Here's a question I got recently – What's the minimum you can invest in eToro? So here are all the details on the minimum amounts needed to invest in the various products on eToro. Check out the bottom of the post where I share what I believe is the perfect first time deposit.
Disclaimer: eToro is a multi-asset platform which offers CFD and non CFD products.
Disclaimer: 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
I've talked about how I've used Plus500 in the past, and even made money with it. And I've also written plenty of reasons why I like Plus500 and why you should use it. So it may seem a tad weird that I'm now dedicating an entire post to convincing you not to use it. But there is a very important reason why….
Trading Forex is not for Beginners
Forex is a crazy beast, with wild swings and often perplexing results. It's impossible to predict and even the best traders are wrong a lot of the time. So if you're new to Forex the odds are that you're going to fail. One of the biggest mistakes I see newbie traders make is thinking they know what they are doing. They make one or two trades which result in a profit
It takes a lot of your time
Successful forex traders need to spend a lot of time watching the news and keeping an eye on their charts. Some of my friends, you are professional traders, claim they only trade for a few hours a day, but in reality they always have one eye on the news. You can't afford to take a week off and just escape. You need to be constantly plugged in.
It's no get quick rich scheme
Even if you make $$ on a couple of trades, the way that forex moves, you are only one trade away from a loss. In fact, you can easily wipe out the profits of numerous trades with just one bad trade. So it takes dedication and a lot of time. You're not going to get rich trading forex overnight.
A smarter alternative for beginner forex traders
So is there any alternative? I'm a huge proponent of social copy trading. The idea is that newbie traders can copy more experienced professional traders and let them do the research and make the calls. It's still up to you to find the right people to copy and make sure you spread your money across multiple traders, but it does reduce the amount of risk. My favorite copy trading platform is eToro.
If you want to trade on Plus500, you need to start learning
If you still want to trade on Plus500, then you need to start your forex education. This is the online course that I used, and I highly recommend. There are many other great sources of information. Just make sure you stay away from anything that tells you, you can get rich overnight!
Another really common question I get is whether or not eToro is a scam. I've had years of experience copytrading with a real money account, so I thought I would share my experiences to help you get a better idea of the platform.
First off, there is no doubt that etoro is a reputable broker. I don't want the post to be about that. They are fully regulated and i haven't heard any complaints from people regarding payouts. What I want this post to be about is whether or not their platform is a legitimate trading platform.
This is probably the most common question I get – who should I copy?
I'd love to give a definitive answer, and in the past I've posted on a regular basis about who to copy, but it changes very often.
On eToro, I've been quite successful. I think that's down to being quite picky with who I choose to copy and being brutal when it comes to stop copying people.
If you'd like to get access to the traders I am currently copying and the traders I will be copying in the future, then you have to subscribe to my weekly copy trading newsletter. Each week I share with you why i've picked these traders.
Forex affiliate marketing generates the bulk of my income each month. So I thought i would share with you how I've been successful with forex programs and how you can do the same.
How I promote forex sites
I don't make anything from this blog (yet), but I have built a couple of authority websites that teach people the basics of forex. These sites generate around $2k of revenue each month. They around 2 years to get to that figure, but I started seeing my first conversions around 3 months after building the first site. Each site contains lots of high quality articles, which link to the affiliate programs.
My main strategy is simply answering questions people are searching for like “is plus500 a trusted broker” etc. I offer honest, detailed advice.
What I look for in a Forex Affiliate Program
The first and probably the most important thing to look for is not the amount you will make per sale (CPA), but whether or not the program is trustworthy. In the past I've joined an affiliate program, promoted it, only to find out they don't pay out on time, or not at all!!
Next I want to make sure the program offers a commission plan that suits me. I prefer a CPA plan. Which means you get paid a lump sum upfront whenever you refer a new trader that makes a first deposit. Other affiliates prefer a percentage program where you get paid a % of all deposits a trader makes. The best programs give you a choice and lets you choose your plan. This way you can switch if need be.
Obviously you're not going to want to promote a program that will pay you $10 for each trader you refer. This just isn't enough. It should be more than $100. This will make it worthwhile for you, especially if you are paying for traffic.
Finally I like to make sure the forex broker I am promoting is actually popular. Here's my secret tip… if a broker is popular, people are already going to be searching for it. So all you need to do is rank for some of the less competitive keywords, and because the broker is so popular, you will still get a decent trickle of profitable traffic. But if you were to promote a new broker, with hardly any competition, the problem is no one is searching for information about that broker.
Which Forex Programs do I recommend?
On my authority sites I currently focus on two different affiliate programs. If you are just starting out, I would recommend using just one. I find it can be distracting to try and work with different forex affiliate programs. So here are the two I use….
Plus500 are very popular thanks to their $30 free deposit bonus offer. They get lots of registrations and are used by some quite high profile traders. This means there is a lot going for this broker and will make it easier for you to promote them.
A more recent addition to my lineup, but just as profitable, xtrade is a super popular broker that advertises heavily. This means there are lots of people searching for information about them. And it means you will have lots of post ideas to promote them.
Whatever happens, the Brexit event or non event is going to have huge trading implications. There is going to be lots of movement in various markets. So now is the perfect time to think about how you're gonna trade the event. Now I'm not a trading a expert and there is no way I'm going to be able to give you any trading advice. But the good guys at eToro got together with renowned economist Raoul Ruparel and hosted this webinar. If you're interested in forex or stocks, then please, please watch this, it will offer some great advice:
Ever wanted to try your hand at trading forex? Been sitting on the sidelines? Well here's an opportunity I've found for you to get started in Forex trading.
Plus500 now offers a $25 bonus for new members to try out their platform. And the best thing is, it's a no deposit bonus. This means you don't need to deposit anything to begin. As far as I'm aware, plus500 is the only reputable forex platform that offers this.
You will need to confirm your account, but this is usually automatic. All I had to do to receive the $25 bonus was confirm my account via an SMS. Easy!
I've been trading on Plus500 for the past few months. You can trade forex as well as CFD's (such as commodities and stocks). The company is fully regulated and traded on the London stock exchange. Trades are commission free, you simply pay the spread.
Best of all, you don't need to download any software. You can use the perfectly competent web trader – which I find to be very easy to use. They also offer an iphone app for trading on the go.
Plus500 is one of the worlds most popular online brokers. Through Plus500 you can trade stock cfds, forex, commodities and cryptocurrencies.
But can you actually make a profit? Here's my guide to making money on Plus500. Read on to find out more…
Update for 2020: I no longer recommend Plus500. If you're looking for a less risky alternative you should try this platform. I've had much more success with it over the past couple of years.
How to Make Money with Plus500
Plus500 allows you to trade currencies (forex), commodities (like Gold and Oil) and other CFD's like stocks such as Apple or Google.
So before you start thinking about making money on plus500 you need to first have a strong understanding of financial markets. Wild guesses will just result in you losing money.
You'll make money on Plus500 by opening either Buy or Sell positions. A buy (long) position, if you think the asset will rise in value or a sell (short) position, if you think it will lose value. To figure out how to make these trades, will require experience. Luckily plus500 offers a free demo account. So you can practice trading with pretend money. This way you can get to grips with the interface and gain valuable trading experience.
Who is Plus500 For
I think Plus500 is for intermediate to experienced traders. If you've tried other FX platforms and are looking for a better interface then Plus500 is for you. If you're looking for a platform that has what I believe is one of the largest ranges of financial products to invest in, then Plus500 is definitely for you.
I no longer use eToro and would recommend eToro instead.
A Very Generous Welcome Bonus
Plus500 gives you a welcome bonus of $30 to start trading! No catch. Just sign up, make sure you're account is verified and you can start trading with it. There is no deposit required.
Webtrader. No Download Required
Plus500 has a very easy to use web trading interface. You don't need to download any software. It just works. There are downloadable versions of the trading app. Including for mobile. But I've always found the web trading interface to work best.
A Forex Platform that Accepts PayPal!
I use PayPal a lot. And always like to use it for my trading accounts. Mainly because it's instant and there is no waiting like a bank account. Plus500 accepts PayPal as well as all the other usual funding options. As PayPal is quite strict with financial companies, seeing a forex platform accept paypal is always a good indication.
Tried Binary Options? Use Plus500 Instead
I'm not a huge fan of binary options. I think there is too much risk involved. With Plus500 you can still make bets on the market going up or down just like with Binary Options, but your positions won't suddenly close. You can keep your positions open to counter any fluctuations in the market.
But if you do really want to trade options, don't worry – you can on Plus500. Yes thats right, as well as all the other countless financial products they offer, you will find options available as well.