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eToro was established as RetailFX in 2006 and today it has become the leading social trading platform for all types of investors from the most experienced ones to those who are just starting out. The platform was developed by brothers Yoni Assia and Ronen Assia in partnership with David Ring. The vision of eToro was to develop a platform that makes investment easy and user-friendly for all kinds of investors regardless of their experience.
The struggle of the brothers paid off as the idea generated a lot of interest and eToro has now become your go to social trading platforms serving millions of customers globally.
eToro debuted the OpenBook trading platform which introduced an innovative way for investors to deal in a range of financial instruments including currencies, market indices, commodities, equities and cryptocurrencies. Another groundbreaking feature that was introduced was CopyTrading. It allowed newbie investors to copy the trades of the investors who have established themselves as successful and reliable traders with consistent returns. This enabled veterans to share their knowledge while the less experienced ones found the way to leverage that information to make profitable trades for themselves.
A Contract for Difference or CFD is fundamentally derivative trading where a trader speculates on the future performance of relatively volatile financial markets including indices, fiat currencies, treasuries, commodities, shares, and cryptocurrencies. The biggest difference is that you don't actually buy or sell the asset itself but invest in the unit(s) representing that asset's performance. You make profit or loss by correctly or incorrectly predicting whether a certain asset's price will rise or fall.
If the price behaves according to your predictions, the number of units you own increase and vice versa. Deliberation and caution must be exercised at all times since you can lose more than you have deposited.
The CFD model has proven to be very successful in the era of cryptocurrency revolution since it provides a stable way of investing in a rather volatile asset whose price moves every few seconds.
On eToro, investors can trade in many asset classes including:
Stocks – Stock market is one of the most traditional and dynamic markets to invest in. On eToro you can invest in stocks using CFDs which enable short positions and fractional share trading. Price of the share doesn't matter as you can invest as little as $50. Popular stocks on eToro include Apple, Google and Facebook.
Commodities – The most ancient trading practice is trading of commodities. Commodities have value because of their uniqueness, physical presence and of course market demand. eToro's popular commodities include natural gas, gold and oil.
Currencies – With a trading volume of mind-boggling $5 trillion a day, Forex market is the undisputed king of trading. The market is dynamic as you can pair a wide range of currencies but highly volatile as well. eToro allows traders to engage in forex trading with a leverage, the most popular currencies include EUR/USD, EUR/GBP and Bitcoin.
ETFs – ETF is Exchange Traded Fund which is basically a financial instrument consisting of multiple assets grouped in one class for the purposes of trading. The trading platform eToro allows traders to invest in ETFs including Proshares Ultra S^P 500, SPDR Gold and Emerging Markets Index (EEM).
Indices – Stock market's performance is indicated by an index or indices which are a reflection of the market segments. As compared to individual stocks, indices are much more stable since they carry a range of stocks. The trading platform eToro allows investors to trade indices that include Nasdaq (NSDQ100), Dow Jones (DJ30) and DAX Index (GER30).
Cryptocurrencies – Being the most recent asset class which has gained immense popularity during the last year, cryptocurrencies also provide traders a way to make money. However, they are highly volatile so the caution must be exercised. The trading platform eToro enables traders to invest in many cryptocurrencies including Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).
One of the most successful features of eToro is CopyTrading. As mentioned earlier, it provides a way for inexperienced traders to copy the trades of those who have a track record of making consistent returns on their investments. These traders are called popular investors on eToro.
All traders have the opportunity to become a popular investor if they can maintain a low risk score and deliver profits consistently. Popular investors also receive awards for sharing their knowledge. On the other hand, invetors who have just stepped into the arena have higher odds of making money right away since they don't need to invest their time in research sweating over numbers and stats.
Among all trading platforms, eToro has one of the cleanest and most user friendly interface and experience. From signing up on the platform to making trades to engaging in social activity, everything is right there on your fingertips. Investors and traders who have been using eToro as their primary online trading platform for a while have good things to say about the convenience and ease.
eToro is available is pretty much on every device and you can use it on Android, iOS, MacOS and Windows devices. All the information you need to make your investments is right there and is displayed intuitively in the form of graphs and charts for better understanding.
eToro offers a diverse range of international indices, precious metals, stocks, forex or currency pairs, commodities, and ETFs (Exchange Traded Funds). In 2014, eToro was one of the first trading websites to bring Bitcoin to the platform. That being said, on eToro cryptocurrencies are traded as a derivative of CFD instead of an asset or currency.
For trading the above instruments, you can also make a practice account to test the waters before signing up for the real deal. You're given $100,000 in virtual currency to practice and make trades. This way you can test the opportunities for yourself before investing any real money.
Moreover, Muslims can also request an Islamic trading account which allows you to trade in financial markets that don't violate principles of Islamic Sharia.
As a trading platform, reliability, integrity and security matter a lot to eToro. As a broker for more than 10 years, eToro has gained reputation and is usually remembered for good reasons. Many international publications have praised the platform such as Fintech Finance, Financial Times, Forbes, and Finance Magnates.
eToro is also regulated by United Kingdom's FCA and Cyprus' CySEC. Both regulatory authorities impose highly strict regulations which the platform adheres to. Moreover, apart from regulatory protection, eToro traders also have the protection cushion from CySEC's Investor Compensation Scheme and United Kingdom's Financial Services Compensation Scheme. For online security and privacy, the platform uses highly acclaimed and Google recommended SSL encryption technology to make sure that traders' sensitive data is protected from any unauthorized access.
There is no annual or periodical fee or commission for using the social trading platform. However, eToro takes a spread on the price quotes received from the financial markets. The platform ensures that slippages will not affect the traders adversely when they are engaging in trading.
eToro provides multiple ways of depositing and withdrawing funds that include credit/debit card, Neteller, PayPal, Giropay, Skrill Limied, Wire Transfer, Web Money, Yandex, China Union Pay, and Wirecard. Deposited funds generally show up in your trading account right away. Most common way of depositing funds is by eWallets such as Skrill or credit card.
It should be noted that how you deposit the money also influences how you'll withdraw it. For e.g. if you have deposited the money through credit, your withdrawal will be carried out through credit card as well.
Good news is eToro provides highly cooperative and helpful customer support but the bad news is that's only five days a week. Instant customer assistance is not available during weekends. However, you can still reach out to the customer service through fax and email.
Risk Warning: 80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.