eToro Review
Pros
- Commission-free trading on stocks, ETFs, options and futures
- No minimum deposit to open a TradeStation Securities account
- Allows users to backtest and automate strategies
- Extensive educational material for novice traders and investors
Cons
- Commission-free stock and ETF trades max out at 10,000 shares
- Limited investment research for individual stocks, mutual funds, bonds, or ETFs
- Long wait times for customer service
- Platform can be technical for novices
eToro is a social trading and investment platform that allows users to invest in a wide range of assets, including stocks, cryptocurrencies, commodities, indices, and currencies. It was founded in 2007 and is headquartered in Cyprus, with offices in the UK, Israel, and Australia. If you are a new trader looking to invest in financial markets, eToro may be the right platform for you as it is education centric.
eToro Community
eToro’s social trading feature, which allows users to follow and copy other traders’ trades, sets it apart from other trading platforms. The platform’s unique social features enable traders to connect with one another, exchange knowledge, and learn from each other, thereby providing a platform for users to grow and develop their trading skills. Check out eToro!
Assets Traded on eToro
eToro offers a wide range of assets that can be traded on its platform, including over 2,000 stocks, 150 cryptocurrencies, 45 currencies, 13 commodities, and 33 indices. This makes it easy for users to build a diversified portfolio across different asset classes.
eToro’s Platform
eToro’s platform is user-friendly, and traders can access the platform on both desktop and mobile devices. eToro’s platform is also equipped with advanced tools and features such as charts, indicators, and price alerts, allowing traders to make educated trading decisions.
Fees
In terms of pricing, eToro charges a spread on trades rather than a commission, making it easier for traders to calculate their trading costs. The spread varies depending on the asset traded, and eToro’s spreads are competitive with those of its competitors. Furthermore, eToro offers several payment methods, including credit/debit cards, e-wallets, and bank transfers, making it easier for traders to deposit and withdraw funds.
eToro’s Security
In terms of security, eToro is regulated by reputable financial authorities like the FCA in the UK and CySEC in Cyprus. The platform uses SSL encryption to protect customer data and employs two-factor authentication for added security. eToro also keeps customer funds in separate accounts, ensuring that investor’s money is always protected.
Customer Support
The Bottom Line
Overall, eToro is an excellent trading platform for novice and experienced traders who value social features and a user-friendly interface. Its wide range of assets and competitive spreads make it a great option for those looking to diversify their trading portfolio. eToro’s customer service is also reliable, providing traders with a seamless trading experience. One potential downside of eToro is that it does not offer the most competitive pricing for active traders. The platform’s spreads may be slightly higher compared to other trading platforms that cater to frequent traders. However, for those who value eToro’s social features and user-friendly platform, this may not be a significant issue.