The goal of the EToro platform is to reduce the complexity of trading so that traders may learn the art of trading rather than focusing on mastering software. EToro’s platform is available for download as well as a web based version for traders on the go who want to access their account at any time.
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EToro Forex Trading Platform: Features
The EToro trading platform offers two different modes, a visual one for beginners and an expert mode for experienced traders. The visual mode is designed to make Forex trading enjoyable and easy to learn without all the hassle of complicated software and indicators. The idea of the program is for people to grasp the basic concepts while having fun with the different visual representations. It has been proven that people absorb more information and learn better when they are enjoying themselves, and EToro implements this into its platform.
Visual mode offers a variety of trading representations, known as arenas. For example, the Globe Trader Arena allows traders to view their active trades on a map of the world. The trades themselves are represented as wires between the different countries according to currency pairs being traded at the time. As the rise and fall of a currency depends largely on the economic and financial indicators of a country relative to another, this visual representation of the world helps traders “see” the financial relations between countries.
The Forex Marathon arena is represented as an actual, graphic race where traders can take advantage of the overall trend of a currency and are able to trade it against multiple currencies at the same time. For example, if a currency is rising, it is likely that it will be rising against a number of other currencies and trades can be executed against multiple currencies at the same time with a single click. Once the trade is active, users can simply sit back and watch the race.
The Forex Trend Arena allows users to trade the Euro, British Pound and U.S. Dollar, which are the most liquid currencies, based on the overall trade. All the trader has to do is predict the overall direction of the trend and then trade one currency against the other two based on this prediction.
The Trade Box offers a wider range of more advanced tools where traders can choose from a variety of levels of leverage from 1:5 to the maximum of 1:400. In the Trade Box, users can trade a wider variety of currency pairs besides the majors and also trade commodities. The Trade Box is also where users can set their Stop Loss and Take Profit orders. Traders can also access trading charts from any arena at the click of a button.
EToro Forex Trading Software: Advantages
The EToro Forex trading software provides an excellent platform for beginners to learn the intricacies of Forex trading. EToro offers vast training resources as well as a demo account that functions in real market conditions because there is no better way to learn than to practice. This means that users will be executing trades in live market conditions but they will be using demo money to do so. It is generally recommended that traders do not “go live” until they have had a few months practice with a demo account and are generating consistent profit.
EToro is very customer oriented and thus offers excellent support through live chats as well as even more in depth training through one on one personal coaching.
The biggest advantage EToro has is that the platform is quite simple and intuitive so traders can focus on the market and their trades rather than having the hassle of learning new software. They also provide one-on-one assistance so that traders always have access to support when they need it. The EToro community also provides invaluable market insight and analysis.
Additionally, when traders go live the minimum deposit required is $50 and trading mini-lots of $1,000 is permitted. As already stated, leverage ranges between 1:5 to 1:400 and can be modified for each individual trade rather than setting a standard for the whole account. The average spread for majors is 2 pips.
EToro also offers new accounts a bonus of up to $1,000 depending on the account and deposit made. For example, a deposit ranging from $100 to $399 will receive a $25 bonus, a deposit of up to $1,000 will receive $100 and so on and so forth. Additionally, members who successfully refer their friends and acquaintances will receive a $100 bonus for every person who makes a minimum deposit of $100.
EToro Forex Trading Software: Disadvantages
Some traders feel that the platform is too simple and takes away from the complexity of Forex trading, giving beginners the impression that it is much easier than it really is. The problem is that the volatility of the Forex market combined with leverage can lead to substantial loss, which is why making Forex trading appear too much like a game can backfire for beginners.
Overall, the EToro Forex trading platform is simple to use and can be an invaluable learning tool for beginners, as long as they also learn the basics of technical and fundamental analysis and don’t allow themselves to be too caught up in the graphic aspect of the software. For an experienced trader, this software offers the advantage of Expert Mode which allows Forex and commodity trading within the same interface, as well as grouping all the required information in the same window.