eToro is recommended trading system for February 2024
eToro is certainly one of the most innovative platforms as it has developed copytrading which is a feature that no other investment platform has. eToro was founded in 2007 with the idea of making the world of investment more accessible and the innovations it brings to the market have precisely this goal.
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How Users are Rated - eToro
The Mtxplus team analyse and rigorously review brokers in the industry so you don’t have to. The team evaluate a list of no less than 57 items but some key points include:
- Quality of Customer Service - Do they have an easy to use Help section? Do they have easy to find contact information? Is the information clear, including hours of operation, country codes etc.? Do they offer a variety of customer support methods – e.g. Email, Phone, Chat, Mail? Are they quick to respond? Do they offer good service? Are they polite? Are they knowledgeable?
- Ease of use and User Interface - Websites are defined by their interface; it’s what makes them attractive to use, and it’s no different within the investment sector. Finding a site that looks good and is easy to use is crucial for a positive investment experience.
- Cashier - Is there a good selection of banking methods? Is the site secure? Is it easy to deposit funds? Are withdrawals processed quickly? Start to finish, is it an easy and quick process?
Plus many many more...
Why is it necessary to have a broker?
Brokers are needed because stock exchanges will only accept orders from stock exchange members - brokers arrange transactions between a buyer and a seller. They receive a commission after the deal is executed (although, at times, they choose to reduce or even eliminate the fees for certain trading products).
What to look for in a broker?
When looking for a broker, you need to make sure you take into consideration:
Variety of products
They are not the only things to take into consideration, but certainly the elements to start from in your search.
How do you choose a broker?
The basic criteria to use in choosing a broker are few and simple. Without doubt, your number one priority should be ensuring the safety of your funds. Firstly, this means making sure that the broker you choose will not steal your deposit. You can best take care of this by making sure that you only use a broker based in and regulated by a financial authority in a respected financial center. Secondly, you need to make sure that even if the broker operates honestly, but goes bankrupt for any reason, that you will be able to recover your deposit. One measure that can be taken here is to only deposit with brokers whose regulators offer deposit protection for clients (such as regulated brokers in the U.K. or Australia, for example). This means that even if your broker goes broke, the government will bail you out by paying back your funds up to a certain amount, although it might take some time. Beyond that, try to choose a broker with a healthy financial situation and a good reputation. Once you have taken these precautions, you can look at what your potential brokers offer in terms of range of available assets to trade, spreads and commissions, overnight financing charges, and speed and reliability of trade execution – and make your choice accordingly.