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: Top eToro Alternatives

• Best for Beginners: Robinhood
• 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 Love 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 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 Love 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.

3. Best for Forex Investing: TD Ameritrade

TD Ameritrade is a brokerage platform that offers trading for stocks, options and exchange-traded funds (ETFs). TD Ameritrade is known for its excellent customer support, with fast response times and knowledgeable representatives.

Why We Love It: TD Ameritrade's advanced trading platform, thinkorswim®, provides sophisticated charting tools and real-time data, making it suitable for both beginners and experienced traders.

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

5. 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 Love 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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