Unlike most trading platforms eToro only offers their own WebTrader platform and their Social Openbook platform. Today, I’m going to look at eToro’s WebTrader 2.0 platform and discuss it’s pros and cons. While comparing it to the offerings of other well known CFD brokerages.
Firstly, it should be noted that eToro’s WebTrader has clearly been designed to be very user friendly and is very easy to navigate around. All the menus and options are very clear anyone who has an understanding of how trading works should be able to get to grips with it. It has a number of nice features I like how easy it is to download your trade history to an excel spreadsheet which is a pretty nice feature and allows you to keep track of your trades very easily.
Another nice feature of eToro’s WebTrader is that you can set yourself and audio alarm when an instrument reaches a specific price, which means your not forced to watch the markets the whole time if you have already decided to take position if an instrument reaches a specific price. Opening and closing positions is very easy and should be easy for anyone, allowing you to set take profit and stop loss levels when you open your position. A news feed is also built into the WebTrader meaning that you don’t have to have a news site open, the news featured is both relevant and updated several times a day with breaking news.
The weak point of the eToro WebTrader platform has to be the charting features. Charting opens up in a new window and allows you to add all the technical indicators you would expect, within a couple of minutes I was able to set up the charting features to my liking. Though I don’t particularly like reading from the eToro charts preferring MetaTrader’s charts. All the indicators are perfectly functional and are very easy to apply even if they are oddly named “Studies”. Even if eToro’s webtraders charting features aren’t the most sophisticated they will probably fulfill most people’s needs.
In conclusion then eToro’s WebTrader 2.0 is perfectly functional even if it isn’t as sophisticated as MetaTrader’s trading platform. There is no support for algorithmic trading applications or programs, though it should be noted that many people choose eToro due to its strong social trading features. If your a new trader or interested in eToro primarily for the social trading features, their WebTrader platform should be more than enough to keep you going. More advanced or sophisticated traders are probably going to want to use other trading platforms which give them more flexibility and options to choose from.