Table of Contents
- 1 “Etoro is Perfect for Newbies to the Forex Market & For People Who Desire Social Trading Options”
- 2 Is this type of software for you?
- 3 Social Media Trading Atmosphere – eToro’s Strength
- 4 How do we know that this platform was aimed at beginners?
- 5 Negative eToro Reviews – You’ll Find Them, But Beware The Wolves In Sheep’s Clothing
- 6 Why This Isn’t For Very Experienced Professional Forex Traders
- 7 To Sum It All Up – Our eToro Review In A Nutshell
“Etoro is Perfect for Newbies to the Forex Market & For People Who Desire Social Trading Options”
Last Updated on 4th July 2017: It’s no fun doing things all by your lonesome, and that is exactly the sentiment that eToro is tapping into with their new forex trading software. When you trade with eToro it’s like trading with an army of other traders, kind of like bringing back the trading pits of days gone by, only virtually, oh and you can see what everyone else is doing too.
Not a bad idea.
Is this type of software for you?
It would be wrong of us to presume that it is without knowing about exactly who you are, there are all types of traders out there and all different types of software trading platforms and forex brokerage accounts; there is no one size fits all. If somebody tells you that there is a-be-all-end-all-forex-broker-software-platform…well, you might want to run in the other direction, just sayin’.
This piece is about laying out a broad overview of the most important information about the eToro forex broker setup and software and letting the reader decide if this is right for them, it is for you to decide whether or not this platform will help you get to the pot of gold at the end of your particular rainbow.
Social Media Trading Atmosphere – eToro’s Strength
If you’re a rank beginner who is just getting into forex trading, and you’re someone who doesn’t like to sleep (or trade) alone, then eToro is quite possibly the best trading platform and broker for you. It’s social Openbook platform allows a social media type trading atmosphere, as well as the ability to see what other traders are doing in real time; it’s quite ingenius.
It isn’t overwhelming to interface with, and it’s fairly intuitive for most people, there isn’t a big learning curve like you may find with some other software that was built without newer folks in mind. Developers who know forex wouldn’t have developed something like this, it was made for entry level people.
How do we know that this platform was aimed at beginners?
Webinars, E-courses, Videos, & Articles – Learn Or Burn.
Well the sheer amount of webinars, training videos, and articles was sure a big tip off. Sure, there are videos with beginners in mind as well as the more advanced, but how much would an experienced forex trader learn from most of those videos? Not a whole lot, which is fine, we’re just pointing out that this is a platform and an overall experience aimed at the beginner.
This is great for learning how to trade forex, develop strategies of your own based on what others are doing (Openbook – social media), and simply get better at trading. If you are a beginner at trading then you’ll probably want to jump right into the market and start trading right away, we absolutely do not advise that (even though many who read this won’t heed our advice). We’ve been there, good luck to you.
Jumping right into being a forex trader is like getting shot down in the Pacific in WWII without a blow up raft. The sharks never had an easier meal.
Think about this for a minute. Have you ever played chess? How long did it take you to learn how to move the pieces? It took you about five minutes, good, wonderful, now how long did it take you to get good at it?
You could spend five lifetimes learning chess and still be learning new things. The same is true with trading.
You don’t have to wait five lifetimes to start trading your own money, but you do have to learn how to trade so that you don’t get eaten alive. Fair enough?
Negative eToro Reviews – You’ll Find Them, But Beware The Wolves In Sheep’s Clothing
There are a lot of negative eToro reviews out there floating around the Internet at the time of this writing, and we want to say, please, take that with a grain of salt. There are a lot of software vendors and affiliate marketers out there who are simply trying to force a solution down your throat, they don’t give a hoot about you.
Yes, a lot of the reviews are fake, a lot of the nightmare stories are false and/or made up. This is nothing new the world of forex, this market has been and still remains the wild, wild west of trading markets, and the software platforms are no different.
Why This Isn’t For Very Experienced Professional Forex Traders
Most of us trade to make extra money on the side, we have a day job, and we trade to make extra money, heck, if we get really good at it we might give it a go as a full time job – but most of us won’t. No shame in that, if we make money over the long haul, then it’s a win.
A pro forex trader won’t use this software for a few different reasons, one, eToro doesn’t accept checks (at the time of this writing). This might seem like a small point, but for some guys this might be an issue. They may be used to moving money the old fashioned way, or like the flexibility, or security. Who knows?
This platform only allows trading 16 currency pairs, and someone who is a seasoned pro, probably won’t want that type of limitation. They want to move wherever the market moves, and make a killing wherever it moves…without limitation. Many beginners don’t care.
Lastly, there is very little customization to the data and interface for eToro, and guys that are dropping a lot of scratch have progressed beyond a canned interface with a limited way of slicing and dicing the data. They will have custom set ups.
To Sum It All Up – Our eToro Review In A Nutshell
If you’re looking to learn how to trade forex in an easy to assimilate and non-intimidating way, as well as have access to a minimum deposit brokerage account, then eToro offers an affordable entry way point into the market for many.
At time of writing, eToro charges 2 to 3 pips per trade, which is high for some and low for others. Could you do better elsewhere, sure, but how many trades are you going to be making a day? And also, what type of forex brokerage platform comes with all of eToro’s sweet bells and whistles?
A few, to be sure, but this is a good way to learn forex trading, get your feet wet, gain access, and get in the game. Get in the same, but watch out for the sharks. Sign up using this link to get a 30% deposit bonus.
You can also see our review of the top 5 forex brokers for beginners if you’d like to open multiple Forex broker accounts at once.