In recent times there has been a massive increase in trading online. The seemingly endless rise in interest in cryptocurrency has only fueled this even more. The online world is awash with stories of people who have managed to make fortunes from trading, and people who have unfortunately lost them. Many wonder how to actually get involved in this business. There are platforms out there that can hopefully make it easier for you and platforms like eToro are certainly right up there at the top, let’s find out why that is. 

What is eToro?

A social trading platform, the use of eToro has surged as people investigate the numerous ways in which they can invest their money. Both trading and investing can be carried out on this platform. Providing the services of an online broker, they are also keen to distribute knowledge to members about how to improve the way they handle their own transactions.  If you want to find out more, don’t hesitate to browse https://cryptoholics.com/crypto-exchanges/etoro/ for a comprehensive look at the platform and discover more about eToro.

How is it Different from Competitors?

eToro developed an exciting concept which allows traders who do not wish to trade or may indeed be wary, the chance to mimic trades made by other members. While not guaranteeing success, many follow this route if fellow traders are seen to be successful. This is a method often practiced by beginners at the eToro platform. While the company was only established in 2007, it has firmly established itself in the financial world, with its value soaring significantly in the last few years.

What would You use it For?

Both investors and traders have been impressed with the range of financial assets available on eToro. Despite cryptocurrency being the hot topic of the moment, stocks, commodities, ETFs, currencies, and indices are also dealt with here. Investing with or without leverage does not seem to be an issue.

Once joined, choices to invest for a time frame that suits you best is freely available. Short, mid, and long-term investment options can see you sit back and play the game the way you want. However, its social trading features appear to have proven to be a big draw to members.

Is it Legitimate?

While the company appears to have a perfect rating, there seems to be a sense of wariness on the internet revolving around eToro. Many have reported feeling scammed but this seems to be down to disappointing customer service more than anything else.

However, the company is safe and regulated by the relevant authorities in each country it maintains offices. Its recommended before trades to check for security signs which may appear on your browser. Funds are stored in tier 1 banks and all clients’ personal information undergoes SSL encryption. 

The Pros of Using eToro

With eToro, you can have confidence that your funds are safe. Being an international broker, you will have options available to you from all over the world, barring a selection of countries, easily accessible. It is seen to be quite easy to use as regarding any of its products.

The fact that a small minimum figure only is necessary to fund an account and begin your trading adventure is also appealing to many. Its portfolio of cryptocurrencies is of massive interest to many entering this new speculative side of trading.

Trading in stocks and ETFs are commission-free. Copy-trading and social trading have played a huge role in ensuring eToro remains as popular as ever.

What are the Cons of Using eToro?

One of the main complaints about eToro appears to be that their customer service is quite poor, which can be frustrating to customers when their money is at stake. Non USD deposits face high conversion charges that can be extremely off-putting.

Fees are a sticking point, as CFD and Forex fees are low, but still not free. Non-trading fees are $5 and as well as people being unhappy with the price, they also report long waiting times or delays during these processes.

While it recently opened a branch in the U.S., although this is a massive market, it’s still only possible to trade in cryptocurrency there. No stocks, EFT’s, or non-crypto currency assets are allowed as of yet.

Summary

While eToro may be coming under a bit more pressure from competitors, it’s simply still one of the best trading platforms on the market. With the number of people looking to get involved in this sector, eToro appears to have something for everyone. It would be silly to overlook eToro in this line of business.

Many options are available for you to choose from and of course, you don’t have to tie yourself to one particular area. There’s no need to worry about your money as strict safety measures are followed. There appear to be more pros than cons to doing business with eToro, although customer service seems to be one area highlighted that could still be improved.

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