Two eToro trading companies for access to the American market. Social trading opportunity. Many currencies. Decent pips. FSA registration.
Lacks mobile platform-specific apps other than Android. Detailed site that may prove a little daunting for beginners.
Impressive forex trading option with a wealth of trading platforms, social trading to copy others, currency pairs and training courses.
eToro is based out of Cyprus, but is regulated in London, UK by the FSA. Trading is permitted for customers outside the USA, but there is also now a separate organization for American customers to allow them to trade currencies with the eToro group too.
What is impressive about eToro is how complete the service is. The web site hides a wealth of options behind their menu which drops down with more complete navigational links, but the web site is easy to use. This is further extended by a number of trading platforms, a web app and mobile options for Android, the iPhone and others choices.
Rather than offering a single desktop trading software solution, eToro has seen fit to offer several ways to trade.
The eToro OpenBook is their main platform which opens up trading to individuals and can also open up social trading too. Customers can track the top performing traders and copy their trades as they see fit. The Copy.Me feature allows traders to find the traders that stand out from the crowd and copy their trades step by step.
The eToro WebTrader is their web based platform that links to the OpenBook activity and provides a flexible web browser based trading option.
There are is also an Android app where you can monitor trades and view live feed. Additionally, the Mobile Trader facility brings trading access to the iPhone, iPad, Blackberry and other smartphones with displays suitable for smaller screens.
Currency pairs trading is covered in numerous permutations. But also commodity pairs trading is possible with oil, gold or silver paired with the US dollar. Several stock indices (both US and European) can also be paired with the US dollar.
The pips for trading are variable and depend on the specific pair being traded. This means a trader has to check in advance what the pips will be on a specific trade.
eToro does an excellent job of providing educational tools to its large and growing customer base.
There is their eToroPedia which has sections for many different aspects of currency trading, social trading which delves into how eToro is more social than other trading platforms, information on financial markets, details about leverage and margin (borrowings), as well as trading tips and instructive trading videos.
It is possible to fund your trading account in a multitude of ways. Wire transfer, credit card, Western Union, MoneyGram, Skrill, PayPal (quite unusual to see PayPal included).
For withdrawals, typically the same method of payment is used for withdrawals, so a trading account funded by a credit card will usually be used to pay money out. The withdrawal fees are considerable in percentage terms however for amounts below $500.
Suitable ID like color copies of a passport for the account holder, as well as a recent utility bill or bank statement, and front & back copies of a credit card if that was used for the initial deposit.
Forex Trading Features
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