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The Best eToro Alternatives for Tradingin 2022
We all know that eToro is a trading platform that provides many trading services such as forex trading, stock trading and CFD trading. However, not everyone has the same tastes and eToro might not live up to expectations. Investors always look for better and different trading
experiences, especially concerning eToro competitors. So we’ve provided a brief on some of the
best eToro alternatives.
What is eToro?
Etoro is an online broker and investment platform with over 6m users. Etoro is branded as a social trading platform and it aims for users to get involved in real-time in Forex,Cryptocurrencies, Stocks, Indices, Commodities and ETFs.
You can make long-term investments as well as day-trade through one web-based and mobile platform.eToro has been around for a long time and is hugely popular among traders, especially those who wish to engage in trading. However, other traders, with different priorities may feel that
they need to seek an alternative to eToro, to better match their individual trading needs.
For example, traders who are used to trading on the mainstream, industry-standard MT4 platform, might not feel at ease with eToro’s proprietary platform, which has been specifically built to seamlessly allow the enhanced social trading functionalities that eToro focuses on.
But the bottom line is that eToro does force traders to choose brokers that they may not want to do business with and have specific equity balance to get compensated to the maximum.Moreover, more seasoned traders, who need enhanced analysis trading tools, such as charts,calculators and others, may find that their requirements are not adequately met and might seek different brokerage providers who can get them access to such advanced features.
Now let’s explore 5 reasons why you should explore eToro alternatives…
5 Reasons to Explore eToro Alternatives
When seeking an alternative forex brokerage to eToro, you will need to ensure that this scores equally high in terms of credibility and transparency, while allowing you to trade on a platform that is reliable and seamless, making trading easy and readily accessible.
Moreover, to give you adequate choices and allow you to effectively differentiate your portfolio, look for an eToro alternative that serves all your trading needs, not only those directly linked to the trading of foreign currencies but also stocks and cryptocurrencies (such as Bitcoin and Ethereum), as well as CFDs in commodities, indices and ETFs.
To be an appealing alternative to eToro, the broker you will be considering needs to be charging
competitive and reasonable fees and be transparent when it comes to its charges and
commissions, while also offering different account types and plans that may be custom made to
best cater for and serve the specific needs of each individual trader.
- 1. Fees
- 2. Depositing/Withdrawing
- 3. Markets & Products
- 4. The Trading Platforms
- 5. Account Opening
eToro has a rather complex fee structure for crypto CFD and cryptocurrency trading. In addition to trading fees, which are relatively low compared to competitors’ fees, eToro users need to watch out for currency conversion and withdrawal fees. It’s also important to note that
fees may differ depending on your location. Now let’s go through the list!
THE NEXT GENERATION OF COPY TRADING
Besides being one of the eToro-like platforms, ZuluTrade has always been first among its rivals, so to speak. However, ZuluTrade has always taken a different path than eToro.
As a fintech company, ZuluTrade is probably the largest global social trading network at the moment in terms of the number of investors and traders. Hence a major competitor to eToro. The choice of traders you can copy is very large, though there’s a better range of performance
statistics and graphs available to help you choose who to copy.
This alternative platform also lets you download every single trade a trader has performed in Excel format for further analysis.
A key difference between both networks is that with ZuluTrade you have the choice on how to invest your money in a trader. You can either do this “Pro Rata %” like with eToro.
Alternatively, you assign a fixed lot size to invest per trade signal you copy from the trader. This second option means a little more trading knowledge may be required, though a fully functioning demo is available to try as well. Unlike other trading service providers, ZuluTrade provides a platform tied up with many brokers. The minimum deposit and financial regulations are based on different brokers.
Once you have your Classic login account details, you can then start using several useful features, including:
Combos & Investment Baskets
Other than copy trading as ZuluTrade’s main feature of trading, ZuluTrade offers much more…
Investment Baskets are bundles of stocks that have been curated by experts in order to help users invest based on risk appetite and outlook to achieve financial goals.
Proven and successful traders – Browse your way through ZuluTrade’s diverse list of expert traders and choose who to follow based on their success rates and the assets they trade.
ZuluGuard – You can protect your account and your capital against strategy changes, or in the event your chosen signal provider’s trades are unsuccessful.
World-Class Social Trading – Become part of an active community of traders. Share ideas and your own strategy to pick up followers from around the world.
Trade from anywhere – You can web-trade on ZuluTrade, implement it on the MT4 platform or download the intuitive user-friendly trading mobile app onto your smartphone or tablet.
When you start trading with real money the following costs apply. ZuluTrade’s commission is charged per trade by the broker, in addition to their normal spread, for connecting an account to ZuluTrade.
Overnight rollover/swap fee – Depending on the currency pair (such as eur/usd) your broker will also charge a rollover or swap fee when you keep that position open overnight. This is normally not much, though can add up if you follow traders who leave positions open for months.
Zulutrade costs for Profit Sharing Accounts as stated on the website, these clients will be charged a 20% Monthly Performance Fee per selected signal provider (Trader) investment strategy (System) for as long as he/she uses the ZuluTrade Platform with this account.
When it comes to copy trading, MetaTrader 4 is one of the most widely used and recognized trading platforms for copying signals across forex and other markets too. Widely popularised the experienced traders platform.
Metatrader 4 and 5 is the most popular trading platform. Especially because it can be offered by different Forex brokers while the eToro platform is operated only by eToro. Metatrader is used by famous brokers such as ICMarkets, AvaTrade, and many more.
The minimum deposit required for MT4 will depend on the broker you select. Just like trading forex or other markets with your broker, MT4 is one of the most robust trading platforms available.
It can be downloaded as a desktop platform, used in your browser, or downloaded on your mobile and smart devices without any loss of functionality. It also has your trading activity logged and provides you with basic financial services.
Latency – Though more of a concern for day traders and scalpers, is a weight for most market participants. MT4’s fast execution and stability help combat this issue, which, ultimately, could have a dramatic effect on your bottom line.
One-Click Trading – MT4 supports one-click trading, essentially permitting the execution of trades with one click. This is ideal for scalping and day trading systems.
Technical Analysis Tools – MT4 offers 30 built-in technical indicators and 24 graphical objects; the software also permits the use of custom indicators developed within the MT4 community.
Orders and Charting – The MT4 platform comes with 2 market orders, 4 different pending order types (buy stop, buy limit, sell limit and sell stop), 2 stop orders, and trailing stop.
The MetaTrader 4 platform is generally free to access. There are no fees or charges for using the platform. However, you are charged some commission by your broker. The amount can vary depending on your broker, you can view it on the ‘charges’ field. You can also be charged when withdrawing from the platform using wire transfer.
ZuluTrade Verdict: Is ZuluTrade The Right Copy-Trading Platform For You?
Founded in 2007, ZuluTrade is a social trading platform that is fully regulated by the authorities. When it comes to following trading strategies, ZuluTrade is unquestionably the best option for investors. The extensive agreements with global brokers provide the greatest possible cross-asset exposure as well as approach variety and diversification.
Many retail traders may be unable to sustain the cost structure of the profit-sharing account, which is the primary source of concern.
One of the most attractive services offered by ZuluTrade is the Traders Combos, and the three other unique features presented further improve and secure investors. Since its acquisition by the Chinese-based Formax Group, which was motivated by a desire to get the patents and technology that enable ZuluTrade, it has transformed into a fintech company that is moving into the cryptocurrency market. Social traders will be well-served at this company, and traders with successful strategies will benefit from the firm’s volume-based incentive program, which will allow them to increase their revenue.