Currency trading has drawn the attention of many people that previously would not have invested much thought in the forex market. There are a few reasons why people are drawn to currency trading. The first reason is that they have heard tales of many people having amassed huge profits from the currency market. The other reason is online services such as eToro have made it quite easy to trade in the currency market. However, many people will have concerns whether or not eToro is an outright scam. A closer look at the complany will reveal the answer.
Based out of the country of Cyprus, eToro is not an actual broker. Rather, it is considered a software platform that helps those that sign up with the trading platform can be connected with third party brokers to actually execute the trade. eToro also has an educational aspect to it in the sense it promotes the notion members can develop a more intuitive approach to trading. The eToro platform offers visuals of financial transactions and these visuals help set the stage for becoming more intuitive towards forex trades.
Indications of the company’s credibility can be drawn from the fact it is is regulated by CySEC exchange authority. This means it must operate under the rules, regulations, and oversight of said commission. The company is also used as the trading platform of two major forex brokers. These brokers are IFX Markets Inc and RetailFX Limited. The former is the US wing of a London based company an the latter is a trading company based in Cyprus.
Those with further questions and concerns regarding whether or not the service is legitimate are advised to examine credible reviews written by actual members of the platform service.