ETO Markets Review
ETO Markets Review
A newly-launched brokerage, ETO Markets offers its clients two account types: a Standard one intended for beginner and regular traders, as well as a Pro account for professional forex players. The Standard account is commission-free with higher spreads, while the Pro one provides row spreads and involves commission.
ETO Markets Advanatges:
– Regulated by ASIC (part of the eToro group?)
Headquartered in Sydney, Australia, ETO Markets is regulated by the Australian Securities and Investment Commission (ASIC), a reliable governmental agency that applies strict requirements to companies under its supervision. When we checked this information in the ASIC registers, we saw that the previous name of the company owning the broker is eToro Group Pty Ltd. Although this is not explicitly stated on ETO Markets’ website, the broker may be a part of the eToro group, one of the first and largest social trading brokerages licensed by FCA and CySEC.
So, it seems that ETO Markets is a reliable and regulated brokerage.
– MT4 available
ETO Markets offers its services via the widely used MetaTrader 4 platform (a.k.a. MT4). It has proved to be a good and reliable trading platform with solid charting and automated trading options, and if you are good with coding, you can create your own indicators, EAs, etc. So, no wonder more than 80% of all forex brokers support the MT4.
– High leverage levels
Leverage levels provided by ETO Markets are high, reaching 1:400. although this is considered a rather high leverage rate, most forex brokers provide similar or higher levels. If you are sure you understand the risks involved in margin trading.
– Spreads on demo accounts in line with announced ones
A lot of forex brokers claim to provide tight spreads or commission-free trading, but when we try out their platforms, the situation appears rather different and not so appealing. However, this is not the case with ETO Markets. We tested the Pro demo MT4 account and spreads are averaged 0.2 pips on EUR/USD, with commission of $7 per standard lot round trip.
– Numerous currencies and payment methods accepted
ETO Markets accepts deposits in AUD, USD, as well as onshore CNY. It supports many payment methods: Credit/Debit cards, Bank wire, China UnionPay, Skrill, and Neteller.
ETO Markets disdvantages:
– Spreads on Standard accounts above the average
Although the transparent cost of trading at ETO Markets leaves a good impression, the trading conditions on its Standard account types are not so good.Spreads on EUR/USD starts out at 1.6 pips, while most brokers offer spreads within the 1.0 – 1.0 pips range for this pair. For example, global broker XM (holding an ASIC license among others), offers an average spread of 0.1 pips on EUR/USD, plus a commission $10 per standard lot (round trip).
ETO Markets offers online trading in more than 70 currency pairs, as well as CFDs on commodities, indices and stocks on the popular MT4 platform. It offers its services Although its services across Europe, Asia, the Middle East, Africa and Oceania.
What we like best with ETO Markets is the fact that its is authorised by ASIC and that it has a clear and transparent pricing. On the other hand, its spreads on the more accessible accounts are not very competitive.
ETO Markets Review Conclusion
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