etoro

sorcerer

I joined up recently to something called EToro a forex trading platform. Only put £50 to try it out. Does anybody have any experience of the platform.

tradermike

I know of them. Are you looking to do your own trading or follow other people?

torress

I tried a demo in etoro and didnt like it much , the profits are very small and you can allocate only 20% of your equity per trader. More advanced service where you can copy traders is called zulutrade , i recommend you check them up.

sorcerer

I was looking at copy trading, tbh as a platform it doesn't look very good, but I'm not to be bothered if I am only copy trading. But doing my own i prefer CMC Markets or ETX Capital. I'll look Zulutrade.

Pachira

There are possible security problems with eToro's platform, as discussed on Trade2Win forum (no idea if they are resolved yet):

http://www.trade2win.com/boards/general-trading-chat/147086-etoro-security-holes-exposed.html

sabretoothtigger

Forex trading is crazy risky. Unless you are hedging the holiday money perhaps or balancing the books of your global empire, most people should classify this as gambling so its the wrong forum section for it

All forex is heavily leveraged as I understand it. You place 50 and potentially owe 5,000 or is it 50,000

torress

"There are possible security problems with eToro's platform, as discussed on Trade2Win forum (no idea if they are resolved yet)"



These security holes certainly dont look good , i wonder if they have fixed that and they clients are safe from hackers.

tradermike

The problem with many of these on Zulutrade is slippage. The "manager" is paid based on trade volume, so they are encouraged to overtrade. When scalping like this, you need to ensure you are getting the prices he is, and often that won't be the case as you fix the account to a choice of broker. This means you won't get the results he has suggested!

There are various signal services around. Have you ever looked at those?
I just started with one this month, alongside my own trading, which I can feed into my spread betting platform. not a managed account, but seems ok so far, although many signal services are bad.

Pachira

There is a very detailed thread on trade2win discussing Zulu Trade - it would seem that signal providers are not closing their losing positions in order to skew the results:

http://www.trade2win.com/boards/general-trading-chat/88382-zulutrade.html

torress

tradermike its not exactly like this , they are not encouraged to overtrade because if they loose and have a negative month then they wont get their commissions.

eToroTeam

Pachira wrote: »

There are possible security problems with eToro's platform, as discussed on Trade2Win forum (no idea if they are resolved yet):



Hi Guys,

We've already related to this issue directly on the website who advertised this article. Unfortunately we have received no reply.

The short answer is no. There's no cause for alarm.

The database that is shown in the screen caps of the site mentioned above, relates to the old version of our blog which is not active anymore. In addition, the blog (old OR new) contains only content and is not hosted on the same servers as our trader accounts. Thus, there is no security risk to traders and their financial transactions.

This response was advertised on the the site's Facebook page as well.

Hope this helps!
Eddie, eToro Social Team