Forex trading on eToro has become an increasingly popular entry point for beginners looking to explore currency markets. With a user-friendly platform, copy trading features, and access to a wide range of currency pairs, eToro provides a simplified gateway to the world of forex trading.

This guide explains how forex trading works on eToro for beginners, including account setup, strategy basics, risk controls, and key tips for success.

Why Beginners Choose eToro for Forex Trading

• User-Friendly Interface: Clean, intuitive platform ideal for first-time traders
• Copy Trading: Allows beginners to mirror experienced traders’ strategies
• Zero Commission on Forex Trades: Transparent spreads, no extra charges
• Regulated Broker: eToro is regulated in the UK (FCA), Europe (CySEC), and Australia (ASIC)
• Learning Resources: Demo account, guides, and social learning community

How to Start Forex Trading on eToro (Step-by-Step)

1. Open an eToro Account

• Go to eToro.com
• Register with email and ID verification
• Select your base currency (e.g., USD, EUR, GBP)

2. Explore the Demo Account

• eToro provides a $100,000 virtual portfolio
• Test trades in real market conditions without risk
• Practise opening and closing forex positions

3. Choose Forex Pairs

eToro offers major, minor, and exotic pairs including:

• Major Pairs: EUR/USD, GBP/USD, USD/JPY, AUD/USD
• Crosses: EUR/GBP, GBP/JPY, AUD/JPY
• Exotics: USD/TRY, EUR/ZAR

4. Understand Leverage and Spread

• Leverage up to 30:1 for retail traders in Europe
• Spreads are the only trading cost on eToro (e.g., 1 pip on EUR/USD)
• You can trade long (buy) or short (sell) with the same ease

5. Place Your First Trade

• Select your currency pair
• Click “Trade” → Set amount, stop-loss, take-profit, and leverage
• Click “Open Trade” to execute

6. Copy Experienced Traders (Optional)

• Use CopyTrader™ to mirror professional traders
• Select based on past performance, risk score, and strategy
• Allocate a portion of your capital to follow them automatically

Trading Strategies for eToro Beginners

a. Trend Following

Use simple tools like moving averages or RSI to follow upward or downward trends.

b. Range Trading

Identify pairs that bounce between support and resistance levels.

c. News-Based Trading

Trade around economic releases (interest rate decisions, NFP, CPI).

d. Copy Trading

Automatically follow traders with verified performance.

Risk Management on eToro

• Use stop-loss orders on every trade
• Start with a small amount per position (e.g., 1–2% of portfolio)
• Avoid excessive leverage — it increases both gains and losses
• Diversify across different pairs and markets

Case Study: First-Time Trader Using eToro

Name: Emma, 29
Location: UK
Background: Marketing Executive, new to trading
Start: Joined eToro and practised on the demo for 3 weeks
Strategy: Copied a trader focused on EUR/USD and USD/JPY
Result: Earned 7.2% in her first 2 months trading with low risk

Emma’s story highlights how new traders can gain experience and grow confidence using eToro’s tools.

Key Takeaways

• eToro is one of the easiest forex platforms for beginners
• Features like copy trading and a virtual demo account reduce learning risk
• Regulation across multiple regions provides peace of mind
• Focus on risk control and strategy development from day one
• Beginners can trade major pairs with zero commissions

Frequently Asked Questions

Is eToro good for beginner forex traders?

Yes, its easy-to-use interface and educational tools make it ideal for newcomers.

Does eToro offer a forex demo account?

Yes, with $100,000 in virtual funds to practise trading without risk.

Can I copy other forex traders on eToro?

Yes, the CopyTrader feature lets you automatically mirror experienced traders.

What is the minimum deposit to trade forex on eToro?

The minimum deposit varies by country (e.g., $10 in the UK).

Is forex trading on eToro free?

Yes, there’s zero commission, but the broker charges a spread on each trade.