eToro Alternatives
eToro is a well-known forex trading platform that is prominent for its Copy Trading, as well as social trading and investment linkage platform. However, it is not without some flaws. Numerous cryptocurrency aficionados are looking for an option that offers lower fees and more straightforward withdrawals.
So, what is the best eToro alternative?
eToro Pros and Cons
If you are new to this, you are probably asking: what is eToro? eToro is well recognized as the market leader in social and copy trading.
👍 eToro Pros:
• Comprehensive educational resources are available for transferring your assets off the platform.
• Platform provides an exciting social experience.
• Users can mimic the trading tactics of more experienced users.
👎 eToro Cons:
• Some digital currencies have exorbitant fees.
• A scarcity of stocks and other investment opportunities
• Spread fees are relatively hefty.
Best eToro Alternatives
Having answered the question - what is eToro, let us explore some eToro alternatives that would serve your trading interests.
Oanda
This eToro alternative provides high-volume, higher return trades for long-term, low-risk investments. Oanda is a market marker that offers smooth trading with its cutting-edge API that meets traders’ demands.
This eToro competitor has an established background in customer service with a 100% automated platform that is free from dealer desk intervention. They also have low spreads and affordable fees to meet your trading needs.
Forex.com
Forex.com is not just a discount stock broker, but a forex trading company. It offers indexes from around the world that appeal to traders of all levels, but not popular assets such as stocks or bonds. Unfortunately, with this eToro competitor, the fees are also high, and the trading platforms on the desktop are not user-friendly.
eToro vs Oanda Vs Forex.com- Total Score
You might notice from the table that Oanda has a low fee and surpasses eToro in charting tools. Forex.com has a strong base of Support, Research, and Tools.
| Feature | eToro | Oanda | Forex.com |
|---|---|---|---|
| Overall | 4.8 | 4.4 | 4.3 |
| Regulation | 5 | 5 | 5 |
| Fees | 4.7 | 4.5 | 4.3 |
| Trading Assets | 4.9 | 3.5 | 4.4 |
| Investment Instruments | 5 | 4.1 | 3.5 |
| Platforms and Charting Tools | 4.1 | 4.8 | 4.5 |
| Deposit and Withdrawal | 4.5 | 4.2 | 4.2 |
| Research | 5 | 4.7 | 4.7 |
| Education | 4.5 | 4.5 | 4.3 |
| Support | 4.2 | 4.8 | 4.8 |
| Read review | Read review | Read review |
eToro vs Oanda Vs Forex.com - Regulation
Regulations are essential as this assures you that your money is in the right hands. Below is a table showcasing all regulatory bodies that support eToro alternatives.
| Regulated By: | eToro | Oanda | Forex.com |
|---|---|---|---|
| US Regulation | eToro USA LLC is a registered with the Financial Crimes Enforcement Network (FinCEN) in the United States. | Yes (CFTC, NFA) | Yes (CFTC) |
| FCA (Great Britain) | Yes | Yes | Yes |
| CySec (Cyprus, EU) | Yes | No | No |
| ASIC (Australia) | Yes | Yes | No |
| Other Regulators | Seychelles FSA | European Union (regulated by the MFSA), Singapore (regulated by the MAS), Canada (regulated by IIROC), Japan (regulated by FSA) | Japanese Financial Services Authority (JFSA), investment Industry Regulatory Organization of Canada (IIROC), Cayman Islands Monetary Authority (CIMA), The Securities and Futures Commission (SFC), The Monetary Authority of Singapore (MAS) |
eToro vs Oanda Vs Forex.com - Trading Conditions
To choose your best broker, you need to understand the trading conditions offered by them. Here is a curated list!
| Trading Conditions | eToro | Oanda | Forex.com |
|---|---|---|---|
| Minimum Deposit | $50 | No minimum deposit | $100 |
| Trading Platforms | eToro | MT4, OANDA, TradingView | МТ4 |
| Max Leverage (Futures) | 1-30 | 1-50 | 1-500 |
| Supported Markets | Forex, Stocks, Indices, Commodities, Crypto | Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies | Forex, CFDs (not for all entetities): Forex, Indexes, Stocks, Commodities, Metals, Cryptocurrencies |
| Trading assets | 2000+ | 120+ | 4500+ |
| Trading Accounts | Standard, Demo | Standard, Core, and Swap-free | Standard, Commission, and Direct Market Access |
| Base Account Currencies | USD | USD, EUR, HKD, SGD | USD, EUR, GBP |
eToro vs Oanda Vs Forex.com Fees
Here is a table exploring the trading fees of our recommended eToro alternatives
Forex Trading Fees
| Fee | eToro | Oanda | Forex.com |
|---|---|---|---|
| Standard Account EURUSD Average Spread | 1 pip | 1.2 pips | 1.1 pips |
| Standard Account Fee | $0 | $0 | $0 |
| ECN/STP Account Fee | Not supported | not offered | $8-$3 per lot (volume based fees) |
| ECN Account EUR Average Spread | Not supported | not offered | 0.2 pips |
CFD Trading Fees
| Fee | eToro | Oanda | Forex.com |
|---|---|---|---|
| CFD Trading Fee | Floating spread | Floating spread | Floating spread |
Non-Trading Fees
| Fee | eToro | Oanda | Forex.com |
|---|---|---|---|
| Account Fee | No | No | No |
| Deposit Fee | No | No | No |
| Withdrawal Fee | $5 | $20 - just for bank transfer | No |
| Inactivity Fee | $10 per month after 12 months of inactivity | After 12 months of inactivity, 10 units of your account’s currency denomination | $15 monthly after 12 months of inactivity |
eToro vs. Competitors - Direct Stock and Crypto Trading
eToro offers free commissions on crypto trading to its US users to become a multi-asset trading platform that allows individuals to manage a portfolio of traditional and crypto assets. eToro launched a commission-free stock service in the EU and UK in May 2019. In addition, eToro offers a 1% commission to trade stocks in the US and Bitcoin in the form of spread. Alternative brokers, however, do not provide these services.
Best eToro Alternatives - Conclusion
eToro is excellent for highly-experienced active traders who want to be compensated for sharing their ideas with other traders. If you prefer special research and charting tools, try Oanda. eToro is undoubtedly the solution if fees are your main worry. And if you like eToro but wish you could do more with your portfolio, look at Forex.com.
Disclaimer:
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 52% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Crypto investments are risky and may not suit retail investors; you could lose yourentire investment. Understand the risks here.
"Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more"
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
FAQs
What happens if eToro takes a dive?
If anything were to happen and eToro went bankrupt, your money would be safe and untouched in a segregated account at a top-tier bank.
Can I trust eToro?
For your protection, eToro is well-regulated by CySEC (109/10), FCA (583263), and ASIC (491139).
Which is better, eToro, Oanda, or Forex.com?
Whether eToro, Oanda, or Forex.com is better depends on your usage and trading needs.
Is eToro suitable for beginners?
eToro is user-friendly for new traders in the market.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
