eTrader is the pioneer platform of online brokerage, which specializes in providing access to significant foreign currencies along with other financial instruments. With its headquarters in Cyprus, eTrader permits the retail traders and the holders of company funds to open accounts and conduct trading. Execute trading and investment on the most advanced and efficient platform. Avail of the most incredibly valuable educational material at eTrader to advance your knowledge of online trading. Invest and trade on the eTrader platform to explore the lucrative and richly profitable American, European, and Asian indices. Read an honest and detailed eTrader review and invest today.
A few fast facts before launching into the eTrader review:
- eTrader allows trading in a wide variety of financial instruments that include Shares, precious metals, Forex, and CFDs
- The trading involves standard lot sizes
- The spreads begin from three pips on Euro Dollar
- The minimum amount of the initial deposit is $250 as a wire transfer
- The minimum amount for the initiation of trade is $100
- Professional clients receive leverage up to about 1:100
Salient features of the eTrader platform
Besides the demo account, the trader can open either of the two types of accounts on eTrader. These two types include a company account and a personal account. If a user is seeking to trade in individual funds, then he should open a personal account.
On the other hand, if the individual wants to trade on behalf of his business, then he should open a company account on eTrader. Traders need to register on eTrader with certain documents like address proof, bank account information, and so on. For company accounts, users need to furnish valid business documents to conduct trade and investment on eTrader.
The platform of eTrader is highly secure and advanced. The users can personalize the dashboard, integrate various plugins, and get access to comprehensive trading reports. The user-friendly interface of the platform appeals to every user. One can access eTrader easily from desktop browsers, smartphones, and other devices of iOS and Android. Download the mobile app from the app store to get access to live data, execute trading, and manage the account. The platform portability is one of the highlights of the eTrader review.
For every Forex pair, the size of the standard lot is 100000 units of the fundamental currency. Therefore, the minimum level of the trade size is about 0.01 lots. eTrader provides comparatively limited leverage, which constrains the maximum position size. However, the broker does not mention the maximum trade size on the website. The maximum margin call is 100%, and that of Stop-out is 50%. The user needs to login to his account to check for margin calls. Constant monitoring of every activity is mandatory for successful trading. The eTrader platform sends alerts if the margin call reaches 100%. The trades enter the liquidation stage when the margin call is 100%.
The user can receive up to about 1:30 in leverage. Some pairs of currencies offer a leverage of up to 1:20. Initial users of eTrader can set the leverage level, which should not exceed 1:30. The advanced traders who possess a profitability track record can receive up to about 1:100 in leverage. eTrader reserves the right to modify the leverage amount. It does so when the trader loses a huge amount of money through risky trading. One may consider the leverage value to be a drawback of the eTrader review, but the low leverage ensures safe trading.
Besides currencies, the user can also trade in stocks, indices, and commodities on eTrader. The trader can get access to more than sixty pairs of ForEx too. Some of the most exotic currencies on eTrader include Hungarian forint, Brazilian real, Czech krona, and more. eTrader permits the account holders to conduct trade in the CFDs of companies in the UK, the US, Germany, Japan, Hong Kong, and other countries. The user can trade in shares as well. The shares include equities in the EU and the US, and Hong Kong markets. Furthermore, eTrader provides access to significant market indices, and different types of commodities like agricultural products, energy, and metals.
eTrader deals with the floating type of spreads, beginning from three pips. The lowest spreads include pairs of AUD.GBP, EUR.JPY, AUD.USD EUR.USD, USD.CAD, NZD.USD and GBP.USD. The exotics possess to the tune of hundreds of pips. Pairs like the Russian ruble possess spreads in the thousands.
Deposit method and cost
The user can make deposits into the eTrader account via several modes. These modes include wire transfer, MasterCard and Visa, and DotPay. There is no separate fee for making deposits. The broker does not accept deposits in cash. However, the banks or financial institutions might charge a separate fee. There is no limit on the maximum amount of DotPay and wire transfer deposits on eTrader.
Withdrawal method and cost
On eTrader, the method of withdrawal of funds is only through wire transfer to the user’s bank account. There is no separate fee for the withdrawal, although the bank might charge an amount. The minimum amount of transfer is $250.
Bonus and promotion
If you work for eTrader and open a local eTrader office in your area, then you can be a part of the Tied Agent program. For this program, the user has to show that he has no registration with any other brokerage firm in the country.
Pros and cons
According to this eTrader review, the following points are the pros and cons of the eTrader platform.
- A very nominal amount of fee for trading in the broadest range of instruments
- Easily accessible from any device of any operating system
- Hassle-free online trading in foreign currencies
- Free access to educational content upon registration
- Lucrative bonus and promotion facilities
- Highly profitable returns on investments
- There are limitations on the leverage
- The spreads are not sufficiently convenient
- The mobile app is not as thorough as the browser-based application of eTrader
The eTrader review reveals that the platform is excellent for the beginner as well as advanced traders. The value of leverage may seem to be low, but it is an improbable deal-breaker, thereby less prone to trade risks. Novice traders can learn the art and strategies of trading from the wide variety of educational content available on eTrader. The company account on eTrader perfectly suits the financial goals and commercial objectives of big businesses. The platform is robust, efficient, highly secure, and completely regulated. Even though the spreads are a tad too high, eTrader is still a pioneer in its field.