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Trading with eToro: Is it really the best online broker?

By LLM Reporters on 17th August 2020

When choosing to trade online it is good to know that not all platforms around are the same.

Are you looking to invest your money wisely and create an additional stream of income to fund that luxury lifestyle? You’re not the only one; from entrepreneurs to high-flying business bods, everyone is looking for a savvy way to grow their fortunes.

More people than ever are turning to stocks and shares which, although is a risky means of investment, has the potential to yield some impressive returns. Gone are the days where trading was left only to the pros, nowadays it’s getting easier for anyone to learn the ropes. Online platforms like eToro allow budding investors to gain training and practice for themselves, whilst also providing a knowledgeable broker to help you make the best of your time and money.

The broker you choose to go with can make a huge difference in the success of your trading activity, so it pays to do your research and tread carefully. The web is teeming with multi-functional and innovative platforms, all purporting to be much of a muchness, but are they really all as good as each other – or is there a clear winner?

The online investment industry is often targeted by scammers and fraudsters, so doing your homework is vital. Beginners can find themselves becoming particular targets of malicious criminals, so be sure you know what to look for in a platform before investing any money.

It’s always a good idea to look for reliable opinions and reviews to make sure you don’t run into scam brokers – and opt for a reputable firm that has a positive reputation online.

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eToro is a social trading and investment marketplace that allows users to trade currencies, commodities, indices, and stocks. Image credit: Jarretera/Bigstock.com

In the online world, some brokers no longer need to be endorsed, so reliable are they known to be that their reputation precedes them. eToro is one of them, and is widely considered to be the best on the market for seriousness and efficiency. According to this great eToro review, the broker is very famous and loved by traders from different levels of expertise – making it a great place to start.

The numbers speak for themselves; as one of the most renowned online brokers globally, it is widely used by both experienced investors and complete beginners alike, earning it the trust of over 14 million clients worldwide.

So, is eToro a reliable broker? In a word, yes.

First of all, it is one of the few brokers online that boasts a range of different licenses supplied by financial regulatory agencies. Only brokers that operate under conditions of transparency and in compliance with regulations are awarded special licenses that legally authorise their activity, so if you choose a broker who has them, reliability is guaranteed.

So, which licenses exactly does eToro hold? As it happens, three of the most respected, issued by the CySEC, FCA, and ASIC.

In April 2020, the US market version of the eToro platform was released, which means that if you’re based in the States, you can now trade with this broker, too. Currently, cryptocurrency is the only asset available for this market, but since these are also some of the most lucrative investments you could possibly make, it shouldn’t come as a disappointment.

Advantages of trading with eToro

The advantage of relying on eToro for trading are many. First, it provides a simple and intuitive platform that makes it simple to navigate and is as user-friendly as they come. You don’t need to be a pro investor to get the hang of it, you’ll pick up how it works in minutes. Plus, it comes with a range of different support tools to help you get the most out of it.

Trading with eToro is convenient because the broker does not charge any commission on the execution, and the spreads are among the lowest in circulation.

For more than a decade, eToro has been a leader in the global Fintech revolution. Image credit: Burdun/Bigstock.com

And, in case you should encounter any problems or difficulties, its customer service support is active 24 hours a day, seven days a week, with the option of talking to someone on live chat anytime.

But what really sets this broker apart from the masses are its innovative social and copy trading services – the flagships of the trading tools available for free on the platform.

With social trading, eToro has been able to create the largest trading community ever. As within a social network, users can connect with each other, follow the most influential professionals and expert users and share advice, tips, and strategies to be successful. Suffice to say, it’s one of the most social trading platforms of the bunch, with a sense of community meaning you’ll never feel that you’re in it alone.

Copy trading, meanwhile is a feature that has come in particularly handy for newbie traders, who are not yet fully trained and do not have the necessary experience to deal with some complex trades.

The tool allows traders to trade automatically within just a few clicks; all they have to do is find the most recommended trader to copy by choosing profiles according to the asset in question. Then, you simply set the amount that you wish to invest, and sit back and relax, as the system will start copying all your role model’s moves automatically, doing all the hard work for you.

By using this method, indirect training is guaranteed, and the first small gains will arrive even for those who have just stepped into the world of trading.

eToro might not be the only investment platform on the market, but it’s certainly one of the most trustworthy. And, if you’re going to be risking your hard-earned cash, it pays to go with the best. As always, do your own research, and decide what is right for you – but if cryptocurrency is your area of interest, then eToro might just be the right pick for you.

Image credit at the very top of the article: grejak/Bigstock.com

Disclaimer: We need to make it crystal clear that LLM – Luxury Lifestyle Magazine are not financial experts, and this article should not be taken as professional investment advice.