How Does Etoro Works? Check This Copy Trader tool Review!
For many, finding the right online partner for your trading is a difficult mission. From beginners to professionals, eToro has made investing as simple as it can be. It is a community that is independent of location, offering more people access to financial markets and the ability to ‘learn as they earn.' The social networking core of eToro allows everyone to learn from each other and grow together. Its philosophy is that two heads are better than one. (In this case, 4.5 million heads)
After you finish reading this review, you should be able to understand the logic behind eToro, how etoro works and, more importantly, if your trading would benefit from becoming a part of the eToro community.
Etoro's primary goal is to bring life back to trading. This community is a meeting place for beginners and experts; it is an arena for the competitive; and a one-stop-shop where more people have the opportunity to access global instruments in a simple, dependable, and enjoyable way. Mark Zuckerberg created Facebook designed with users desires in mind, and so did eToro. What investors deem necessary and what they experience is the key to the program.
When trading entered the online world, most traders began a life of solitary and limited pursuits. However, eToro changed completely the way to invest.
EToro's beginning and growth
The company Tradonomi LLC launched the product in 2006. Tradonomi is a US-based company that maintains accountability by being registered with the CFTC and being a member of the NFA.
Not only does this provide users with a reason to trust eToro, but the system also implements SSL (secure socket layer) technology for data encryptions, to protect traders from falling prey to someone on the internet.
You can rest assured that eToro desires to provide you with a safe environment and that they want a favorable reputation to precede their brand.
It has 4.5 million users in over 170 countries who all manage their funds.
The security and compliance with regulations have made Etoro a globally trusted platform. However, it is more than a trading platform or broker; it is a social investment network.
Compared to its peers, Etoro is still relatively new, but its exponential growth and popularity begs the question – is this the future of online trading and investments?
How eToro Works - Check Video Walkthrough
eToro's Main Features
These are just some of them but once you create a free account you will see the real value of eToro.
One of the most attractive aspects of eToro is that anyone can trade like the best; by just copying the best, you get the results without having the experience.
CopyTrader allows you to launch the system, use the OpenBook platform, where you can identify the top traders that are ideal for your goals, and apportion a percentage of your funds to copy them as they trade. It is as simple as clicking "copy."
But, does this mean that you yield all management to the trader you are copying? Not at all. You can continue to monitor the trades as they appear in your account. You can stop copying a trader whenever you feel unsafe.
Another feature that has helped many traders is, what eToro calls, responsible trading.
It's very common to see operators gambling with their positions. They make emotional decisions and not necessarily informed ones. To protect you from this, you can activate this feature in your account.
It aims to form low-risk trading habits by limiting the leverage you use, the maximum amount of your funds you place in one trade, and the maximum amount you allocate to a copy trade.
Since this feature launched, there has been a tremendous improvement in trading results and trader longevity.
Believe it or not, this caused an overall performance improvement of 20%. There are many different trading styles in the world, and eToro allows everyone full discretion. You can easily disable the responsible trading functionality in your account.
eToro is where millions of traders can come together to brainstorm and reason, to teach and to learn, and to compete.
It is the first of its kind and has great systems like the CopyTrader and InvestorFinder. It is widely regarded as the future of online trading.
How it works is that it enables you to see live updates of trader's activity (knowledge is power), to follow traders who have an excellent track record – so that their business is prioritized in your feed – and even copy their trades.
The future of online trading is here! Check some Testimonials
eToro's approach has become somewhat of a revolution in the online trading space. However, the proof is in the pudding. What do existing members have to say about eToro? Here are a few of their opinions:
I have been interested in getting into online trading for a while, though only recently had enough funds. I looked at other platforms and eToro was the only one that seemed to offer more than the very, very dull traditional offerings out there. VERY IMPRESSED! Anyone who is familiar with social media (i.e., Twitter / Facebook) will get to grips with it very easily, and you get coupons which are great. Worth considering if you are looking for an online investment platform, a stable, secure and mobile app (I use Android) is very good as well.
Thank you, thank you. Etoro is a blessing to us: the payout always comes, even persons who lack trading knowledge may be successful because of copy tool… Fun and learning daily, nothing better and nothing like it and etoro gives you so many bonuses to ensure that you trade well. You are treated like family
In the beginning, I was a little skeptical to try eToro or any Forex trading platform for that matter. I was new to the world of currency exchange, and I could not find any trading communities. This was when I discovered eToro OpenBook, a massive and friendly trading community. I decided to give it a try (more than two years ago now), and I must say that I haven't had any problems. eToro gave me lots and lots of money to trade with – for no particular reason at all! That is just epic, and I haven't met any other platform that does the same thing…giving and yet so transparent. Overall, eToro is my main platform, because it's my favorite.
The norm in online trading is to provide new customers with the opportunity to get to know the platform and see if they could be profitable using it. Every broker offers demo accounts and a generous amount of ‘practice money' for you to enjoy as you learn; eToro gives you $10 000 to use in their demo account.
Also, there are several trading courses and resources available to you. The purpose of these courses is, to teach you how to be profitable in the quickest way possible. Here are a few examples for you to look at:
- Forex Advantage
- Basic Forex Terms
- Types of Orders
- Effective Strategies
- Glossary of Concepts
- The World of Global Trading
- Trading Psychology
- Capital Management
- Market Analysis
- Basic Technical Analysis
- Advanced Technical Analysis
- And More!
What is in it for experienced traders?
You can have plenty of people copy your investments, and even recruit more if you like, while receiving rewards as your following grows. As you gain recognition for your trading prowess, other's will copy your trades more, which will have you earning a monthly income in no time. You become a fund manager, purely because you have a successful track-record.
Why you should choose eToro?
- What does Etoro offer (practically) and how does it apply to your trading when you become a part of their network?
- They have simple trading platforms. These programs aim to make your trading efficient and ‘fool proof', whether you are doing it from a computer or a mobile device.
- Whether this is going to be your first rodeo, or you have some experience: You can immediately reap the rewards of trading like an expert. Not only is eToro created for (and around) community, but it allows you to identify and copy the pro's positions effortlessly. This means that now everyone can trade like a Stock market professional without having enough knowledge. It also allows the real experts to earn additional monthly rewards.
- You are not limited to the copy-and-paste method of reaching your financial goals either. Etoro wants to create a culture of "responsible trading," they promote this culture by providing every trader with all the tools, steps they would need to get started, and instruments they could use to manage the risk and return of their open positions efficiently.
- Similar to the feature mentioned above, are the trading programs they offer to each new customer. These programs are optional, but when you enroll, you get personal service, whenever you need it. You get the most recent news from reliable authority sources and insight reports written by key players - all of this, to help you understand the cause-and-effect behind what the market experiences.
- The more you give, the more you get; and eToro has a reputation for being generous. It has monthly special offers, some of which are temporary and some permanent, helping you earn more of return.As with many other ‘brokers,' you also get a demo account. The difference is they provide training, courses, books, and other helpful resources to help new customers become real traders as soon as possible.
Conclusion - Is eToro a scam or not?
With millions of people trading on their platforms and making real money, I can say that Etoro is 100% legit. The support you receive from eToro and their vast community of traders are second to none.
Their focus is to have you earning good returns, founded on a real understanding of markets and then imparting your knowledge to other beginners as you grow. Etoro's system is the future of online trading.
The Good Stuff:
- Copy Expert Traders Automatically
- World-class Training and Resources
- Flexible platform for you to trade on-the-go
The Bad Stuff:
- Platforms cannot be customized
- It's difficult to find some functionalities