5 Best Alternatives to eToro & Similar Investing Platforms
In order to trade and invest profitably and with ease, it’s important that you have the right tools in your arsenal.
One of those crucial pieces is the right Stock Broker Platform- but which one?
In our blog post about “5 Best Alternatives to the eToro platform ” we review five different companies so that Stock Investors/traders like yourself can find their perfect match.
Robin Hood
Our number 1 choice:Robin Hood. Allows you to Invest in stocks, options, and ETFs at your pace and commission-free right form your smartphone.
CMC Invest
CMC Markets is a provider with a 30-year history. You have the option of trading local and international shares, indices, exchange trade options (ETOs), commodities, bonds and more.
Saxo Markets
Access to more than 22,000 international equities on more than 50 of the main stock exchanges around the world is quick and simple with an online share trading account with Saxo Capital Markets.
IG Trading
The cutting-edge platform for expert traders. Get access to our round the clock support and trade right away with this revolutionary tool.
SoFi
Trade stocks and ETFs, invest in IPOs at IPO prices or try automated investing. Plus trade Crypto!
You must create an account with a Stock Broker/Exchange if you want to purchase Company Stocks, ETFs and Bonds. Many people are familiar with eToro, however this it not a solution that will fit all users therefore I put up a list of the top 5 alternatives to eToro.
There are around 500 instances to pick from, and I’m advising you to consider 5 of the greatest market leaders to identify the top Stock Investment companies for both novice and seasoned investors.
Maybe you cannot use eToro because you live in a country that doesn’t allow new registrations, maybe you don’t like the interface or may be you are looking for a more professional investment company.
I have listed below 5 Best Alternatives to eToro, some may or may not be available to all customers depending from their country of birth, however these are the 5 best alternatives available to the market right now.
Continue reading to find out more about the top investment companies, how they operate, and which one you ought to choose.
Let’s get started.
What are the best 5 alternatives to eToro right now?
These are the best Stock Apps and 5 best alternatives to eToro in 2022.
1. Robin Hood.
Best Choice overall
Thomas’ Take
It is obvious that Robinhood has positioned itself to be excellent for younger investors who want to acquire skin in the game—even if that means in modest quantities through fractional shares—with more than 13 million members and an average age of 31. 2
The sheer simplicity of Robinhood makes the app and website simple to use. Robinhood might be useful if you’re interested in trying out stocks, ETFs or even bitcoin investment. Their trading platform will let you exchange most stocks, bonds, ETFs and cryptocurrencies. Although there are worries regarding the quality of transaction executions, Robinhood has extended its options trading platform, making the broker a possible choice for options traders.
Although its offers might not be as extensive as those of some other brokerages, Robinhood is a real bargain broker and has some of the lowest fees in the market. This also applies to option trades, which have no contract charge.
PROS:
- Ultra Low Fees, the cheapest on the market
- Added Extra Security
- Can buy any Stocks, ETFs and main Cryptocurrencies
- Super Easy to use Mobile App
CONS
- Only available to a few countries (US/UK/CA)
- Customer Support is slow at responding queries
Robin Hood is my favorite platform and what I personally use for my Stock investments.
2. CMC Invest.
One of the most established
Thomas’ Take
CMC markets is our second best option as a eToro Alternative.
Because of its great pricing and wide range of more than 12,000 tradable assets, CMC Markets enjoys widespread confidence and offers traders a fantastic trading experience.
With its in-house Next Generation trading platform, which CMC Markets developed, the company won Best in Class honors in ten different categories for 2022.
From the inexperienced retail trader hoping to dabble in the online trading markets for Forex, CFDs, and spread betting to the seasoned pro seeking exposure to a wide range of products, CMC Markets is for all sorts of traders. The company has reasonable pricing for the sector and is ranked well on a number of our lists. The organization is recognized as Investopedia’s Best Forex and Stock Broker for Range of Offerings.
PROS
- Extensive range of names to trade/invest
- Highly regulated
- Very High Level of Security
- One of the oldest exchanges
CONS
- Higher spread than usual in some instances
- Not all countries are allowed to join
3. Saxo Markets.
Excellent well-designed trading platform
Thomas’ Take
A great and well-designed trading platform serves as the foundation of the Saxo trading experience. Additionally, Saxo’s own research team consistently provides trading suggestions as part of their excellent research offerings. Saxo’s extensive product offering can accommodate even the demands of big traders.
The costs for trading bonds, options, and futures on Saxo are expensive, which is a drawback. Depending on where you live, the minimum deposit might be anything from $500 to $2,500. Additionally, there is no 24/7 accessibility or live chat customer care (yet).
PROS
- High Level of Trust and Security
- Great Trading/Investing platform
- Easy interface
- Plenty of offerings to buy
CONS
- No instant Support other than phone lines
- High Deposit to open an account
- High fees compared to the other platforms
Best For
Trading/Investing
Regulated
Yes
Requires KYC
Yes
Minimum Balance
$500 – $2500
4. IG Trading.
One of the Largest Exchanges
Thomas’ Take
IG provides the most comprehensive trading package available, including superior trading and research tools, education that is at the top of its field, and a wide variety of markets that may be traded.
IG is a well-known multi-asset broker that is publicly listed and subject to international regulation. We rate IG as the top overall broker in 2022 because to its outstanding overall experience.
When you trade international and American shares and CFDs, you may take advantage of some of the lowest broker costs available, with commissions starting at zero dollars.
PROS
- $0 Fees on any stock trading
- Competitive spreads
- Easy interface
- Educational resources
CONS
- Conversion fees a bit high
- CFDs can potentially be of higher risks
5. SoFi.
All-in-one investing that’s easy to use
Thomas’ Take
Trade stocks and ETFs with no commissions by investing in multiple funds through our low-cost trading platform. Plus, fractional shares allow you to invest $5 for a piece of your favorite companies—and it’s as simple as choosing which ones.
SoFi is a great way to invest your money in the stock market, but it only works if you’re an American resident. Luckily there are other brokerage firms that offer investment opportunities across borders!
Since SoFi does not provide stop-loss orders or tax-loss harvesting, it might not be the best option for more experienced investors. However, if all you want to do is get started investing, SoFi provides everything you need, including free access to Certified Financial Planners if you have any queries.
PROS
- Low Fees and Easy Platform
- Stocks, ETFs, cryptocurrencies
- Great Customer Service
- Plenty of names to trade and buy
CONS
- Doesn’t allow Stop loss set up
So, What is the Investment Platform and best eToro alternative?
Some of the top exchanges to consider include IG Trading, RobinHood and SaxoMarkets.
Simple stock trading may be easy and free, but it’s not the only way to go if you want serious success. That’s where brokers come in – they offer market news tools that will help keep your investments on track while also providing data analysis for informed decisions about what stocks or funds should best suit your needs at this point of time.
Most importantly though? They cost money (commissions), so make sure all these features fit into whatever strategy works best before choosing one account over another; if robo advisors sound like something worth looking into then there could even still end up being cheaper options available…
RobinHood offers fantastic features including everything from tuition assistance programs (if you’re learning how get started), high levels security measures like 2 factor authentication where everyone has different codes which they enter before making transactions possible.
RobinHood has been a stable exchange for years, and their excellent customer service makes them one of the most trustworthy companies in this industry
How To Invest In Stocks
By now, you should already have a general idea of the kind of investments that pique your interest. If not – don’t worry. We’ll go over all these steps with more detail below…but first let’s start by choosing how YOU want invest: in stocks or bonds? opened accounts at two different brokerages (or just buy and hold)?
- Open a brokerage account at an online trading platform that allows for the purchase of stocks
- Deposit funds from your bank into the Brokerage firm
- Buy stocks
- Hold for long term (there are tax benefits for this)
Conclusion
Investing is not just about the growth of your money, but also an opportunity to make more informed decisions when it comes down whether or not you’re willing take risks with what’s already been invested. And since beginners should beware–there are always risks involved! That said; many investors turn their attention towards stocks instead because trading shares within various markets based off data provided by companies’ earnings reports offers some protection against loss if things go wrong.
