eToro is a brokerage company that has been on the trading market since 2007. It specializes in CFD products, cryptocurrencies, stocks, and ETFs for a large customer base. Currently, there are almost 11 million investors from 140 countries involved in the eToro community. While its headquarters are situated in Israel, the company also has legal entities registered in different tier-1 financial jurisdictions. These include the United States, Australia, and the United Kingdom. According to the official corporate reports, own stats, eToro is expanding its operations progressively. Its major focus is now set on the Asian markets where they provide brokerage services to China and Hong Kong.
What makes eToro so attractive for potential traders and investors is a feature known as “social trading” that allows users to interact with each other in social-media resources. The platform encourages this kind of cooperation between peers by offering a messaging option, a social feed, and other similar add-ons.
Is it worth trying eToro? Does it offer efficient services? Is it a leading broker on the trading market? There are many factors based on which eToro can be compared with others. When it is stated that there are many alternatives to eToro, it means that there are brokers having similar features with eToro. Let’s find out more in eToro review.
eToro Alternatives
There are multiple brokers that have the same features with eToro. While the list of options is pretty long, here are only some of them:
- eToro is recommended for traders involved in social trading and no fee stock trading.
- Plus500 is recommended for professional traders looking for an easy-to-use website and a great user performance.
- Markets.com is recommended for traders interested in CFD trading.
- XTB is recommended for forex and CFD traders striving for low commissions and great deposit/withdrawal operations.
- City Index is recommended for forex and CFD traders looking for low forex commissions and excellent research instruments.
Important Aspects of Finding eToro Alternatives
Whether eToro or one of the above-mentioned alternatives is the best option for you depends on the following five broker features:
- Commissions: There are different commissions that your online broker may charge. Also, these commissions are marked with the number and the size which vary from one broker to another. Both of these nuances can influence your income and your general online trading experience. eToro is one of the more affordable brokers, so if this is a crucial thing for you, make sure you choose a similarly low-cost eToro alternative.
- Account registration: To create an account on the official homepage, you require at least €50,000 as a start-up investment at the eToro website. Many of its alternatives do not set a minimum first-time investment. Moreover, the time it takes to create your account may also vary. At eToro, you can start using your account on the same day of your registration.
- Deposit/withdrawal: The method you use to manage your deposit or withdraw rewards to or from your account matters a lot. For instance, while you can make a deposit with a credit card at eToro, this might not work the same way at its alternative websites.
- Web trading platform: While online brokers can usually be accessed on different sites like mobile apps, tablet apps, or desktop software. Most users benefit from them through their web resource in a browser. Customer-centered trading resources provide many different opportunities to considerably boost your trading comfort.
- Markets and products: There are plenty of people who prefer particular products they would like to invest in. Whether stocks, forex, mutual funds, and other items are available at the eToro alternatives, it is something you can check manually.
The Bottom Line
eToro is the world’s leading online social trading broker. Well, there is a good reason for that. They have a simple and customer-friendly interface that makes trading routine fast and easy. They also provide an attractive system of bonuses and rewards. In regard to service commissions, eToro has some of the lowest prices available. At the same time, if you think that eToro isn’t right for you, you need to close your account. Otherwise, you will be charged a monthly inactivity commission of $5 per month.
On the eToro website, there are lots of markets to choose from. Luckily, most alternative brokers offer the same choice. Thus, it doesn’t cause many problems to switch between markets, depending on your individual preferences and expectations. As with any trading broker, it is crucial that you only make an investment you can afford to lose. After all, online trades are quite unpredictable, always going up and down.
