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 seven eToro alternatives and the pros and cons of each.
7 Best Alternatives to eToro
Here's a curated list of eToro alternatives, each with its own strengths to consider.
1. Best for Overall: Plus500
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Plus500 is one of the most recognized names in CFD trading in Europe, offering access to over 2,800 instruments across forex, indices, stocks, commodities, ETFs, cryptocurrencies, and options (availability varies by jurisdiction). Founded in 2008, the company operates globally but does not accept US traders for CFDs, though futures trading is available for US clients.
With its proprietary WebTrader platform, Plus500 keeps things simple yet functional. It's perfect for traders who want an easy to use platform without being overwhelmed by excessive features and options. The platform is fully regulated across multiple jurisdictions, including oversight from the UK's Financial Conduct Authority (FCA), making it a trustworthy option for global traders.
While the tight spreads and commission-free trading make Plus500 attractive, it does have some trade-offs. There’s no MetaTrader 4 (MT4) integration and no support for other third-party tools day traders may find useful. But for both beginners and frequent mobile traders who prefer a streamlined trading experience with guaranteed stop losses and negative balance protection, Plus500 remains a solid choice.
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.
2. 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.
3. Best for CFD Trading: Vantage Markets
- Best For:Dedicated CFD TradersVIEW PROS & CONS:securely through Vantage Markets's website
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.
4. Best for Active Forex Traders: FOREX.com
- Best For:Earning Cashback on TradesVIEW PROS & CONS:securely through Forex.com's website
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.
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
- Best For:Fund InvestingVIEW PROS & CONS:securely through Charles Schwab's website
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
- Best For:Stock ResearchVIEW PROS & CONS:securely through Fidelity Investments's website
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 Find 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.
Choosing the Best eToro Alternative
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 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.
Frequently Asked Questions
Are there any eToro alternatives that offer social trading?
Yes, platforms like ZuluTrade and NAGA Trader offer social trading features similar to eToro.
Which eToro alternative has the lowest fees?
This can vary, but Robinhood and Trading 212 are known for their low-fee structures and commission-free trades on many assets.
Are there any eToro alternatives that offer demo accounts?
Yes, many alternatives like Plus500, IG and XTB offer demo accounts for practice trading.