eToro

Overview

eToro has a simple and easily understandable interface. It's ideal for beginners, but also has all of facilities that the experienced trader would require. As you can see from the screenshots in this review, they have taken a great deal of care to produce a program that is visually attractive as well as functional.

The screenshot below shows the initial Welcome screen after you download the demo, and you can see that it includes access to a trading guide.

The trading guide is very detailed, and ideal for the novice. The index is shown below.

Opening an Account

Opening a practice account with eToro is easy and free, requiring only a few details before downloading. As the interface is so user-friendly, this is the best way to get a feel for the way the software has been set up.

When you want to go on to trading live, then you need to give more details and wait for approval, as is normal. The screen below shows the process of upgrading to a live account, and the various ways that it can be funded.

Basic Trading

Here is the basic trading screen. Even though this is simple, you can also trade with an easier layout called the Visual Mode, and you toggle with the button on the top right. This screen has windows for current exchange rates and your open trades. It has a live forum on the left, with help from the Top Traders’ Insight if you are looking for advice in your trading. You can see the spreads are competitive, but not necessarily as low as the two pips eToro claims. The interface is extremely intuitive and easy to use, and eToro comes in eight languages.

eToro is based offshore, with administrative offices in Cyprus and corporate headquarters in the British Virgin Islands, but they maintain offices in the US, Singapore, Dubai, and Australia. Rather than maintaining a manned dealing desk, eToro uses an automated desk which eliminates human error and influence.

Pros v. Cons

• √ Easy to use.
• √ Ideal for beginners.
• √ Comprehensive trading tools available.
• x eToro is based offshore, so you rely on their integrity.
• x Doesn't offer trailing stops.

Summary

With the extensive library of information and videos about Forex trading, eToro is obviously designed to help the beginner learn and feel comfortable about entering the world of currency trading. But even a professional trader will appreciate how easy the interface is to use. There are low deposit requirements and promised bonuses for signing up, and eToro presents a reliable and uncluttered interface that is worth a look.

• Price: Free.
• Ease-of-use: 5/5.
• Value for money: 5/5.