Since its establishment, the forex market had been a highly specialized trading ground for speculators with formal training and many years of bitter experience. And even as electronic and online trading took the place of traditional offline trading, the lack of accessibility to the forex market remained. Most people were still frightened by overcomplicated graphs and charts and by foreign industry lingo. This hesitance leads to the isolation of the forex trading market from the wide public.
The founders of the eToro trading platform have obviously noticed that the forex market has significant advantages for the amateur trader in comparison to other financial markets. The forex market is less complicated because it revolves around 8 main trading instruments. The forex market operates 24 hours a day, with the exception of weekends, which means that traders can react to trends and news as they happen without waiting for the bell to ring. The forex market offers a greater range of leverages meaning that a forex trader does not have to invest huge amounts of capital in the market, since it is customary for forex dealers to offer leverages as high as 1:400.
The founders of eToro also understood that the obstacles preventing most people from becoming full fledged forex traders are really an illusion. With this in mind, eToro have developed a unique and cutting edge software that implements a simplified approach to forex together with superb trade execution. The eToro platform provides traders with the option to view various creative visualizations of their, for example, watching their currency of race against others in a forex marathon and others. The general principles of forex are all present in the visualization, except that instead of monitoring a dry factual chart the traders see the progress of their trade in an engaging graphic manner. This way the traders gain experience and absorb the principles of forex trading without having to actually study forex.
So much for novice traders, but eToro have also realized that seasoned and professional traders also have trouble finding a comfortable platform and the right trading conditions for them. To resolve their distress eToro have designed a trading interface that combines all the trading an analysis tools a seasoned trader can utilize in one user friendly screen. In the same screen traders can easily edit their trading orders, view charts of currency pairs and of their own trades, catch up on forex news and plan ahead with a download forex event calendar. Furthermore, eToro also provides a “one click trading” mode in which traders can open trades by literally clicking one button. eToro also provides excellent trading conditions such as leverages ranging from 1:10 to1:400, lowest initial margin requirements of $50 only, and low spreads of only 2 pips on most major pairs.
eToro also keeps up with the internet’s community based approach and therefore provides its traders with web 2.0 style community tools. In eToro’s community panel traders can head on to public and private chat rooms to discuss their trading activities, and participate in free to enter trading challenges. In addition, eToro’s community provides traders with one more essential tool – the Top Traders’ Insight. This tool shows a live updated list of the 10 most popular currency pairs as traded by eToro’s 100 most profitable traders. What this means is traders can simply peek at what the pros are doing instead of bothering with their own analysis.
Most importantly, eToro is committed to progress. eToro have already released 4 versions of their platform each time adding more useful tools and refining their inventive yet simple trading approach. This commitment ensures that eToro will remain at the forefront of the forex revolution for a very long time to come.