Review of Forex Broker: eToro

Company Background

eToro is the online name for Tradonomi LLC a Cyprus based online trading company that has been online since 2004. They are registered with the following regulators:

CySEC (Cyprus) NFA (0382918 eToro USA) NOT a CFTC-registered FCM.

eToro Broker capitalization could not be ascertained because they have not published their balance sheet as of yet. A broker should have a minimum of 70 million USD for any sort of credibility. However, they are registered with the NFA and other regulators so as far as trading and holding of funds is concerned this regulated broker should be as safe as they come.

Dealing Desk/No Dealing Desk

eToro does have a dealing desk.

Trading Platform

They have two trading platforms one web-based and one a proprietary eToro downloadable platform. Their webtrader platform seems to get high marks too.

Commissions

eToro offers 3 PIP spreads on Majors and this is fixed with a leverage of 200:1. They do not guarantee stop-loss trades in fast moving markets.

Accounts

The minimum deposit is 50 USD, which makes opening an account fairly easy for those who want to try their hands at FX trading. Of course, we always recommend that forex beginners open a demo account before trading with real money. eToro has demo accounts you can try before opening real-money accounts.

Funding Options

All major credit cards and e-wallets accepted.

Tools

eToro provides account holders with an eToro developed e-course to improve trading knowledge and skills. Traders looking to improve skills and knowledge can also check out eToro.net for blogs, articles, commentaries, market news and analysis and other free forex goodies.

Customer Service

Support was available. Online chat is also available. Another advantage to trading with eToro is that eToro account managers are available to help traders with any forex related questions.

To sweeten the deal eToro has also been known to offer up to $10,000 in trading bonuses.