Five Great Reasons Why Every Forex Trader Should Open a Trading Account With eTORO ~ standard bank forex trading demo account
Seasoned forex traders will readily admit that before opening a live forex trading account, having a good forex broker is just as crucial as having a great forex trading strategy.
Forex trading is not easy but can become even more complicated with a wrong forex broker taken as a choice for any forex trader. We have discussed about forex brokers in this site in very many past articles and have even reported on true forex scams that led into forex traders losing a lot of money. This piece is therefore essential for those forex traders still shopping around for a legitimate forex broker whose technological and financial model is well tailored toward his or her forex trading strategy.
Every forex trader must therefore endeavour to open an account with a good forex broker. The characteristics of a good forex broker have also been discussed in our past articles. Here we only aim to point out to you why you should open a forex trading account with eToro, a forex brokerage company that we have used for over 4 years now. We aim to give sound and legitimate reasons that go past the usual minimum spreads or good customer care that is often branded around in support of any forex broker.
To open an account with eToro simply follow the link and fill out your details. You will then be asked to send your anti money laundering documents before you can fund your forex trading account. This is a very important point that differentiates a scam forex broker from a legitimate forex broker. If you open a trading account with a forex broker and you are immediately asked to deposit forex trading capital into the account with no requirement for your government issued identification documents like a passport or driver’s licence issued in your names, or a proof of residence document such as an electricity or water bill, this should be a red flag. Proof of residence and proof of identification documents are key in the forex trading business to prevent money laundering. A forex broker that fails to request for the anti money laundering documents commonly known as AML from a forex trader risks being sanctioned, fined or even closed down by the forex regulatory authorities in the country in which it is registered. This therefore is not a light issue.
Once your identification documents are authenticated you are free to fund your forex trading account and can start trading immediately.
With eToro you can fund your trading account through bank wire transfer, neteller, skrill or visa card as long as it is in your names and matches the names used while opening your forex trading account. The minimum amount you can start trading with at eToro is 50 dollars. This is a great way to encourage most forex beginners to start trading without risking so much. I have seen forex traders that start with such small amounts for forex trading and end up trading profitably in a while. But you can fund more than 50 dollars into your forex trading account depending on the style you have at hand.
This broker is also famous for the invention of revolutionary forex trading platforms. This implies that if you are trading with this broker the choice of opening and closing a forex trade are as diverse as the gadgets you have in your possession. You can open or close a trade through your pc, laptop, macbook or android mobile phone. This is essential because a system that limits a forex trader to enter or exit a trade through one platform alone may be disadvantageous at times. Forex traders need to monitor their open positions and this is what this broker provides.
eToro also provides social trading services. This service is mostly aimed at traders who lack a great forex trading strategy but are ready to fund their forex trading accounts. A forex trader that wishes to benefit from this system may sign up for the copy trade and every time a pro forex trader of his choosing enters a trade he too can open a trade. This cuts short the forex trading learning curve that most forex beginners pass through and which has prevented many forex traders from turning profits consistently.
Those are some of the great reasons as to why you should open a forex trading account with eToro. Other reasons include their low spreads especially on the majors. They have also been a forex service provider for a long time and this means that they are a tried, tested and trusted forex broker with whom you should open a forex trading account. They are also registered and therefore legitimate. This is what determines the safety of any forex trader’s deposits. Incase they go under, you are certain to be compensated because your deposits are kept in segregated accounts and are insured. They also have international offices and hold frequent forex seminars and expos. This just goes to show how much they are dedicated to their business and clients.
There is therefore no reason why any forex trader should not join this forex broker. Open your forex trading account with eToro today and enjoy great execution speeds for your forex trades, small spreads, the advantage of forex copy trades from professional traders with a proven forex trading record, great customer support that is ready to help you 24 hours a day and simple ways to fund and withdraw money from your forex trading account whenever you so desire.
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