5 Best eToro Alternatives

Working with a good broker is the first step towards trading success. Here are the best eToro alternatives you could try if yours hasn't been a pleasant experience with the broker.

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Author: Edith
Last Updated: April 7, 2021
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5 Best eToro Alternatives

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eToro has made a name for themselves as stockbrokers, and justifiably so. Unfortunately, they may not be available in some places or may not provide particular services. It is also possible that you had a not-so-pleasant experience with eToro, and you are looking for good eToro alternatives. 

If that is the case, then the following few suggestions on the best eToro alternatives will come in handy. 

eToro is a top-rated UK-based trading platform. it has made a name for itself as a reliable and secure stock broker. However, not everyone gets a good experience with. If that’s the case, here are the alternatives worth considering.

What are eToro alternatives

eToro alternatives are platforms with almost similar characteristics to eToro and potential in social trading or copy trading. They are competitors to eToro. You can call them social trading alternatives. 

These alternatives allow you to follow and even copy others’ trades to enhance your chances of success. You see, there are experts in the trade that can correctly read the patterns in the market and make great choices. Following the trades of pros improve your chances of making better returns, which is the ultimate objective. 

How eToro Alternatives Work

eToro, the UK trading platform, is a regulated and top-rated trading platform. Despite their reliability and trustworthiness, they may not offer what you need, which is where alternatives come in. 

The alternatives are online brokers with one or several features, better than what eToro is offering. For example, one option may have minimal fees and better deposit requirements, especially if you are starting. Of course, the primary objective is to make extra cash and grow wealth. Some platforms have higher fees with little to show at the end of the day.

But apart from the fees, the alternative platforms must offer better services or features to help you make that extra coin. 

Best 5 eToro alternatives

1. ZuluTrade – Overall Best social trading platform

The number of investors and traders in Zulutrade is quite enormous. It is one of the biggest social trading networks at the moment and a source of serious competition to eToro. 

As one of the biggest, the number of social traders you can follow and copy is also quite significant, and which is a good thing. You have more choices. The available performance graphs and statistics are helpful, and options such as a single trade download allow better analysis through excel worksheets. 

A more exciting feature than eToro is that you have more control in ZuluTrade in investing in a particular trader. You can invest pro-rata or how you do it with eToro. Experienced traders can assign a fixed lot size per trade copied. 

ZuluTrade has a fully functioning demo you can use to practice assigning fixed lots. But what about the rewards? Are they better than what you get with eToro?

Well, we can say pretty much. The reward potential with ZuluTrade is higher than with eToro based on the traders available and the leverage options. But so is the risk. 

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2. Collective2

The social trading and copy broker has its base in the US. The eToro alternatives are well-regulated in the United States and NFA. 

Collective2 has several exciting features that distinguish them from the pack. For example, the platform has four-monthly plans in place of fees, nothing else. This is more suited for regular and high-value traders. There are various fee plans you can pick depending on the signup. 

You can use the subscription service model to monitor and follow various independent trading strategies and copy trading at a monthly fee. 

Typically, Collective2 provides trading strategies, rated by other traders for effectiveness, that you can follow, especially when you are low on trading skills. The platform’s goal is to attract talented traders who earn by the number of subscribers they can acquire. 

The amount of trading strategies you can follow depends on how much you are willing to invest and the plan you choose. 

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3. Roboforex

The online multi-asset broker, regulated by International Financial Services Commission (IFSC), has an impressive selection of platforms and deposits. Traders have access to 12,000 tradable assets, four trading platforms, and eight asset classes. It boasts around 8 million live accounts. 

Their MT4 platform is beginner-friendly and has the essential features that an advanced trader will appreciate. Others include three order execution types, basic graphical tools, and numerous technical analysis indicators. Users can use StrategyQuant to customize their trading robots. 

MT5 is cutting edge and suitable for advanced traders. The platform has speed and reliability, with six types of pending orders, market depth, and hedging capabilities. Their order execution is speedy, and it beats even eToro. 

Roboflex has a demo account to acquaint yourself with its working and the various features it offers. 

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4. Motif

The US-based alternative platform has striking similarities to eToro in terms of accessible investments and strategies. The platform has a unique offering. It is an idea-generation tool that doubles up as a broker and portfolio manager. 

You can use Motif to trade predefined portfolio-themed assets, similar to eToro’s CopyPortfolios. The alternative is ideal for traders that prefer to focus on particular areas or widen their portfolios. Other intriguing options include trading in exchange-traded funds in addition to the stocks. 

Motif is one of the few alternatives for the socially-conscious traders or those interested in fractional shares. Some investors will find the community of motifs an exciting way of exploring various investment options. On the menu is automated investing with different socially-responsible themes. 

There is a wide range of investment portfolios you can access, including crypto assets. Their minimum deposit of $250 is in the middle of the park and quite reasonable. 

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5. Ayondo 

Ayondo is German in origin and one of the top eToro alternatives in Europe. As one of the largest and fastest-growing social trading platforms, Ayondo is almost similar to eToro. All trades are made proportionally to your account. 

The Ayondo account signup and management is well-integrated to act as a broker. 

Unfortunately, the size of traders you can follow is relatively smaller than eToro. On the bright side, however, Ayondo traders have some consistent good returns with relatively low risk. 

The platform has a bonus-based commission model that needs to be unlocked. Regardless, the platform has a reward system for performance, such as a risk management approach and performance gain. 

Ayondo has a fully functioning demo account to help those learning the ropes. Other benefits include the option to open euro and pound sterling accounts in addition to dollar accounts. The account management interface is also relatively user-friendly. 

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Choosing eToro alternatives

  • Reliability is one of the essential features when picking eToro alternatives. Your choice determines the kind of success story you create. Make sure your choice of brokers does not have unreliability claims on various online reviews. 
  • Your needs should be consistent with the broker profile to ensure a good and profitable relationship. A mismatch often leads to problems, loss of time and funds. Take your time to define what you want from a broker, their profile, features and match them against your needs or objectives. 
  • The alternative should have a fair fee structure depending on the features. Why should you pay extra? Does the platform provide accurate information, robust trading strategies, and support? The subscription or fee structure should be reasonable. 
  • No mat0ter the platform or broker you choose, they should be regulated by a reputable authority. This protects you from fraud, loss of funds, and breach of privacy through hacks. 
  • User-friendliness is as vital as trading itself. A complicated system can take some time to learn, and this can cost you money and funds. Most of the mentioned alternatives have a demo account that can help you learn about the platform and determine how easy it is to use.

Conclusion

No doubt eToro is one of the best trading platforms out there. However, the platform may be short in one area or another to fulfill your investment needs. For example, if you intend to have more access to international trading or global financial markets, then eToro may not make the cut. 

Do you want better access to stocks and shares in the US? Do the German stocks seem more interesting to you? Or you want to venture into cryptocurrency assets? Determine your needs and enumerate the features that are most important to help you make sound investment margins. After all, you are in it to make money. If there is a platform with a better margin than eToro, then why not? 

FAQ

Indices Brokers: Who are they?

Indices brokers are genuine brokers who help you make a fat profit from a significant investment and lower risk. Your choice brokers can determine the take-home amount.

What is a CFD?

The contract for differences is when the broker convinces you to agree on the condition to be paying the difference, which may be the risen or the dropped amount accumulated during the time between opening and closing the CFD account.

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