The number of people that invest in the stock exchange has skyrocketed over the last few years, significantly accelerated by the mass movement into stocks after the 2020 pandemic crash. The stock market had around 28.9 million associated accounts in 2016, which hugely increased to almost 150 million in 2021.
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With the mass movement of individual traders to the stock market, many have been searching for the right platform for them. eToro is one of the most well-established trading platforms currently available. However, with high trading fees, lousy customer support channels, and all accounts having to be in one base currency, it definitely isn’t a perfect platform.
If you’ve given eToro a go and found it not to your liking, then don’t worry; there are a range of other platforms that you can use. On this list, we’ve collected four different trading platforms, selecting them for their fantastic features or because they beat out eToro in a particular aspect.
On this list, we’ll be touching on:
- NAGA
- Trading 212
- IC Markets
Let’s break down exactly what these platforms are good for, and explain why they’ve made our list of top four eToro alternatives.
NAGA
First up on our list comes NAGA, which offers much lower fees than eToro and has a further developed community structure. Combining social media and stock trading, NAGA has created a community of over 1,000,000 active users. By clicking on someone’s profile, you’ll be able to see which stocks they’ve recently traded and how their portfolio is doing overall.
From a user’s profile, you’ll also be able to copy their trades, paying a small fee to become a follower of that person. After that, any trade they make will be automatically reproduced on your account. Not only does this make investing completely automatic, but it also means that you can find professional stockbrokers and copy their trades - for as little as 1€.
NAGA’s interesting business model that places social community at its center has created a new form of social trading. The ongoing dialogue found on NAGA’s community pages will allow you to learn what others think about a particular stock or asset before committing to it yourself.
What’s more, with over 1,500 tradable assets and 0% fees on cryptocurrency trading, this platform provides a great solution for those looking to dodge the high eToro fees.
Key NAGA Features:
- Get Paid for Trading - With community at the heart of the app, NAGA allows traders to make a living on the platform by publishing their trades for others to see. Not only does this boost community engagement, but it means that skilled traders can earn up to $100,000 a month by bringing their followers onto the platform and getting their trades followed.
- NAGA Academy - To help beginner users on the NAGA platform, the NAGA Academy has been launched. This section of the site contains a range of videos, articles, webinars, tutorials, and even eBooks that users can download and interact with. Covering the basics of different types of trading to complex financial analysis, this is an incredible resource for beginners and experts alike.
- Community Engagement - At the very top of the NAGA toolbar is the NAGA Feed. This is a central hub of communication, with users being able to post news articles, comments, and discussions around stocks. This furthers the sense of community that NAGA promotes.
- NAGA Coin (NGC) - Incorporating the native token into the platform, NAGA allows for incredibly low fees if a user works through this token. Running the whole ecosystem, this cryptocurrency has helped boost all other features on the platform.
Trading 212
With over 1.5 million clients, $3 billion in assets, and 1.5 million trades executed every single day, Trading 212 is a great option if you’re looking for a popular application with a range of useful features.
Trading 212 is a global broker, letting users trade stocks and ETFs from around the globe. Both ETFs and real stocks are commission-free, allowing you to invest without paying the hefty fees that eToro charges.
Starting to trade with this platform is also a breeze, with account creation taking under 24 hours, with verification. With no minimum deposit fee and no withdrawal fee, this is a great option if you’re looking for a cheaper way to enter into financial trading.
Another feature that makes this a great alternative to eToro is that Trading 212 offers eight base currencies instead of the singular currency offered by eToro.
Key features of Trading 212:
- Stocks and share trading - Trade any stock instantly with just the tap of a button.
- AutoInvestment Pies - Build a diversified portfolio by building a financial pie and automatically investing in certain stocks or industries.
- Fractional Shares - Invest only £1 into any share you’d like with the fractional share option.
- Watch and Learn - The Trading 212 YouTube channel allows you to learn even more about trading.
- 212 Hotlist - A live breakdown of how many users own each stock on Trading 212, as well as the biggest risers and fallers over a certain period.
IC Markets
IC Markets makes this list as they provide a fantastic range of possible investing options. From forex and commodities to bonds and cryptocurrencies, IC Markets lets its users access a range of markets for live trading.
Each one of these markets is incredibly developed, allowing you to hyper-focus on one form of trading or branch out and do a little of everything.
Primarily formed as a forex broker back in 2007, you’ll be able to trade 24 hours a day, 5 days a week. There are currently 61 currency pairs that you can use, with this comprehensive platform being perfect for forex trading. Forex fees are also some of the lowest on this list, making this a solid forex trading candidate.
IC Markets offers fast account sign-up and free withdrawals and deposits, letting you get started as soon as possible with trading. There is even a Demo section where you can get a walkthrough of the platform and see exactly how to make the most of IC Markets.
Currently, there is a minimum deposit threshold of $200, which will put some users off who want to start with smaller amounts of capital. If you’re using the mobile application, the search feature is also handy, letting you find the stocks you need in seconds instead of searching through the categories.
Key Features of IC Markets:
- Demo - Get a demo of the Raw Spread account to try out trading.
- Useful financial tools - Across depth of market analysis, ladder trading, and inbuilt spreading monitoring, IC Markets has a comprehensive system of tools to help traders.
- Multi-platform - You can use the IC Markets application on both iOS and Android systems
- 24/7 Customer Service - Get express help from a human agent whenever you need it.
Final Thoughts
Although a comprehensive platform, eToro definitely isn’t perfect, with a range of downsides causing a wave of people to start looking for alternatives. Considering the current global popularity of trading assets, it’s no surprise that there is a massive range of alternatives out there.
On this list, we’ve touched on the four best eToro alternatives, all being selected for different reasons. No matter if you’re looking to escape high fees or want a different user interface, this list has got something for you.
