Best eToro Alternatives

Benzinga readers often choose Robinhood as the best alternative to eToro.

In recent years, eToro has become a popular brokerage platform for trading stocks, cryptocurrencies and other financial assets. However, if you're looking for an alternative to eToro, you can take a look at several other brokerage platforms. In this article, Benzinga reviews five eToro alternatives and the pros and cons of each.

Quick Look: at the Top eToro Alternatives:

• Best for Beginners: Robinhood
• Best for CFD Trading: Vantage Markets
• Best for Active Forex Traders: FOREX.com
• Best for Mobile Users: Plus500
• Best for Active Traders: Webull
• Best for Forex Investing: TD Ameritrade
• Best for Fund Investing: Charles Schwab
• Best for Stock Research: Fidelity

Top eToro Alternatives

Here's a curated list of eToro alternatives, each with its own strengths to consider.

1. Best for Beginners: Robinhood

Robinhood is a user-friendly brokerage platform that offers commission-free trading for stocks, options and cryptocurrencies. With no minimum investment requirement, it's particularly appealing to new investors.

Why We Picked It: Robinhood offers a unique feature called "fractional shares," allowing users to invest in partial shares of expensive stocks, making it accessible for investors with limited capital to diversify their portfolios.

2. Best for CFD Trading: Vantage Markets

Vantage Markets is a versatile online broker offering access to over 1,000 CFD trading products, including forex, indices, stocks, and commodities. The platform supports popular tools like MetaTrader 4, MetaTrader 5, TradingView and the Vantage App, providing traders with diverse, user-friendly options for both web and mobile trading. Vantage also offers educational resources through its Vantage Academy, where traders can access webinars, eBooks and courses to deepen their market knowledge. Additionally, the platform provides promotional incentives, such as deposit bonuses and loyalty rewards, to enhance the trading experience for its users.

Why We Picked It: Vantage Markets stands out with its support for copy trading, allowing users to follow and replicate the strategies of experienced traders. Vantage Markets has built a reputation over 15 years for reliability and service, attracting a global clientele seeking flexible trading solutions. The platform's wide range of financial instruments and educational support make it a solid option for both novice and seasoned traders.

3. Best for Active Forex Traders: FOREX.com

FOREX.com is a leading forex and CFD broker offering traders competitive spreads and robust trading platforms like MetaTrader 4/5, NinjaTrader and TradingView. They offer a wide range of over 80 currency pairs along with commodities, indices and cryptocurrencies. 

Why We Picked It: FOREX.com users will benefit from real-time data, advanced chartings tools, market analysis and various educational resources such as webinars and tutorials to enhance trading skills. FOREX.com caters to both beginners and experienced traders.

4. Best for Mobile Users: Plus500

Plus500 is a global multi-asset fintech group that operates trading platforms globally, offering a range of trading products, including CFDs, Share dealing and Futures trading (US).

Highlights of the platform include:

• Quick onboarding
• Simplified mobile trading
• Easy-to-use platform
• CFDs for indices, ETFs, shares, forex, commodities, options and cryptocurrency
• Free deposits and withdrawals
• $100 minimum investment
• 0.7% currency conversion fee per transaction, when the currency in your account is different from those traded

However, Plus500 is not a platform for novices as it solely makes money from spreads and does not charge a commission. You may start trading Plus500 right away, leverage your experience, expand your portfolio, and start making money right away.

Why We Picked It: Benzinga enjoys how Plus500 helps investors build multi-asset portfolios that can be tasked to save for the future, produce income now or something in between, including its intuitive interface and rich cache of information.

5. Best for Active Traders: Webull

Webull is a commission-free brokerage platform that offers trading for stocks, options and cryptocurrencies. Webull's mobile app, launched in 2018, has gained popularity for its user-friendly interface and features like paper trading, which allows users to practice strategies without risking real money.

Why We Picked It: The Webull platform offers advanced charting tools and real-time market data, catering to both new and experienced traders looking for in-depth technical analysis capabilities.

6. Best for Fund Investing: Charles Schwab

Charles Schwab is a brokerage platform that offers a wide range of investment products, including stocks, bonds, ETFs and mutual funds. Charles Schwab has no account minimums, making it an excellent choice for new investors who want to start small.

Why We Picked It: Unlike eToro's social trading focus, Charles Schwab provides more comprehensive research tools and educational resources to support informed decision-making.

7. Best for Stock Research: Fidelity

Fidelity provides a more traditional brokerage experience with a strong emphasis on research and educational resources. The platform caters to both novice and experienced investors, with a wide range of assets including stocks, ETFs, mutual funds and retirement accounts.

Why We Picked It: Fidelity's competitive pricing structure, including zero-commission trades on many products, makes it an attractive option for cost-conscious investors.

How to Choose the Right eToro Alternative

To choose the right eToro alternative, consider the following factors:

• Trading options: Determine which assets you want to trade (stocks, cryptocurrencies, forex, etc.) and ensure the platform offers them.
• Fees: Compare commission structures, spreads and other costs across platforms.
• Regulation: Verify the platform is regulated in your jurisdiction for security.
• User interface: Look for an intuitive platform that suits your experience level.
• Research and analysis tools: Evaluate the quality of charting tools, market analysis and educational resources.
• Copy trading: If this feature is important to you, check which platforms offer it.
• Deposit and withdrawal options: Ensure the platform supports your preferred payment methods.
• Customer support: Look for responsive customer service with multiple contact options.
• Mobile app: If you plan to trade on-the-go, test the mobile app's functionality.
• Demo account: Try out platforms with demo accounts before committing.

Final Thoughts on eToro Alternatives

If you're looking for an eToro alternative, you can pick from several options. Robinhood and Webull are both excellent choices for new investors who want to start small, while TD Ameritrade, Charles Schwab and Fidelity offer a wider range of investment options and more advanced trading tools. Ultimately, the best eToro alternative for you will depend on your specific investment needs and preferences. By considering the pros and cons of each platform, you can make an informed decision and find the best brokerage platform for your needs.

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