The best Forex broker is in the eye of the beholder...or something along those lines. eToro is one that gets tossed around as being "the best" in some circles. Read this eToro review to find out if they will help you take the Forex market's proverbial bull by the horns, or if you're going to be trampled like a rodeo clown.
Overall Rating: 9/10
Safety of Funds: 10/10
Customer Service: 10/10
Minimum Account Size: $50
eToro is a broker that many are familiar with in the Forex industry. It's got a reputation as being one of the best brokers for beginner's.
Expert traders may need a little bit more functionality from the charts, but if you are just learning how to trade the Forex market, this could be the broker for you.
Many Forex brokerage firms require you to put up a relatively large amount of money to open an account. This is not the case with eToro. As long as you have at least $50, you can get started with an account here. Of course, you probably won't make very much money if you only have $50 in your account, but you can still get started.
When evaluating online brokers, one of the most important factors to consider is the Forex spread. The spread is the difference between the bid and ask prices and this is what compensates the broker. With eToro, you can expect some decent spreads that are better than a lot of the other Forex brokers out there offer. For instance, on many pairs, you can find spreads of only 2 pips.
eToro does offer demo accounts as well, which is a nice feature if you want to try out their platform or test out a new trading strategy without risking your own money.
One of the most attractive things about eToro is its website. When you go to their website, you will notice just how simple it is. Many of the other Forex brokers have very complicated websites that might send you reeling when you look at them. With eToro, you get the facts you need and then have the opportunity to open an account.
This broker has been rated the best Forex broker in the industry by many independent review sites and you will see why if you start trading with them. You can usually get a nice bonus when you open an account with them as well. They sometimes offer bonuses of up to $10,000 for new customers.
Overall, we would recommend using eToro if you are looking for a broker. They may not be perfect (no one is) but they do have a lot going for them.