Are you looking to start trading forex? Then you should definitely consider the top-ranking online broker eToro. In addition to having years of experience, eToro is one of the most awarded brokers on the market and they have millions of customers from all over the world.
Naturally, eToro is far from the only quality forex broker out there, but there are plenty of good reasons why you should consider using it. In the following article, we have outlined some of the main reasons why. So let’s get to it.
Number of Assets on Offer
When looking for a broker, one of the main objectives is to find a broker with a wide spread of assets on offer. Otherwise, you will soon run out of options to trade and your experience will quickly become redundant.
eToro currently offers 45+ different currency pairs covering all the major pairs, several minor pairs, and an impressive number of exotic pairs. This will allow you to trade almost any currency that you want. The broker also has a competitive spread on a large part of the pairs, making for an inexpensive trading experience.
What’s more, eToro offers thousands of other assets and instruments so in case you get bored of forex trading, you can always try trading stocks, commodities, ETF, and much more.
Social Trading Tools
The one thing that sets eToro apart from the rest of the industry is its focus on social trading tools. For example, their copy trading platform is one of the best in the industry and eToro has been trailblazing the development for many years. The main benefit of copy trading is that you copy more successful traders, thus saving time that you would otherwise spend on analytic work. Also, by copying other traders, you can learn new strategies to implement in your own trading.
There is also a social trading network where you can interact with traders from all over the world. Based on our own experience, this is one of the most efficient ways to master skills needed to trade and make a profit.
Popularity in the Industry
eToro also happens to be one of the most popular online brokers in the world. By the end of 2021, their total number of customers exceeded 27 million and that number is constantly growing. The customer base is spread out across the globe and covers most of Europe and the UK, parts of Asia and Africa as well as North America.
The broker is also popular among experts in the industry, as you can see in TradingGuide’s study about forex brokers and most other forex guides on the internet.
To be considered one of the leading forex brokers in the world, the broker has to be secure and safe to use. And this is where eToro really excels. One of the best ways to confirm how safe and trustworthy a broker is is to review the licenses that the broker has been issued.
In the case of eToro, there is no shortage of licenses ranging from the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC) in the EU, to being a member of FINRA in the United States.
In other words, you can rest assured that eToro is a safe broker to use, as long as you reside in a jurisdiction where it is regulated.
Combine Forex with Cryptocurrency Trading
Lastly, eToro happens to be one of the best cryptocurrency brokers in the world which provides great opportunities for those that want to combine their currency trading with digital currency trading.
In fact, eToro is not only a cryptocurrency broker but also a cryptocurrency wallet where you can buy and store actual cryptocurrencies. The difference is that trading is speculative, ie. you speculate on price movements and never own the underlying assets. When using the eToro wallet, you own the assets you buy and can store them long-term, use them as currency, or buy other cryptocurrencies with them.
All things considered, there is no doubt that eToro is the leading forex broker online and if you’re looking for a broker, you should definitely consider registering an account with eToro.