Sunday, September 9, 2012

eToro Review

My aim with this article is to provide you with a clear, concise and unbiased eToro ReviewAs a trader myself I can honestly say I've tried many different brokers until now. As you would expect, there were pros and cons about each and every one of them. Unfortunately more were on the "cons" side but the knowledge that I've got from all these experiences was good nevertheless.  

Well, armed with this knowledge and after reading eToro Review after eToro Review I have decided to come up with my own, unbiased, ultimate eToro Review for all you prospective traders out there not knowing what broker to go with.

eToro Reviews

The main reason why I decided to write this eToro Review was because, as I've said, I have read many of them myself and I have unfortunately come to the conclusion that you can't really trust most of them. Some present the platform in a negative way, others in an overly positive way but none of them tell the truth about it.

This is easily understandable as the main goal behind all these eToro Reviews is to sell or to create negative publicity by anti-advertising. This is the kind of stuff that I really hate about the internet - misinformation and as a passionate trader and platform user myself, I am bent on telling the truth.

What is eToro & What Makes It Different ?

Well, first and foremost eToro is clearly among the top brokers out there. This is something anyone can tell just by glancing over the application or by reading some feedback about it coming from the top trading expert companies like MoneyAM Online, Global Banking & Finance, Finovate Fall etc.

eToro's OpenBook
However, another reason why I've decided to write this eToro Review is because it also brings something new to the table, something that I like to call "social trading". If you're puzzled by this term, allow me to explain. One of eToro's features is the "eToro OpenBook" which is actually a Broker's take on social networking. This is due to the possibility to interact with other traders, chat, and even see how they're doing and what strategies they're employing. This all happens in real time of course and it's something that lessens the learning experience considerably.

Just like Facebook, you might get caught up in this "social networking" experience but at least here you won't be looking at pictures and reading pointless status updates. You will actually be learning how to make more money from the top traders using eToro.

Features of eToro

Of course, no eToro Review would be a complete and thorough one without presenting all the features that this application offers. The first one, and the most important one in my opinion is the one that I've described above, namely eToro's OpenBook.

"Copy & Paste" Successful Traders
In case you didn't know it, the "e" in the beginning of the trader's name stands for "easy" and judging by its platforms, this is indeed a well chosen letter. The other two features that eToro comes with are eToro WebTrader and eToro Mobile Trading Platform. The thing I've liked the most about eToro WebTrader, the main platform of this broker, is it's user friendliness and the fact that it's very intuitive.

The entire interface is clear, uncluttered and simply a joy to work with. Even if you have no prior experience with trading I guarantee you that you will have no problem adjusting to the user interface. You will start trading in no time and from anywhere you want to. I say anywhere because all you will need is an active internet connection. There is no software installation necessary which is in my opinion an excellent "lightweight" take on trading platforms.

The second, mobile platform of this broker is pretty much exactly what its name states: a great mobile way to start trading and to stay connected with all your investments. iPhone and Android users can both benefit from this mobile application and as you would expect, it is also available for tablets running these operating systems. This is yet another reason why I was eager to write this eToro Review. No longer are traders bound to their desktop PCs. Now you can really trade from any location as long as you can access the internet.

Benefits eToro

Well, there are two main benefits of using eToro over other brokers like AVA or FXCM. The first one  is the interface that makes for seamless, intuitive trading. It is truly one of the best I've seen and used. The second benefit and one that I've already told you about in this eToro Review is of course the social network component that it adds to the whole trading scene. Of course, if you don't want to socialize, you can simply log in as invisible. However, you can also get access to the real traders chat room even if you didn't start trading yourself which is great for newbies and experts alike.

Other benefits of eToro come with your account level. You start out as bronze and as you trade over a certain number of lots or if you deposit more funds, your account will be upgraded. For example when you reach silver level you will be able to benefit from:

- access to the broker's trading course
- a trading expert appointed to your account
- and more

Once you reach Gold level you will benefit from many more features like personalized daily e-mails keeping you informed on all the market happenings, various deposit bonuses, phone access, referral bonuses, etc. The ultimate level is the VIP one and if you reach it you can truly say that you are among the trading elite as you will even have access to training sessions with the best traders out there.