There are a lot of trading platforms available for veteran and beginner traders. However, most of them are questionable in terms of their legitimacy, and some may think they’re a scam. eToro has the same dilemma, but read on and see if it’s a scam or legit.
Most trading platforms offer three accounts to their clients, and so does eToro:
- Demo account – if you’re not feeling confident with your trading skills, eToro provides a free demo account where you can practice trading.
- Retail account – this type of account is the most basic one. All eToro clients will have a retail account and switch to the professional one when they fit the requirements. Clients will only have principal benefits with this account.
- Professional account – clients who are upgraded to a professional account can enjoy higher leverage levels. Institutional investors such as an insurance firm will automatically get a professional account once signed up.
Clients can freely choose from the two platforms where they can access eToro: web and mobile. There is no desktop version of eToro, but the two other versions are sufficient in handling clients’ trading. Both web and mobile interfaces are easy to understand even for beginners.
As it is available to many countries, eToro supports 21 languages like English, Arabic, Thai, and Dutch. The web and mobile versions have a two-step login system, which is always optional to clients. Both versions also have an excellent search function and push notifications option.
Check out review of Etoro, 100% Honest Review From My 6 Year Account With Etoro – Is it all legit or a scam?
eToro offers tools that enhance the trading experience of their clients. Here are some of the tools used in the eToro platform:
- CopyPortfolios – this tool platform groups their clients into a single fund where other traders can invest in. This tool is suitable for clients who trade passively.
- CopyTrader – eToro clients can copy top traders’ portfolios and apply them to their account.
- Research tools – this tool includes an economic calendar, charting tool, market sentiment data, and a news feed.
eToro offers cryptocurrency and foreign exchange trading. Its platform lets clients trade currencies, stocks, ETFs, CFDs, crypto assets, and commodities. It fully supports 16 cryptocurrencies and 94 crypto pairs, while 47 currency pairs are available for clients to trade.
Most people quickly judge eToro and label it as a scam because it looks different from the other trading platforms. However, eToro has been around for over a decade and paved the way for social trading. This trading platform has proven to be trustworthy, but the costs are high and the quality of traders that can be copied is very poor.