{"id":512462,"date":"2023-03-24T10:14:20","date_gmt":"2023-03-24T10:14:20","guid":{"rendered":"https:\/\/www.publicfinanceinternational.org\/?p=512462"},"modified":"2024-03-26T13:48:07","modified_gmt":"2024-03-26T13:48:07","slug":"etoro-app-review","status":"publish","type":"post","link":"https:\/\/www.publicfinanceinternational.org\/etoro-app-review\/","title":{"rendered":"eToro App Review"},"content":{"rendered":"\n

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\u2019s leading social network for traders and investors.<\/p>\n\n\n\n

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 \u2013 that\u2019s a huge number! In this article, I'll be giving my eToro app review (Note this is for UK eToro users only).<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Best of all? Their copy-trading feature makes it easier for beginners to get started without spending hours researching first.<\/p>\n\n\n\n

In this eToro review<\/a>, 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.<\/p>\n\n\n\n

What Is eToro?<\/strong><\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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<\/a> can practice using a virtual portfolio to help get familiarised before live trading.<\/p>\n\n\n\n

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\u2019s a great way to learn from the experiences of more experienced investors and make better decisions with your investment portfolio.<\/p>\n\n\n\n

Downloading The App And Getting Started<\/strong><\/h2>\n\n\n\n

The first step is to download the eToro app onto your device. You have likely done it countless times before\u2014simply 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Overview Of The eToro App<\/strong><\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

The app itself has an intuitive layout which makes managing your trading account easy. With advanced trading features, such as CopyTrader\u2122 and free educational resources offered through the eToro platform, even if you're new to trading, you can get up-to-speed quickly.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Here\u2019s a quick overview of the features, pros and cons before we explore the app more.<\/p>\n\n\n\n

Feature<\/strong><\/td>Description<\/strong><\/td>Pros<\/strong><\/td>Cons<\/strong><\/td><\/tr>
User Interface<\/strong><\/td>How easy is it to use the app?<\/td>Intuitive and easy to navigate<\/td>Some advanced traders may find the interface too simplistic<\/td><\/tr>
Trading Platform<\/strong><\/td>What trading options are available on the app?<\/td>Offers a wide range of assets, including stocks, cryptocurrencies, and commodities<\/td>Does not support all cryptocurrencies<\/td><\/tr>
Security<\/strong><\/td>How secure is the app for trading?<\/td>Regulated by the Financial Conduct Authority (FCA) and uses encryption to protect user data<\/td>Have been data breaches in the past<\/td><\/tr>
Copy Trading<\/strong><\/td>Does the app support copy trading?<\/td>Yes, eToro's unique feature of copy trading allows users to replicate the trades of successful traders<\/td>Copy trading carries risks and may not be suitable for all investors<\/td><\/tr>
Customer Support<\/strong><\/td>How responsive is customer support?<\/td>Offers live chat, email and phone support, as well as a comprehensive FAQ section<\/td>Customer support response can be slow at busy times.<\/td><\/tr>
Mobile App<\/strong><\/td>How well does the app function on mobile devices?<\/td>The mobile app is well-designed and offers most of the features of the desktop version.<\/td>Some users have reported bugs and glitches.<\/td><\/tr>
Overall Rating<\/strong><\/td>How would you rate the eToro app for UK customers?<\/td>Offers a unique trading experience with copy trading and a social feed. The app is easy to use straight off the bat. Overall, a solid choice for beginner to intermediate traders.<\/td>8\/10<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

eToro Money App<\/strong><\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

It also doubles as a secure crypto wallet for investors who want a convenient way to store their digital assets.<\/p>\n\n\n\n

Financing Your eToro Account<\/strong><\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

What Can You Trade With The App?<\/strong><\/h2>\n\n\n\n
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eToro offers a wide range of financial instruments available to trade.<\/p>\n\n\n\n