn’t require you to be a math major to understand what is going on. I believe they offer something new and interesting to the market that no one else has yet matched.
The etoro platform was developed and is now run by a young and very successful group of forex traders and programmers. This team decided to pool their talents together for what would be a complete 180 rethink of how to trade forex. The result was the Etoro platform which was truly one of its kind. It is perhaps best suited for two types of traders: The new and those looking for some part time excitement. It offers a friendly and easy environment where it is easy to pick up the basics of forex trading, while still having lots of opportunity for profit. Experienced traders may find the platform lacking in charting tools, but it is still possible to use as a broker. The simplicity and low initial deposit of only 50$ makes this platform perfect for beginners.
Etoro offers a wide variety of trading tools and educational material for their clients such as a wiki forex glossary and tutorials for forex traders which certainly are very helpful to get started. They also offer their own news and calender service, keeping you up to date by the minute on everything that is of relevance to the forex market (and that’s a lot!).
The whole concept behind Etoro is to make forex trading and forex education very accessible for all people regardless of background or education. If you have previously dabbled with success in poker or gambling and have a flair for numbers and probability then Etoro could be just the right platform for you to start your forex trading career, as the same skills transfer over to forex trading.
Etoro has low minimum spreads at 2 pips for all pairs and does not charge any commission. It is possible to open an account with no more than $50 and you can make trades with only $25. These two together makes it easy for a beginner to get in on the action. The leverage available at Etoro is currently as high as 400:1, which means that you can trade up to $20.000 for your initial deposit of $50.
Regarding customer service, Etoro is in the top, with fast and succinct responses in no more than a few hours.
The only negative is that cashout speed has been reported to be a little slow, although reliable, which is probably the most important factor in the end.
Etoro offers a special niche service that is best suited for beginners and casual traders and for those traders I recommend they take a look at the fun and exiting world of forex trading by Etoro.