eToro App Review
eToro is a leading copy trading broker with 30M+ traders. Its eToro app is popular among traders. It features tools like CopyTrader, Smart Portfolios, and an ever-expanding cryptocurrency presence.
While the eToro app is popular, does it offer you the best trading environment for your needs? I took a deep dive into the eToro app to help you decide.
How to Download the eToro App and Get Started
Downloading the eToro app is a swift process, available on the Google Play Store and the App Store from Apple. It is significantly more popular on Android devices versus iOS.
My Step-by-step Guide for Becoming an eToro App User
1. Go to your app store and search “eToro app.”
2. Click “Install.”
3. Register for an eToro account.
4. Log into the eToro app with your credentials.
5. Fund your account with your preferred payment processor available at eToro.
Please note:
- Before starting to trade, beginners should invest sufficient time learning about the markets they wish to trade.
- Even though the app offers copy trading access, beginners should understand how to find the right signal providers and create a diversified portfolio.
Exploring the eToro Mobile App Interface
The eToro app has a user-friendly interface with four primary screens, a clean navigation menu, and swift transitions between trading functions. Optimized for copy trading with the eToro CopyTrader and Smart Portfolios, the eToro app is popular among copy traders.
4 Core Screens in the eToro App Interface
- Feed - The eToro feed consists of top investor profiles, financial news updates, and trader discussions.
- Trade Markets - This is where traders find assets, profile screens of companies, and execute their trades.
- Portfolio – This screen provides a complete overview of open positions, including price alerts and integrated charts.
- Account - It handles all deposits and withdrawals and includes customer support.
Standout Features of the eToro App for Mobile Devices
While the eToro app offers many features similar to those offered by other brokers, some standouts make it unique.
Here are the features that stood out the most during my eToro app review:
- CopyTrader—eToro shines with its copy trading community, exceeding 30M traders. Its proprietary CopyTrader forms the core of success, presenting a clean user interface that allows traders to copy others.
- Popular Investor Program—This program pays signal providers 1.5% if they meet select criteria, starting with a minimum of five followers, a minimum average monthly equity of 10K, and a minimum monthly AUC (assets under copy) of 50K.
- Smart Portfolios—eToro's in-house managed thematic portfolios for long-term investors offer another passive approach to financial markets, and eToro does not charge portfolio management fees.
- Demo account - Every trader receives a $100K demo account without expiry and seamless switching between live and demo trading.
- Commission-free investing - eToro offers commission-free investing for unleveraged buy-only long-term portfolios, while traders must accept higher costs using CFDs in the commission-free trading environment.
- Cryptocurrency presence - The expanding cryptocurrency offering at eToro has elevated its standing among copy traders, as it brings an in-demand product, where eToro strives for a leadership position.
eToro App Platforms
Traders can choose the web-based eToro trading platform or the mobile eToro app. The core functions are identical, but some differences exist.
Core Differences Between the Etoro Apps
eToro web-based trading platform | eToro mobile app | |
|---|---|---|
User-interface | User-friendly interface for in-depth analytics | Simplified and optimized for smaller screens |
Research capabilities | Full suite of research and analytical tools | Ideal for copy trading but not for research |
User experience | Fast navigation and ease of use | Well-functioning for a mobile app |
How to Use the eToro App
The eToro app offers a beginner-friendly trading screen for manual trading. There is no learning curve, and using the app only requires a few clicks unless traders enable one-click trading.
Here is a quick guide on how to place your first trade after you have verified and funded your account:
- Log into your eToro app.
- Find the asset you wish to buy and click “Trade”.
- In the order window, you can trade at the market rate, the default setting, or click "Rate" to set a pending order at your desired price.
- You can also select the total amount you wish to trade or click “Units” to choose how many units of the asset you want to buy.
- Review your order, pay attention to the details, and click "Set Order" to place your order.
Noteworthy:
- The News Feed is a sentiment-based research tool analysing eToro traders' trends.
- The News and Analysis section features in-house eToro research.
- Traders can view analyst recommendations for stocks in the Market Analysis section.
App Support and eToro Investment Protection
eToro is a secure broker, which also applies to the eToro app. Clients have quality support available 24/7.
I find the following features noteworthy:
- Investor insurance protection.
- Segregation of client deposits from corporate funds.
- Negative balance protection.
- Internal security protocols.
- Account alerts and logging history.
- 24/5 live chat support and detailed FAQ section.
Getting Started Trading on eToro
Getting started with the eToro app is simple. Traders can explore the demo account within minutes and the live account usually within one business day.
A quick-start guide:
1. Open an account and download the eToro app.
2. Explore the demo account until you feel comfortable opening a live account.
3. Verify your account.
4. Fund your account.
5. Decide if you want to trade yourself, copy others, or invest for the long term.
6. Monitor your portfolio, fine-tune your approach, and adjust your portfolio as necessary.
How to Use CopyTrader in the eToro App
The eToro CopyTrader function is at the core of the eToro app and the most popular tool eToro provides.
Steps for Using CopyTrader
1. Locate “CopyTrade” in the “Discover section” of the eToro app near the top of the “Overview” menu.
2. The CopyTrader page displays the most popular signal providers.
3. Use the filters to narrow down your search parameters.
4. Evaluate the “Risk Score.”
5. Click the “Copy” button of the signal provider you wish to follow.
6. Enter the amount you wish to commit.
7. Click “Invest.”
Smart Portfolios
The eToro app also includes Smart Portfolios, thematic in-house managed buy-only investment portfolios. Investors start by selecting their core, with asset allocation guidance by Black Rock, an industry leader in passive investments.
Investors must commit between $500 and $5,000 as an initial investment, dependent on the portfolio.
Smart Portfolio Cores
- Core Equity for risk-ready investors.
- Core Dynamic for forward-thinking investors.
- Core Moderate for moderate investors.
- Core Stability for cautious investors.
- Core Income for risk-averse investors.
Watchlists and Alerts
Traders can use watchlists and alerts in the eToro app to help them navigate the 5,000+ assets available on the eToro trading platform.
Watchlists are best for:
- Traders who do not have enough time to research a trading idea and want to analyze it at a later time.
- Traders who want to monitor the performance of CopyTrader signal traders.
- Investors who wish to evaluate Smart Portfolios.
Alerts are best for:
- Traders who have a multi-asset portfolio.
- Traders with multiple watchlists spanning several assets.
- Trades who want price alerts based on percentage moves or value moves.
Using a Demo Account
The eToro app offers a $100,000 demo account, and traders can easily switch between demo trading and live accounts. The eToro demo account is ideal for copy traders, as it does not expire and allows traders to monitor signal providers. The same applies to investors and Smart Portfolios.
Demo trading does not grant exposure to the full range of trading psychology and can create unrealistic trading expectations. Therefore, I want to caution beginner traders when using demo trading as a simulatory tool, as real money account conditions are usually different, in addition to the added psychological stress when risking real funds.
eToro App - Pros and Cons
Before traders install the eToro app, they should consider the pros and the cons.
The Pros of the eToro App
- User-friendly interface
- In-house copy trading via CopyTrader
- 30M+ trading community
- Smart Portfolios for long-term investors
- Secure broker and platform
- Balanced asset selection
- Unlimited demo account
The Cons of the eToro App
- Few advanced features
- No algorithmic trading
Bottom Line
The eToro app is a user-friendly trading app ideal for copy traders. It shines with CopyTrader, Smart Portfolios, its 30M+ trading community, its 5,000+ assets, and its expanding cryptocurrency presence. Therefore, I rate the eToro app as an excellent choice for passive traders and investors. For additional information on eToro, you can read our up-to-date eToro Review.
FAQs
Is eToro available in my state in the US?
The eToro app is available in every US state except Hawaii, Nevada, and New York. eToro is also unavailable in the US territories of American Samoa, Guam, Puerto Rico, and the US Virgin Islands.
What languages is the eToro app available in?
The eToro app is available in English, Spanish, Italian, German, Russian, Chinese, French, Arabic, Polish, Dutch, Norwegian, Portuguese, Swedish, Czech, Danish, Romanian, Vietnamese, and Finnish.
Does the eToro app have two-factor authentication?
The eToro app has 2FA.
Is the eToro app available on iOS?
Apple users can download the eToro app from the App Store. It ranks 172nd among finance apps with a 4.5 rating from 29 reviews.
Is the eToro app available on Android?
The eToro app is available on Android, where the Google Play Store shows 10M+ downloads and a 4.0 rating from 138K+ reviews.
Is eToro a trusted app?
eToro is a trusted app that brings security expertise and a history of eToro to mobile devices.