eToro Review 2020
Forex, as a financial concept, has grown to become the most popular trading option for millions of people across the world. Multiple names have conquered the hearts of these traders over the years, and eToro was one of them. Over 140 countries have been using this platform’s services for several years, and the people have made their way into this space to access the subgroups of assets that determine their overall fortune. EToro is a graphics-intensive forex platform with features that enhanced the trading experience. People from the US and other countries have been actively using the services of eToro for more than a decade now, and the exchange of assets has set the market running in a direction that can help the economy thrive. Let us look at the services of eToro in detail.
What is eToro?
Cryptocurrency traders are served with just what they seek from platforms like eToro, especially in the US. On the other hand, people in other countries are trading stocks and contracts for difference. This proprietary platform enables the individual client to implement copy trading. Traders following risk-control rules and wanting to be copied can make the best out of the features of eToro. The trades and strategies can be mimicked by the retail account holders with the accessibility offered by the platform. Equity trading isn’t offered to US customers, but it is likely to be incorporated in the coming years
What are the Pros and Cons of eToro?
- The mobile app and website are easy to learn and use.
- It is considered to be one of the best communities for cryptocurrency traders.
- Around 15 cryptocurrencies can be traded all day long.
- Cryptocurrencies can be traded only for wider spreads.
- All cryptocurrencies can be bought only for a minimum price of $25.
- Most copy trading requires high minimums.
Fees of eToro
Stock and ETF trading is offered for free on eToro, and CFD and forex come with average fees. But the non-trading fees are as high as $5 for every withdrawal, added by an inactivity fee. You must keep an eye on the fees so that you don’t end up spending more than you intended to. Every time you trade, a fee will surely be charged. These are mostly the conversion or financing rates, commissions, or spreads. However, these are the ones we consider average. On the other hand, non-trading fees will not be directly linked to the act of trading.
EToro trading fees are low for the CFD trade, and when the charges were compared with other brokers in the market, eToro was found to have the best offer. It also started a new scheme in 2020 where clients from all countries can get involved in real stock trading through eToro for zero commissions. You can try it all out by opening a demo account that introduces you to all the features of the website.