eToro has been around for nearly 14 years since it was founded in 2006. Even though it is considered as one of the leading online Forex and CFD brokers, eToro has some flaws. As traders’ needs are rapidly evolving, you might want to be aware of eToro alternative platforms.
Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
In this guide, we will suggest 4 alternatives to eToro that provide lower fees and more a large variety of assets.
What are some disadvantages of eToro?
For many people, eToro might be the best trading platform. The broker has developed a user-friendly and well-designed web-browser trading dashboard where traders can easily place orders, connect with other members, and even copy trades of other top traders in the community.
But every platform has a few pros as well as cons. Selecting a trading platform is highly dependent on your location, trading needs, and trading style. There are some eToro alternative platforms that can allow you to get the most out of your trading account.
First, we have collected the main disadvantages of eToro:
- A limited selection of cryptocurrency pairs
- Forex and CFD trading is not available for residents in the United States
- In the U.S., cryptocurrency trading is only available in 39 US states
- eToro charges non-trading fees such as withdrawal fee and inactivity fees
- eToro’s spreads are slightly higher than competitors
- MT4 and MT5 trading platforms are not supported
- Minimum deposit is slightly higher than on other platforms ($/€/£150)
But if eToro does not support your country of residence, or if you would like to check out alternative platforms, we have listed four fantastic eToro alternatives. Let’s find out more about each one of these below.
How we analyzed these alternatives
- Safety and regulation: eToro is highly regulated and secure which means you should not have any concerns to trade with this broker. Yet, if eToro is not available in your country, we have collected the most well-regulated CFD brokers in the industry. Those include AvaTrade, Huobi, Forex.com (regulated in the United States), and markets.com
- Usability: If you are looking for an easy-to-use trading platform, eToro and Huobi are the ideal brokers to get started.
- Supported countries: For those who are located in the United States, eToro is the best option to trade cryptocurrencies and Forex.com is among the few brokers that offer margin trading on a wide range of products for US residents. Otherwise, AvaTrade, Forex.com and Markets.com are great platforms to get started.
- Fees: eToro fees are not the lowest in the market, though sometimes it is better to pay more and get more. Markets.com and Forex.com are among the top brokers with lowest fees in the industry.
eToro alternatives – Final Thoughts
The bottom line, if you are interested in social trading, then check out eToro, we highly recommend it. If you are looking for a user-friendly trading platform with a vast array of tradable products then you might consider Huobi. For those who are looking for a top regulated broker that offers a professional trading platform (like MetaTrader4) and options trading, AvaTrade and Markets.com are an ideal solution. And Forex.com is the recommended broker if you are located in the United States and looking for margin trading.
FAQs
Are there any platforms like eToro?
Yes. There are plenty of other platforms providing online trading of CFDs and cryptocurrencies. However, eToro offers a unique trading experience due to its social trading platform where traders can connect with each other. Though trading is mostly an individual journey, eToro makes it a bit different with its innovative platform and makes it a completely social trading experience.
Is eToro expensive?
eToro is not the cheapest trading platform in the market but it offers a unique trading platform and additional trading tools that differentiate the broker from other competitors in the market.
Is eToro unsafe?
No, eToro is completely safe and regulated. The fact that eToro is regulated ensures that the broker complies with regulatory requirements and must hold clients' funds in segregated accounts.
What is the lowest deposit you can start with ?
From the choices above, Forex.com maintains the lowest minimum deposit you can start with of $50.
