In the scheme of things, eToro is a bit wet behind the ears. Founded in 2006, eToro is still feeling its way around and trying to establish a secure customer base. That’s not to say that eToro is struggling; in fact, it has quickly become one of the most well-known online forex brokerages in the world. Given its rapid rate of growth, there’s little doubt that eToro will continue to rise in prominence as time goes by.
eToro’s corporate headquarters are located in the British Virgin Islands; its administrative offices are located in Cyprus. However, eToro also maintains offices at several other major cities including New York City, Singapore, Dubai and Sydney, Australia. In this way, eToro is able to accommodate the customer service needs of clients around the world with ease.
Key RegistrationsMany online foreign exchange market brokers proudly display their key registrations on their websites; this is not the case with eToro. As it is headquartered in the British Virgin Islands, it is possible that eToro simply doesn’t fall under the jurisdiction of any of the major regulatory bodies that many other forex brokers do.
Contact Information At A GlanceUpon signing up to trade with eToro, it is in your best interests to keep all of the relevant contact information for the company on hand. Should any problems, issues or concerns arise, you’ll be able to handle them quickly, easily and efficiently. The most important contact information for eToro is as follows:
- Toll-Free Phone Number: 1 (866) 350-0881
- Freephone: 357-2-5030251
- Fax Number: +44-866-350-0881
- Email Support Form: www.etorousa.com/contact/Request_a_call_back.aspx
- Online Support/Live Chat: www.etoro.com/about-us/contact-us.aspx
Unlike many of the top online foreign exchange market brokers, eToro does not give its trading software or platform its own unique name. Instead, the software and platform that you will trade on when using eToro is simply called eToro. Despite the simple moniker, though, the eToro platform is very streamlined, efficient, intuitive and user friendly. In fact, eToro is one of the best platforms available today for those who don’t have a lot of forex trading experience. Beginners will enjoy an easy introduction to the world of trading foreign currencies when they use eToro.
The eToro software is characterized by a simple interface and bold, vibrant fonts and graphics. Getting comfortable with the eToro platform takes no time at all, but there is more to using eToro than its software. Learn more about the key benefits, features and characteristics of trading with eToro by reading on below.
Minimum Deposit Amounts
When you consider the $500 bonus that you’ll receive for signing up with eToro, the $50 minimum deposit doesn’t seem prohibitive at all. Indeed, $50 is all that is needed to get going with this simple and engaging trading program.
Assuming that you’ll be setting up your eToro account online, the process won’t take you very much time at all. You just need to fill out and submit a brief application, wait a day or two for approval and then download the eToro software to get going with your forex trading experience.
Before jumping into foreign exchange market trading with eToro, you can download and use it absolutely risk-free with a practice account. After completing a brief registration, you’ll be prompted to download the eToro software. Setting up a practice account is highly recommended, since it allows you to get a feel for how eToro works without parting with a single penny.
eToro doesn’t use a dealing desk in the traditional sense of the word. Like many other up-and-coming forex brokers, eToro believes that dealing desks can compromise the trading experience by letting individual brokers exert too much influence over traders’ accounts. Instead, eToro uses an automated dealing desk that does away with the potential for human errors and other issues.
Leverage LimitsLeverage limits run the gamut at eToro, depending on which of the 15+ currency pairs you are dealing with. Limits range anywhere from 1:5 to 1:400 for currencies that are traded using eToro. Therefore, it is possible for traders of all sensibilities to find a currency that they will be comfortable trading with on eToro. Without a doubt, leverage limits are quite flexible and easy to work with on eToro.
Trailing StopsOddly enough, eToro does not offer trailing stops to its traders. Stop loss and automatic stop loss orders are, of course, available; trailing stops are not.
Trading SpreadseToro touts itself for offering fixed spreads that can be as low as two pips. Popular currencies have the most competitive spreads, which is typical for an online forex broker. For example, the spread for EUR/USD is commonly right around three pips. When stacked up against other popular foreign exchange market brokers, eToro’s spreads are very competitive indeed and are sure to win it over many new clients as time goes by.
The Bottom Line
Those looking for a fresh, fun approach to trading on the foreign exchange market will be very pleased with eToro. Similarly, beginners who wish to ease themselves into trading foreign currencies will be quite comfortable with eToro’s simple design and execution. With its automated dealing desk, it can be argued that eToro increases traders’ odds of getting the most competitive forex trading opportunities online today. Low minimum deposit requirements and an uncluttered interface combine to make eToro one of the most exciting forex brokers in the world right now. Whether you’re just starting out or have quite a bit of experience, eToro is a reliable choice.