Ok here’s the thing… I did the babypip-school like 3 months ago. After that, I traded on FXCM with a demo account for 1 month. After that, I was ready to start small… and long story short, I found eToro. It was an easy registration, looked good, liked the “facebook-like” system they had, the copy function and more. I started trading there, and have done so for around 2 months now. My experience have been ok. Nothing wrong at all.
Now, my buddy is getting into trading and he is in the stage of choosing broker. I told him to check out eToro, and he came back the next day and said that he had seen a lot of bad and really bad reviews online. I’ve looked into it myself, and have found some really bad, but also some good ones too.
Now I’m a bit confused, should I stay with eToro or not? I think their platform is easy to use, the support from other users is good, the community is good, easy to find information about pairs, news and such… but I’m still a bit scared to enter my deposit my full amount of money and start trading “for real”. I need a broker I can trust, and don’t wanna get screwed over!
If you say no to my question about staying with eToro or not, could you please recommend me a Broker that would fit my needs?
I’m not picky, I want a broker based on these things:
Needs to have a solution for mobile phones (android). FXCM’s mobile platform app is amazing. eToros is ok, get’s the job done, but FXCM’s is really really good. With a lot of indicatiors, possibility to draw lines and save them for later use and what not.
A downloadable trading platform is NOT a must, but i prefer it. MT4 would work.
Not to complicated. I’m still pretty new to the whole scene, so I dont need to jump into the big boy league just yet. That’s where eToro was good.
No dealer desk
Not to high spreads
Minimum deposit under $500
I live in Sweden. Might not be a deal breaker, but It might make things easier for u guys
I use FXCM for my own strategy and for the fact that they are amazingly professional, well regulated, friendly customer service oriented. I have been with them since 2005 and absolutely happy.
I have a very good experience with FXCM signal resource Daily FX Plus. I also get Free signals from Win Forex Trade Signals since I open a new an with FXCM.
I have unlimited access to some of the best free signals from these world class Forex companies.
You can get more info from Win Forex Trade website.
Thanks for asking. I’m a bit confused though. If you’re happy, then why should anybody else’s opinion count?
Take a look around the web, you can find negative reviews about Google, Apple, and certainly every broker around. But I’m not about to stop using Gmail or give up my iPhone. I’m happy with them.
eToro continues to provide an excellent service and to lead the world in Social Investing. If you’ve grown with us, why not give back to the community by letting the new-comers follow and copy you?
Feel free to contact me directly on the eToro Openbook Network at: @Matisyahu3
I’ll be glad to assist you personally with any issues or to assist in any way.
Best regards,
Mati Greenspan
Investment Analyst
eToro - Social Investment Network
I’m trading with HotForex, STP/ECN NDD broker, they offer mobile trading, web trading and tight spread in E/U. I think it fulfill all your needs, check their MT4.
I’m comparing signal providers with forex robots. Just checking not finished. But if you are
interested, have a look at Forex Trading Signals – Alternative to Robots? here on babypips.
there can be lots of gray areas surrounding etoro, though i do not trade with them and never tried them, you can say im an avid reader of reviews and follow up on certain issues and so to say, but the decision will always be yours, I trade with hotforex you might want to check their services as well, they do use MT4 even their android trader is MT4 based i think, or the same company created it. min deposit is 50 and best of luck.
I’m using xCFD and eToro now. I would suggest you stick to eToro though. Don’t listen to the hearsay, it’s your money. Trade small and review it later.
Seems to me that xCFD is not a signal service platform, but a ‘normal’ brokerage.
And the small spread without additional commission looks not like ecn or stp.
If Etoro does not meet your requirement, then you have to look for another. Actually, there are quit a few trusted brokers including offshore brokers. All you have to do is test the broker that meets your requirement. You deposit just 50 bucks with your desired broker, that is if they offer a micro account and test their platform. Make sure you search for hidden charges as well.
They are only good when you’re a newbie because of their user friendly interface. They are just a good training ground, that’s it. I would switch if I was in you shoes.
I’ve been trading with Etoro since 2012. I have accounts in both FXCM and Etoro. According to my personal experience, FXCM far better than the Etoro. If you are using FXCM, use their “Marketscope 2” desktop platform. It’s better than the Meta Trader 4. I have unpleasant experience with Etoro. Let me share my unpleasant experience with you.
Last 2013 December 24th I withdrew funds from my trading account. I used the wire transfer method to receive money. But they have transferred my money into my debit card that I’m using to deposit funds into my trading account. I never entered my debit card no when I was withdrawing money. I entered only my bank account no. I have emailed them regarding this matter. They replied me they did that in order for safety purposes of their clients’ funds. They are thinking that I’m using a credit card, but it’s a debit card. I can’t receive funds into my debit card. They need to transfer funds into my personal bank account. But they can’t understand that simple theory. I also emailed all my bank statements and all the relevant documents. Still, they are unable to solve my problem. I’m really tired of this.
I told this to one of my friend’s older brother who is an Economic specialist and a professional trader for 7 years. He scolds me, bro, why did you deposit money at Etoro, Etoro is an unstable broker. None of professional traders are using Etoro. All the professional traders recommend OANDA, FXCM or Forex.com. Etoro is only advertising their openbook which they call it Forex Gurus. But the real truth is 90% of the top traders at open book are gamblers who open positions just for 2-3 pips. Don’t copy them.
Moreover, Etoro is a unprofessional platform which has poor charts, indicators and often lagging. As you are an Etoro trader I think you should have experienced them. First, I invested a small amount at Etoro to verify them. But Etoro actually failed. Now I’m thinking to move to FXCM and start my trading career there. Actually Etoro’s customer service is horrible.
My advice is, think twice before you are going to invest there. I don’t like to reveal my etoro username. Remember FXCM is the world largest forex broker.
Actually Etoro customer service is horrible. Not only customer service, everything is horrible. I switched Etoro to FXCM and I never regret about it. Money gambling companies like Etoro should bankrupt rather than excist.
Glad to hear you quit from Etoro. I also quit from etoro. It’s good for gamblers. I have never trade at OANDA, but I have heard OANDA is good. But I like to stay at the FXCM.
Both Oanda and FXCM are good. The only problem is frequent spikes on these platforms. Otherwise, members have already recommended these. Hotforex is another reputable off-shore broker. So now you have three choices (that its if you really want to switch despite reassurance by Etoro rep)
While I can’t speak for other brokers, I would like to address your concerns regarding FXCM.
In my experience when people talk about spikes, they’re usually referring to how spread can widen during news events, or during trade rollover which happens around the New York Close at 5pm EST. Is it possible that’s what you’re meant? If so, it’s possible to prepare for such events, since they’re usually scheduled well in advance. That’s what experienced traders do, since they know it’s just part of trading in the financial markets. When FXCM’s spreads widen, it’s because the spreads being quoted to us by our liquidity providers have also widened to reflect the lower liquidity in the markets during these events.
