In this eToro Forex trading review we’ll find out what is eToro and if this program can make money. The Forex trading industry is infested with get rich scams that people fall for on a regular basis.
When looking for legitimate trading opportunities, be weary of the programs that promise too much for too little.
You’ll see opportunities that claim to make trades for you automatically and all you have to is sit back and watch the cash come in.
These opportunities always have fancy sales pages with paid actors using rented sports cars and mansions to convince you to join.
They make it look easy and too good to be true.
And we all know what happens when something is too good to be true.
The bright side is that all these scams are basically identical and once you learn how to spot one you can spot all of them.
Today’s review is all about the eToro Forex trading platform and whether or not it’s a scam. As well, we’ll explore if it’s possible to earn money with it.
Let’s start with the details.
eToro Forex Trading: Product at a Glance
- Name: eToro
- Niche: Forex Trading Platform
- Price: Free Trial, Minimum Deposit Required
- Training Quality: Decent
- Year Founded: 2006
- Recommended: Yes
What Is eToro?
eToro is a social trading network that has been around for many years and is considered the most reputable company in the Forex trading industry.
The company first started as a copy-trading platform that allows investors to replicate successful trades of well-known traders.
Since then, it has undergone quite a few changes, and currently, it’s a platform that allows members to trade all types of currencies and commodities.
Most people join eToro because they’re looking to make some extra cash online and they’re tired of other opportunities.
Contrary to what you might have been told, trading is not an easy way to make cash as it involves a lot of skill and a large initial investment.
While eToro is a good platform for Forex Trading, if you want other types of investments, such as mutual funds, stock, and whatnot, I would recommend going with Fidelity Investments.
And let’s not forget that even the world’s top traders lose money too!
eToro Forex Trading – What I Like
Here are some positive things I like about eToro..
eToro is unique among online trading platforms because it offers a few unique features.
For starters, the social media element.
There’s also a section that lets you view other member’s portfolios and copy their success, this feature is called “Copy People”.
You can browse their trades and profiles and view all the stats related to their trades and success.
It’s a really cool feature!
It’s also worth mentioning that these trades all have a risk level assigned to them, and that score is made public so anyone can see it.
This makes it easier for people who don’t want to risk losing too much cash to still earn a bit from their trades.
It’s also interesting to note that these profiles are divided into categories: Low Risk, Medium Risk, and High Risk.
Low Risk usually involves smaller amounts of money with smaller rewards, but more reliable results.
High Risk involves more money and can also lead to higher rewards, but with unpredictable results.
I really liked how you can have the option to sort trades based on their level of risk. This makes it really easy for the average person to start trading without losing their entire initial investment.
The lack of hype!
Another thing I loved about this platform is the lack of hype, there are no promises of wealth.
In fact, the company makes it very clear that there is risk involved with trading online and there are no guarantees of income.
Here’s an example of a Forex scam that you should avoid at all costs!
This disclaimer is not hidden away in tiny text on some obscure page of the website but rather on multiple pages on the homepage; the message is clear.
Getting Started with eToro Forex Trading
Creating an account with eToro is a walk in the park but you will be required to make a initial minimum deposit.
The minimum deposit varies depending on several factors, for instance, members in Israel who want to trade according to the Shariah law principles must deposit a minimum of $1,000 to activate an account.
But other members can deposit an amount between $50-500.
It also depends on which payment method you choose to send funds to your account, the minimum Wire Transfer is $500!
Here’s a list of supported payment methods:
- Credit Card
- Wire Transfer
- Sofortüberweisung or SOFORT
If you do not want to immediately fund your account, there are demo accounts available. This is nice to play around and get a feel for the platform.
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I recommend creating a demo account if you’re new to online trading platforms because it’ll really make it easy to understand the core functions of the website.
That way when you do fund your account you can jump right into the real trades!
You should also know that you’ll be able to test out the Copy Traders feature with a demo account but of course you won’t earn any real cash.
eToro Forex Trading Cons
Some downsides worth mentioning:
- Deposit and withdrawal fees.
- No direct market access.
- High spreads.
- Inactivity fees when inactive for 12 months or longer.
eToro Customer Support
eToro is one of the few online trading companies that take their support seriously and they’ll always do their best to help out customers.
Of course, this company have over 3 million members so sometimes there is a delay between responses, but there’s also a hotline that you can call for additional information and assistance.
In general, their customer support is excellent.
eToro Review: Our Conclusion
If you’re looking for one of those programs that you can set up and forget, this is not it.
Online trading requires a lot of time to manage and there’s always risk involved, so don’t be surprised if trades don’t work out.
But if you’re looking for a legitimate Forex trading platform that you can use on a daily basis as an investment platform, eToro is the best choice out there.
I really liked how they make it easy for complete beginners to start trading with demo accounts and the Copy People feature.
Just remember that trades do require an initial investment, so if you don’t have cash lying around to experiment with, it’s best to stick to the cheaper ways to make money online.
For instance, this online business training course will teach you everything that you need to know about how to set up a lucrative online business.
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Hopefully, now you know what is eToro and that’s it’s a legit Forex trading platform. If you have experience with Forex trading or our eToro review, let us know in the comments section below.
And please socially share this post if you know anyone who’s looking into eToro Forex trading.
Really informative post on etoro, thanks for your review.
I’ve been aware of etoro for a while and was recommended it by a friend a while back. At the time I invested else where in more traditional funds via large banks.
Do you know if etoro charges platform fees or is the system free?
I know that most trading platforms do skim a small amount (that varies between platforms) per trade. I’ve heard the copy trader system is implemented particularly well by etoro – a number of other platforms do try and implement this as well
Thanks for your feedback and info on our eToro Forex Trading review.
I believe that there is no platform fees per say but eToro does charge overnight fees and makes a spread on their exchanges.
Wow, I would like to thank you very much for the valuable information and warnings you have provided .Actually I have suffered from Forex scams sending me offers and they called me many times , especially when I was living in Dubai .
Thanks a lot for clarifying the subject for me .
You bet Sam, happy to help. I think being leery of Forex trading scams is pretty common these days. But they’re always super easy to spot.
The focus is always on some magic system that can predict stocks and easy money, two dead giveaways that you’re looking at scam.
Jeannie Brickley says
I enjoyed reading your eToro Review. I think you gave your readers everything they need to see if this is something they would like to invest in. It is good that they have the demo account so that you can learn a little before investing and that their customer support is excellent.
I have never done anything like online trading; but then again, I don’t have a lot of extra cash around. It is impressive that they have 3 million members. Wow.
Since I am not familiar with anything to do with onilne trading, I like your last suggestion for Wealthy Affiliate. They have wonderful training and I am learning a lot. I knew very little about online marketing before I started. I still have a lot to learn; but I am amazed at what I have accomplished.
That’s great feedback on our eToro Forex Trading review as well as Wealthy Affiliate.
Both systems have been around for a long time and providing great customer service. I’m not much of a gambler myself and I like the more consistent income I get from affiliate marketing.
It takes a bit of time to learn and get started, but anyone can do it. You just need the right education and support.
I’ve been hearing more about e Toro Forex trading lately, and honestly having no experience with it, it’s good to see a review about it.
The closest thing to trading I’ve done is bitcoin…so that doesn’t really count I guess.
I’d really like to learn some more about Forex trading though before I throw any money in. Like you said, you don’t wanna do it if you don’t have a good amount of money aside. Hopefully soon though.
Good strategy Jeff. If trading is your thing, go for it. But if you can’t cover your bets, don’t do it.
I am happy to see such thorough and complete review of a Forex trading platform. I have seen so many online Forex trading scams before. Like you say: a set and forget kind of system does not exist. If somebody did have such a system there is no way they would sell it on the internet, why would they?
It does seem like fun to trade online, but I am looking for a more reliable income so I will stick to Internet Marketing. Wealthy Affiliate is hard to beat for for that.
I’m like you. I like to invest and tend to lean towards more stable forms of income. When I started creating my online business, the hope was to earn well and travel. Now as I see my site grow consistently, traffic increases, and of course, so does the monthly income.
And what I realize that I’ve really created is a passive income source that consistently brings in daily income from the work I put in a year ago, a month ago, etc..
People talk about this, but most don’t get to experience this because the give up too easy. Forex trading and gambling can be fun, but wake up/passive income is much more enjoyable to me.
If you want to do the same, want to know what it takes, and what you need to invest… READ THIS POST..
It’s what anyone who wants to make real money online needs to read.
Thanks for your feedback on our eToro Forex trading reveiw.
I am delighted to know that Etoro is a social media kind of trade platform that has been around for years and I also like that Etoro has a Free Trial as well as a Minimum Deposit Required and that the Training Quality is Decent. I think I ll love to have a second look at it once am ready.. Thanks for sharing
You bet Yudee, when you get ready, eToro will be there to help you complete all your Forex trading through a reliable platform.
Hi, nice thorough review of eToro. Forex trading seems similar as buying shares. Could you explain the differences in shares vs trades? I used to invest a little bit in gold. But this might be more advantures if you have some extra money, especially now when banks only offer near 0% from savings.
Thanks for your feedback on our eToro review. I consider trades the actual selling of shares in a stock or of a currency, etc. Shares are the representation of value of a stock.
You can buy and sell anything in a multitude of markets, it’s just most Forex trading programs out there are scams, so you got to be careful.
For those that want to trade currencies, eToro has a long standing good reputation.
Well, now I know where to start when I’m ready to try my hand at eTrading. 🙂
That “Copy People” thing sounds like an awesome feature, and so do the “browse by risk” categories.
I know there are tons of Forex trading scams out there, and very few legit ones. Are there other companies like “eToro” that provide similar features, or is “eToro” really one of a kind?
eToro is the only reliable system I’ve looked into. Like you say, most are just ridiculous. Stick with what works if Forex trading is what you want to do.
I’m fascinated to read that Shariah law has specific guidelines for cash spending/investment. Do you think this law intentionally makes it harder for people to get involved with online investments?
I’m sorry but I don’t understand the social aspect you mentioned. Do you mean that eToro is working through a facebook page?
Hi Janelle, not sure about your Shariah law comment, I don’t think it’s based on religion but more country to country. Maybe there’s something to it, don’t know.
In any community that is based on helping one another, there will be a great benefit when that community is also involved in social media. Why? Because Google and other search engines place a great amount of importance in social interaction to rank content.
So by having a strong social presence and then being involved with other like minded individuals, you’ll get a greater boost in Google juice.