eToro is the most popular social trading platform on the market. This popular platform has over 4.5 million traders in more than 170 countries. This interesting company is the leader in providing social trading and it has built a strong trading community for millions of traders. Social trading is the latest popular version of binary options and it basically accumulates global knowledge of all traders and provides most precise information to the individual trader. This is very interesting perspective because traditional binary trading requires a lot of knowledge and trading experience for the individual trader. Social trading enables traders to copy traders from more experienced traders and to gather useful information from eToro collective.
Read our international reviews here:
In this review we will go through most important eToro features, it’s pros and cons and elaborate the registration and trading process.
“The social network brings into play the wisdom of crowds. If you are going into battle, it is better to do it with 1,000 people.”
Basis of eToro Social Trading Network
The core of the eToro platform is based on copying trades from most successful traders. Trader individuals choose which traders they will follow and use their trades as a trading reference. eToro platform updates trading results in real time, which enables you to define most successful traders on the network. Basically, traders who are being followed are making binary signals that are showed on the platform. If you are following specific trader, you will copy his prediction and use it for your own trading account. The leverage of eToro is that trading data is updated in real time and the trading statistic is accurately presented.
eToro Beginner Support
eToro has prepared you respectful informational and education library with live webinars, e-Courses, and many trading videos. Helpful guidance by eToro representatives will support traders no matter if they are beginners or experienced traders. Traders are welcome to learn about Forex, strategies, analysis, trading psychology, social trading and more useful information that can maximize your earning potential during trading. Besides great help center, eToro also offers professional support center and a trading forum where traders are sharing valuable experiences.
eToro Banking Information
eToro offers plenty of payment options for all countries around the world. Depositing with eToro is straightforward and simple. Before making first deposit, traders have to register and create trading account. If you have any questions regarding payment methods, eToro has offered customer support team that is ready to answer all your queries. Every payment method is protected by Secure Socket layer technology and your funds and personal information are being secured by latest protection technology. Traders who still haven’t verified their accounts are limited to deposit maximally $1.000. Minimum deposit on eToro is only $50 and maximum deposit limitations are set to $50.000, depending on payment method you are using. eToro trades only with US Dollars, to provide transparency to global network. This means that traders can deposit by using different currencies, but that deposit will be converted into USD before placing any trades.
We have checked all available methods and sorted them by types:
- e-Wallets: Inatec Payment AG, Yandex, Neteller, Skrill Limited UK, China Union Pay, PayPal, Worldpay, Barclaycard, Wirecard, Webmoney/Paymaster24 giropay
- Credit cards: MasterCard, Visa, JCB, Diners
- Wire transfer
eToro Trading Platform
eToro has the best social trading platform we have seen so far. They have built very innovative trading place where traders are able to reach latest news on market. Traders can choose to trade with majority of trading instruments, such as: indices, stocks, CFDs and commodities. Below on dashboard you can see most important markets that appear on each trading account. Traders can change and follow preferred markets and track their values. We must point out that eToro provides excellent overview of market conditions.
How to Copy a Trade on eToro?
Copy People button on left side of trading dashboard will show most successful traders in real time. There are filters available so traders can sort top traders by best performance, location, number of followers, risk score, profitable trades and many more desired facts. This makes your search easier and faster, and most important – accurate. Adding of trader is simple, choose preferred trader and click on “+” symbol to add it to your list.
How They Calculate Traders Performance?
One of the questions is how eToro calculates stats of traders. In our eToro review we have found out that there are 5 factors that are included into calculation:
- Number of copiers (number of traders that follow you)
- Trading results (trading of history including the trading style)
- Other information (age of trading account, number of executed trades)
eToro Safety and Regulation
eToro is being operated by two companies: eToro (Europe, with address in Limassol, Cyprus) Ltd. and eToro (UK) Ltd. with office in London, UK. this social platform is regulated by CySEC and FCA licences, which means it is available for most traders in the world. CySEC licence offer its services to European Economic Area and countries outside of it. eToro also complies with MiFID directive.
There used to be eToro USA that was available for US traders, but at the moment, this service is not available in USA, due to complicated US regulations.
In our eToro review we have found out many interesting facts about social trading. eToro is entertaining platform, and it brings excellent features that are accepted by millions of traders. It is perfect for trading newbies because of low deposit and simple trading approach. Social trading has brought a whole new dimension in binary trading world, and we had great time trading with eToro.