If you're looking for an app that makes investing fun and social, then eToro's "Investing made social" is the perfect platform for you. With this app, you can trade and invest in various assets like stocks, cryptocurrencies, and commodities. Additionally, users can follow other investors and traders and copy their trades in real time! Let's dive deeper into some of eToro's features.
Features
CopyTrader Functionality
eToro's most unique feature is its CopyTrading feature, where users can replicate the trading strategies of successful traders. You just need to select someone you trust, allocate funds to copy their future trades, and execute that action automatically via the app.
Social Trading Platform
The Social Trading platform allows users to follow and interact with other successful traders, as well as share trading insights within a like-minded community of investors. In addition, you can view their trading portfolios and take inspiration for your own strategies.
Ease of Use
The app's interface is user-friendly, with easy navigation and a simple design. The registration process is efficient and only takes a few minutes. Once you log in, you'll find tools such as watchlists, charts showing both long-term and short-term trends, a newsfeed for updates on financial markets, etc.
Pros
Commission-free trading
eToro enables commission-free stock trading without any hidden fees or extra costs. This is a major advantage over comparable apps, which charge per-transaction or account maintenance fees.
Broad Range of Assets
This app provides access to an extensive range of asset classes, including stocks, cryptocurrencies, commodities, forex, and indexes – all from a single platform. This makes it easier to keep an eye on all of your investments and adjustments in real-time.
Built-in Risk Management Features
You can effortlessly mitigate your risk with eToro's features, such as Stop Loss, no negative balance protection, and Guaranteed Stop Loss Orders.
Cons
Relatively High Fees for Crypto Trading
The fees for trading cryptocurrency may be higher than those of other similar platforms.
Limited Research Tools
The app provides basic research tools, thus making it inconvenient for experienced traders who require more complex technical analysis indicators.
Comparison to Similar Apps
eToro is similar to other trading platforms like Robinhood, Webull, TD Ameritrade, and Fidelity. However, eToro stands out from its competitors because of its CopyTrading feature, giving users quick access to expert-level strategies in real-time. Additionally, eToro has a broader range of asset classes and charges comparatively lower fees. However, it falls short in research tools and the ability to perform technical analysis compared to its counterparts.
Tips for Using the App
If you're new to eToro, start by setting up a demo account to familiarize yourself with the platform's functionalities or follow some of the top rated traders, learn about their strategies and then use the copy feature.
Conclusion
If you're searching for an app that offers commission-free trading, an extensive range of assets, and integrated social trading functionalities, then you should definitely give eToro a try. Although there are a few cons, such as higher fees for crypto trading and imperfect research tools, the app offers many advantages for newbie investors and traders seeking a simple yet efficient trading platform.
Updated 05-10-2023
Overview
If you're looking for an app that makes investing fun and social, then eToro's "Investing made social" is the perfect platform for you. With this app, you can trade and invest in various assets like stocks, cryptocurrencies, and commodities. Additionally, users can follow other investors and traders and copy their trades in real time! Let's dive deeper into some of eToro's features.
Features
CopyTrader Functionality
eToro's most unique feature is its CopyTrading feature, where users can replicate the trading strategies of successful traders. You just need to select someone you trust, allocate funds to copy their future trades, and execute that action automatically via the app.
Social Trading Platform
The Social Trading platform allows users to follow and interact with other successful traders, as well as share trading insights within a like-minded community of investors. In addition, you can view their trading portfolios and take inspiration for your own strategies.
Ease of Use
The app's interface is user-friendly, with easy navigation and a simple design. The registration process is efficient and only takes a few minutes. Once you log in, you'll find tools such as watchlists, charts showing both long-term and short-term trends, a newsfeed for updates on financial markets, etc.
Pros
Commission-free trading
eToro enables commission-free stock trading without any hidden fees or extra costs. This is a major advantage over comparable apps, which charge per-transaction or account maintenance fees.
Broad Range of Assets
This app provides access to an extensive range of asset classes, including stocks, cryptocurrencies, commodities, forex, and indexes – all from a single platform. This makes it easier to keep an eye on all of your investments and adjustments in real-time.
Built-in Risk Management Features
You can effortlessly mitigate your risk with eToro's features, such as Stop Loss, no negative balance protection, and Guaranteed Stop Loss Orders.
Relatively High Fees for Crypto Trading
The fees for trading cryptocurrency may be higher than those of other similar platforms.
Limited Research Tools
The app provides basic research tools, thus making it inconvenient for experienced traders who require more complex technical analysis indicators.
Comparison to Similar Apps
eToro is similar to other trading platforms like Robinhood, Webull, TD Ameritrade, and Fidelity. However, eToro stands out from its competitors because of its CopyTrading feature, giving users quick access to expert-level strategies in real-time. Additionally, eToro has a broader range of asset classes and charges comparatively lower fees. However, it falls short in research tools and the ability to perform technical analysis compared to its counterparts.
Tips for Using the App
If you're new to eToro, start by setting up a demo account to familiarize yourself with the platform's functionalities or follow some of the top rated traders, learn about their strategies and then use the copy feature.
Conclusion
If you're searching for an app that offers commission-free trading, an extensive range of assets, and integrated social trading functionalities, then you should definitely give eToro a try. Although there are a few cons, such as higher fees for crypto trading and imperfect research tools, the app offers many advantages for newbie investors and traders seeking a simple yet efficient trading platform.