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What is eToro and How Does it Work?

If you’re looking for a great trading platform to make investments in the stock market or other assets easier, you should certainly see what eToro has to offer. Founded in 2007, their platform has developed immensely to become one of the most useful tools for trading, thanks to its excellent interface, reliable data and additional features.

What Exactly Is eToro?

To give you a better idea of what is on offer, let’s take a look at what this trading platform is and how it might be of use to you.

To put it simply, eToro combines a robust trading platform and a social network. At the moment they are the world’s largest investment network, boasting a growing community of over 17 million users that’s showing no sign of slowing down.

If you decide to join eToro, you’ll find out why so many people use this site. With many useful tools, valuable market data and more, it’s perfect for anyone who wants to make their trading life easier and socialise with other investors.

There is an immediate benefit to eToro membership since it’s very simple to join. All that’s required from you is a username and to fill out some basic details. Just complete your profile to protect your account (such as adding some personal information) and deposit some cash to get started.

How Does eToro Work?

The platform contains several different sections, which we’d like to briefly explain to you in order to help you better understand how it works.

Copy People – The core of the platform’s functionality is right here. This is where you can browse through the profiles of other traders that you might want to follow or copy. To make it easier to find good traders that you can learn from, there are many different filters that can help you to narrow down your options and find the right ones for your needs.
News Feed – Once you’ve followed some traders, you’ll find everything they’ve been up to recently on your News Feed. Whether it’s their thoughts on something or their current investment activities, you could potentially gather some worthwhile information on trading that might help you with your own choices.
Portfolio – Here, you’ll be able to see all your open trades (complete with tickers and values) and monitor your performance.
Trade Markets – if you want to do a little research on what’s available to you, the trade markets is the place to be. Whether you’re interested in stocks, currencies, crypto or commodities, you’ll find what you’re looking for here.
Watchlist – To make it easier for you to learn from the people you want to copy, the watchlist allows you to organise both the individuals and markets that you’re following. You can even create multiple lists to help you categorise everything in a way that suits you.

For the most part, you’ll find that these five sections will provide you with pretty much everything you need to start trading and to be involved in the community.

Common Mistakes to Avoid When Using eToro

When using eToro, it can be important to be smart and avoid any mistakes that could cost you time and money.

For example, while it might seem like an obvious choice to learn from the most copied users on the site. It’s also important to remember that there are many beginners using the platform – and you can’t quite trust herd mentality when it comes to your investments. If enough people follow a random trader without any real reason, they could end up going viral and getting even more notice. There are circumstances in which this can occur, so conduct your own research and do not take the advice of others at face value.

It can also be important to avoid over-trading. Many of those who get started tend to want to keep checking on how much they’re earning or losing regularly. This can be counter-productive, as your emotions could lead you to make a wrong move. Instead, it can often be better to take a more long-term approach, and checking in every once and a while can help with keeping a clear head.

What Are Some of the Pros and Cons of eToro?

There’s quite a lot that users of eToro love about the platform – and these things could certainly encourage you to consider joining. Here are some of the main benefits that can come with trading on eToro:

1) The website and mobile app are both easy to use and well designed
2) It offers a great community for cryptocurrency traders to socialise
3) The ability to follow and copy the trades of profitable investors (the CopyTrader feature)
4) Users have the ability to trade with 15 different forms of cryptocurrency, 24/7
5) The Popular Investors program, which rewards users based on how many people are shadowing their investments, encourages sensible trading

To make the best decision for your unique situation, it can also be important to know about any downsides that can come with using this site. Here are a few that you might want to keep in mind:

There’s a relatively high minimum fee to buy cryptocurrency for most coins available
You’ll have to pay a small withdrawal fee to take out funds
In most cases, copy trading requires high minimums

While there may be a few drawbacks that come with using eToro for your trades, there’s also quite a lot that makes this platform an excellent choice – and for many people, the additional fees are worth it for everything that’s on offer.

Is eToro a Good Choice for Beginners?

Anyone who’s still new to the trading game will find that eToro is a great, all-around platform. From its easy to use interface, to its incentives to do well it has most features you can wish in a trading platform. It’s also a worthwhile resource to use if you want to learn more about trading and meet other investors who could teach you a thing or two.

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