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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For a limited time, you can get $10 when you deposit $100 in your eToro account. Here's how:

1. Sign up for an eToro account
2. Deposit $100

You'll automatically receive $10 directly to your account balance. Offer only applies to US customers. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

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.

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

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,

Commission Free Stock Trading

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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