With people’s increasing interest in foreign exchange, there are more and more platforms being opened for the rest of the transactions to take place. This can be considered a positive development as millions of people are earning good dollars through only trading on the platforms of their choice. But at the same time, they are creating confusion and people are unable to choose the right broker or foreign exchange platform. eToro broker is one of them. Many people have benefitted from it and many have made a wrong choice.
However, our eToro reviews will help you decide whether it is the right choice for you or not.
Before going to its introduction, here is a fact check for you. No platform is either right or wrong. Instead, the right thing to say is it might suit your needs or not fit the specificities you are looking for. The problem is, financial education is not very common around us. So, we generally have a lot of misconceptions about forex trading platforms. Well, if you want to not be one of such people, dive deep into the details of every broker. Trust me, it will not take long.
Here is a small introduction to, benefits and drawbacks of this social trading platform.
What is eToro and Why is it Secure?
eToro is more than a decade-long broker which is known as it has introduced itself in the market, ‘a social trading platform’. There is a little question over whether it is a secure platform or not because it is licensed by its respective authority where it is working. For instance, in Europe, it is authorized by CySEC or Cypriot regulators. Likewise, FCA regulates it in the UK. Another thing that adds to its working and the location of its offices in big countries like USA, Australia, and Britain. Moreover, more than a hundred countries have traders that are receiving services from this very platform. So, you can also be one of them if you do not have any problem with the drawbacks that users have found in it.
Drawbacks
First of all, it does not work with CFD trading. Many of the investors earned losses when trading CFDs with eToro brokers. Next, it is not very accommodating when it comes to customers’ problems. This, in my point of view, is very important. Online trading is already considered very risky and if you do not assist, the mistrust is going to develop more. Another thing that users find problematic is that it charges a commission over every withdrawal. However, the funds’ withdrawal is not very difficult. Next is its website, which makes it difficult for you to learn its operation.
There is more than that about it which you can get to know in the detailed eToro reviews. Particularly, if you want to learn forex, and are finding it hard in the beginning, I will recommend you to consult details and not give up in the beginning. There is a lot of stuff about it that you’d love to know. So, go ahead and have fun.
