eToro has consistently proven itself as one of the best online trading platforms available. Its success is attributed to its innovative copy-trading platform, allowing traders to replicate the strategies of experienced investors or receive exclusive benefits by sharing their own trading techniques.
What You Should Know About eToro
eToro boasts a prioritized score of 93 out of 99, indicating its low-risk nature. Regulated by one tier-2 regulator and two tier-1 regulators, eToro’s trustworthiness is well-established. It is licensed by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA).
With a wide range of over 3,000 tradable symbols, including forex, CFDs, and exchange-traded securities, eToro offers a comprehensive trading experience.
Usability: eToro goes the extra mile to ensure a positive trading experience. Its user-friendly platform allows traders to choose between trading CFDs and underlying assets directly from the trade-ticket window, a subtle yet incredibly useful feature. Additionally, eToro enables cryptocurrency trading through both CFDs and the purchase of the underlying security.
As a market-maker broker, eToro offers a typical variable spread of 1 pip on the EUR/USD, slightly above the industry average. Retail traders are drawn to eToro not for its spreads but for its social copy-trading software capabilities.
VIP Accounts: eToro’s VIP club, known as the eToro Club, offers five membership tiers ranging from Silver to Diamond. The benefits vary according to the membership level and trader balance. VIP benefits include access to Trading Central, reduced fees for withdrawals and deposits, and a dedicated account manager.
Popular Investor Program: eToro’s Popular Investor program allows traders to earn various benefits based on their level, ranging from Cadet to Elite. Achieving elite status as a Popular Investor grants traders monthly payments, spread rebates, and even a management fee.
Trading Physical Cryptocurrency: eToro’s pricing is comparable to the industry average, with users paying a set fee of 1% (in addition to the spread) on both buy and sell positions. While trading bitcoin has become slightly more expensive, eToro’s 1% flat-rate commission on approximately 400 other crypto assets counters the increased cost.
5 Reasons to Choose eToro as Your Online Trading Platform
User-Friendliness: eToro offers a simple and intuitive trading platform that doesn’t require extensive training. Its web and mobile trading app strike the perfect balance between helpful tools and ease of use.
Trustworthiness: eToro possesses the necessary regulatory licenses, financial capital, operational history, and a track record of superior customer service that instills trust in its clients.
Social Copy Trading: With eToro’s social copy trading capabilities, traders can choose from a vast database of investors and copy trades in real-time. Although success is never guaranteed, eToro’s value lies in this feature.
Important Considerations: It’s crucial to be aware of the risks associated with trading CFDs, as they are complex tools. eToro’s platform is transparent about the potential for significant losses due to leverage.
Mobile App: eToro’s mobile app for Android maintains the same appearance and functionality as the web version, with convenient features such as light and dark mode themes and synced watchlists.
How to Get Started with eToro
To find traders to copy on eToro, explore the system of filters located in the top menu on the Copying People page. Set your criteria based on risk level, financial viability, and drawdown tolerance. After applying the filters, eToro will suggest suitable traders for you to consider.
Choose 4-5 traders to create a diversified portfolio. Thoroughly examine each trader’s profile and statistics before making your decision.
Why eToro Reigns Supreme as the Best Online Trading Platform
Established in 2007, eToro is regulated in two tier-1 and one tier-2 jurisdictions, ensuring a safe and low-risk trading environment for forex and CFDs.
eToro excels as both a social copy trading platform and a cryptocurrency trading platform, making it the top choice in both categories.
With its user-friendly online platform and mobile app, eToro caters to both casual and beginner investors.
Offering over 3,000 tradable symbols, eToro maintains its position as a multi-asset broker with extensive market coverage.
In the EU, the UK, and Australia, eToro provides liability insurance of up to EUR 1 million per client.
VIP-style perks await club members and popular investors who achieve higher tier status.
eToro has garnered the trust of more than 13 million traders worldwide. Its licensing in multiple countries, commitment to client fund security, and exceptional brokerage services make it a standout choice among the best online trading platforms. In fact, in Q3 2021, eToro was listed on NASDAQ after a successful $10.4 billion merger.