eToro Demo account Review | With their Social Trading the Demo Account is not needed for every trader as you are able to be just an INVESTOR
eToro Demo account Review – Safety And Security
Founded in 2007, eToro is widely recognized as a fintech beacon with its innovative approach to social trading. Its CEO, Yoni Assia, and many members of the board have a strong computer science, engineering and design background.
eToro is regulated by CySEC in Cyprus and FSA in the United Kingdom. The Etoro platform is offered to Asia based customers via an Australian entity named IC Markets Ltd. IC Markets is licensed financial services firm in Australia, regulated by ASIC. eToro also has a US based affiliate regulated by the CFTC and NFA. However, it is not currently active and does not accept American clients.
eToro reached a settlement with CySEC in 2013 over undisclosed weaknesses in their organizational structure prior to 2010. CySEC notes that those issues have since been resolved at the time of the settlement. No record of fines or settlements in the past year
eToro keeps client funds in segregated Accounts at Barclays Bank, Coutts and other first tier banks. eToro suffered a malicious DDoS attack in July 2014 which caused a disruption in service. Luckily, company and customer funds were unaffected. eToro currently employs Incapsula to deal with cyber security issues.
eToro is the undisputed market leader in social trading technology. This award winning social investment network was established in 2007 and it now has over 4.5 million users in 170 countries. While other brokers do offer social trading, their online communities cannot match eToros in size or engagement. eToro’s innovative, award winning platform allows you to connect with other traders and review their portfolio and performance. You can even copy their live trades in real time in your own account without paying any management fees out of pocket. Experienced traders can also monetize their trading expertise on eToro. When followers copy their trading activity, eToro will pay a percentage of their spread revenue and rebate part of the spread for your own trades. eToro has a decent selection of CFDs on US and European stocks and even offers trades on bitcoin. However, its coverage is rather thin when it comes to forex, commodities and indices. eToro’s spreads are also high relative to its peers with EURUSD at 3 pips. Transferring money from your eToro account is also costly with withdrawal fees of up to $25. eToro also does not offer phone support, live chat or email support. They direct you to a online ticketing system for customer service inquiries. Overall, eToro is a good choice for new traders learning to trade by connecting with and copying more experienced traders. It also offers attractive financial incentives for experienced traders who are willing to share their knowledge and be transparent with their trading activity.
eToro Demo account Review – Trading Features
The main attractions of eToro is their advanced social trading technology and access to an active community of 4.5 million traders. Etoro offers a great way to learn about forex trading from your peers. Discuss individual trades, portfolio performance, market trends with traders you follow. Ask them about trading strategy and reasons for implementing specific trades. InvestorFinder – eToro’s CopyTrade platform is a trading voyeur’s paradise which gives you full transparency into other community member’s accounts. You can get information on their open trades, trading history, individual trade performance, drawdown, # of copiers, use of leverage, % profitable weeks, markets traded, activity level, who they follow and who’s following them. To ensure personal privacy, no personal information is provided to others in the community. Also, trades / performance data are reported on a percentage basis so other members will not know the size of your account. You also have the option of not sharing any trading activity by adjusting your privacy settings. CopyTrader – eToro’s copyTrader also allows you to mirror other trader’s trades in your own account in real time with the same stop loss and take profit levels. Find the right traders for you to copy by filtering and sorting by performance, risk score, win ratio, % profitable weeks, markets, number of copiers, trading activity level, country, etc. Copy up to 20 traders and allocate as little as $100 or as much as $500,000 to each. You can also set the allocation as a percentage of your portfolio up to 40% per trader. If a trader is under performing, you can change who you want to follow at any given time or change your allocation. eToro’s trade copying is similar to PAMM accounts offered by other brokers except there are no out of pocket fees to copy traders on eToro. Popular Investor Program – You can monetize your trading success and know how by getting traders to follow and copy you under eToro’s Popular Investor Program. With only 5 copiers, eToro will reward you a 50% deposit bonus. Increase your following over time and eToro will pay them up to 30% percentage of spread revenue, rebate up to 100% spread, and even pay a 2% management fee on your assets under management. Although eToro has a good selection of stock CFDs, it other product offering are rather thin. It offers CFDs on only 31 currency pairs, 3 commodities and 10 indices. eToro also gives you the unique ability to set your own level of leverage based on your risk appetite. You can go as low as 2:1 and as high as 400:1 for forex. The default setting will be at a conservative 50:1 ratio.
eToro Demo account Review – Market Analysis and Education
eToro does not provide much fundamental or technical analysis itself. However, they make up for this with community discussion boards where you can connect with millions of active users. Premium Etoro accounts members (minimum deposit of $20,000) are given free access to Trading Central, a leading independent provider of technical analysis. Note that many other brokers provide Trading Central access to all accounts or set the minimum deposit at a much lower bar (e.g. $250). eToro does however provide a good amount of evergreen educational content to all members including live webinars, ecourses and video tutorials for on its trading software. The courses cover variety of topics from beginner to advanced such as intro to Forex Markets, terms, order types, fundamental and technical analysis, strategies, psychology, and capital management.
eToro Demo account Review – Trading Features
- CFD’s –Forex, Commodities, indices, Stocks
- Currency Pairs –31
- Leverage –Up to 400:1
- Cryptocurrencies –Yes
- Options –No
- Trading Signals –Yes, via Social Cherry. Trading Central for Premium Accounts.
- Automated Trading –Yes
- Social Trading –Yes
- Phone Trading –No
eToro Demo account Review – Software Trading Platform
- Platforms –eToro CopyTrade (browser), eToro CopyFunds (browser), eToro Web Trader (browser), eToro CopyTrade, (Android, IOS), eToro Mobile Trader (Android, IOS)
- Metatrader –No
- Mac Software –No
- Mobile Trading –Yes
eToro Demo account Review – Customer Service
- Online Support –Online ticketing system, no live chat.
- Phone Support –No
- Multi-Lingual Support –No
- Personal Account Manager –Premium Accounts only
eToro Demo account Review – Account Options
- Minimum Initial Deposit –$50
- Base Currencies –USD
- Minimum Lot Size –1,000
- Account Types –Standard, Premium
- Payment Options –Visa, Paypal, Neteller, Moneybookers.com, Diner’s Club, JCB, Mastercard, Webmoney, Skrill, Yandex, GiroPay, Bank Transfer
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Trading Forex, Stocks and CFDs carries risk and could result in the loss of your deposit, please trade wisely.