Knowing which forex trading software to use can be extremely difficult as there are so many on the market. You may not have the time to evaluate all the features of a program offered by a broker and we hope that this review will provide you with some of the answers to your questions.
eToro is a fast growing, relatively new firm of forex brokers. Unlike other brokers, this company aims to educate and prepare traders for the sometimes stressful nature of forex trading. It also tries to make the learning process fun to try and eliminate the nervousness that many new traders experience when they need to learn this new method of making money.
The Forex Accounts You Can Get
This platform offers a single account type for all the different traders. Registration on the site is simple. Once you have downloaded the program, you will be prompted to open your account. The system offers a step-by-step account opening feature.
The system implements different modes rather than separate accounts for traders of differing experience levels. You can opt for a visual or an expert mode which is similar to the mini and the standard accounts offered in software by other brokers.
In the visual mode, you will be introduced to the currency trading world. You will be taken through the program in a step-by-step fashion where all aspects are explained in detail. This approach will take you from entering an order to explaining leverage.
What the trading Platform is Like
This is an innovative, unique trading platform that offers you an experience similar to gaming. In the trend section, you will observe various currencies, in the form of the national symbols competing against each other in an arena. The forex marathon allows the different currencies to compete against each other.
Experienced traders have the facility to manage lot sizes and make adjustments to limit their risk level in the trading challenge section.
The trading challenge pits traders against each other. This challenge carries prizes which are determined by the brokerage. The most profitable trader normally walks away with the prize.
The Support on Offer
Along with their demo account, this brokerage offers tutorials and guides particularly geared toward the beginner trader. There is a forum which allows traders to discuss lessons, strategies and to share their personal experiences. The brokerage support team is extremely helpful, patient and professional. The firm is targeted at retail traders and they welcome questions from traders irrespective of their experience level. You will also be able to seek advice and help from the knowledgeable support staff.
How You Can Deposit
Deposits can be made via Neteller, MoneyGram, Paypal and WebMoney. Deposits are also accepted via wire transfers and credit cards. The initial minimum deposit is limited to either $50 or $500, but this is dependent upon the funding method that is used. To withdraw your funds, you will be required to complete and submit a form online. Support is available if you experience problems with deposits or withdrawals.
How Secure the Broker is
The company that has ownership rights to this forex trading software is registered in the U.S. Tradonomi LLC is a NFA member and is CFTC registered. The firm clearly states that it does not share any personal information.