But if you want deep market tools, tighter spreads, or niche products, you eventually graduate to more specialised brokers. EToro is best suited for beginners and less experienced traders looking to trade the most popular cryptocurrencies (and other assets) as well as make use of the platform’s flagship copy trading feature. EToro is one of the most established online brokerages offering crypto trading services in the United States. The platform supports a wide variety of financial institutions that you can link up to eToro to make deposits into your account. 61% of retail investor accounts lose money when trading CFDs with this provider. The eToro platform is versatile and packed with features, supporting copy trading, advanced market research, and detailed technical analysis.
Overall, eToro’s market analysis materials are poor compared to those of other large international brokers. A benefit of offering third-party platforms is that traders who decide to migrate to another broker will already be familiar with the platforms. A serious downside of its platform is the lack of support for auto trading systems available on other platforms. However, eToro’s crowd trading platform is user-friendly and well-designed, making it a good choice for beginner traders. With over 2000 stock CFDs and 31 commodities, eToro has a good range of financial instruments compared to other similar brokers. Once our documentation had been submitted, our accounts were ready for trading within a day.
- Unlike many traditional brokers, eToro is not integrated with MetaTrader 4 or 5.
- Beginners who want a low-friction entry to markets.
- It safeguards client funds in segregated accounts, offers negative balance protection, participates in compensation schemes, and enforces capped leverage for retail clients.
- You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
To conclude, eToro presents a balanced proposition for traders seeking a regulated, multi-asset platform that supports social and copy trading. Launched in 2007, eToro began as a social trading pioneer and has evolved into a full-featured multi-asset platform combining forex, stocks, crypto, commodities, ETFs, indices and more. Through this all-encompassing data collection and review process, Investopedia has provided you with an unbiased and thorough review of the top online brokers and trading platforms. We then developed a proprietary model that scored each company to rate its performance across 11 major categories and 89 criteria to find the best online brokers and trading platforms.
Forex368 is an independent content site. But it’s a platform that gets people through the door — and for many, that’s enough. But you pay for that convenience, especially outside stock trading. Crypto traders chasing the tightest spreads.
- We combined our industry research, subject matter expertise, and investor survey data to guide the research and weightings for our 2024 online broker awards.
- Beginner investors may feel more comfortable with the app’s familiar feel since eToro is not modeled on other traditional brokerage offerings.
- Overall, I found eToro to be an excellent choice for traders of all experience levels—particularly those interested in copy and social trading.
- Only the biggest movers of the day and trending assets are highlighted on the platform.
However, spreads on commodities, indices, and especially cryptocurrencies—such as Bitcoin—are significantly higher than industry norms. Accounts are considered inactive after 12 consecutive months without any login or trading activity. EToro was founded in 2007 and has established itself as a reputable broker.
Although eToro offers a unique social trading platform to help beginner traders get started, its educational materials are limited compared to other similar-sized market makers. Its unique bespoke web trader platform also offers full support for eToro’s CopyTrader, and CopyPortfolios, two unique social trading tools. EToro’s fees are in line with most other online brokerages and crypto trading platforms. Next, in 2013, eToro added stock trading to its forex and commodity trading platform, and also became one of the first brokers to support Bitcoin (BTC). FxScouts helps traders across the globe by meticulously testing and reviewing online brokers and providing Forex education and market analysis.
Tradable Instruments
For a limited time, you can earn a bonus of $10 when you deposit at least $100 in your eToro account. Plamen’s favourite trading instruments include FX majors and gold. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Stock Screener
The mobile app and web-based user experience offer similar functions and features, allowing users to seamlessly transition between them to trade through their preferred version. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies, nor can the accuracy or timeliness of the information be guaranteed. This is a high-risk investment, and you should not expect to be protected if something goes wrong. EToro stands out with its intuitive user interface, providing a beginner-friendly trading experience.
How Do You Withdraw Money from eToro?
EToro offers a single retail trading account with standard pricing and a wide choice of base currencies. The platform also helps traders track the latest market developments and learn about the day’s gainers and losers in the stock market. It also connects traders to eToro’s social and copy trading community – one of the biggest in the industry.
Trading Technology
Here’s the part no one spells out — CFDs are the money cow. Those occasional app lags during big market swings? EToro is slick — marketing meetings are basically runway shows for new buzzwords. Additionally, our team of researchers verified the survey responses and collected any missing data points through online research and conversations with each company directly. Moreover, the company has not reported any major security breaches on its platform. EToro’s U.S.-based cryptocurrency business, operating under the entity eToro USA LLC, is a registered Money Services Business (MSB) with FinCEN.
Available Account Types
From market analysis and trading strategies to interviews with industry experts, this podcast covers the breadth of the forex landscape. Beginner traders would also benefit greatly from being able to attend webinars on CFD trading basics and risk management. EToro hosts a short course titled The Complete Guide to FinTech that teaches traders the basics of trading – especially trading on the eToro platform.
eToro Non-Trading Fees
Webinars are held infrequently and tend to be more focused on market conditions than the etoro forex broker review rest of the educational material. It is more of an overview than an in-depth course, and much of the content covers asset classes other than Forex. EToro’s educational materials are limited in scope, providing only a demo account and some basic videos on investing. One drawback is that there is a limited selection of fundamental data available on the platform. Be aware that this analysis is community-created content and should be viewed with deep skepticism.
These accounts might suit clients who require a zero-interest account due to religious beliefs and/or personal preference. One thing to keep in mind is that the account has a relatively low margin call level and no stop-out, which could affect risk management. EToro has a single retail trading account, which features floating spreads from 1.0 pips and zero commissions.
The FXTS Verdict: Is eToro a Trusted Broker?
Phone and email support is available, but the contact information is not readily available for you to find. Outside of this self-serve option, more traditional customer support options are limited. An online educational portal is accessible through eToro Academy. EToro provides limited portfolio analysis, especially in comparison to competitor platforms. Additionally, users can earn 3.25% annual interest on their cash through eToro’s High Interest Cash Program.
We review, compare and introduce only regulated brokers. If you start trading there, don’t just sign up through an affiliate unless they’re getting you discounted fees. Chart-heavy traders who need advanced screening and technical tools. They’re leveraged, fast-moving, and carry high risk — perfect from a broker’s revenue perspective, less so for most long-term investors.
Trading Tools Comparison
These offerings, combined with the site’s interactive nature, can make the user experience feel more akin to a social media platform than a traditional brokerage service. Additionally, users won’t find many order types beyond basic market and limit orders, which prevents more advanced traders from getting the most out of the system. That enables users to understand the thought process behind many of the successful traders on the platform, making the decision of whether to copy these traders a lot easier. EToro’s flagship CopyTrader feature allows you to quickly and easily search for and copy the crypto trades of popular traders on the platform, making it incredibly easy to get started. In 2017, eToro expanded its crypto trading business by adding more assets and entered the U.S. market with its crypto trading offering the following year.
eToro Risk Statement
EToro provides a powerful economic and earnings calendar, a highly informative news screener, detailed market breakdowns, and an intuitive market sentiment gauge. While the broker does not provide Virtual Private Server (VPS) hosting, its speedy order execution more than compensates. EToro’s fluid charts are also suitable for high-frequency trading, even though the lowest timeframe is only 1 minute. EToro’s web platform is powered by the seamless TradingView, making its charts both versatile and high definition. To achieve this, we evaluate the availability of the necessary features and tools.