Etoro Social Trading: Is etoro safe?
eToro Social Trading is a multi asset brokerage company. There are 2 ways to trade with eToro, social trading or CFD. In this Etoro Review you will understand everything you need to know about eToro Social Trading and is eToro safe to use.
Is eToro safe? How does eToro work?
eToro Social Trading is undoubtely one of the most advanced and popular trading platforms around. By registering with eToro it does not only mean you are opening a trading account, but also you are entering one of the largest aspiring and expert trading communities.
eToro Social Trading shares the trade activity and information of every users, which are accesible to anyone including past performances. Like any other social media platforms, users can interact, like, comment on other user’s feeds. Users cam also copy or replicate other people trades making it eady for anyone who is new with trading.
How does eToro profit?
Like most brokers, eToro earns from the spread, which is the different between buying and selling price of an instrument.
By now you are probably wondering is eToro safe?
As you know there are many and many scammers in the forex and trading world, but eToro is not one of them. eToro is a regulated firm founded in 2008 therefore it has been on the market for many years.
Benefit of eToro Social Trading
- You can trade, copy or build your investment portfolios on cryptocurrencies, currencies, indices, ETF, commodities, or stocks.
- You can follow other traders and observe and copy their trade with just one click.
- You can let eToro automatically and proportionally replicate the trades for you. (Copy Trading).
- You can participate and share trading information in the community. (Social Trading)
- You can invest in CopyFunds and earn share dividends on shares, even if the trades are made with CFD.
- eToro has created a special CopyFund which is called eToro Crypto Fund which enables users to invest in diversified cryptocurrencies in a few clicks. Furthemore, in the coming months eToro will present its own Cryto Exhange and mobile wallet.
- All transactions made with eToro are carried out through SSL (Secured Socket Layer) which ensure your personal data protections. eToro also allows few methods of deposit and withdrawal such as China Union Pay, credit/debit card, PayPal, Skrill, WebMoney, Yandex, bank wire, and wire card.
FeToro Reviews – PRO
- You can create unlimited demo accounts
- Wide range of assets
- Share dividends payments
- Easy to use platform
- Proportional replication of other people’s trades
- Great customer supports
- Extensive educational section
eToro Reviews – CONS
- Spread fees are higher than what other brokerages normally charge.
- Traders performance data could be made better
- Wide presence of non-professional traders, making it challenging to select which one to copy or follow.
All in all, i believe eToro pros outweigh its cons. If you are new with trading, you can give eToro a go. You can create a demo account with them and see how you go and if it is the right platform for you.
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