Forex, Investing and Trading products reviewed
Goal of eToro investing network was to open markets for everyone willing to participate and even people with little time to trade themselves. You are welcomed to participate, socialize with investors and invest yourself. Copytrader network offers very interesting and fully integrated solution. Not only that eToro offer social networking, eToro works as a broker, therefore there is no need for complicated setup of more accounts with different companies.
My experience with eToro
I have been dedicated to forex for over seven years with some success as a manual self trader. After I started to trade with more money I found that the effort, stress and time spent in front of the charts was not worth it. My trading discipline started to decline as I started to trade with more capital. I needed a solution and I found it in automatic trading including eToro.
Etoro openbook offers a lot of different statistics of most successful traders but at the same time it is relatively easy to read and orientate once you logged in. eToro openbook allows comparing of leading traders and picking the ones you want to copy on your portfolio. Performance on openbook main page can be filtered using 1 month, 3 months, 6 months and 1,2,3 years timeframe. You can also filter traders using share of profitable weeks, weekly drawdown and daily turnover. On the left you can find preset for searching in categories, for example: Top stock investors, Manual traders.
It is not recommended to look at the traders based only on gain percentage. Balance curve is also a good indicator of stable performance and it also helps to filter traders with reckless trading approach.
How to choose traders with Toro
- Make sure you are logged into your eToro account
- Use button marked people on top of openbook page
- Now you see performance of top traders, use time filter to get a better pictures on who is best performer.
- At beginning it is better to choose traders with lowest risk, but this depends on your goals and trading attitude.
- Now you can pick up to 5 traders you wish to copy using eToro openbook.
- You can check more detailed statistics of each trader by clicking on him.
- Allocate percentage of capital you wish to use for copying chosen trader.
Social investing network eToro allows unrestricted demo account training. Therefore enabling you to create your own approach on picking best traders and creating your own portfolio.
Trading conditions review : eToro
Minimum accepted deposit is 50 USD, but eToro offer gift coupons of 20 USD to try social investing using real money but without any risk.
Spreads at eToro are higher compared to classical broker, but again, eToro is not a typical broker. Copytrader product is unique and its free, therefore higher spreads (2-3 pips) are acceptable. Etoro is fully regulated company across the globe. I have not encountered another trading company that chooses to be supervised by so many regulating bodies. Minimal trading amount can be just a fraction of microlot, considering the fact that eToro allows proportionate copying even on very small accounts of 50 USD.
Regarding platforms eToro offers revolutionary Openbook , Copytrader, webtrader and mobile trading platforms. Concept of openbook is innovative because it also allows to communicate with investors and find your own mentors if you are just a trading beginner. EToro offers education that is one of the best in the industry, consisting of ecourse and webinars.
Regarding trading instruments eToro offers all standard forex currency pairs including some exotic and commodities. Lately it is also possible to trade CFD and even bitcoin. All instruments are also traded socially, that means that you can simply copy most profitable traders without regardless of what instrument are they trading
Overall review eToro
8,5/10
eToro is clearly leader in the industry. If you want to participate on market events but you are not yet experienced , or you are busy as myself , eToro offers many advantages. You can hand pick up to five traders you wish to copy and then sit an enjoy results. Investing and trading aside, using eToro interface is just a pure pleasure and fun, probably the most engaging way to enter the market today.