eToro is a familiar name for most traders, as it has gained much popularity in the past few years. The primary reason for this popularity is the social trading tools and features offered by eToro that allow users to easily trade or invest in various financial assets, including stocks, currencies, and cryptocurrencies. While eToro is a trusted choice for many traders, several alternatives to eToro offer unique features and benefits. In fact, considering more options would be ideal to find the best broker or platform for yourself, as each and every trader has their own preferences and requirements that they should consider before finalising a platform. Read More
Starting off your trading journey with the right platform can surely make the overall trading experience a lot better, and that also makes a lot of difference to your performance. But finding similar platforms or brokers can take a lot of work for beginners. In this article, we will explore the top 5 alternatives to eToro and review their features and other aspects to help you make an informed decision about which platform to choose.
Fxview
The first spot in our list of top 5 eToro alternatives is taken by Fxview, a reliable broker offering favourable trading conditions. Top authorities also regulate it, like CySEC. You can explore multi-asset trading with the different market instruments offered by this broker. This includes forex, cryptocurrencies and other popular CFD instruments with profit potential.
You also get the option of trading automation and copy trading by opening an account with Zulutrade, making it a good replacement for the auto-copy trading features on eToro. Global users can start trading with a minimum deposit of $50, and $200 for EU users. The spreads start from 0.2 pips; the commission is $1/100k per side. So, overall, Fxview comes up as a good option for low-cost trading with the competitive pricing.
Plus500
Plus500 is a popular trading platform offering various financial instruments, including stocks, forex, cryptocurrencies, and commodities. The platform is known for its easy-to-use interface and advanced trading tools, making it a popular choice for both beginner and experienced traders. One of the main advantages of Plus500 is its thin spreads with no commission charges on trades.
This means that users can trade without worrying about hidden fees or charges. But they charge currency conversion and inactivity fees, which is something to be mindful of while considering this platform. Additionally, Plus500 is regulated by reputed authorities like CySEC, which adds a level of security and trustworthiness to the platform. However, one disadvantage of Plus500 is that it does not offer a social trading feature like eToro.
AvaTrade
AvaTrade is a popular broker regulated by ASIC and also offers a bunch of different asset classes for trading, including cryptocurrencies, forex and more. The broker also supports and allows copy trading via different partnered platforms. The competitive pricing and trading conditions enable traders to trade with greater ease at minimum cost.
The spreads start from 0.9 pips, and the minimum deposit requirement is $100 for account opening. They don’t charge any commission for trades, but you may have to compensate for that with spreads that come with markup. They also charge inactivity and administration fees, which you must consider while signing up.
Naga
Naga is a popular multi-asset trading and investing platform/brokerage, placing in 4th position in our list of top 5 eToro alternatives. This platform also gives access to a variety of asset classes and markets, including crypto, forex, stocks, CFDs and more. They are regulated by trusted authorities like CySEC, making them a reliable platform for global traders.
They also offer many useful advanced tools to support different types of traders, including social trading tools. The social trading capabilities of Naga definitely make it a powerful competitor for eToro as they both offer similar services. The minimum deposit to start trading on the platform is $250, and they charge 0.9 pips on average. They also charge fees for copying trades that must be considered before joining.
Pepperstone
The fifth one completing our list of top 5 eToro alternative is Pepperstone. This FCA-regulated broker does not provide a copy trading platform of its own like eToro, but you can explore social trading by signing up with third-party platforms. You can trade all major asset classes on the platform, including forex, popular cryptocurrencies, and other CFDs. They also offer advanced tools and features for a superior trading experience.
Talking about the trading conditions, they offer narrow spreads that go as low as 0.2 pips on their razor account type, while the standard commission-free accounts come with a markup on spreads. The commission charged on a razor account is $3.50, and the minimum deposit requirement to open an account is AUD$200.
Conclusion
In conclusion, even though all these broker platforms can be good alternatives to eToro, a popular trading platform, each is different. The trading experience you will get with these platforms will also be very different from eToro, but you can consider them as options as they offer similar services. Also, each platform has its strengths and weaknesses, so it is important to research and compare each to find the best fit for your trading needs.
If you are looking for a low-cost platform, Fxview and Plus500 may be good options to consider. If you are more into copy trading or social trading, look for platforms offering these services, even if that requires opening an account with another copy trading platform.
