EToro has a unique, easy to understand trading platform that is user friendly regardless of how much or how little experience one has with forex trading. The platform can be operated in visual mode or expert mode with the user having the ability to switch between the two at will. It is recommended that beginners use the visual mode to make their initial trades because this mode limits exposure and uses visual representations of what the person wants to do when trading to make it easier to understand.
There are five different trading platforms in the visual mode of eToro. Each represents a different type of market data and how the currency pairs are moving in relation to one another. When a position is open, the changes are represented, in most cases, by a race between currencies with the goal being, the customer wants his/her chosen currency to win by gaining the most value over the other currencies in the race.
In the advanced mode, customers have access to all of the data that affects the forex market with just a click of the mouse. This makes it possible to set values at which to enter trades and exit them with ease to limit exposure. The advanced mode also has access to more leverage levels and the ability to choose to carry a trade over the weekend if desired. The visual mode automatically closes out all open positions prior to the close of the market for the weekend.
Etoro not only makes it easy to trade on the forex market with their uniquely user friendly platform, they also offer customers the opportunity to practice trading with live market values and data using virtual cash so that no actual money is risked. Users can switch back and forth between the actual trading mode and the virtual mode with a click of the mouse.
These practice accounts are a serious advantage when one is first learning about forex trading. It is recommended that a person spend at least 4 or 5 weeks practicing with the virtual account before risking any actual cash in the market.
This is because the forex market is one of the most liquid markets in the world. Values of different currencies change relative to one another so quickly that it would be very easy for a person to lose his entire investment in the blink of an eye if he were not aware of what factors affect the market. The practice account allows one to make trades using real data from the market so that different occurrences and their effects on the trading position can be seen and noted without risk of losing money.
EToro offers many more options for depositing and withdrawing money from one's account than most brokers. One option that sets eToro apart is the use of NETELLER as a funding method. NETELLER operates in more countries around the world than even PayPal. In addition, NETELLER offers a free debit Mastercard that one can use to access his account anywhere in the world that Mastercard is accepted.
While this debit Mastercard will not give one direct access to his eToro account, one could easily withdraw funds from his eToro account using NETELLER and use the debit Mastercard at any ATM in the world to withdraw funds in the form of cash if so desired. It can also be used to make purchases just like a Mastercard credit card, with one exception; the amount of purchase has to be in the NETELLER account already or the sale will be declined.
In addition to NETELLER, eToro also accepts Paypal, WebMoney, MoneyBookers, and all major credit cards as ways to fund one's account or withdraw funds.
EToro offers online chat and forums where customers can discuss forex and their trading experiences. These features are especially recommended for newcomers to the market because a great deal of knowledge can be gained from reading the various entries in the forums and by chatting with other traders. There is also a trading challenge that is open to all members and rewards the best performance by a trader in choosing the positions that make a profit.
There is also a customer service staff on duty 24/7 to ensure that all members have the best trading experience possible. If a customer experiences any technical difficulties while trying to execute trades, these customer service representatives are on hand to take care of the customer and assist in sorting out the problem so that it is not repeated.
In addition, the staff is available to answer user questions any time of the day or night. Often, having access to someone who is observing the market can be helpful when someone new does not understand why the market is acting the way it is at that time. While the customer support staff may not have all the answers, they will have some idea of what affects the market in different ways and be able to offer advice about possible reasons for things to move in the direction they are taking.
There are many online forex brokers out there. Still, not many of them even come close to the level of service, ease of use, and education about the forex market that eToro produces on a daily basis. From their easy to understand, user friendly platform, offering virtual trading accounts so that new customers can practice based on real data with virtual cash, and offering many more options for how to deposit and withdraw money from one's account, to their outstanding customer service, eToro is the best forex broker for a variety of reasons.
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