Have you heard about eToro yet? Wanting to find out more about it? I've been using eToro for the past few years and it's one of my favorite trading platforms. Read on to find out more about eToro and why I think it's a great choice for trading and investing.
Note – This post doesn't apply to US customers
What is eToro? A Social Trading Platform
eToro is known as a social trading platform. It's also a copy trading platform. It's a bit like if you combined a broker with a social network.
On eToro all the traders, share the the trades that they make. You can browse through their trading history and see what they are currently holding in their portfolio.
As well as being able to see all the trades a trader makes, you can also automatically copy the trades in your own account.
Copy the Trades made by more experienced traders
eToro is a copy trading platform. You can automatically copy the trades made by more experienced traders. All you have to do is browse through the profiles of traders to find someone who has a trading style you like. You'll be able to see how profitable and risky they were.
Once you've found a trader you like on eToro, you copy them and allocate funds. Now, whenever that trader opens a trade, your eToro account will open that trade as well. When they close a trade, your account will close the same trade.
By copy trading you're tapping into the knowledge and experience of more experienced traders. This means that even if you're new to investing and trading, you can still make trades.
Is eToro Profitable?
Remember when it comes to investing past results are not indicative of future performance. I can't guarantee you'll make money using eToro. But I can tell you that many traders on eToro have had performance of 20,30%+ in annual returns.
The best way to test out eToro to see if it's profitable is with a free virtual account. eToro will give you $100k in free virtual money that you can use to test out the platform. You can use it to copy trade people and see just how profitable it could be for you.
Why you should use eToro
Here are some of the reasons why I believe eToro might make a good trading option for you:
You can learn how to trade
eToro is great for less experienced investors. When you copy traders, you'll learn more about trading. The best traders on eToro, share with their copiers why they are making certain trades and talk about market conditions.
It saves you time
Trading is very time consuming. It takes lots of practice and also lots of daily work checking charts, testing theories, reading news etc. With copy trading your account will still be making trades, but you don't have to put in all hours of work.
Access to markets all over the world
eToro has instruments from all over the world and from lots of different markets. You'll be able to access markets that you've never thought about investing in before.
What I like about eToro
Here are some of the reasons why I trade on eToro.
Huge range of assets
I like that I can trade stocks alongside forex and have access to emerging assets such as Bitcoin and Ethereum. eToro has a huge range of assets that you can trade. They have stocks from all over the world, a huge range of forex pairs, commodities, ETFs, Indices and now a good selection of different cryptos.
eToro has a great web trader interface. I find it easy to use and it's not missing anything that desktop platforms have. For the more pro traders, there is also a fully featured charting app within eToro. eToro makes it easy to browse through markets, find people to copy and execute trades. What more could you want!
eToro is constantly evolving and improving their product. The copy trading features have improved dramatically over the past few years. And they've regularly added new stocks and cryptos to trade.
Find out more about eToro
You can sign up for a free eToro account here. You can use that account to test it out and see if it's the trading platform for you. If you're looking for a more in depth overview of eToro check out my 2018 eToro Review. I've also put together this handy guide on copy trading. For those ready to start investing make sure you check out getting started guide. It'll get you started trading in no time at all.
Let me know in the comments if you trade on eToro and what your experiences have been