Best for Copytrading
Our Rating: 9.1/10
Account Minimum: 200$
Fees Per Trade: low
Pros & Cons:
- Commission-free on trades (excluding short or leveraged positions)
- Great access to a selection of stocks, currencies, ETFs and CFDs
- No limit on trading volume
- Can buy fractional shares
- Free access to TipRanks expert stock analysis and price targets
- Innovative ProCharts tool for in-depth market analysis
- CopyPortfolios function to copy existing portfolios of stocks in a few clicks if you are new to investing and don’t want to go through the hassle of picking stocks
- Great customer satisfaction
- Fast and easy sign-up process
- Very user friendly and well-designed platform
- Minimum of 200$ deposit to open an account
- No interest is paid on cash or cryptocurrencies for accounts under 5,000
- There is no DRIP (Dividend Reinvestment Plan) available
- Large spreads on CFD and Forex trading
- Withdrawal fees of $5
- Only allows USD accounts, foreign currencies like EUR have to be converted
- Limited customizability
Etoro In-Depth Review
Etoro is one of the major trading platforms known for its ease of use and friendliness to beginners in the world of investing/trading.
One of its main features that makes it a great platform is ‘copy trading’. It basically allows you to copy existing portfolios of active public traders so that you benefit from more experienced traders so you don’t have to pick stocks yourselves.
The platform itself is very easy to use, even for beginners, and has a good range of functionalities, but has little customizability.
It should be noted that Etoro’s fees per trade in some categories like cryptocurrencies and forex are on the higher end of the spectrum, but this is easily compensated by its platform features. And if you only buy stocks, then there are no real commission fees to deal with at all.
Overall though, retail traders don’t choose Etoro for its fees, but rather its platform and social trading features.
Remember that Etoro also only allows USD accounts, so any foreign currencies like EUR or GBP must be converted beforehand in order to avoid their currency conversion fees. For this, it’s handy to have a multi-currency bank account like N26.
On the research and education side of things, it provides decent resources, but could definitely expand their offering.
In terms of its mobile application, Etoro really did well here. It’s very slick and syncs up well with its desktop version, with great support and ability to handle your trading and keep tabs on news and transactions from your phone.
Overall, while a little on the pricier side, Etoro gives a really good platform with decent functionalities and an excellent social/copy trading network. Really solid choice as a trading brokerage platform.