Broker eToro - reviews of the traders |
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eToro: social trading investment network of financial opportunities
Minimalism and interactivity - that is the view created from the person who is first time on website of social trading - investment network eToro Despite the fact that the network is a full-fledged company on the OTC Forex market, the strength of eToro - technology automated solution for social trading. The platform has many unique features, which we consider in this review. What makes eToro different from other social platforms (ZuluTrade, LiteForex, etc.), as well as reviews of traders, read on.
eToro: "grab the bull by the horns"
eToro at first looks like a normal broker with social trading as an additional service (this many brokers have). The copying of trading is the key point of its work. The date of the official founding of eToro, 2006. The main controller is CySEC (Cyprus), but the company also has branches in Russia, UK, China, Israel, where it works in accordance with the rules of local regulators including the UK FCA. Clients are more than 6 million traders around the world.
In November 2014 it was officially announced about the cooperation of Sberbank and eToro, as well as invest partners was made by the Chinese company Ping.An (read more about the company written in Wikipedia). Both partners invested in technological development, about 27 million USD. Later as invest partners the SberBank has joined Commerzbank. Now the strategic partnership has grown into a joint venture, and the proposal itself eToro is actively promoted on the official website of Sberbank.
Trading terms of eToro:
a set of tools are great, but classic: different currency pairs, securities (very conveniently divided into separate sectors), commodities and indices. A full set of tools are available after the trader decides to register. It takes 5 minutes. Personal account is very comfortable - it has all the assets have graphics and information display with clear quotes. You can register for free;
minimum deposit is $ 100. On the website there is almost no information about transactions, because it is necessary to ask support. eToro offers 4 types of different accounts (from bronze to VIP), but there is no information about the difference between "bronze" from VIP. Probably bronze has smallest deposit requirements;
training can be completed in a personal account, there is also video material. However, the video, according to several people, does not transmit the essence of social platform. Therefore it is better to experiment - the entrance to the platform opens all its strengths.
Funding your account is possible through credit cards, Bank transfers, e-wallets. A withdrawal takes 2 days for electronic systems and up to 8 days for Bank transfers. Money can be withdrawn to the same account from which was made the entrance, or in the alternative specified at the time of registration. Verification takes place at the time of replenishment. The only drawback - apart from a commission payment systems there is also a commission of the broker. The question of taxes the investor decides for himself, eToro brings the full amount to which the tax counts each person on their own. For tax calculation eToro provides a certified statement of account.
Training in eToro community is in English. Lessons of interactive video courses, related strategies, workshops, all in English and according to reviews, it is unlikely that it will give anything to professional trader. But for general reading and learning these lessons can be useful at an early stage.
Social platform eToro
From other social networks for Forex, eToro differs by unique applications - another tool for earnings. If other brokers auto backup deals offers a separate service with a small accompanying tools, there is a whole dedicated app that allows you to trade with comfort. Each of which is unique:
Copy Trader. Patented system of automatic copying of transactions, which allows in a few clicks to choose the right managing trader and instantly copy its order. Trading becomes simple as never before;
People Discovery. The filtering mechanism governing for any extended certain criteria, risk parameters, the nature of the strategies;
Top Traders’ Insights. Widget, which is an indicator of the sentiment of managers. It is constructed from the preferences of thousands of the best managers.
There is also a classic economic calendar, market news of Forex, calculator of pips etc. New service CopyFunds considered to be unique, which is kind of similar to trust management. After the payment of funds for investment the investor chooses the investment portfolio in accordance with the strategy. Investment funds invest in ETFs and risk hedging instruments, and minimum pay of investment - $ 5,000. To register as investor is also simple like as a trader.
Reviews about eToro by real traders
As for any company reviews about eToro are both positive and negative. It is difficult to say whether they are 100% sure that reality is part of the reviews may be written by competitors or representatives of the company. So we recommend to listen to the reviews only partially and with a share of criticism.The strengths of social network eToro:
"Copyfunds" different investment portfolios: conservative investment generated by analysts, the company\'s employees. By reviews of traders, the portfolios are real. And let them bring a reasonable profit (10-12% per annum), their reliability with minimal risk is very high, it is a good alternative investment for beginners;
technology platform is so unique and innovative that it caught the interest of investors of world renown and reputation. After the investors a guru of trading joined that have attracted small investors;
support staff monitor sites with the reviews and try to quickly resolve conflicts and problems. You can also ask for help on the phone;
the opportunity to earn bonuses on a trading account, communicating in the forum of the broker;
fast replenishment and withdrawal of payment, the commissions are moderate.
a broker is a "kitchen" where the money rotate inside the trading system of the company, without entering the real market. As evidence of the opinion presents the scheme of manipulation of orders of the traders, using the techniques of technical problems for some currency pairs etc.;
quotes of eToro not coincide with quotations of other services. There is no information on suppliers prices and liquidity, and the difference in the quotes is big;
there is a slippage impeding trade;
complex verification at the time of payment of the deposit. There is no possibility to solve the issue with the confirmation card by phone.
Reviews on different sites are very similar. Believe them or not, - hard to say. Negative traits inherent to the broker and other companies, because as far as they are critical, need to verify in practice. There are almost no reviews about the most social platform that actively promotes eToro. Because all traders can not be profitable, and therefore the copying must have been to be blamed.
Someone believes eToro is a fraud. But the fact that the company operates in many countries, including an affiliate branch Tradonomi LLC in the United States (very few brokers provide access to the Russian traders in the U.S. markets) and has the support of major financial institutions, suggests that there is no fraud. You need to take lessons from a professional trade and to start trading. And the best way to become a Pro - communication with the manager of the network in the chat.
Opinion on eToro is more positive. The idea of implementation of social trading seems attractive. Information is disclosed, there is compelling photographs of traders, there are detailed descriptions of the investment strategies and portfolios, in the chat dialogue with every interested person, including Russian. However, it is impossible to verify the accuracy of the proposed backup strategy - there is no reference to MyFxBook. There is also no information about how the selection of employees, managers and in many ways, to become a Manager, it all depends on the deposit.
Summary. Unique broker, which even in the Wikipedia in English in a separate article (you can add an article in Wikipedia in Russian). The company is moderately transparent (completely open it can’t be called), but it is trusted by millions of traders and large financial corporations, so we can not say that it is a fraud. Has its own specifics with the verification, but this issue is resolved. There are still many questions regarding the implementation process of copying, but still the platform seems a high-tech. We believe that, with invest partners social network will become more technologically progressive. If, after review you have questions or have feedback, please share your impressions in the comments!
Year of foundation: 2006
Location: 42nd floor, One Canada Square Canary Wharf E14 5AB London, United Kingdom
Minimum deposit: 100 USD
Available assets: Currency pairs, securities, commodities, indices
Trading platforms: OpenBook, WebTrader, Mobile Trader
Languages: Russian, English, Spanish, Polish, Italian, Chinese
Payment systems: Neteller, PayPal, Skrill, Webmoney, Yandex
Phone: +7 (495) 648-64-43, +44-866-350-0881
Site: https://www.etoro.com/Trade with Broker eToro!