eTora offers unique opportunities for beginners through social trading and trade copying, but high commissions and limited analytical tools can be a significant drawback for more experienced traders.
In recent years, social trading platforms have been gaining popularity among traders and investors. One of the most well-known and popular platforms in this field is eTora. Founded in 2007, eTora offers a unique approach to trading by combining social features with traditional financial instruments. Let’s take a look at the top three reasons why you should start trading on eTora, and three reasons why you shouldn’t.
In fact, it is not a stock broker, it is a trading platform and a social network of traders with a subscription service for copies of trades of the best traders (social trading). There is an opportunity to trade contracts for difference (CFD): shares, commodities and indices, ETFs, currency pairs (not for citizens of the Russian Federation), digital currencies.
It is possible to connect to the service of auto-tracking, and you can become a trader yourself and get money for subscriptions to your account.
- Unique communication experience
- Cryptocurrency assets can be transferred off the platform
- Large educational base
- Simple and easy to understand interface
- Regularly updated information and news
- Not available in New York, Hawaii, Minnesota and Nevada
- Limited customer service
- No bonus system
- Complicated withdrawal procedure
- Practically no events and activities
- Some assets are overpriced
Three Reasons to Start Trading on eTora
1. Social Trading and Trade Copying Feature
One of the most attractive features of eTora is the ability to copy trades of successful traders. Users can learn the strategies of experienced investors and automatically copy their trades in real time. This is a great opportunity for beginners to learn by doing and potentially earn by following the pros.
2. Wide selection of assets and instruments
eTora provides access to a huge variety of financial instruments, including stocks, cryptocurrencies, currency pairs, indices and commodities. This wide selection allows traders to diversify their portfolios and reduce risk while gaining access to a variety of markets and sectors.
3. Convenience and accessibility
The eTora platform is known for its intuitive interface, making it accessible to users of all experience levels. It’s quick and easy to get started trading, and the mobile app allows you to control your investments and trade anytime, anywhere.
Reasons Why You Should Not Start Trading on eTora
1. High Commissions and Spreads
One of the significant disadvantages of eTora is the high commissions and spreads compared to other platforms. This can significantly reduce the profitability of trading, especially for active traders. Before trading, it is important to carefully study the commission structure to avoid unpleasant surprises.
2. Limited opportunities for analysis
Despite the wide selection of assets, the opportunities for in-depth technical analysis on eTora are limited. The platform offers basic analysis tools, but they may not meet the needs of more experienced traders who are used to advanced analytical tools.
3. Risks of social trading
While copying the trades of successful traders can be profitable, it also comes with certain risks. Past success does not guarantee future profits, and unsuccessful trades can lead to significant losses. Beginners should be careful not to rely entirely on other people’s strategies without their own analysis.
Conclusion
eTora is an innovative platform that offers a unique social trading experience. It is ideal for beginners who want to learn by doing and copy the trades of successful traders. However, like any other platform, eTora has its drawbacks that you should consider before you start trading. High commissions, limited analytical tools and the risks of social trading can be obstacles for some users. It is important to carefully weigh the pros and cons to make an informed choice and make the most of eTora’s capabilities.
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