eToro trading platforms
eToro is one of the biggest online forex trading platforms that is well-known for pioneering social trading. It is regulated by various bodies such as the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) and Cyprus Securities Exchange Commission (CySEC).
This platform is ideal for all types of forex traders. While beginners are offered free guidance, experienced traders are provided a wide range of risk management tools. In addition, it uses the latest encryption technology and security systems to safeguard client’s funds and protect data.
To create an account, you only need to fill out the registration form or using your Google and Facebook accounts. The minimum initial amount is only MYR 800 ($200), which you can deposit through numerous payment methods that include credit/debit card, PayPal, Neteller, WebMoney, Skrill, and wire transfer.
eToro uses a proprietary platform that is updated regularly. It will allow you to trade and access the social trading feature on a single screen. You can access the platform directly on your web browser since there is no software to download and install. eToro also offers a user-friendly mobile trading platform that is available on the Apple store and Google play.
In terms of trading costs, eToro is very transparent and does not charge any commission but only spreads, which vary depending on the currency pairs. For example, the spread for EUR/USD pair is charged 2.0 pips. There is also an inactivity fee of MYR 400 ($10) and a withdrawal fee of MYR 20 ($5).