By: Craig Abbott-
Product Overview...
eToro is a forex trading platform that has been designed to be accessible to both beginner and expert traders alike. They have achieved this by making the trading platform easy to use with simple visualisations and professional forex analysis tools.
Product Claims...
"Minimum deposit: $50"
“No commissions"
"Visual trading software: Trades are depicted through various creative representations, trade activity can be followed with ease."
"Spreads on major currencies: 2-4 pips"
Our Results...
Once we signed up we downloaded the free software which was both quick and easy to do, we were then prompted to login. Following this we were asked whether we wanted to “Trade For Real” or “Trade For Fun”, being our first time trying the platform we opted for the latter.
What we were presented with next, the "eToro lobby", is what makes eToro very different to any of the other forex software or trading platform we had used before. It consists of four trading areas. The first one being the FOREX Marathon. Visual characters, ranging from a farmer (US), sumo wrestler (Japanese Yen) and a European businessman (Euros) represent each currency in the FOREX Marathon. We then chose the currency that we wanted to buy, picked the currencies we wanted to compete against, selected the amount and clicked the “Open Trade” button. The screen then changed to show a marathon being raced with each character heading for the finish line, the winning character, in our case the farmer (US) won representing the US$.
After the FOREX marathon we tried the "Dollar trend" from the lobby. This was similar the the FOREX marathon in that you watch the currencies race against one another but instead you chose whether the US dollar will rise or fall against the other currencies. The graphics for this are in the shape of coin or button, each representing a different currency.
The third option we tried from the lobby was the globe trader, we made our selection and were then shown a wire signal, representing our trade, between the competing countries on the trade arena’s map. A tiny info box above the wire gave us access to exactly how our trade was performing profit-wise with a more detailed breakdown at the lower left of the map.
The final option from the lobby area we tried was the "FOREX match", this was a simulation of a tug of war between currencies, we found this to be a lot of fun!
Our Verdict...
After using it for 4 weeks up until writing this we found eToro to be a refreshing entry into the forex software and trading platform market. The innovative way of trading that eToro provided not only works but makes the sometimes mundane process of placing trades both fun and exciting to do. The practice mode with live forex rates makes this the perfect option for beginner traders to hone there skills and a low minimum deposit of $50 allows for real trading experience without the risk of great loss.
The unique way of trading may not be for everyone but with the software being free to download why not try eToro for yourself and see if it is right for you...
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Try eToro Here...
