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Score: 9.1 / 10
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eToro Sign Up Bonus
Up to $10,000 FREE | ||||||||||||||||
Summary
Etoro has all the tools for novice and expert traders alike. It´s no exaggeration to say that this company has changed the rules of online forex trading with its platform, with some innovative tools like Trend Trading for novices which enables traders to take advantage of general trends in the market with the three most liquid currencies (USD, EUR, GBP). They have just launched a suite of trading platforms including a new Android forex app.
Pros can switch to "expert mode" and plug in to all the tools for VIP traders on a user friendly platform (both web based and desktop application). Very clear layout and a busy chat area, with plenty of payment options including Paypal, Neteller, Moneybookers and Credit Cards. Desktop trading software good for more technical analysis (Bollinger Bands, Stochastic Oscillator, MACD etc). VIP bonuses go up to $10,000 (10% bonus) for big hitters.
The development team seem to be pretty busy at his broker- we look forward to seeing the next developments. We hear on the grapevine that there is an imminent launch of apps for Android, Blackberry, iPhone, Ipod Touch and iPad traders (early 2011).
If you are just starting out in forex, etoro is an excellent place in which to develop your skills and progress to expert mode. And if you are an experienced trader, we think you´ll like the deposit bonuses & find etoro´s approach and platform a breath of fresh air. We were Metatrader fanatics, but we´d have to admit to being won over by eToro´s platform.
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| What’s Good | Room For Improvement | ||||||||||||||||
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Review - the eToro online forex trading platforms is one of the fastest growing on the market. For new traders, this is an excellent place to start and learn the ropes, and is becoming a benchmark for more professional traders too. The control panel is well laid out (there´s a web based platform and a downloadable client), with plenty of historical data and charts to help you do your research, although the system is a light on the more advanced technical analytical tools. You´ll see a pretty busy chat screen on the left with all of the traders who are logged in shown as "live" and a statistical summary of which trades are the most popular among people buying and selling currency on this platform.
There´s also a tab where you can keep a track of all your previous trades, and your open positions of course. You can set alarms to notify when a rate hits your target across the currency pairs and there is a "one click trading" option to speed up your trades if you happen to be in the scalping game (micro trades, less than one minute). The charting time frames are: 1m, 5m, 15m , 1h, 24h.
There are more tools on their website: charts, an economic events calendar, a summary of the top trade distribution on etoro (rank, by or sell across the top 10 traded currency pairs). you can also enter the etoro "Trading Challenge" (it´s free to enter) where you can compete against other traders for prizes. The top prize in these contests is normally $500.
You can be up an running very quickly with etoro- there are no complicated forms to fax back, although you will have a chat over the telephone so that they can ensure that you are a bona fida trader (they need to do this under the terms of their licence). There are plenty of payment and withdrawal options available.
You can either download and trade on their desktop client, or just use the webtrader which doesn´t require a download (flash based). When we trade on htis platform, we tend to use the web based trading platform which is fast as long as you have a good connection
They offer a bonus to entice new traders on to the platform: there´s a maximum of $1000 on offer, split out as follows:
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| Gearing | 200 Choose From 1:5, 1:10, 1:25, 1:50, 1:100, 1:200, 1:400 | ||||||||||||||||
| Types of Spread | Fixed | ||||||||||||||||
| Partner Brokers | RetailFX, FX Solutions, International Capital Markets | ||||||||||||||||
| Regulator | RetailFX is regulated by CYCEC – Cyprus Security and Exchange Commision | ||||||||||||||||
| Payment Methods | Credit Card, Deposit by Phone, Neteller, Webmoney, Moneybookers, Paypal, Western Union, Money Gram, Wire Transfer. | ||||||||||||||||
Detailed Spread Information: Spreads as low as 2 pips
| eToro Forex Spreads (Provided by eToro’s Liquidity provider – RetailFX) | ||
| Currencies | Pair | Spread |
| Euro/US Dollar | EUR/USD | 3 Pips |
| British Pound/US Dollar | GBP/USD | 5 Pips |
| New Zealand Dollar/US Dollar | NZD/USD | 5 Pips |
| US Dollar/Canadian Dollar | USD/CAD | 5 Pips |
| US Dollar/Japanese Yen | USD/JPY | 2 Pips |
| US Dollar/Swiss Franc | USD/CHF | 3 Pips |
| Australian Dollar/US Dollar | AUD/USD | 4 Pips |
| Euro/British Pound | EUR/GBP | 4 Pips |
| Euro/Swiss Franc | EUR/CHF | 5 Pips |
| Euro/Japanese Yen | EUR/JPY | 4 Pips |
| British Pound/Japanese Yen | GBP/JPY | 6 Pips |
| Euro/Australian Dollar | EUR/AUD | 16 Pips |
| Euro/Canadian Dollar | EUR/CAD | 17 Pips |
| Australian Dollar/Japanese Yen | AUD/JPY | 7 Pips |
| Canadian Dollar/Japanese Yen | CAD/JPY | 8 Pips |
| Swiss Franc/Japanese Yen | CHF/JPY | 8 Pips |
| Commodities Spreads | ||
| Commodity CFD’S | Pair | Spread |
| Oil/US Dollar | OIL/USD | 14 Pips |
| Gold/US Dollar | GOLD/USD | 90 Pips |
| Silver/US Dollar | SILVER/USD | 5 Pips |
| Indices Spreads | ||
| Indice | Pair | Spread |
| S&P500 | S&P500/USD | 10 Pips |
| NSDQ100 | NSDQ100/USD | 6 Pips |
| DOW30 | DOW30/USD | 10 Pips |
| FTSE100 | FTSE100/GBP | 6 Pips |
| DAX30 | DAX30/EUR | 6 Pips |
| CAC40 | CAC40/EUR | 6 Pips |
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