eToro Interview by HenryBags
What is your name and what is your position in the company?
Jeff Hardy, press relations manager.
Your work experience?
Practically from the beginning.
What is your target group?
Our Forex trading platform has something to offer to anyone who’s interested in trading Forex, but I would say that novice traders would appreciate it in particular due to the visual, the educational and the community aspects of eToro.
Why should a trader choose your company compared to the other companies?
We offer precise and professional trading capabilities together with tight spreads, a wide range of leverages AND a user friendly platform that’s like no other platform around. You can’t beat that. It's just much more simple and could even make the trading fun.
What are the advantages to trade forex compared to stocks or bonds?
The Forex market is open 24 hours, there are no commissions and the leverages are significantly higher. Most importantly, especially in today’s critical conditions, there is no such thing an unprofitable forex market. In forex, currencies are traded against each other and the profit is made on the changes in their relative value, so whether a currency is going up or down there’s profit to be made.
What tips can you give to a "forex beginner"?
Educate yourself; there are many free forex eBooks out there, such as the one available at our site. Use the demo mode to practice even after you’ve started trading for real. Practice money management – never invest more than 5% of your margin in one trade. If they’re trading with eToro I would also highly recommend using the Top Traders’ Insight tool which allows you to see the currency pairs traded by our top 100 traders.
How do you analyze the forex market?
I find the most accurate market analysis strategy to be trend spotting, or technical analysis. Using line or candlestick charts you can predict the way a currency’s price is going to move based on its past behavior. This is the strategy used by most professional traders.
What were the changes in the forex market in the last 2 years?
The past two years have been crucial for the forex market and the change it has undergone is nothing short of a revolution. From a strictly professional, highly restrictive field, forex has become democratized when forex platforms such as ours began to offer a way for beginners to get an easy start in the market. In the past six months things have shifted dramatically yet again. As an aftermath of the stock market crash, investors from all other markets started to flood to the forex market as the only place where they can generate high returns on their capital. With these two changes coming in rapid succession the market has experienced unprecedented growth.
Do you offer as well Fund manager services?
I'm sorry to say we currently don't since most of our traders enjoy the actual process of the trading itself. The actual execution, the tracking of the market development and actually closing it with a profit (or loss, of course).
Are there frauds in the Fore broker market and how do you recognize them?
There are always frauds out there by people looking to make a quick buck. Traders should always check if the broker is licensed, and read the content of the site. The best way to check if a broker is legitimate is to call their support line and ask a few questions. The highest regulation today is the National Futures Authority that gives out license in the U.S. you can always trust a company that has this license.
Where do you see your company in 2 years from now?
As we speak we are currently the number one forex provider online according to recent Alexa statistics. We are also adding commodity trading and micro-lots over the next few months so it's hard to even imagine how much more we'll be doing in two years. I see our company continuing to develop and evolve in order to keep one step ahead of the competition and to provide our clients with the best forex service online.
