The broker is regulated and authorised by different regulatory bodies across the globe, which makes it much easier for new users to trust the platform. It won’t be wrong to say that trust and reliability is the reason for eToro's wide user base.
Apart from that, Copy Trading is eToro’s most celebrated feature. Traders who don’t want to place trades on their own can copy the positions of experienced traders through eToro’s automated copy trading platform. The presence of a vast number of experienced traders makes it possible for investors to explore and copy the trades of seasoned traders across different instruments, such as forex, cryptocurrencies, stocks, and ETFs. However, it has some drawbacks. Many people who like cryptocurrencies are searching for an alternative to Etoro with lower fees and easier withdrawal processes.
Moreover, eToro is available in many countries worldwide, showing its wide appeal. Traders who are particularly focused on social trading and cryptocurrencies may find eToro extremely appealing, but there are some downsides as well. For instance, the broker levies higher fees than other brokers, and the withdrawal also takes a bit longer, not to mention the withdrawal fees, which are a bit higher than other brokers.
Most brokers these days offer free withdrawals, but eToro charges a withdrawal fee from $5 to $30. The charges increase along with the withdrawal amount, which may create an extra burden on small traders. Therefore, other online brokers might be a better fit if you're looking for the best eToro alternatives, then let’s dive straight into the details:
3 Best eToro Alternatives
They are a global forex broker that debuted in 2009. It is a true ECN broker that has been regulated by over 30 regulatory bodies across the world. Since its inception, Fxview has made a mark and attracted a large number of traders by offering competitive spreads, advanced trading tools, cutting-edge technology and excellent customer support. The broker boasts a wide range of trading instruments, including stocks, cryptocurrencies, indices and 70+ foreign currencies.
The best part about using this broker is that they offer transparent trading conditions. You will be aware of all the costs involved, and there will be no surprise fee later. You won’t be charged payment or inactivity fees, only ultra-low spreads and commissions. When it comes to trading platforms, the broker doesn't fail to offer plenty of choices there as well. It supports MetaTrader 4, MetaTrader 5 and ActTrader This means traders of all experience levels can find a platform that best fits their trading needs. Those attracted by eToro’s copy trading feature may be relieved that Fxview supports Zulutrade, one of the largest copy trading platforms.
Plus500 was established in 2008. The platform is well-known for offering a wide range of options for trading CFDs at low fees. With Plus500, you can open an account in different currencies like USD, EUR, and GBP. They offer WebTrader, which is an easy-to-use trading platform and can be accessed from various devices, including a mobile app. Plus500 also provides a demo account option where you can trade with virtual money to practise and try out the platform's features. Regarding fees, Plus500 mainly charges a spread, which is the difference between the buying and selling prices, which can vary depending on the specific instrument you are trading. However, there may be a fee for converting between currencies, which is a small percentage of the profit or loss you make on trades. Additionally, if you don't log in to the platform for three months, there is a monthly fee of $10.
IG is an online trading platform that is well-respected and reliable. It offers a wide range of forex options, including over 80 currency pairs. You can trade all the major and minor pairs, but what's great about IG is that it also gives you access to exotic currency pairs, such as the Russian ruble, Philippine peso, Brazilian real etc. The commissions are included in the spreads, which also are quite competitive. IG offers two options for trading platforms: their own proprietary platform and MT4. If you're new to trading, their own platform is a great choice. It's available online and through their app. But if you prefer using the popular MT4 platform, you can use it with IG too. To start trading on IG, you need a minimum of $250. You can make your deposit using a debit card or a bank transfer. Lastly, even though IG is based in the UK, it is authorised and licensed by several reliable bodies, so that you can trust them as a global brokerage.
Why is Fxview the best eToro Alternative?
Fxview and eToro are both popular forex brokers with a number of useful tools and features, but some differences may influence your decision regarding choosing one broker that’s best for your needs. Below are a few reasons why Fxview may be a better alternative to eToro:
- Regulation and Security: Fxview is regulated by reputable financial authorities, such as the Cyprus Securities and Exchange Commission (CySEC), Financial Services Commission (FSC) and Financial Sector Conduct Authority (FSCA). Being regulated and registered with several prominent regulatory bodies guarantees that the broker provides a secure trading environment for clients, which means traders can invest their funds without fear.
- Trading Conditions: The trading conditions offered by them are highly competitive, whether it’s about charging tight spreads or low commission fees. Traders are given access to a wide range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. Moreover, the broker offers higher execution speed with minimal slippage. You will also be provided negative balance protection, which is useful and assures traders that they won’t lose more than they have in their trading account.
- Trading Platforms: Another notable feature of this broker is the availability of advanced trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and ActTrader, which are widely recognised and preferred by many traders. These trading platforms offer a comprehensive set of tools and features for traders to easily analyse the market, place orders, manage risk, and implement automated trading strategies.
- Account Types: They offer different types of trading accounts to cater to the diverse needs of traders. They provide Standard Accounts for professional traders, Micro Accounts for beginners, Islamic accounts for Muslim or Shariah-compliant traders and demo accounts for new traders who want to practise their strategies in a real-like trading environment.
- Good customer support: Fxview offers 24/7 customer support via live chat, email, and phone. This means that you can get help whenever you need it. The live chat option is the most used feature as it allows traders to get their queries resolved within no time without having to wait for the customer support team to respond.
Comparing eToro Vs Fxview (Top eToro Alternative)
Spreads and Commissions: Fxview offers variable spreads starting from 0.0 pips and charges a dollar per lot commission for trading. On the other hand, eToro doesn’t charge commissions but applies a slightly higher spread markup.
Minimum Deposits: Minimum Deposits: You need to deposit $50 to start trading with both Fxview and eToro. For the US, eToro's minimum deposit is $10.
Trading Platforms: With Fxview, you can access MT4, MT5 and ActTrader, but eToro has its own platform and doesn’t allow traders to trade on any third-party platforms.
Found the best eToro Alternative yet?
Social and copy trading is the standout feature of eToro, but like any other platform, eToro too has its limitations which may make traders look for alternatives to eToro. The absence of advanced tools and trading calculators can come in the way of traders executing their favourite strategies. This is where some of the best eToro alternatives come to the rescue. With Fxview, Plus500 or IG, traders can win over the limitations and enhance their overall trading experience.