eToro is nothing like the stodgy brokerage firms you may be familiar with. The company provides what it calls a social trading platform that connects you with millions of other currency traders. Using this social trading platform, you can copy other traders, search for trading gurus, follow other traders and post comments. OpenBook is a cross between Facebook and Twitter, but for foreign exchange traders. It presents a live feed with buy/sell activity as well as a list of the top performers and their gain percentages. OpenBook is a great tool for helping new traders monitor the market and learn from others.
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The market maker broker eToro only requires a minimum deposit of $50 to open an account and a minimum transaction size of 1,000 units per order. Leverage ratios vary depending on where you are trading from. The U.S. limits leverage to 50:1, but from other countries, traders can leverage up to 400:1 with eToro. However, this forex broker only supports spreads down to two pips, whereas many brokers now go as low as .1 pips. eToro does offer Islamic accounts and takes deposits in USD, EUR and GBP.
This Fx broker is regulated by numerous regulating agencies in the U.K., Germany, Denmark, the United States and Australia. It can offer cross-border services to members of the European Union. Clients from Asia Pacific and Australia trade through IC Markets Ltd, which is licensed by The Australian Securities and Investments Commission (ASIC). In the U.S., eToroUSA is operated by Tradonomi LLC, which acts as an introducing broker to Institutional Liquidity (ILQ). eToroUSA and ILQ are regulated by the Commodity Futures Trading Commission (CFTC) and are members of the National Futures Association (NFA).
The trading platforms provided by eToro include OpenBook, WebTrader, Copy.Me, an Android-based trading platform and Mobile Trader. OpenBook is the social networking portion of eToro, which you can use to copy trades and interact with other traders. WebTrader synchronizes with OpenBook and provides charting tools and analysis. Copy.Me allows traders to copy the orders placed by other traders. The mobile versions produce live feeds, access to your portfolio, copy tools and more.
eToro provides customer support via telephone, email and instant chat. Broker offices are located in the Virgin Islands, New York, Cyprus and New South Wales. Telephone support is offered in more than fifteen countries, including the United States, Brazil, the United Kingdom, Russia and Malaysia. For training, eToro provides what it calls a Trading Academy, which includes webinars, videos, trading tips, eCourses and more.
