Welcome to our series of reviews of trading websites. Today we are going to be looking into the eToro website – design, services, trading platform, etc. Enjoy!
The overall web designed can be described as traditional, as far as trading pages are concerned. The colors used create a fairly dynamic, aggressive website. The top navigational bar opens automatically upon moving the cursor on it, which saves time. Some of the pages are a bit too long and it would be better to split them for better usability. If you like a more dynamic web design, then you will like this website.
News and other information
This website does not have a traditional news section, but there is a blog with posts containing of various usefulness. Some of them contain traditional market analyses, others are just musing about some particular item of no great importance. On its own, the blog is certainly not enough for an investor, but some of the posts offer interesting insights. In addition, there is the usual economic calendar and an earning call calendar. Also, on offer are additional activities such as trading webinars. A more interesting feature is called social trading, simply put, investors can choose to copy the portfolio of another investor, who receives a benefit for each copy.
You can use eToro to trade all the usual instruments plus cryptocurrencies. Due to European regulations, the maximum allowable leverage is quite a bit lower than it used to be in the past (from 1:30 to 1:2 in case of cryptocurrencies). One of the weaker points of this website is the presentation of fees for services rendered. There is no commission, but there is a withdrawal fee of 25 dollars. In addition, there are conversion fees on deposit and withdrawal for some currencies. Trading spread is not fixed and depends on individual instruments.
Trading via eToro is done exclusively by a webtrader. This may be a problem for some users. To sign up, you need to enter your name, surname and telephone amongst other things, but there is no verification. There is no separate demo account, but you can switch to virtual trading inside the application to trade without risk. Trading itself is fairly simple in the webtrader. You choose what you want to trade, select whether you want to buy or sell. You can customize your leverage for most instruments, stop loss amount, etc.
Some information is available inside the application, you can see how the price of the chosen commodity changed with time. You can also see trader’s sentiment (which shows whether other people prefer to buy or sell). In addition, you can choose to view what other investors are doing with their portfolios.
Conclusion and information about broker
Our overall impression of eToro is mixed, on one hand, some of the features such as social trading are very interesting and useful, if risky for new investors. On the other hand, we found it rather difficult to find some necessary information. The website could use a few changes to make it more transparent.
Like many other brokers, eToro is based in Cyprus. This company can be contacted by online chat, telephone or email.
Overall assessment: 2-