eToro is by far the most popular trading platform. It is the pioneer of the concept of social trading. This aspect makes it different from other online trading platforms. Founded in 2006, eToro has now over 150,000,000 clients around the globe. This platform allows you to trade almost anything- commodities, currencies, ETFs, stocks, etc. So, what exactly is the catch? What makes eToro a platform for traders and investors. Let’s take a look.
Why should you opt for eToro?
eToro offers unmatchable trading services. If you are willing to learn and take some calculated risks, your returns will boost in no time by trading through eToro.
- Social Trading
The social trading concept is a massive advantage for investors. Users can post updates, share their ideas, successes, and failures through their profile. It allows newbie investors to learn from experienced ones.
In this way, they can plan their investing strategy. Investors can also get in touch with traders and exchange ideas. You can even make new friends with the common interest of trading!
This aspect gives eToro some edge over other trading platforms in terms of attracting new clients.
- Investing with Experts
If you use eToro’s CopyTrade and CopyPortfolio features, it allows you to invest using a predetermined strategy. Several assets are bundled together in the CopyPortfolio, and it focuses on innovative markets like Cloud, 5G, and many more. It minimizes any long-term risk and is highly beneficial for investors.
- Security
All your money is safe with eToro’s platform. Each dollar that you deposit in your fund is kept in an entirely separate account. Hence, investors can rest assured about the safety of their deposits.
Are you worried about cybersecurity issues? With eToro, you have no fear. eToro never shares any information for marketing purposes. The safety of client’s personal information and funds are 100% safe. eToro acts under the jurisdiction of multiple authorities like ASIC, GFSC, FINRA, FCA, FinCen, and CySec.
- Low Charges
If a user opens a long, non-leveraged position on a stock or ETF via eToro, they do not have to pay any commission. There no hidden costs in the pricing policies. etoro fees are comparatively affordable considering all the features that it provides with no extra fee.
The fee also depends on where customers reside. U.S. based customers have to pay around 0.75-5%. It again depends on the currency being traded. Along with that, eToro also charges an inactivity fee and a substantial withdrawal fee as well.
- Demo Account
If you start your journey as an Investor on eToro, you get to have a virtual demo account with free $100,000 virtual equity. You can do demo trades using this balance before investing actual money.
- Education
eToro offers comprehensive guidance to newbie investors. Beginners often do not have enough knowledge about trading terminologies. Hence, trading platforms need to impart such knowledge to their users.
eToro’s education offerings provide answers to almost every query in a simple way. It does not only include traditional reading materials but also podcasts, video tutorials, etc.
- User-Friendly
eToro’s user interface is extremely easy to navigate. The interface of the website and mobile app are almost similar. Hence, there is no scope of confusion. However, the mobile version does not offer all the analytics features.
Conclusion
eToro is a great platform to get started as an investor. There are a few drawbacks like- extra charges, no 24/7 support service. Also, U.S. based customers will have a few limitations when it comes to trading via eToro. Overall, it is a relatively easy platform and will provide more amenities to its users in the future.