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The trading platform is certainly one of the most important characteristics of a broker so that more and more traders are consciously choosing the provider who can provide them with the best and most suitable trading platform.
Despite this fact, there are still many traders who do not even consider the trading platform before choosing a broker, although most Forex and CFD brokers offer a very good opportunity to do so, namely in the form of a demo account. By means of this test account, traders usually have at least 14 days to try out the appropriate trading platform and then assess whether they can cope with it or have problems.
What features should the trading platform include?
Inexperience reports and opinions of many traders about the respective brokers, it often becomes clear what customers want from a good trading platform. First and foremost, care is taken to ensure that the visual appearance and design are right so that no confusing elements distract from the actual functions. In addition, it is of course the features in particular that make a good trading platform. In surveys among traders, the following desirable features are often mentioned, which both beginners and professional traders expect from a solid trading platform.
- Display of real-time quotes
- Account and portfolio management options
- Retrieving the entire history
- Display of charts
- One-Click Trading
- Clear job window
- Other additional functions
Using these criteria, you too can judge whether the trading platform offered by the broker is to be considered good or whether it still has its shortcomings for some characteristics. By the way, one of the leading trading platforms for foreign exchange trading is clearly the MetaTrader, which is also provided by many forex brokers in the proven version 4 or as the latest version 5.
In addition, and for more and more traders even as an alternative to trading via the stationary trading platform, customers can now trade with almost every forex broker on a mobile basis. For this purpose, there are various apps that ideally contain almost all functions that can also be used via the other trading platform of the respective provider.
The trading platforms at broker eToro
If we take a look at the offer of the broker eToro in the area of stationary and mobile trading platforms, including the app provided, the good overview is striking. Basically there are three trading interfaces and variants that customers can use via the broker eToro, namely
- eToro OpenBook
- eToro WebTrader
- Mobile Trader
The eToro OpenBook is basically the main element, as it is used to make the sense and purpose of social trading at eToro usable. Through the so-called OpenBook, traders have the opportunity to view the trades of all OpenBook traders and follow them.
In the OpenBook area, customers can not only view orders and open positions but can also easily copy certain trading orders via the OpenBook.
WebTrader and Mobile Trader
Besides the OpenBook, the broker eToro also provides a classic trading platform, namely the eToro WebTrader. The broker himself states on his website that it is the cleanest, most flexible, and convenient online platform available. The trading platform is equipped with numerous tools and community trading functions, so that here again great importance is attached to social trading.
Of course, the broker eToro has kept up with the times and will soon offer a mobile trading platform in the form of a Mobile Trader. The mobile trading platform gives customers the opportunity to access the financial markets quickly and easily at any time and from anywhere. The future mobile trading platform will be available for the iPhone and iPad as well as for BlackBerry and other smartphones.
Using the demo account option
Especially with beginners, who have not traded with the foreign exchange before, we find relatively often that they are not well informed about which comparison criteria are decisive when choosing a broker. It is now undisputed that the trading platform is one of them. Furthermore, many traders are not informed about the fact that nowadays almost every Forex and CFD broker offers the possibility to test the trading platform in peace and mostly without time pressure.
For this purpose, brokers provide a demo account, which is similar to the real trading platform in many ways.Traders can use this test account, for example, to find out whether they are satisfied with the functions of the trading platform and whether the design and appearance are appealing, so that they can also get along with this trading platform in everyday lifeTraders can use this test account.
For example, to find out whether they are satisfied with the functions of the trading platform and whether the design and appearance are appealing so that they can also get along with this trading platform in everyday life Traders can use this test account, for example, to find out whether they are satisfied with the functions of the trading platform and whether the design and appearance are appealing so that they can also get along with this trading platform in everyday life would.
The demo account is now available from almost every broker. There are differences, however, in terms of the period of use. Some Forex and CFD brokers allow their clients to use the demo account for training purposes at their leisure and without time restrictions.
Other brokers are a bit stricter in this respect and stipulate that the demo account can only be used for 14 or a maximum of 30 days. Afterward, the trader must then decide whether he chooses the “real” trading account or finally orientate himself otherwise and choose a competitor. We definitely advise you to take advantage of the free demo account option, not only to train to trade, but also to familiarize yourself with the functions, design, and other features of the trading platform.
Conclusion on the trading platforms at broker eToro
What we particularly liked about the broker eToro was the clarity of the trading platform. With the OpenBook, the WebTrader, and the Mobile Trader three clearly separated trading interfaces are provided. The core element is still the eToro OpenBook which allows traders to view and copy the trading orders and positions of professional traders. Whereby “more professional” might be a bit too much.
As mentioned before, eToro with its very simple platforms is mainly aimed at beginners and trading novices. This becomes especially clear when it comes to copy trading. Advanced traders or even professionals will probably not be very happy with eToro’s platform due to the many missing features. The mobile version can be accessed via almost all common smartphones but is currently not in live mode. The broker talks about the “future mobile trading platform” on his website.
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