As of 2018, eToro, founded in 2007 and located in the United Kingdom, has more than 17 million members in around 100 countries.
There are millions of registered users in 43 U.S. states and Washington. D.C. eToro began as a graphics-intensive forex platform, and it has repurposed those features for cryptocurrency trading.
Customers outside the United States can trade other asset classes such as contracts for difference (CFDs) and stocks on several exchanges.
|Trading Platform||eToro Review|
|Regulated||Cyprus Securities and Exchange Commission (CySEC|
|Trading Platforms||Web, mobile, virtual trading, copy-trading, duplicate, ZuluTrade|
|Assets||Stocks, Forex, Cryptocurrency, CFD|
|Name||US Citizen||US Citizen|
What Is eToro Good For?
eToro is a graphically rich platform that caters to bitcoin traders in the United States.
Customers residing outside the United States can trade equities and contracts for difference.
The ease with which an individual customer may execute copy trading is a significant element of our one-of-a-kind proprietary platform.
And also, the eToro platform contains traders who want to be copied and adhere to risk-management guidelines.
This accessibility enables retail account holders to automatically and in real-time replicate the deals and trading techniques of the most successful clients.
Remember that copy trading does not guarantee either profits or losses.
- It will provide free stock.
- You will get free ETF trading.
- Best for social trading.
Pros And Cons
- 15 cryptocurrencies available
- Very easy and efficient to use website and app
- Offers community for cryptocurrency traders
- High minimum threshold to buy a cryptocurrency
- Copy-trading requires a relatively high minimum, too
On the eToro platform, there is no research center. On the website, you may delve into the unique properties of each accessible cryptocurrency, such as charting and fundamental technical analysis.
The Newsfeed consists of postings made by other eToro users.
When you choose Help, then News and Analysis, a new tab appears with a collection of messy blog postings.
There are no screeners or creators of trading ideas.
Simply click the “Trade” button while viewing the coin in question on your watchlist to place a trade.
There is a visible “Buy” button; to sell a specific coin, click or press the drop-down arrow and pick “Sell” from the list.
You can close a complete position or just a portion of it if you bought it in many lots, but you can’t sell off a portion of a single lot.
For example, if you acquire $25 in Bitcoin and subsequently sell it, you must complete the entire transaction rather than just $10.
Users can share and construct customizable watchlists with mobile apps.
Some non-US asset classes enable you to establish a stop-loss when you start a position, but not in the product version available to U.S. citizens.
You may choose the maximum drawdown when you duplicate a trade.
Types Of Orders
Market orders are the only order types available to U.S. consumers.
There are no available conditional orders as one can make several stop-limit orders When opening a subsequent transaction.
You may set a stop-loss from your portfolio listing once a position is open, but not during order input.
Non-US consumers can specify a purchase rate, stop-loss, and take profit when they initiate a trade.
eToro’s blog contains items from different areas such as research and corporate updates, weekly webinars, and a good selection of instructional resources.
The one significant disadvantage is navigation; filtering and browsing to locate what you’re looking for is tough.
FXCM, Saxo Bank, and I.G. are examples of educational leaders.
- Its mobile app has a biometric login option.
- There is no extra SIPC insurance (once stock trading is enabled in the U.S.)
- Situated in Cyprus
On the platform, there isn’t a lot of portfolio analysis. By selecting Portfolio, you can see your existing holdings and the value change since you began the position.
If you like, you may rearrange the available columns in the Portfolio listing or replace one of them with “Net Invested” or “Fees,” although customization is restricted.
You will get some trading profitability figures if you click on your own (or any other) username.
Our experience with the product
I have been using Etoro, and it is one of the very helpful platforms. This is because I am a beginner, and I did not have many ideas.
This platform made it easy for me to get ideas from experienced traders and to use them as my own accordingly.
What differentiates it from others?
There are some points that differentiate it from all others.
- You can effortlessly open an account.
- It is the best in copy trading.
- You are given rewards for sharing your ideas.
Let’s compare it with some other companies.
Etoro vs. thinkorswim
If you are looking for a personal trading platform that can help you gain a lot of knowledge about Forex trading, you should go for thinkorswim.
It will make even the complex strategies easy for you.
On the other hand, Etoro is an easy-to-use trading platform that is best for people who are just getting into it.
Etoro vs. MetaTrader 4
MetaTrader 4 is a user-friendly platform that will save you time. It will also cover all of your data, and you can also recover it completely.
You will be able to use it on many devices because it works across many devices.
You will also get to know that it has great value for money. Etoro is also very suitable for people who want convenience while trading.
Etoro vs. E*Trade Web Platform
E*Trade Web Platform is an original online place where you can start investing. You can start selling and buying along with research.
Etoro allows you to copy the idea of experienced traders and use it as your own if you share your strategies or ideas, as you will get a lot of benefits from it.
Accounts with less than $5,000 can get support online or, in a hurry, file a problem ticket to eToro’s customer care.
Once you’ve found the light blue link to the chat service, you may talk with a live representative.
Members of eToro’s Club at various levels are granted a dedicated account manager after they have a $5,000 balance or greater.
Accounts having a balance of $25,000 or more, at the Platinum Club level or higher, receive benefits such as priority customer support.
Priority service is welcomed because ordinary customer assistance might take up to 14 days to respond.
Note that there is no phone help (except in Australia) and no live broker support. And also, the Customer Service page includes an option for online chat.
eToro is ideal for regular traders looking to crowdsource investment ideas through the power of copy trading, as well as for highly experienced active traders who want to earn for sharing their ideas with other traders.
Less experienced traders who want assistance may find the user-friendly interface useful.
However, I do not suggest eToro for aggressive or high-volume traders because of the larger spreads and tiny maximum transaction sizes.
Customers in the United States have a considerably different experience from those outside the United States, who may trade additional asset classes and equities from 15 nations.
Transferring crypto assets to an external wallet is a relatively uncommon feature that may appeal to investors who wish to use their Bitcoin holdings for purposes other than trading.
How good is eToro for beginners?
For beginners, eToro is an excellent pick. Its trading platform is simple to use and does not require much training.
eToro performs a fantastic job of blending helpful tools and features in a user-friendly web platform and mobile trading app.
While being suitable for novices does not imply that it is easy to earn money, eToro is simpler to use than some of the more complicated trading platforms available.
One difficulty that newbies may have on eToro is completing enough analysis when picking which investors to follow and looking at more than simply the absolute gains that a particular trader has made.
How safe is eToro?
eToro is trusted by over 5 million traders worldwide and is authorized to keep client assets and provide brokerage services in several jurisdictions.
Following a $10.4 billion merger, eToro intends to float on the NASDAQ in the third quarter of 2021.
To prevent being a victim of fraud, you should only utilize well-known licensed brokers, such as eToro.
Also, proper regulatory license, operating history, appropriate financial resources to maintain solvency, and a track record of excellent customer service are all factors that influence confidence in financial services.
eToro has proved to be more than capable of winning clients’ trust in all of these areas.