Fusing Online Forex Trading and Social Networking into a Single Platform
The world of Forex trading is a challenging and monotonous environment especially for the beginning Forex trader.
In order to be profitable, it entails serious study of different the technical and fundamental factors that affect the movement of a currency pair – a task that involves careful and thorough analysis of price charts and economic data prior to making any trading decision. Moreover, retail Forex traders who trade in home offices will often have to work alone, as opposed to institutional traders who interact with other traders in the team.
Fortunately, eToro has a found a way to address the issues of difficulty and boredom that beset beginning Forex traders – that is, by introducing the concept of social trading in their brokerage services.
Social Trading with the eToro OpenBook
eToro has devised a trading platform that infuses the characteristics of online Forex trading and social networking into the eToro OpenBook. This is in line with their objective of connecting traders and investors with each other so that they may interact and share with each other knowledge, opinion, strategies and other information that can be helpful to the community. This is most advantageous for the beginning Forex trader who are looking to learn about the currency market and trading from actual traders who are actively trading.
With this platform, beginning traders are now given access to the ‘wisdom of the crowds’ (as eToro phrases it) or at least to the knowledge of some of the most profitable traders who are members of the eToro community. With a user-friendly interface and a myriad of social tools available, they can ‘follow’ a professional investor and configure their trading settings to automatically copy their trades.
eToro Moblie App: Trading on the Go
eToro has also launched a mobile app that will enable traders to place their orders without the need to log-in to a desktop or notebook. This mobile app is available for free to both Android and IOS users, and can be downloaded from their respective stores. Aside from placing orders, eToro users will also be able to access real-time price rates, charts, and viewing any open position they may have running. It also maintains the social aspect that eToro is known for by connecting mobile users to the latest discussions and updates from the eToro community.
Aside from social trading and an intuitive mobile application, eToro also boasts of other trading features worth taking note of, including:
- Low minimum deposit. Beginning traders can open an account for as low as $50.
- Easy to Use Trading Platforms. All three platforms (WebTrader, OpenBook, and eToro Mobile) are designed with a user-interface that is easy to use and understand.
- Trading Academy. Traders are given access to videos, blogs, webinars, and eCourses with useful, realistic and practical information to help them make better trading decisions.
- Accredited and Regulated Services. eToro is a reputable broker with registrations from the proper authorities and regulating bodies internationally.
All that being said, eToro is indeed a great option for forex traders, especially for those who are starting on their Forex journey. With their user-friendly platforms and integration of social trading, beginning traders are now provided with the opportunity to grow their trading accounts alongside professional investors by interacting with them and learning how they invest.
eToro is founded in 2007 by Yoni Assia and Ronen Assia alongside David Ring.
It has since then become an international market place for traders who are looking to trade Forex currencies.
Through the years, the company’s products has grown and extended to commodities, indices and CFDs as well as major stocks.
In January 2014, it also started offering Bitcoin as one of its list of tradeable products.
At present, eToro is the Forex trading broker of choice for 4.5 million traders residing in over 150 countries worldwide.
As of this writing, eToro has a special offer that allows traders to gain as much as 50% of their deposits by encouraging 10 of their friends to open and fund an eToro account.
eToro also has special promotions which vary in terms and nature and are usually made available on a monthly basis.
eToro offers several methods of funding a trading account opened in their firm.
This includes online payment gateways likeThe minimum amount accepted for deposits made through the above channels is $50.
The same amount applies to deposits made using credit cards.
All deposits are credited to the trader’s trading account within minutes after the deposit is successfully completed.
eToro also accepts funding through bankwire transfers, albeit the minimum amount acceptable for such transactions is $500.
Moreover, deposits made through bankwire transfers takes longer before they are credited to the trader’s account, usually taking up to seven days to complete.
Traders who deposit amounts of $20,000 and higher are automatically registered as premium members and are provided with special benefits and services like a personal account manager, a personal Payoneer Credit Card, direct access to the eToro Trading Room, and faster withdrawal periods.
eToro is a well-known Forex broker with numerous reviews and awards from reputable trading institutions.
In order to determine if this broker is an excellent choice, it is necessary to look at various details that are necessary for traders to know before signing up for their services.