Is etoro a good broker?

Broker Discussion Forex Brokers
1

I came across this broker yesterday “etoro”

Is it any good??

please provide feed back

Thanks

2

Short answer: no.

But don’t take my word for it. Take a look at Free Forex Trading Community With Forex Signals And Broker Reviews before making any decisions about ANY broker.

Regards,

Dale.

3

thanks dale, but as a new bie can you recommend me any broker or can you tell me what should i look in broker to select it???

thanks

4

I don’t think you can go too wrong using the big, established names out there e.g. Oanda, IBFX, FXCM, etc. They’ll get you decent spreads for the most part and they won’t scam you. I use Oanda for trading and IBFX’s MT4 for charting myself.

5

Hey!!! Stop leaving Deltastock out of the lists!!! They’ve ALSO got MT4 with far more pairs than ANY of the others AND you get the pleasure of knowing ME better!!! LOL!!! (Although why anybody would INSIST on trading using MT4 is beyond me but anyway)!!!

OK on a serious note: I would stay away from any broker that has a trading platform that depicts trading as an arcade game!!! Is that / was that not eToro’s ‘claim to fame’ i.e. the little ‘race’ with the little ‘men’ representing each currency??? LOL!!! I don’t know if they still do that but it was amusing at the time anyway.

Regards,

Dale.

Edit:

Sorry I didn’t see this when posting my attempt at ‘humor’ above:

thanks dale, but as a new bie can you recommend me any broker or can you tell me what should i look in broker to select it???

There’s only ONE broker and that’s Deltastock. Come and trade equity futures and commodities with me OR FOREX if you MUST but it’s your money not mine!!! You’ll save yourself a lot of time, pain, and anguish (I suppose I’m going to be in DEEP trouble for this post but somebody’s going to find out sometime so it may as well be now)!!! LOL!!!

6

Etoro is OK, but I do like mt4, and try and get an ecn if u can, like fxopen.

7

I didn’t really like Etoro. They weren’t horrible or anything, the layout just wasn’t as comfortable as other brokers.

8

well, they layout is to do with the platform, not really the broker. for example, mt4’s layout is used by most brokers, such as fxcm, fxopen, ibfx, etc…

9

Etoro (the broker) only allows their own (Etoro) platform to be used. The platform is directly part of the broker. The customer support also failed to contact me several times after I asked questions. Overall, I didn’t have any slippage or questionable transactions, though it is slightly difficult to get your money out of your account.

10

Etoro is good for those who are starting because it is all in one. But as you grow along, you may take the services of other software platforms like Oanda, IBFX, FXCM, Forexyad, finexo, etc. You make consider our suggestions but I think you need to consider all the possible things you need, like your budget and the options you want in a platform. You may try their demo so that you may know if its OK with you or not. I know its a little difficult but with proper research and good consideration, I know you can choose what’s best for you.

11

thanks guys for your valuable thoughts…

12

Despite what many says that etoro is not good it is the biggest forex broker online and it is is good broker especially for a new forex trader.This is the perfect way to get started making serious money in forex.

13

Hello,

Despite what many says …

Think very carefully about that statement.

Regards,

Dale.

14

to tell you the truth i liked eotoro when i first saw it. its platform is pretty nice and its easy to understand. i thought of using it but after hearing from people i might not use it again…

15

Hi.

Look: as I said don’t simply take everybody’s word. Look around at some of the broker review sites first. Unfortunately you have to learn to filter some of the reviews especially the bad ones. Sometimes bad reviews are left by clients that have just wiped out their account and they’re needing somebody to blame so the broker is first in line. But you’ll soon see some common issues being raised and those are the issues to be taken seriously e.g. there’s a particular broker (my very first broker) that has loads of bad reviews (unbeknown to me at the time) and most of them have a common thread i.e. not being able to close out profitable trades but no problem with losing trades, stops being hit when price was nowhere near the order price even on their OWN charts. That type of thing. That’s what you need to look for. And then of course there’s the ‘broker plants’ i.e. ‘virtual people’ created by one broker purely to post bad reviews about a competitor. Those are pretty easy to spot because normally there’s no good reason(s) given for the bad review posted and the ‘virtual person’ hardly ever gets involved in an open discussion with the broker who normally is quite prepared to try to solve the (supposed) problem for obvious reasons.

And people think that this is an easy business!!! LOL!!! As noted on another thread: it’s simple but not easy!!!

Regards,

Dale.

16

i checked oanda it does not offer credit card deposits. what other good broker offer credit card deposits. thanks

17

And you are STILL ASKING this question!!! LOL!!!

Deltastock of course. Credit cards, debit cards, MoneyBookers, bank wire transfers, ‘choose your poison’.

And as an added ‘bonus’: if you ensure that you open your account via Deltastock SA you get the privilege of receiving my undivided attention, trading systems, indicators, access to my forums, the odd ‘chit chat’, that type of thing!!! LOL!!! Just make sure that you e-mail me the e-mail address that you use to open the account so that you fall under our (my) client list.

And PLEASE admins don’t edit or delete this post. forex123456 asked a question and I answered is all. And as I KNOW that you can tell: I most certainly am NOT forex123456!!! LOL!!!

Otherwise, and if this post of mine REALLY ‘pis*es’ somebody off then e-mail me or leave a ‘visitors message’ or PM me if you can (and I’ll delete the post of course)!!!

Regards,

Dale.

18

oops dear i think you did tell me about deltastock but i forgot. pardon my ignorance. i will have a look at deltastock. does it ask to verify the account first by sending id and proof of address. thanks

19

Hello.

Well you can open the account online but those documents are required. What’s more: certified copies of the originals of your ID / Passport and Proof of Residence are required as well as the original signed account opening documents. I know it’s a ‘pain’ but it’s EU REGULATIONS (MiFID) which, although it being a ‘pain’, is protection for you ‘in case of emergency’!!! LOL!!!

Whatever you do: PLEASE don’t open an account with a broker that just needs your e-mail address and / or telephone number. It’s against every single anti-money laundering law in the world and those types of brokers are DARN sure that they’re never going to have to process a withdrawal request and you have to ask yourself WHY this is the case!!! LOL!!!

By the way: if you DO open an account at Deltastock decide very carefully beforehand if you’re only going to trade FOREX (in which case I wish you ‘good luck’) or if you’re going to trade equity futures and commodities. The reason being that there are two different types of accounts i.e. a MetaTrader 4 account and a Delta Trading account. At the moment ONLY FOREX pairs (72 of them I might add) are available for trading with MetaTrader 4 whereas with Delta Trading FOREX pairs AS WELL as equity futures, commodities, ETFs, etc. are available. Of course you could open TWO accounts but I dont’ see the point really.

Regards,

Dale.

20

Oh and one small thing that I must be very honest about here:

Even although the account opening minimums are low take it from me:

It is impossible to manage risk with $100 or 100 EUR or 100 GBP at Deltastock given that your minimum lot size is a mini lot i.e. 10 000 units UNLESS you’re going to trade the hourly (and shorter) timeframes (which I don’t recommend) and, of course, it depends on your trading system(s). Put another way: if you’re going to trade my trading systems and you’re going to trade equity futures, commodities, or ETF’s, don’t bother with anything under $1 000 (and that’s the ABSOLUTE minimum and I would even go so far as to say that +$2 000 is better and even then you’ll be limited in what you can and cannot trade while still managing risk).

There’s a lot to think about is there not (even before you place an order)!!! LOL!!!

Regards,

Dale.

Edit:

Not trying to put you off but if memory serves me correctly even the BabyPips School mentions that undercapitalisation is the number one reason for a trader failing (I’m not sure if that’s still mentioned in the BabyPips School i.e. I’ve not looked at it in years). As you have no doubt gathered there are many other things that can contribute to failure but you at least have to have a ‘fighting chance’ of success from the ‘get go’. If you’re undercapitalised then you cannot manage risk and THAT is probably the number one reason for failure.