eToro Alternatives
eToro is a popular cryptocurrency trading app known for its CopyTrading feature. But it isn't right for everyone. Find your best eToro alternative here.
As a trading platform, eToro has a lot going for it.
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But it's not perfect. Many crypto enthusiasts are seeking an alternative with lower fees and easier withdrawals.
So, what's the best eToro alternative?
In this guide, find the best eToro alternatives for your portfolio and trading preferences. Plus, review the main drawbacks of eToro if you're still on the fence.
Why eToro Might Not be Right for You
While eToro does have a lot to offer, especially for beginners, there are legitimate reasons to look elsewhere. Here are a few big drawbacks to eToro:
High fees
eToro has relatively high non-trading fees, as there are fees for inactivity. A $10 monthly inactivity fee is charged if your account has no login activity after 12 months. eToro also charges a 1% fee when you buy or sell crypto.[1]
Difficult withdrawals
Transferring your coins to the eToro wallet and then to your personal device is difficult. Plus, after you've transferred your coins off the platform, they can never be transferred back. And that's just for the coins that are eligible. Some can't be transferred at all.[2]
Now, let's say you don't plan to transfer your crypto to a personal wallet and you don't mind paying higher fees. Maybe you're most excited by eToro's CopyTrading feature. In that case, eToro may still be a good option for you.
But if you're turned off by the cost, the restrictions, or something else entirely, there are plenty of other options out there.
The Best eToro Alternatives
Below, take a detailed look at some of eToro's best competitors, some that you might have heard of, some you might not. Each alternative was picked for the particular advantage they offer users, who might have chosen eToro in the first place.
Here are the top eToro competitors:
1. Coinbase: Best for Beginners
When it comes to trading for beginners, there's really no bigger name in the crypto space than Coinbase.
Why?
Because Coinbase's prime goal is to make crypto investing easy. The Coinbase app was designed to eliminate any confusion or mystery around crypto. It's easily the best app for beginners because anyone can use it, whether they know anything about cryptocurrency or not.
Key Features:
- Beginner-friendly Interface
- Trading commissions: Variable 1.49%+
- Available cryptos: Over 250[3]
- Withdrawal fee: Instant Card Withdrawals up to 1.5% + minimum fee of $0.55[4]
- Payment methods: ACH Transfer, Debit Card, Wire Transfer
- Security: Cold Storage, Two-Factor Authentication, Biometric Login, Address Allowlisting
- Wallet
But Coinbase isn't the cheapest app to use. Their fees are high compared to many of their competitors, to make up for their ease of use. If you're looking for low fees, consider Binance.
2. Binance: Best Fees
Binance and its American counterpart, Binance.US, are consistently ranked among the top cryptocurrency exchanges in the world by volume.
There's a good reason for that: Binance is very affordable.
Binance trading fees start at just 0.1%, some of the lowest in the industry. Compare that to the 1% you might pay when you buy or sell crypto on eToro, and you can easily see why many traders, especially those trading at high volume, would choose Binance over eToro.
Key Features:
- Trading commissions: 0.1% trading fee and 0.5% instant buy and sell fee
- Available cryptos: BTC, ETH, LTC, XLM, DOGE, and 150 more[5]
- Withdrawal fee: Varies per coin
- Payment methods: ACH, debit card, and wire transfer
- Security: Cold Storage, Two-Factor Authentication, Biometric Login, Address Allowlisting, Secure Asset Fund
Binance
However, Binance's expert-oriented platform might not be right for beginners. If you're looking for a platform with similar functionality to eToro's CopyTrading feature, consider Public.
3. Public: Best for Social Trading
Social trading on Public doesn't work in the same way as eToro. Instead, Public offers a social network of traders just like you.
On Public, you can see what other investors are trading; when they buy and sell; and you can chat with them about strategy, their outlook on certain stocks, and more.
In much the same way that eToro provides users an opportunity to learn from experts in the trading space, Public lets them learn from their peers.
And if you're interested in buying prearranged selections of stocks or crypto like eToro's Smart Portfolios, then Public's Themes are worth checking out. Each theme contains a dozen or so stocks and ETFs that reflect the topic, which range from women-owned companies to gaming/esports to dividend stocks.
Just like eToro, you can invest in crypto and fractional shares of popular stocks.
Key Features:
- Social Trading
- Thematic Investing
- Trading commissions: Commission-free[6]
- Available cryptos: 7[7]
- Minimum Deposit: $0
- Payment methods: ACH, debit, and wire transfer
- Security: Bank-Grade security with AES 128-bit encryption, SIPC Insurance, Biometric Login,
Perhaps you were looking for something more long-term. If you're investing for the future, consider opening a Choice IRA.
4. Choice IRA: Best for Retirement Investing
eToro doesn't offer anything like the Choice IRA by Kingdom Trust. Whereas investors on eToro are likely hoping for short-term to medium-term gains, an IRA can help you save for the future.
Many IRAs won't let you invest in newer assets like crypto, but with a Choice IRA, you can get tax-free or tax-deferred investments in stocks, ETFs, gold, and cryptocurrency, all in the same account.
Why does that matter? Because when you invest on eToro, sooner or later the government is going to want a piece of your earnings. A big piece. If you're trying to use your investments to fund your retirement, then an IRA can make that piece a whole lot smaller.
Key Features:
- Crypto, Stock, Gold, ETF IRAs
- Minimum Balance: $0
- Setup Fee: $0 (Cold Storage) or $625 (Hold Your Own Keys)
- Yearly Account Fee: 1% Annual Fee for Digital Asset Custody (Cold Storage)
- Interactive Brokers Fee: $0.005 per share with a $1.00 minimum (paid to partners)[8]
- Digital Asset Trading: $0.99 to 1% per trade[8]
- Available cryptos: Over 20[9]
Of course, not everyone is trying to play the long game. If you're into all things crypto and want the best access to all sides of the crypto market, consider Crypto.com.
5. Crypto.com: Best for Altcoins
Crypto.com is your one-stop-shop for all things crypto. If you can think of it, they've probably got it. While Crypto.com doesn't have the lowest rates or easiest interface, what they do have is range.
To start, they've got more coins to choose from than any other platform on this list, except possibly the international version of Binance (the U.S. version has an impressive but still more limited selection).
They've also got credit cards that let you spend your crypto, crypto banking services such as loans, NFTs, a DeFi wallet, and a system for paying and getting paid in cryptocurrency.
Key Features:
- Trading commissions: 0% to 0.075% maker-taker fee[10]
- Available cryptos: BTC, CRO, ETH, XRP, LTC, EOS, XLM, and more[11]
- Withdrawal fee: Varies per coin
- Payment methods: Credit, Debit, and ACH Transfer
- Security: Cold Storage, Multi-factor authentication, Address Allowlisting, and a Bug Bounty
Bottom Line
As you can see, you have plenty of options for crypto trading and investing if it turns out eToro isn't for you. If you're looking for a platform geared toward beginning crypto traders, choose Coinbase.
If you like social trading but not CopyTrading, try Public. If fees are your concern, Binance is probably the answer. If you're planning to save long term for your future, consider a Choice IRA.
And if you like eToro but wish there was more you could do with your crypto, consider Crypto.com.
References
- ^ eToro USA LLC. Trading Fees, Retrieved 3/30/2022
- ^ "How do I transfer cryptocurrency from the eToro trading platform to my eToro Money crypto wallet?": eToro, 2022.
- ^ Coinbase. Explore the cryptoeconomy (Tradable), Retrieved 6/17/2023
- ^ Coinbase. Instant Cashouts: How do Instant Card Cashouts work?, Retrieved 6/17/2023
- ^ Binance.US List of Supported Assets, Retrieved 6/18/2023
- ^ Public. Public's Fee Schedule, Retrieved 6/17/2023
- ^ Public. Assets Directory, Retrieved 6/18/2023
- ^ Choice. Pricing & Fees, Retrieved 6/18/2023
- ^ Choice. Which crypto and digital assets are available for trading?, Retrieved 6/18/2023
- ^ Crypto.com. Fees & Limits, Retrieved 6/18/2023
- ^ Crypto.com. Which crypto can I buy in the Crypto.com App?, Retrieved 6/18/2023
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- Deposit $100
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Jeremy Harshman is a creative assistant at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% 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.
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