Etoro Forex Trading Review & My Experience Using Etoro
One of the forex brokers that you can consider for trading forex in various currencies is etoro.
etoro is an investment fintech platform that operates in many markets around the world with various instruments.
Etoro Also Has Good Reviews From Previous Traders, If You Don’t Believe You Can Click The Following Link To See The Review: review etoro
I will explain my experience and background on how I can find etoro.
Initially, I used etoro to trade shares in foreign markets because it offered 0% commission for transactions in the US market and a minimum deposit of $200. Later, I saw that etoro offers not only stocks but also forex with a choice of 53 world currency pairs for trading.
etoro operates worldwide so it has licenses in various countries, namely:
- Cyprus: Cyprus Securities Exchange Commission (CySEC) license no # 109/10.
- UK: Financial Conduct Authority (FCA) license no FRN 583263.
- ASIC Australia with license number Australian Financial Services License 491139.
Currently etoro serves more than 13 million traders worldwide.
So for the broker category, etoro is an international broker that is not regulated by CoFTRA, but is subject to regulations from other countries due to the cross-border nature of its operations.
Multiple Products & Global Market Access
etoro is a global investment ‘supermarket’. You can trade not only forex or stocks, but also various other instruments.
One of my initial interests was that etoro offered:
- Various financial instruments, namely: stocks, commodities, crypto, indices, ETFs, Indices and Forex in one platform
- Access world financial markets, such as NYSE, Nasdaq, London, Hong Kong, Paris, Madrid and others
For a long time, I have been looking for a broker who can provide trading and investment facilities in various instruments and investment opportunities to the global market, but I always run into the problem of a high minimum deposit.
By being able to invest and trade on one platform, it is easier for me to manage investment strategies and diversify my portfolio.
For example, when the Covid-19 pandemic hit the world, I could have many choices, for example, focusing on relatively safe, safe-haven financial instruments, moving to a country that recovers the fastest from the pandemic.
I really feel the flexibility on a platform that provides many alternative choices of investment instruments in many markets in the world.
The forex market runs 24/7 non-stop, one market closes another market opens alternately, so investors need CS services that are available at all times and can always help.
- Skillful CS and having adequate expertise is very important for investors, especially in increasingly complex investment instruments.
- 24-hour live-chat service. A good broker provides a 24-hour live-chat service that you can easily contact anytime and anywhere. In addition, in addition to the availability of services, the waiting period of the queue should not be long.
CS is important in my opinion, especially if you are a newbie, new to investing in forex or other financial instruments.
etoro provides leverage facilities, especially for forex trading transactions. In forex, leverage is a must because without leverage, the minimum transaction that investors must make is very large.
The etoro platform marks Leverage with a fairly wide range, namely “X1, X2 … X100, X200 to X400” which means you can make transactions up to 400 times your capital.
With a large transaction value, for example 400 times earlier, you can make big profits even though the forex market moves only a little.
However, it also means that the risk that you have to face with Forex trading becomes large because of the large transaction value (due to the multiplication of Leverage).
In addition, etoro also charges leveraged interest which consists of fees, namely:
- Overnight fees. Daily interest on leverage that customers use
- Weekend fees. If it’s over the weekend, the customer goes to the weekend fee of 3x the overnight fee.
On the website, etoro made a statement that “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.”
The meaning of the above statement is simple that you only have a 25% chance of winning an investment with leverage, namely CFD. The remaining 75% you lose, lose money.
Training and Copy Trade
In addition to providing comprehensive and up-to-date training materials, etoro is known as a pioneer in social trading, which provides Copy Trade facilities to help investors trade with experts and experts in the trading world.
etoro provides Copy People and CopyPortfolios.
- Copy People. Customers can use this facility to follow the trading methods of traders who have proven successful for several years.
- CopyPortfolios. Customers use this facility to follow certain portfolio trading strategies that etoro provides.
Copy Trade facility can help novice investors to learn from experienced traders or use portfolios created by experts.
Of course, the disclaimer is that past performance does not guarantee future performance.
etoro charges one admin fee, namely an inactivity fee, of $10 per month if the customer has not logged into the system for 12 consecutive months.
So, the conditions for not being subject to admin fees are quite easy. Click once in the last 12 months.
Is Forex Really Including Pyramid Scheme?
What is a Pyramid Scheme? The Pyramid Scheme is a business model that recruits members by promising payments or services if they succeed in recruiting others to join the scheme. As the number of people recruited increases, recruitment is no longer possible and most members are unable to make a profit; therefore, pyramid schemes are considered illegal in some countries.
In fact, there are many brokers in the world that are pyramid-type. The pyramid itself has 2 types: Classic pyramid and Fraudulent projects.
Can Fraud Like This Be Prevented? Please click the following link: is forex a pyramid scheme, by clicking on this link the experts will explain the forex pyramid scheme fraud and how to prevent it.
In conclusion: Learn from the experts when you want to trade. Because by learning we will be able to solve problems. Be smart to choose a Trusted Trading Broker Who Gets Good Responses From Previous Users.