The Pros and Cons of eToro
Are you looking to break into the trade and investment market, but want to do so in a modern and high-tech way? If so, the answer may be to use eToro, which is a social trading platform that allows you to copy all the top traders who exist in the community right now. Now, before you jump in with both feet, it’s always a good idea to hold off and do a bit of research.
To help you out, here’s a guide on all the top pros and cos of using eToro so that you can decide if it’s the right route for you. If after reading all the pros and cons you aren’t convinced that eToro is right for you, then you can always check out etoro alternatives. Safetrading.today is a cryptocurrency listing
The Top Pros of eToro
Most will argue that the top pro in using eToro is the fact it can make the process so much easier and faster. The platform will automatically copy the leading traders, so you don’t have to do the legwork and research yourself. It offers seamless integration when it comes to social trading which both newbies and experienced traders enjoy. Not only that but it provides traders with access to a large range of markets.
Additional pros include such things as the wide array of payment options including Paypal, credit cards, UnionPay, wire transfers, WebMoney, and much more. You can take advantage of a demo mode, which is excellent for beginners learning how to use the platform, and there is an Android and iOS app available to provide users with 24/7 access. Also, the app provides most of the same tools and features as the website.
Another aspect that beginners like is the fact that it’s relatively fast and easy to set up a brand-new account. You will be asked for some basic information, but nothing too difficult.
The Top Cons of eToro
Now as for the cons, there are a number of them as well. First off, it should be noted that although the platform supports countries worldwide, it isn’t available to citizens of the US. It’s also important that people are aware of the feeds, which can be a bit higher than other platforms.
There is a minimum level of anonymity and it supports only two crypto-markets which are ETH and BTC. Along the lines of crypto markets, the platform doesn’t support cryptocurrency deposits. Also, the platform isn’t an exchange. What this means is that you don’t actually own anything. Some also find it frustrating that trading is capped at US$2,000, but that will come down to your trading style and plans.
If this doesn’t fit in with what you need, then you should look into these eToro alternatives by InvestinGoal which have been ranked from best to worst. This will help you to understand if there’s something better out there that will suit you more, or if eToro is the best that’s out there.
Plenty to Consider
At the end of the day, the decision to use or not to use eToro really comes down to a number of factors. It can be helpful to first determine your trading style and goals, make a list of features and criteria that is important to you, and then figure out how well eToro matches up with your list.