eToro is a highly respected Forex broker based in Cyprus, and they provides online access to Forex, commodities and stock trading services through their own electronic platform. They are regulated by the Cyprus Securities & Exchange Commission (CySEC) and are licensed to operate under the Markets in Financial Instruments Directive (MiFID). eToro themselves do not operate their own brokerage service, instead they use a network of brokers around the world to execute their trades. Unfortunately, eToro are unable to accept U.S. customers at this present time.
Range of Markets Offered By eToro
eToro is primarily a Forex broker, meaning that you’ll be able to trade a wide range of currencies with them, including the Forex majors and many other minor pairs and crosses. This includes the EUR/USD, USD/JPY, AUD/USD and GBP/USD to name a few. In addition to currencies, you can also trade oil, gold, silver and a number of stock indices including the S&P 500, NASDAQ and the FTSE 100.
eToro Spreads and Margins Offered for Different Accounts
With eToro, you’ll enjoy up to 400:1 leverage on your positions, meaning that you can control larger positions with less margin. This is advantageous, but of course you need to be careful that you are not overleveraging yourself in your positions. eToro’s spreads are highly competitive, and you can expect to pay a spread of just 3 pips for the EUR/USD, a spread of just 2 pips for the USD/JPY, a spread of just 4 pips for the GBP/USD and a spread of just 2 pips for the AUD/USD. That’s more money back into your trading account for every trade that you make!
eToro Special Offers or Bonuses for New Traders
eToro has one of the best bonus reward programs among all the Forex brokers around, with a deposit bonus of up to $10,000 available to new traders depending on your deposit. Here is the bonus schedule from eToro:
If you deposit between $1,000 to $4,999, you will receive a $250 bonus and qualify for a Silver Trading Account. If you deposit between $5,000 to $9,999, you will receive a $500 bonus and qualify for a Gold Trading Account. If you deposit between $10,000 to $19,999, you will receive a $1,000 bonus and qualify for a Gold Trading Account. If you deposit between $20,000 to $49,999, you will receive a 10% bonus and qualify for a VIP Trading Account. If you deposit between $50,000 to $100,000, you will receive a $5,000 bonus and qualify for a VIP Trading Account. Anything above $100,000, and you can expect to get a minimum of $10,000 and you can negotiate this further with your account manager.
This bonus is only for your first deposit, and there are certain requirements that you will need to fulfill to be able to withdraw this bonus as usual.
With eToro, you get access to the most cutting edge mobile trading platforms available for all devices, including the iPhone, iPad, Android and Blackberry. If you want to trade “on the go”, you can use their Web Trader platform, which allows you to open and manage your positions from the browser of any computer with internet access without any download required. You can even customize this platform and tap into a full range of trading tools.
There’s also the revolutionary Open Book platform that’s unique to eToro, which allows you to see other traders’ trades and use this information to make your trading decisions or even follow their trades outright. Last but not least, their Mobile Trader platform allows you to have all the order placement and account management capabilities as their web trader, which is fantastic.
eToro Trading Tools & Education Resources
eToro has one of the finest Forex education and training resources that you’ll find on the web. You’ll be able to join live webinars that will guide you through their trading platforms, including the revolutionary Open Book platform, and learn a great deal of trading tips and strategies as well. You’ll also receive an exclusive Forex trading eCourse that will guide you through the ins and outs of profiting from the Forex market.
Minimum Deposit Requirements
With eToro, you can open an account with as little as $50, which will allow you to trade micro lots in your account as well as mini lots and standard lots. I would definitely give eToro my top recommendation, so if you like what they have to offer then why not take advantage of their generous bonus and sign up today?
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