eToro Trading Platforms
eToro is one of the most popular social trading brokers established in 2007. eToro offer clients the opportunity to trade forex and CFDs in a regulated environment. For more details about eToro, visit our in-depth eToro review here. eToro currently offers clients two trading platforms:
The browser based eToro Webtrader
Mobile trading app
eToro clients can choose from any of the platforms. The features of each of the platforms are listed below.
The eToro WebTrader
The eToro Webtrader is an amalgam of the social trading applications and the web trading platform. First developed in 2011, social trading on eToro was initially performed using the OpenBook and CopyTrader software. OpenBook was used to search for traders to follow, while the CopyTrader was used to automatically copy their trades into the followers’ accounts. Both OpenBook and CopyTrader are proprietary software products of eToro.
In 2015, eToro made the process of searching for top traders to follow as well as copying their trades much easier. OpenBook and CopyTrader was integrated into a single platform, the eToro WebTrader, the current platform offered by eToro toay.
The web-based trading platform is built on JAVA technology and is accessible from any computer with an internet connection. It is a a web-based application and no download is required, the platform allows the trader to access the platform from any of the popular web browsers like Chrome, Mozilla, Firexfox and Internet Explorer. The WebTrader contains a complete suite of technical indicators and interactive charts, and can also be used to trade selected stock indices, crude oil and gold. eToro’s WebTrader is synchronized with eToro’s OpenBook social trading platform, enabling trader’s to copy trades from successful traders listed on the Leaderboard.
Trading on the eToro WebTrader is exclusively under market maker conditions, and trades are executed by a dealing desk.
eToro Mobile Apps
eToro offers a mobile trading application for the iOS devices as well as the Android phones and tablets. The app can be downloaded from the respective app stores (iTunes and Google Play store).
The eToro CopyFunds program is a managed portfolio account system where traders can simply put funds in a PAMM account and have a top trader make all the trading decisions. All a trader needs to do to participate is to fund the trading account, find a CopyFund that fits their investment objectives and strategy, and click to join the desired portfolio.
Traders have the choice to invest in two types of CopyFunds:
Top Trader CopyFunds, made up of eToro’s best performing and most sustainable traders.
Market CopyFunds where assets comprising stocks, commodities or ETFs are bundled together under a chosen trading strategy.
With CopyFunds, traders can get a managed portfolio by simply copying a CopyFund that makes sense for them.
Trading on the eToro WebTrader Platform
The following section details the processes that traders can expect to encounter on the eToro platform.
In order to open an account, a trader must provide documents that prove identity and place of residence. These documents are an International passport along with a utility bill/bank statement/credit card statement that is not more than 3 months old.
eToro allows the trading of forex and other CFD instruments. These are as follows:
- Currencies: All major currencies are offered for trading, as well as minor and exotic combinations.
- Stocks: Blue chip stocks from the major exchanges in the US, Europe and Asia are traded.
- Commodities: Gold, silver, oil and copper.
- Indices: USD Index, Dow30, NSDQ100, ESP35, FRA40, China 50, AUS200, UK100, GER30, JPN225, SPX500, EuroStoxx50.
- Exchange Traded Funds (ETFs): DIA, FXI, GDX.
- Cryptocurrencies: Bitcoin, Ethereum, Dash, Ripple
eToro Contract Specifications
What are eToro’s contract specifications?
Commission: Trading on eToro is commission-free.
Trading Hours: The eToro platform is open for trading 24 hours a day, 5 days a week (Monday to Friday) from 9pm GMT on Sunday to 9pm GMT on Friday.
Number of Currency Pairs: eToro offers 28 currency assets, silver, gold, crude oil, 12 indices and stocks for trading on their platforms.
Spreads: Spreads are fixed and start from 3 pips.
Leverage and Margin: Maximum leverage is 1:400 (1:100 for commodities and stock indices) and minimum is 1:2 for currencies, stock indices and commodities.
Trade Size: The minimum trade contract size on eToro is 1,000 units of the base currency, which is equivalent to a lot size of 0.01 lots for currencies, 10 units for commodities and 1 unit for stock indices. There is no limit to the maximum contract size that can be traded.
Market Depth: The market dealing model provided by eToro is market making, so market depth is Level I. However, the eToro OpenBook allows a trader to view what other traders on the eToro social medium are doing in the market, and trades of a successful trader can then be copied using eToro’s CopyTrader facility.
Risk Control: Even though there is the ability to adjust leverage on the eToro platform, the company now has a responsible trading policy that limits the total exposure of a trader in the market to 20% and sets the default leverage to 1:100.
Minimum Account Deposit: Minimum deposit is USD250 on eToroUSA platform, but as low as $50 on the eToro Europe platform.
eToro WebTrader Interface
eToro is based on a social trading model. Therefore, the interface of the eToro Webtrader is not like that of other platforms where the trader is confronted with charts and indicators. Rather, the interface looks like this:
The assets that the trader is interested in trading can be selected from the Watchlist. The Watchlist is part of the trader’s navigation bar and is shown below. This is where the trader can select the asset to be traded.
The Bid and Ask prices, the line graph of the asset’s recent price movement as well as the market sentiment (percentage of buying and selling interests) is shown on the Watchlist.
Trading an Asset: What Does the Social Community Say?
Once an asset is clicked for trading, a new window opens. This showcases the views of members of the eToro social trading community in the FEED section. This allows a trader to access the views and sentiment of other eToro traders before making a trading decision.
You can also see the chart for the selected asset by clicking on CHARTS. You can see the example for the Bitcoin asset (BTC) below:
To make the trade, simply click the TRADE button on the top right corner of the screen. This will produce the trade selection interface shown below:
The following trade parameters can be selected:
Investment amount (shown here as $10,000)
% exposure (shown here as 10% of equity)
Stop Loss and Take Profit
The trade parameters can be edited as desired.