With eToro forex, the user does not need to be an expert to become a successful trader. It provides detailed statistics of successful traders, allowing newcomers to copy their trades. Most of the successful traders on eToro have a long-term, steady profit record. In 2019 alone, the top 50 traders earned an average yearly profit of 29.1%. As a bonus, they can even be paid for sharing their knowledge. Traders build their portfolios by selecting assets from certain markets that fit into a clearly defined strategy.
eToro’s verification process is quite thorough. The website asks for personal information, including a valid government-issued ID. This ID can be a driver’s license, passport, or national ID card. The user must also have proof of residency. The verification process takes a week. After all, this is a large financial commitment. You might want to save a few dollars by using a practice account instead of opening a live account.
In addition to major currency pairs, eToro offers a huge selection of exotic currency pairs. Leverage can be as high as 1:30 on major and minor pairs, which is suitable for traders with limited capital. eToro also offers auto copying services, which allow even inexperienced traders to commit profitable trades without risking their own money. Another great feature of eToro forex is its social trading community. Through social trading, users can follow other traders and copy their trades. This platform has more than a million and a half traders in more than 100 countries.
One of the biggest drawbacks of eToro forex is the fee associated with using higher leverage. If you want to use the higher leverage, you need to open a Professional account. To do this, you must first have enough knowledge and experience in the trading industry. Then, once you get the hang of eToro forex, you can choose between x50 and x400 leverage. After that, you will be prompted with an Enable High Leverage trading pop-up.
Another benefit of eToro forex is its low fees. Most forex brokers charge fees of around 2%, so eToro forex offers a low, flat fee. But if you’re looking for a low, fixed fee, eToro is a good option. The fee is only a small percentage of the total account balance. And the low trading fees will help you earn more money.
If you’re a professional trader, you should look into opening a professional account with eToro. This account is made for experienced and professional traders who are willing to stake a large amount of cash. To get a professional account, you must apply for it through the online platform. Its criteria are the same as those of other CFD brokers. Once you get the account, you’ll be able to trade in currencies of your choice.