eToro Alternatives & Competitors (surprise) + Similar App & Websites

eToro Alternatives
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I have personally tested dozens of trading platforms and today I will explain which are the best alternatives to eToro.

These are undoubtedly the best alternatives to eToro today in my personal experience:

  1. Freedom24
  2. Scalable Capital
  3. Interactive Brokers

Is Freedom24 the best alternative to eToro?

Because, like eToro, it is the only platform in Europe that allows investing in the greatest US ETF.

Because, like eToro, it is the only platform in Europe that offers more then 42 000 stocks and ETFs from USA and Europe, including the ETFs based on US indexes.

  • Freedom24 offers hundreds of untraceable US ETFs while eToro only offers a few dozen.
  • In comparison to eToro, Freedom24 admits the possibility of having a trading account in Euro and not only in US Dollars.
  • Like eToro, Freedom24 is regulated in Cyprus.
  • The interest earned from non-invested cash is much lower at eToro.
  • US Options trading is better on Freedom24

A big advantage of Freedom24 is that it is part of Freedom Holding Corp., which is listed on NASDAQ stock exchange and this offers a number of guarantees of transparency.

Finally, eToro is a ‘market maker’ broker, which means that it does not normally send orders to the market, but processes them internally.

Don’t trust me and do your own research! This is just my perspective as an investor and this is my personal opinion on Freedom24.

Investments in securities and other financial instruments always involve the risk of loss of your capital. The forecast or past performance is no guarantee of future results. It is essential to do your own analysis before making any investment. 74% of the ETFs available at the Freedom24 platform generate passive income in the form of dividends.


Comparison table between eToro and other trading platforms

Compare eToro to other PlatformseToroFreedom24
🏆
Scalable
Capital
Interactive
Brokers
Account CurrenciesUSDEUR, USD, GBPEUREUR + 8
Stock Exchange
NASDAQ + 19

NYSE, NASDAQ, CBOE, CME, AMEX, LSE, Euronext, KASE, Deutsche BörseXETRA + GettexNASDAQ + 13
Regulated byCySEC, FSA, FSRA, MFSA, FCA, ASICCySEC +
Freedom Holding Corp. is under the U.S. SEC
BaFinMNB, FCA, SEC, FINRA, CBI, CIRO, SFC, MAS
Market MakerYESNONONO
Social TradingYESNONONO
Automatic TradesVia CopyTraderAccount Manager AssistantNOTWS, Capitalize
Inactivity FeeYES, 10 USDNONONO
CFDsYESNONONO
ForexYES (expensive)NONOYES
CryptocurrencyiesYESvia ETPsVia ETPYES
What can I trade?ETFs, Options, Crypto, CFDs, StocksStocks, ETFs, Mutual Funds (open and closed), Options, FuturesStocks, ETFs, CryptoStocks, Options, Futures, Forex, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Minimum Deposit50 USD10 EUR1 €0
Demo AccountYESTesting platform with 10K €NOYES
Interest on the non-invested cash Up to 5.3%Up to 8.7%
Up to 4%
Up to 4.8%

eToro similar recommendations for copy trading

I have a bad news: for those interested in copying other traders there are not many good options out there.

The most famous social trading website was Zulutrade but it has some bad reviews and it is also on Scamadviser:

bad reviews scam adviser

NAGA Trader, another website that allows to copy other traders moves has the same problem.

The best alternative to eToro is still Freedom24 that has good points on scam adviser and that is (in my view) more trustable.


Other best eToro alternatives

There are a bunch of websites that offer a few services similar to eToro

Best eToro Competitors
  • Freedom24: clearly the best eToro alternative today and the most similar offer with more than 1 000 000 tradable securities
  • Coinbase: Best for those mostly interested in cryptos
  • Robinhood: Popular stock trading platform to trade US Stocks (not available yet in Europe)
  • Interactive Brokers: is a suitable web trading platform mostly for professional investors
  • Scalable Capital: is a great option for DCA building in Europe
  • Plus500 is focused on CFDs

⭕️ eToro vs. Competitors

Here are a few fast comparison versus eToro and it’s more popular competitors.

Here are a few direct competitors comparisons:

eToro vs. Competitors

eToro Vs. Freedom24

The biggest similarity I find between the two platforms is the offering of US ETFs. The biggest difference is the fee structure with Freedom24 showing clearly what are the trading fees to be paid. This broker is getting popular in Europe for being good for option trading and for offering high interest (up to 8,7%) on the uninvested cash.

eToro Vs. Coinbase

If we compare eToro with Coinbase we immediately find out that eToro is easier to use and that its fees are lower. eToro offers to opportunity to copy other traders while Coinbase doesn’t.

eToro Vs. Robinhood

eToro is preferred by users who want to invest in cryptos, US stocks and ETFs while Robinhood offer is less focused and more wide. Both offer free stock trading.

eToro Vs. Interactive Brokers

Both eToro and Interactive Brokers are regulated brokers and offer a complete array of trading assets. eToro is preferred for its copy and social trading, while Interactive Brokers because it is old and well known.

eToro Vs. Scalable Capital

Well, both brokers are cheap, but Scalable Capital is more transparent of what are the actual fees that you are going to pay. Moreover, Scalable capital is not a “market maker” so it is preferred by most traders even if it is a younger platform.

eToro Vs. All Competitors

eToro offers something quite unique. Still, many users don’t like that they are “marker makers” and that fees are not so “free” as advertised, especially for European investors.

The account on eToro is only in USD, so your currency, if different form USD will be exchanged to USD for a fee.

Is eToro the best to trade forex?

eToro is a very popular forex trading platform. However, there are brokers who are more specific for forex trading.


Which is better, eToro, Freedom24 or DEGIRO?

Talking to other traders with styles similar and different to mine, I realised that the broker that makes everyone happy at the moment is undoubtedly Freedom24.

DEGIRO only appeals to those who have some experience and want to invest in ETFs for the long term. The trading platform interface is not very pleasant to use and commissions have gone up recently.

So between eToro, DEGIRO and Freedom24, I prefer Freedom24 as a broker, especially because of the amount of instruments available. We are talking about more than 1,000,000 instruments that is why it ranks among the best brokers in Europe.


eToro alternative on Reddit and Forums

There is quite a lot of discussion on Reddit about what is the best alternative to eToro broker today.

screenshot form reddit Toro alternatives

Truth is that eToro is quite unique and other social trading platforms are disappointing.

One way to get around this obstacle is to spy on eToro, do a little copy trading there and also do the same moves on another better platform (if you find one). I mean: use its advanced trading tools but also to get some trading strategy “inspiration”.

Some users on Reddit say that eToro margin trading and crypto trading is limited and they would like more freedom with lower trading fees, since eToro advertise itself as a commission free trading platform.

Also futures trading is not the best on eToro.


The Best eToro Alternatives for Social Trading

  • Naga
  • Zulutrade

These two are the most famous alternatives to eToro for social trading, but they suffer mixed reviews. I haven’t tried personally Naga nor Zulutrade, so I cannot report my own experience.


What is the difference between copy, social, and mirror trading?

Copy trading is when an automation just replicates a trade made by someone else in our portfolio. Social trading refers to the chance to see and emulate other investor’s trading activity. Mirror trading mostly refers to forex copy-trading.


What platform is better than eToro?

What platform is better than eToro

From my experience as a trader, I’d say that Freedom24 is better than eToro, especially for those who need to invest in US-based ETFs and stocks. Freedom24 doesn’t offer the social trading feature yet but it has a much wider offer compared to eToro trading platform.


What To Consider when Choosing a Copy Trading platform

I am sorry to tell you that it is not easy to find the right copy trading platform.

There are things to know.

A good copy trading platform has to be reliable and regulated in a top tier country. Avoid all the website without an address and a contact page, they are scams.

Be sure to find a platform that is easy to use. You are not stupid, so, if it is too difficult it is their fault, not yours.

Make sure you can contact them and that the fees you pay are clear.


How to asses the quality of Traders you need to copy

A good indicator of “successful traders” is their performance over a long time span.

You don’t want to copy someone who is a shooting star. Anybody can be a good (lucky) trader for some weeks or months and than fail.

Pick only traders that are consistent and avoid those who make too much turnover. Trading more is not a good way to make money (even if some platforms will tell you the opposite).

How easy is to filter out which traders you want to copy?

A good platform will allow you to find your best trader easily.


What’s wrong with eToro?

There is nothing really wrong with eToro. As a matter of fact, lots of active investors are registered there already.

What's wrong with eToro

The worst thing of eToro is the inactivity fee and the fact that it is a marker maker.

You can check to eToro bad reviews to find out how safe it is.

Most hated aspects of eToro are:

  • Only USD account (exchange fees apply)
  • It works mainly in CFDs (leverage is risky)
  • Does it earn from being PFOF?
  • Bank transfer are free but credit card deposits are subject to a charge

Some users complain that eToro is an expensive forex trading platform ant that it is not the best for CFD trading, but this is only partially true.

Other investors report that they use eToro to get the best trading tactics for other users, both for ETF trading that for spot trading.

Needless to say, the online broker eToro USA LLC has a slightly different offer compared to eToro Europe. Also the retail CFD accounts are different.

ETF trading on eToro is limited to a few hundreds of exchange traded funds.


Conclusions: the best eToro alternative is…

In my opinion (and in the opinion of many traders I know), the best eToro alternative today may be Freedom24 broker.

There are stock trading platforms who offer copy trading just like eToro BUT they have mixed reviews, so I won’t dare to risk and test them yet.

Of course, things change and other new good trading platforms may emerge, but as today, there are no good copy trading alternatives out there, so it is better to stick to some reliable old school broker.

Investments in securities and other financial instruments always involve the risk of loss of your capital. The forecast or past performance is no guarantee of future results. It is essential to do your own analysis before making any investment.


FAQ

Is there a better platform than eToro?

I believe there are better platforms compared to eToro, especially if you don’t need to do copy trading. In truth, it is also matter of taste. I have tried a lot of stock trading platforms and every one is special. The best eToro alternatives is may be something that suits you more for some reason.

What happens if eToro fails in Europe?

If eToro fails the Cyprus Investor compensation fund will be activated and it should cover up to 20.000€ for every account.

Is Robinhood better than eToro?

Active traders will prefer Robinhood platform over eToro, but passive investors will like eToro more. In Europe, where Robinhood is not available yet, platforms like Freedom24 may be just as good as Robinhood.

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3 thoughts on “eToro Alternatives & Competitors (surprise) + Similar App & Websites

  1. Finance addict says:

    I have been searching for other websites like etoro last year. As you say, there is no one else with so many traders with open portfolios. As a matter of fact, etoro is not perfect, it is quite basic and good for beginners. I will check out freedom.

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