eToro App Review

If you want an easy way to access the stock markets on the go, trading in multiple asset classes, all from your mobile phone or tablet, then the eToro app allows you, with a few simple taps, to easily start trading with the world’s leading social network for traders and investors.

eToro is one of the most popular platforms used by new traders in the UK. According to recent statistics, over 10 million people have signed up to use their trading platform – that’s a huge number! In this article, I'll be giving my eToro app review (Note this is for UK eToro users only).

If you are new to eToro, let me briefly explain what this powerful trading and investing platform can do for you. From any device, you can trade stocks, commodities, indices, and even cryptocurrencies.

Best of all? Their copy-trading feature makes it easier for beginners to get started without spending hours researching first.

In this eToro review, I'll pull back the curtain to give you an in-depth look into the eToro app and why it has earned such an impressive user base. Hopefully, after reading, you should have a strong understanding of whether or not investing your time and money in signing up for the app is worth your while.

What Is eToro?

Before we go into the pros and cons and the ins and outs of the app, let me briefly share a quick overview of eToro. If you are already in the know about eToro, then feel free to skip ahead.

In 2007, the Assia brothers established RetailFX, laying down the foundation for eToro. Then in 2010, this market-leading platform released its innovative OpenBook feature that allows investors to copy and track successful traders automatically. To take things to the next level, they added a Social Newsfeed and a Popular Investor program.

The Android version of the eToro trading app also dates back to the same year, so you can imagine the tremendous progress they have made over the past decade. Today, their platform has added a few more great features with CopyPortfolios and CopyTrading, as well as demo trading accounts so beginner investors can practice using a virtual portfolio to help get familiarised before live trading.

In my mind, what sets it apart from the competition is the social trading element of the eToro trading platform. For those getting started in their trading journey, it’s a great way to learn from the experiences of more experienced investors and make better decisions with your investment portfolio.

Downloading The App And Getting Started

The first step is to download the eToro app onto your device. You have likely done it countless times before—simply go to either Google Play Store or Apple App Store and search ‘eToro.' Once you find it in either store, just click “install” and follow any instructions until its download status says complete.

After the app is downloaded onto your device, it's time to create your eToro account. Simply enter your name, address, date of birth and other essential details. Then generate a personal username and password for yourself – it's that easy. Once this is done, you'll be ready to start using eToro.

Overview Of The eToro App

Now comes the fun part – actually, stock trading. With eToro's intuitive interface, it's easy to get started even if you don't have much experience with stocks or other types of investments.

The app itself has an intuitive layout which makes managing your trading account easy. With advanced trading features, such as CopyTrader™ and free educational resources offered through the eToro platform, even if you're new to trading, you can get up-to-speed quickly.

I found that the app closely resembled the desktop version of the platform, so not much will come as a surprise if you've used the web platform before. You can also set it to dark or light mode, depending on which you prefer.

If there's one area where the app might lack for some traders is with its charting; while the web version has 67 indicators, the mobile version has a measly five.

At the time I'm writing this, both the mobile apps on the Google Play Store and App Store get pretty solid reviews. For Android, 129,000 reviews have rated it 4/5 and 4.3/5 on the App Store from 2,000 reviews.

Here’s a quick overview of the features, pros and cons before we explore the app more.

eToro Money App

You might have noticed another app available when you were searching for the eToro app in the App Store or Play Store. This is the eToro Money app that you can use alongside the main eToro platform. Having an eToro Money account nicely complements the main app, as your deposits and withdrawals are instant, and there are no FX fees.

It also doubles as a secure crypto wallet for investors who want a convenient way to store their digital assets.

Financing Your eToro Account

eToro offers several payment options to ensure you can easily top up your account. You can deposit and withdraw instantly with your eToro money account or with credit and debit cards, eWallets including Skrill and Neteller and, of course, bank transfer. There's a minimum deposit of $50; however, if you are using a bank transfer, it's $500. This applies to retail investor accounts; corporate accounts have a different fee structure.

eToro's platform is USD-driven; however, they do accept GBP deposits, although converting them to USD will incur a conversion fee. It should also be noted that when you want to withdraw money from your eToro account, there is a $5 withdrawal fee. This is a bit steeper than many other brokers, but it's fixed, and whatever amount you withdraw, you'll pay the same amount.

What Can You Trade With The App?

eToro offers a wide range of financial instruments available to trade.

• Stocks – You can trade a range of stocks from across the globe on the trading app.
• ETFs – Exchange Traded Funds are also available, with hundreds of ETFs listed on the eToro platform.
• Cryptocurrency – As you would expect in this digital age, there are numerous crypto assets to trade in, including Bitcoin and Ethereum and a variety of altcoins.
• Commodities – A selection of commodities, such as gold, silver, oil and more, are also tradable through the app.
• CFDs – Contracts for Difference (CFDs) allow you to speculate on price movements without owning the asset itself. It should be understood that trading CFDs is risky, and you should be aware of the potential losses that you could incur.
• Forex – eToro's app also allows you to trade foreign exchange currency pairs.
• Indices – Last but not least, you can also trade a range of indices on the app from both global markets and specific countries. Be it the London FTSE 100, the Tokyo Nikkei, or the US NASDAQ, they are all available to trade.

Social Trading Via Etoro App

eToro excels in social and copy trading, and this is what draws many new traders to the platform. The social trading feature on eToro’s app allows you to follow, copy, and interact with other traders whose performance and strategy are laid out for you to analyze. The traders are given a ‘risk score', and from that, you can decide if their strategy is suitable for your style of investing.

This feature makes it easy for new traders to get started in trading, as they don’t need to figure out an effective strategy on their own. Of course, everyone should always perform thorough due diligence when choosing who to copy; still, it's completely free, and eToro has a reputation as the best copy trading platform.

And once you get good enough, if you've got the experience and meet the criteria, you can sign up for the Popular Investor program and start getting perks for having others copy your trades.

Final Thoughts

eToro makes it easy for the average individual with limited knowledge of the markets to get started in trading. Using the App, they can access thousands of assets to trade and use the social trading feature to emulate other successful traders. All these features are easy to understand, simple to use and make trading accessible to anyone with an iPhone or smartphone.

Combined with the eToro Money account, the two apps make investing, trading and managing your money a seamless experience. While there are a few limited downsides, ultimately, it’s an excellent app for anyone wanting to get started in trading or investing without having to go through complex processes.

FAQs

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Copy Trading does not amount to investment advice.  The value of your investments may go up or down.  Your capital is at risk.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.