What Is eToro? Find Out in This eToro Forex Trading Review!
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.
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.Looking to Make Passive Income Online? Here’s How I Did It >>
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.