What is a Forex Broker?
A FOREX broker is an intermediary who liaises between a trader and the market. By using a broker, retail clients can gain access to financial markets, which would not otherwise be possible. Most FOREX brokers offer traders the ability to trade currency pairs and other asset classes, including indices, metals, and energies.
The added value that a brokerage firm can provide to its clients lies in client-focused services, including tutorials, bonuses, competitions, and offering investment services such as Copy Trading, PAMM/ MAM, liquidity, IB module, etc.
Brokerage goes far beyond technology alone. It includes several parts and various aspects that every business owner must consider when embarking on this type of operation, namely: the legal aspect, the marketing, the sales, the processes, the finances, the cash, and technology.
Position yourself in a vast and growing market.
The FOREX market is enormous and continues to grow tremendously. Our estimates show that around 3,000 forex brokers operate worldwide and serve over 10 million clients.
As the industry is very competitive, there is always plenty of capacity in the market for new businesses. With this proposition, the best start-ups can expect virtually unlimited growth opportunities.
Copying forex trades is handy, especially for people who trade multiple accounts simultaneously. It happens that traders, in the heat of the fight against the market, come up with various ideas. Sometimes circumstances compel them to do so. One such thing can be the need to duplicate transactions between different accounts and even platforms.
Copy Forex Trading – How does it work?
Copy trade operating principle is simple. The copier manufacturer provided us with two tools in the form of an automatic machine – Master I enslaved person. The first is executed on the main account from which transactions will be duplicated, while the second can be used multiple times. For orders to be copied, both platforms must be running and connected to the internet (a VPS will help). The solutions are different, but the machines often need to be run on the same computer. This allows them to communicate with each other quickly and reliably. There is also the possibility of communication via the software manufacturer’s server. However, this is a less common solution.
eToro Best Social Trading.
Those looking for a forex broker with excellent social trading experience should consider (etoro opiniones), a provider of one of the world’s most popular social trading networks.
The platform allows trading with the use of leverage. But the main advantage remains the social side which will enable users to see the profiles of others and copy trades, share information, and ask questions to avoid taking a high risk.
eToro: learn from expert traders and copy their trades.
Like any social network, one of the main features of eToro is to view other people’s profiles and publish your profile on return.
This allows users to ask questions of others, as well as post news, tips, and their trades and strategies. Then by looking at the profiles of others, users can, thanks to CopyTrader, follow the accounts of other traders and even choose to copy the trades of accomplished traders over the long term or the short term (scalping) while avoiding scams. On the other hand, traders whose businesses are copied receive a financial reward.
eToro platform
eToro allows you to trade currencies (EUR, GBP, USD, JPY..), commodities, crypto-assets, ETFs, and CFDs.
The eToro platform is simple to use, intuitive, and ideal for traders of all levels. Beginners can also take up to $100,000 virtual to do investment simulations to perfect their strategy and get used to the platform. A minimum deposit of 250 euros is required to start with actual investments.
One of the most notable features on eToro is trading copy, which allows you to watch what real traders are doing and automatically copy their trades. Any trader can do this by opening an account and following expert investors on the eToro network. To copy a trader’s trades, transfer the necessary funds and activate CopyTrading. It is also possible to copy several traders simultaneously for more diversification.
Commissions.
eToro does not charge deposit fees, nor on the CopyTrading feature. No commission is charged on long positions (purchase) without leverage on stocks or ETFs.
On the other hand, there are rollover or weekend fees for CFDs, as well as leveraged positions and short (sell) orders.
A $5 fee is charged for all withdrawals, with a minimum withdrawal amount of $50.
Support client.
eToro’s customer support is not as responsive as the top forex brokers.
eToro: better social trading; conclusion
eToro is one of the world’s best-known and most-used social trading networks. Apart from popular features, including the Copytrader, they enjoy many users, including accomplished experts. The systems implemented to enable diversification and manage copied trades are efficient and effective. Traders of all skill levels who want to learn from the best will find no better social trading network than eToro
