One of the many reasons why eToro is popular is because it offers forex trading along with other assets. Starting forex trading on eToro is very straightforward. This article walks you through the three steps needed to execute forex trades on the eToro platform.
(NOTE: Before we continue, we have to give a disclaimer that the trading products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. CFDs are complicated instruments that are never guaranteed to provide you supplemental earnings. In fact, Around 75% of all retail investors experienced a loss while trading CFDs. Make sure to keep this in mind before attempting to use the eToro platform yourself. All the information found on this website is not official trading advice and all practices shown are referenced for the use of the Demo account only.)
When starting at the home page, navigate to Trade Markets on the bar on left. Click on Currencies on the top right of the screen. This takes you to the forex trading page.
Step 2: Select the currency pair you want to trade
The Forex trading page lists the currency pairs that are available to trade. Click on the currency pair that you want to trade, in this case, it is EURUSD. If you prefer not to scroll through the page, the search bar is also a convenient method to find what you are looking for.
Once in the specific asset that you are trading, click on the Trade icon on the top right of the window. This takes you to the trading interface.
Step 3: Enter the details and place the order
The image below shows the trading interface. On the top, you can choose if you’d like to Sell or Buy an asset. The rate at which the trade will be executed is filled in the first field – you can either choose to execute the order at the market rate or enter a rate of your own by clicking on the arrow icon to the right of the field. Similarly, the field immediately below the rate toggles between the number of units and the amount. Enter the amount or the number of units, depending on your preference. In this case, the amount is $150. eToro also offers you the option to set a Stop Loss and Take Profit thresholds. Check the details that you have filled in and click on the blue box at the bottom that says Set Order. Congratulations! You have placed your order.
Note: Trades are based on the first quoted currency on the pair. i.e. for EURUSD you buy/sell EUR with respect to USD. Forex is generally traded using leverage. You can read more about it here.
If you would like to build up some confidence in using the platform, feel free play around using the practice Demo account. Good luck!
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