eToro Alternatives – Competitors
Here are the main eToro competitors, in other words, alternative social trading networks. We’re not focusing on eToro as a broker here, but on competitor companies offering investors the ability to follow and copy the trades from other traders (i.e. social and copy trading). For each of these alternatives, we also highlight the key differences and resemblances with eToro. For most of the alternative platforms & networks, you’ll also find detailed reviews elsewhere on this website, all based on experiences investing with live accounts.
ZuluTrade is probably the largest global social trading network at the moment in terms of numbers of investors and traders. Hence a major competitor to eToro. The choice of traders you can copy is very large, though there’s a better range of performance statistics and graphs available to help you choose who to copy. This alternative platform also lets you download every single trade a trader has performed in Excel format for further analysis.
A key difference between both networks is that with ZuluTrade you have the choice on how to invest your money in a trader. You can either do this “Pro Rata %” like with eToro. Or alternatively, you assign a fixed lot size to invest per trade signal you copy from the trader. This second option means a little more trading knowledge may be required, though a fully functioning demo is available to try as well. Because of the leverage options and traders available the reward potential is higher than with eToro, but obviously so is the risk. While they have their own integrated broker (AAAfx) you can also open an account with over 50 other brokers and still copy the signals from the traders on their network (hence accounts can be opened in multiple currencies).
Since mid-2015 ZuluTrade also lets you follow successful binary options traders instead of just Forex traders. A key difference of copying binary options traders is that for new investors it will be easier to manage risk.
Founded in Germany in 2009, Ayondo is one of Europe’s leading and fastest growing social trading networks. When copying other traders, this alternative uses the same principles as eToro in the sense that their trades are executed proportionally in your account. This competitor also acts as the broker (Ayondo markets) so account sign-up and management is integrated as well. A fully functioning demo account is available too. A key difference though is that the choice of traders you can follow is much smaller. However, in our experience, Ayondo’s Top Traders have been returning some very consistent returns for relative small risk so far.
Compared to eToro where most traders leave trades open for many days and months, this alternative focuses much more on day traders. In addition, their commission model isn’t based on bonuses which need to be unlocked like with eToro, but rewards traders for performance (i.e. gain %) as well as for their risk management approach (drawdown). You’re also not limited to just dollar accounts, as accounts can be opened in Euro and pound sterling as well, starting from 100$/ €/£. Probably the closest of the alternatives in terms of the account management interface.
If you like eToro because you like to “trade socially” and interact with other traders in their community, then Tradeo is a great alternative to consider. Their Social WebTrader platform gives you direct access to the latest market news and market sentiments and allows interactions with other traders. You can leave messages for the whole community, communicate privately with other members and even discuss trades with others directly on the charts.
If you find other traders you like, then you can follow them as well to get updates on when they trade. However, automated trade copying is no longer available. Due to new regulations, Tradeo removed this in Q2 2017. However, the choice of the traders on Tradeo was never as good as on eToro. The trader search functionality is also not as advanced and detailed as eToro’s making it more difficult to find good traders to follow.
The Tradeo platform is very much focussed on the “social” trader and not on trade copiers who don’t trade themselves.
Tradeo acts as the broker too and they’re an STP (Straight Through Processing) broker which means they don’t take positions against you. There’s a fully functioning demo available which allows you to try their platform with $50,000 of virtual money. Real money account can be opened in USD, EUR, GBP or JPY and the minimum deposit is $100.
If your main aim is to copy other experienced traders then MyDigiTrade is another eToro alternative for you to consider. While they launched in 2010, and hence are well established, they also underwent a platform upgrade in 2016 which really improved their features.
Unlike with eToro they’re broker independent and hence you need to sign up with a separate broker to connect to their social trading network. There’s currently a choice of 14 supported brokers, so you should be able to find one which you trust.
In terms of traders and strategies you can copy, you have a choice of about 150. The most established traders have a trading history of over 3 years. All the data on MyDigiTrade is also totally transparent. This means you can review every past trade and the range of historical performance indicators for surpasses the once you see on eToro. I have to admit that some of them (e.g. Calmar Ratio) were even new to me.
It’s totally free to join MyDigiTrade and you can try copying other traders using their demo first before you sign up for a live account. Unlike eToro there’s however no way to interact with the other traders, but they are rated by live customers as well. In addition to the ratings by customers, all the strategies also have a proprietary MDT rank which takes into account their past performance against the risk taken.
If you trade yourself and the main reason you use eToro is to look at how and what other traders trade then Peeptrade is a nice alternative or additional service for you to try. Peeptrade, as the name suggests, always you to “Peep” at the portfolios of other successful traders, some of which are professional investment managers with 10+ years of trading experience.. You can view the historical performance of these traders and when you want to look at their portfolio you pay a subscription fee which varies depending on the trader. Many do give a free trial period so you don’t have to pay any money to start.
Unlike with eToro and the other platforms on this page, Peeptrade doesn’t allow you to automatically copy other traders. You can, therefore, use any broker account you want, but if you see a trade or position you like with any of those professional traders, then you have to enter into the trade yourself. Another advantage of using your preferred broker is that your account can be in any currency and not just the USD as is the case with eToro.
Please note that at the moment Peeptrade is offering free peeping to anyone for a limited period.
Tradency Mirror Trader
Tradency is a technology provider and their Mirror Trader platform is used by a number of brokers worldwide. It allows traders to share their trades with the customers of these brokers. Hence as a customer, you need to sign up with one of these partner brokers to use this alternative. The costs will depend on the broker you choose. Some offer the service for free, while some may charge a small commission per trade you copy from a trader on the Tradency network.
The type of traders you’ll find here is fairly different from those on eToro. Most of the traders here are trade strategy developers and their trade signals are generated by trading robots who execute these strategies real-time. This means some closer monitoring may be required as a customer. Trades are also not copied proportionally and you need to decide how much, in terms of lot size, you invest for each signal you copy. Unlike eToro, this alternative platform doesn’t offer interaction features between the traders and investors.
These are the main eToro competitors though over time more and more alternatives will emerge. We will, therefore, keep this list up-to-date, while adding more reviews once we’ve tried other alternative networks and platforms. You can try demo accounts for all these competitors as well. For convenience, we’ve also created a reference table in which you can compare the key features of these leading social trading networks.