Introduction
The goal of eToro is to make it as easy as possible for their members to make money trading Forex, commodities, or stock indices. They’ve done away with much of the jargon and complicated financial terms that turn off some newcomers to the world of online day trading. By educating users, providing superior customer service, and through offering a variety of trading platforms and systems eToro has put itself at the top of online trading sites.
Trading Platforms
There are several ways to trade on eToro; all of them are robust systems that are useful for any type of trader. The most common way to trade is by using the eToro Desktop application. By using the “visual mode” provided within the software beginning traders can learn how markets move in an easy to understand format. The eToro Desktop software also has an “expert mode” that lets experienced traders get all of their information on one screen. The other trading platforms are the eToro Web Trader which is a great flash based no-download alternative to the eToro Desktop. The eToro Mobile Trader is a slimed down app for all major smart phone platforms including the iPhone, BlackBerry, and Android.
Trading Products
Like other Forex sites eToro has expanded their trading menu to beyond foreign currencies and also offer commodities like gold and oil. For traders interested in the stock market major indices like the DOW, FTSE, and DAX are also available. Spreads on Forex are very low and start at 2 pips for most major currency pairs. Leverage levels can be adjusted to your comfort level from 1:5 to 1:400. This is a crucial feature because it gives you more control over how fast paced of a trading experience you are looking for.
Extra Features
One of the most unique aspects of eToro is their internal social network called OpenBook. Think of this as Twitter for Forex tips and advice. If you enable OpenBook on your trading account your trades will be made public to other traders on the website. You will also be able to view trades and strategies being used by others on the eToro network. With a single click if you see a trade that looks good to you, or have been following a hot trader, you can copy the trades you like and incorporate them into your portfolio.
