As online trading becomes more and more common, new investors are always looking for ways to make their money work for them more efficiently. While there are many solutions to this problem, one of the most popular has been social trading, a system in which investors can copy the trades of already successful traders. With over 4.5 million traders worldwide, eToro is the world’s largest social trading platform. It is also, by far, one of the oldest, having been operating successfully since 2006. This review will explore the platform, customer service, and social trading system that eToro provides in order to help traders determine if this brokerage service is a good fit for their trading needs.
Like many leading brokerage companies, eToro makes use of WebTrader Live as the basis of its trading platform. This is helpful for traders who have already become familiar with other brokers, as it makes transitioning to eToro quite simple. Through this platform, investors may execute trades on Forex currency pairs, stocks, indices, and CFDs. This diverse asset list is also beneficial, as it allows traders to exploit trends that are occurring within various markets. Trades can be leveraged by a ratio of up to 400:1 on currencies, 100:1 on CFDs and indices, and 10:1 on stocks.
Of course, the heart of eToro is its social trading system. Through this system, new traders may copy the actions of experienced traders with a proven track record of profitability. This may be done manually or with eToro’s patented CopyTrader system, which allows traders to automatically set their accounts to copy the actions of other traders they think are the most likely to turn a good profit. Traders have full access to statistics about the traders they would like to copy, including past returns and a risk rating assigned by eToro’s system. Using this data, new investors may find traders that best suit their goals and trading styles. This system of social trading has a proven record of success. In fact, roughly 80% of copied trades executed through eToro turn a profit.
The greatest benefit of social trading is that it allows new traders to learn exactly what seasoned professionals are doing to make money. With this in mind, the goal of a social trader, particularly on eToro, should always be to become one of the traders who is copied by others. Via eToro’s popular investor program, traders who break out of copying others to be copied themselves can earn up to a 30% revenue share of the profits that they make for other traders, on top of the profits that they make using their own money. Clearly, this is the best way to maximize profits on a social trading platform. It also gives traders a great incentive to learn how to trade on their own, rather than just copying the trades of others.
As part of its comprehensive customer service program, eToro offers 24/7 online help and support. Most common questions, however, are answered in the website’s extensive FAQ and help guide. In addition to these troubleshooting solutions, eToro provides traders with a complete education center that explains the basics of trading and risk management.
Deposits and Withdrawals
Deposits and withdrawals through eToro may be made using major credit cards, Skrill, Paypal, wire transfer or a variety of electronic money transfer systems. A minimum deposit amount of £50 is required, with a £500 requirement on wire transfers. Withdrawals are subject to a fee of up to £25 on any withdrawal above £500.
Aside from the popular investor program mentioned earlier, eToro offers some excellent bonuses – 40% match bonus up to $4,000. Every month, several special promotions are offered to eToro traders. These range from additional account credit to cash incentives for acquiring more copiers. eToro also provides a refer a friend option. Through this program, a trader who refers a friend will get up to a 50% credit based on that friend’s initial deposit.
For beginning traders, eToro is one of the best platforms for learning the ins and outs of trading at a low rate of risk. Copying the trades of leading traders will help newer ones to be profitable as they learn. For experienced traders, the platform offers a generous incentive for allowing others to copy trades. On the whole, eToro is an excellent social trading platform. The manner in which it is set up, allowing traders to move from copying others to having others copy them, opens up a great deal of opportunity and incentive for learning. For someone interested in social trading, eToro is well worth consideration.
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