A trader is nothing without their online platform but unfortunately, with all the options that are out there, it can be difficult to determine which of them are quality possibilities, and which, as they say, are lemons.
Naturally, you want a program that is going to make the most out of your existing strategies and even help you to improve upon them. Of course, the needs of one trader may very well be different from the needs of another which is why it is important to examine all of your options. In that vein of thought, today we will be taking a look at the versatile and intuitive eToro Webtrader to see if it will fit your needs.
Things You Might Like
- Try it: eToro offers a free to use no stakes version of their software in which traders are given $10,000 in fake money to play around with and make trades. While this is not necessarily a rare feature, it is still one that is nice to see in a trading platform.
The fake money gives you the chance to learn the ropes of trading if you are new, or even just to experiment with the ins and outs of this platform without the need to risk any actual money.
The only downside, of course, is that while there is no real risk there is also no real gains so if you find yourself doing well you may want to think about transitioning over to the full program.
- Islamic: eToro makes a special effort to be inclusive by offering two modes to their software. Traders will have the chance to choose between the standard account type, which enjoys all of their standard features at the entry point cost of a fifty-dollar deposit, or they can choose to set up an Islamic account that features settings that are more in line with Shiria Law.
The experience is, for the most part, the same as that of the standard account with the principle difference being the lack interest or commission—as these are both not in line with the rules of the Muslim faith.
Of course, in order to make up for the lack of fees and commissions the price to start an Islamic count is pretty steep, and will set you back $1000.
- The Platform: Etoro has put special emphasis on being a trading service that is in line with the culture of our time. In order to accomplish this, they have integrated a social trading aspect into their platform.
They call this component of the software “OpenBook” and it essentially serves to allow traders to contact and monitor one another to better inform their own trades. You can even copy another trader to have your account automatically make the same trades as them.
They also have a mobile app that will allow you to take your trades with you so that you can work on the go.
What You Might Not Like
- Lack of Advanced Tools: Trading platforms like this one are generally characterized by a plethora of tools that serve to give a trading experience that is more tailored to your needs. You aren’t really getting that here, which is something of a drag.
- Lack of Customization Options: What you see with this platform is pretty much what you are going to get. There aren’t many customization options to speak of meaning you won’t be able to tweak the appearance of the platform the way other similar programs allow you to.
Is it perfect? Of course not, no trading software is but I personally am of the mind that things to like about this program far outweigh the things that aren’t so ideal.
Indeed, there truly is a lot to like about this software not the least of which is its efforts to be culturally sensitive. That, along with its easy to use interface makes eToro a desirable software that will be of great benefit to most users.