I have been trading and conducting Forex business for almost 9 years now. During this time I have chatted with lots of traders that prevailed and some that did not succeeded. Over this time I have gained lots of experience in the Forex market.
One of the most important things I have learned is that succeeding in Forex is very possible only if you accomplishing and focusing on 2 important key things:
1 – Building yourself a good trading strategy that you consist with.2 – Find and accomplish good relationship with an excellent broker (Forex Platform/Provider)
You probably asking yourself why am I writing and sharing my thoughts with this review about eToro, well, I wanted to share my knowledge and experience I had with eToro and to assist new and old traders to make a proper decision to whether to work with eToro or not, after you go through my review you will have a better understanding why you should.
There are several important subjects that you should look at when you looking for an online Forex broker in this example, we will do it with eToro:
Starting with Low Minimum Account: I call it “test drive” J
eToro trading platform offering to traders the opportunity to trade with practice accounts for free (Demo account). This is MUST if you are new Forex Trader! This will help you to develop confidence and create you trading strategies.
After that you can start Trading with a live account with as minimum of $50 and progress up.
It’s very simple, Low Spread: how much it will cost you to open Trading Position.
If you are a Trader who trades frequently it will sure start to cost you, that’s why you should obviously make sure that you get a low as possible Spread.
For example: with eToro the spread goes lower to a minimum of 2 pips on the EUR/USD pair position, this is extremely good and that what you should always look for.
Instant Execution Of Orders:
This is very important issue………there are some Forex Brokers that are doing a “re-quote” which means that a Trader cannot get into or out of a position at the quote he requested. This usually happened during fast moving markets, which is mostly a result of liquidity, only because to many brokers don’t have enough trading volume to ensure that they can always buy at every price.
On the other hand you have eToro, one of the largest and advanced online brokers. It means that the liquidity they provide is very trustable and on top of it all they also use a high quality, easy, unique usable platform to back this up.
Why eToro is a Good for Forex Education and Training:
As I mentioned, eToro has a great unique training program with Demos and full training guides, you have a 24×6 live chat to answer all your questions. With eToro even a beginner can easily understand the technical and aspects that affect the prices of currency.
eToro have a great GUI (Graphical User Interface) which reflect trading look like a game, once you start you will see what I’m talking about, by the way, eToro have a patent on this technology.
From my long history with eToro they were and are always creating new and exciting tools for Trader such as the ‘OpenBook’, which was launched in July 2010. This new Tool is a simple social trading network, meaning traders can follow other trades in the network in real time! How great is that!!! I think it’s a brilliant idea, think about it, following Traders that are doing well……..ammm…all you have to do is like in Twitter, ‘follow me’, do what other Traders do right after they do it, they open a position and make money you can make money as well! By the way, just so you know, they are the only Forex Company in the world that using this concept. With the ‘Open Book’ Traders can simply use professional charts, graphical tools and punctual financial news with rich data to develop strategies (as mentioning at the beginning) just by watching other experienced Traders in the network. The eToro platform is so wonderful and exciting that they won the World Finance Award for the ‘Most Innovative Trading Platform of 2010′.
For those Traders with the more experience, Not to worry, eToro have created another Forex Platform with expert mode, it has the same level of functionality but without the ‘game’ GUI.
Support and Accounting:
eToro customers service team are available at all times for problems and issues, which for me it was a must, you have no idea how helpful it can be once you are in the middle of trading and you need answers and tips.
eToro provides a large verity of ways to deposit funds:
On the case of withdrawals, it’s a simply as it gets and very quick in to your bank account!
Once you will visit eToro you will notice that the eToro team has worked really hard in order to create a real Network Community supporting all Traders from No0bies to Experts.
You can also take a visit to their forum and read some of the ideas of experience Traders, feel free to share if you have comments
Bottom line, I am very pleased and happy to trade with eToro and recommend with to two thumbs up to at list try it out, I promise you won’t be disappointed.