The best alternative to eToro is XTB.
XTB has relatively low commissions on Forex/CFD trading, you do not need to pay money to withdraw or deposit money into XTB, and you can open an account relatively quickly. For all of these reasons, XTB is a great alternative to eToro.
There are a few other alternatives to eToro you might want to consider as well. A few examples include Trading212, Plus500, IG, AvaTrade, and Forex.com. All of these have their benefits and drawbacks, and it is important to think about each option carefully before you decide which one is right for you.
Are you ready to take a look at some of the top alternatives to eToro? Take a look below, and find the best one to help you meet your needs.
XTB
XTB has become a popular trading platform that you can use to buy and sell CFDs. The platform was founded in 2002 and has headquarters in London and Warsaw. Because the platform has gotten so large, it is highly regulated, meaning that you should not have to worry about getting scammed. Furthermore, you can buy and sell the platform itself on global stock exchanges.
The public has access to its financial statements, and you can look at them yourself to ensure you are using a platform that has a proven track record of success.
Comparing XTB and eToro
If you compare XTB to eToro, you will find that XTB is much easier to use. You have two separate options you can use on XTB, but MT4 is more popular. The app is very easy to navigate, has a lot of options, and you can customize your experience to meet your needs.
Furthermore, you should have lower fees if you decide to use XTB. If you use eToro, you will have to pay a fee every time you want to withdraw money from your account. On XTB, you don’t have to worry about paying fees to deposit or withdraw money. In addition, the commissions on forex CFD trades are low. Even though you will be looking at higher fees to trade stocks and ETFs, XTB is still a solid option if you want to trade forex CFDs without having to pay high fees.
Next: eToro vs XTB (a complete comparison)
When Is XTB a Good Option?
Ultimately, XTB is a good platform if you want to deposit and withdraw money regularly. This is also a good platform if you want to trade forex CFDs without having to pay exorbitant commission fees. On the other hand, if you are someone who likes to trade stocks and ETFs, then this might not be the best platform for you.
Trading 212
Another platform you may want to consider is called Trading 212. This is a platform that is rising in popularity because lots of people are looking for commission-free trading. The platform operates out of the United Kingdom and Bulgaria. It offers two separate account types. The first account is for CFD trading. If you want to engage in leveraged trading, this is the option for you. On the other hand, if you are looking for traditional equity trading, then you might be more interested in the Invest account.
One of the major advantages is that you can trade fractional shares. This means that if you have less capital, you can still create a diversified portfolio because you do not have to worry about spending hundreds or thousands of dollars per share.
One of the most popular features on Trading 212 is called ProQuant. Using this feature, you can create automated trading robots that can help you enhance your portfolio. You do not need to have advanced computer coding knowledge to take advantage of this feature. Keep in mind that you need to keep a close eye on your robots, as you do not want to lose a significant amount of money on trades you do not want to complete.
Comparing the Two Platforms
When you take a look at the industry and markets you can access through eToro and Trading 212, the layout is similar. You can use both platforms to trade ETFs, CFDs, gold, oil, cryptocurrencies, stocks, indices, and more. Therefore, both platforms have a decent spread you can use to help you diversify your portfolio.
One of the major advantages of using Trading 212 is that you will not have to pay a fee to withdraw your money. Every time you need to withdraw your money from eToro, you will need to pay a flat fee. On the other hand, Trading 212 does not charge any fees. Depending on the payment processor you use, you might be exposed to third-party costs; however, Trading 212 itself does not charge any fees.
You also need to take a look at the security and trust of any platform you use. Both Trading 212 and eToro are heavily regulated by a wide variety of financial institutions across the world. Therefore, you should have a trustworthy, safe, and secure trading environment using both of these platforms.
Next: Our in-depth eToro review
When Should You Use Trading 212 versus eToro?
So, which of these platforms is right for you? If you are looking for a social trading experience, then you may want to check out eToro. eToro remains one of the most popular social trading platforms in the world. On the other hand, if you are looking for an advanced, sophisticated trading experience with multiple options, then you may want to use Trading 212. This is a platform that has a more favorable cost structure, an equally varied asset selection, and the option to create different accounts to meet the needs of both leveraged traders and traditional traders. Furthermore, if you do not have a lot of capital, you may want to check out Trading 212, as you can use it to trade fractional shares.
Next: Our full comparison of Trading 212 vs eToro
Plus500
Another online CFD platform you might want to use is called Plus500. This is a trading platform that provides a clean, easy user interface that allows you to conduct your research, look at advanced analytics, and decide what you would like to buy and sell.
In addition, this is a platform that gives you access to a wide variety of order options. For example, outside of your standard buy and sell orders, you can also set up close at loss and close at profit orders. This means that you can execute trades at the right time even when you are not sitting at your computer.
Furthermore, there are several advanced tools you can use to gain an upper hand. You have access to real-time alerts as well as an economic calender. You can use the economic calendar to take a look at upcoming data reports in various countries, giving you an upper hand. You can also use real-time alerts so you do not miss out on anything related to your assets or equities.
Comparing Plus500 To eToro
It might be helpful to take a look at those platforms directly. If you use Plus500, you can trade more than 70 forex trading pairs. You also have access to indices, options, shares, and ETFs.
In comparison, eToro doesn’t quite have the same selection. For example, eToro only has 50 trading pairs in comparison to the 70 offered by Plus500. eToro still gives you access to ETFs, stocks, crypto, and other indices.
You also need to take a look at the fee structure of the two platforms. Both platforms charge an overnight fee if you leave a position open after the cutoff time. Furthermore, Plus500 and eToro each do not charge any trading fees. Instead, they charge a spread fee. Plus500 also does not charge any position rolling, deposit, or withdrawal fees. eToro charges a withdrawal fee if you want to pull money out of your account.
Next: eToro vs Plus500 (our complete comparison)
When To Use Plus500
If you are a social or casual trader, or if you are just getting started in the world of forex trading, then you should probably go with eToro instead. There is a Trading Academy that can teach you the basics. On the other hand, if you are an experienced trader looking for a wide variety of currencies you can swap, then you may want to go with Plus500. This is the better option for serious forex traders.
IG
Next, you may want to take a closer look at IG. IG is one of the most popular platforms for those looking to trade forex. This is a tool that provides you with access to a wide variety of trading platforms, numerous tools that can give you an edge, and support for those who like to trade using automated tools. In addition, you have access to broad market coverage and a competitive trading environment that allows you to trade quickly.
Comparing IG and eToro
If you take a look at the two platforms, eToro gives you access to approximately 2,300 assets. In comparison, IG gives you access to more than 17,000 assets along with 93 cryptocurrencies. IG also gives you access to more than 70 CFDs and numerous forex pairs. The reality is that eToro simply cannot compete with the selection offered by IG.
If we take a closer look at the fees, we will see that both options offer commission-free Forex Trading; however, eToro has an above-average spread that starts at 1.0 pips. In contrast, IG has a more competitive spread at 0.6 pips. Therefore, those who use IG markets have access to a much better cost structure.
When Should You Use IG?
In the end, eToro is still a popular option among those who are looking for social trading. If you are looking for an interface that is easy to use that can teach you the basics of trading, then you may want to stick with eToro. On the other hand, if you are looking for a wide variety of products and services that explore countless markets with numerous options, then you should take a look IG, as it gives you access to a wider array of choices along with a better cost structure. Even though the trading environment at IG is superior to that of eToro, it can also be a bit overwhelming for people who are new to forex trading.
AvaTrade
If you are looking for a platform that provides you with numerous social trading alternatives and trading platforms, then you may want to check out AvaTrade. This is a platform that offers you numerous social trading choices, countless educational tools, and a convenient interface. It provides you with adequate exposure to numerous markets and tools that give you access to information you can use to trade quickly. How does it compare to eToro?
Comparing AvaTrade and eToro
If we take a look at the available markets of eToro and AvaTrade, AvaTraders is slightly better. If you are looking at the sheer volume of asset selections, eToro has slightly more options; however, AvaTrade has the better choices. For example, if we look at currency pairs you can trade, we see that AvaTrade offers 55 pairs compared to fewer than 50 offered by eToro. In addition, AvaTrade offers more commodities and indices than eToro. Even though eToro has more cryptocurrency options, stocks, and ETFs, AvaTrade is better for those looking to trade forex and CFDs.
If we take a look at the spreads and fees associated with the two platforms, we will see they are similar. The minimum spread at AvaTrade is 0.9 pips. This is compared to the 1.0 start pips at eToro. While eToro claims that it does not charge fees on trades, it only applies to unleveraged orders. In comparison, AvaTrade does not charge any fees across the board at all.
The inactive fee at AvaTrade is significantly higher than that of eToro, but eToro charges a withdrawal fee while AvaTrade does not.
When Should You Use AvaTrade?
Ultimately, AvaTrade is a great option for people who are active in the world of forex. If you are looking to trade stocks and ETFs, then AvaTrade is not for you; however, if you are an experienced, daily forex trader, then you will like the selection available from AvaTrade and will not have to worry about paying a steep inactivity fee.
Forex.com
Finally, you may have also heard about a trading platform called Forex.com. This is an advanced trading platform designed specifically for people who trade forex on a regular basis. This platform has been operational since 2001 and is one of the largest trading platforms in the world meant for forex. It provides an MT4 advanced trading platform with a wide variety of customizable features, and it is compatible with mobile, Windows, and Apple devices. Forex.com even provides traders with automated trading and scalping features.
Comparing eToro vs. Forex.com
One of the biggest differences between the two platforms is that eToro provides fewer than 50 currency pairs, while forex traders have access to more than 84 currency pairs. This makes Forex.com one of the most diverse currency brokers available. Even though eToro provides noticeably more overall assets, Forex.com is a specialized platform, so it makes sense that it should focus its offerings on forex pairs. Of note, Forex.com does not provide users with the option to trade ETFs, while eToro does.
In addition, Forex.com is slightly more expensive than eToro. While the minimum pip at Forex.com is 0.8, the average trading pip is closer to 1.1 pips. This means that Forex.com is slightly more expensive than eToro, which comes in at 1.0 pips.
When Should You Use Forex.com?
Ultimately, if you are looking for a more diverse trading environment, then you should stick to the social trading environment of eToro. The two platforms are comparable to each other in terms of cost, but eToro provides access to many more trading options, including ETFs. On the other hand, if you are a serious trader who prefers to focus on forex, then you might find the competitive environment of Forex.com more appealing. Make sure you think about the benefits and drawbacks of each platform, as well as your specific trading style, before you decide which platform is right for you.
XTB Is the Best Alternative to eToro
In the end, there are plenty of alternatives to eToro, but the best one is XTB. This is a great option for you if you are looking to trade forex CFDs with low commissions while also avoiding high fees. You can deposit and withdraw money for free using XTB. Keep in mind that everyone has a slightly different trading strategy, and you need to take the time to find the right platform to meet your needs. That way, you can put yourself in the best position possible to be successful without having to worry about fees eroding your profits.
If you want to learn more about XTB, take a look at this link to open an account on the platform. Make sure to compare each of the platforms available to find the one that is best for you.
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