Those who are into trading must have come across eToro, which is one of the most popular multi-asset brokerage and trading platforms on a global level. There is no doubt in the fact that eToro is a top choice among traders throughout the world. But some traders may not find eToro a perfect match for their trading style, or they may be looking for a similar or better platform that they could try besides eToro for various reasons. Read More
It is certainly not easy to find a similar platform that could work just as well and meet your requirements in a better way. Today, we will help you to make a choice by trying to find perfect eToro alternatives
that could fit the bill for all types of traders.
The broker platform we will compare with eToro is Fxview which offers a similar line of services. We will conduct a detailed review of both platforms and see how they differ in terms of overall functioning and services.
Why Fxview as eToro Alternative?
At first glance, you will find eToro and Fxview to be pretty different from one another, as the first one is more of a cryptocurrency exchange /brokerage offering copy trading services in crypto, forex, stocks and other CFDs. In contrast, the second one is more of a traditional forex broker platform that also offers a bunch of other instruments for trading, including crypto, stocks, commodities CFDs and more. The scope of their services is quite the same as both platforms try to provide solid trading conditions and assistance to market participants. Both eToro and Fxview are popular for beginners due to their user-friendliness and responsive customer support.
Trading Conditions – eToro Vs Fxview
If you look at the trading conditions offered, you will see that the pricing of Fxview is slightly more affordable than eToro as they don’t really charge any fees for withdrawals. The broker provides narrow spreads starting from 0.2 pips, and as commission, they charge $1/100k per side, which is also on the lower side compared to other brokers. So, if we review the cost-effectiveness of Fxview and eToro, then Fxview users surely have an edge as they will be able to save more in relation to trading costs. The spread of eToro alternative is 1 pip which is marked up high to make up for the commission-free trading offered. They also charge a withdrawal fee of $5, again a matter of concern for the investors and traders who habitually make withdrawals more often.
Technology – eToro Vs Fxview
Talking about the technology, tools and features, both eToro and Fxview try their best to give users a superior trading experience using advanced technology solutions. Both have added innovative trading tools like automation and copy trading facilities to their services. The only difference you will see here is that eToro functions as a copy trading platform on its own, whereas Fxview users will have to sign up with another copy trading platform called Zulutrade to avail this feature.
Fxview offers 3 options for trading softwares: MT4, MT5 and ActTrader. Traders are free to choose between the 3 and can rely on any of these platforms for their preference. On the other hand, eToro doesn’t offer MetaTrader 4 as a trading platform but provides advanced proprietary software instead, which stands at par with Mt4 in terms of tools and features. Copy trading is one of the essential features provided by eToro, but manual trading is also possible on the platform.
Another important aspect you must consider while choosing a broker or trading platform is the execution mode. This is the technology the broker uses for placing and executing trades on behalf of their clients. Here eToro is a market maker, meaning they will decide the bid and ask prices of trading instruments. They have more control over the prices, which also means that the spreads can be more for the traders taking part.
But for Fxview, users can feel at ease as Fxview is an ECN broker and executes trades using an electronic communication network. The broker will not determine your prices, as they partner with liquidity providers to let you trade with competitive trading conditions. This actually results in lower spreads which also leads to lower trading costs. The ECN mode adds more transparency to the trading process as traders can see the prices at which their trades will get executed in real-time without the involvement of a market maker.
Type of Accounts Offered
EToro offers 4 options for trading accounts: Personal account, which is mostly used by individual retail traders, Professional accounts, which works for traders who want to avail more leverage than what they get on retail accounts, corporate accounts, which is for businesses that want to participate in trading and finally swap-free or Islamic accounts which is a viable option for Muslim traders who wish to engage in Halal trading. In the case of professional and corporate accounts, the user must meet the criteria they set as they are specialised accounts for traders with huge capital.
Coming to the account types offered by Fxview, users can opt for a pure ECN account, where they get the benefit of trading with raw spreads and low commission, which is the only primary account type offered by the broker. But you can open a corporate account if you run a business entity and meet the requirements for such an account. They also give you an option for managed account services suitable for people who are interested in passive trading or wish to offer trading services to others for an additional income. Fxview is also one of the leading brokers for Halal forex trading, as they offer swap-free Islamic accounts for Muslim traders. Besides this, traders who wish to engage in copy trading can link their accounts with Zulutrade.
A bonus point that we want to mention in the review is that Fxview also offers VPS services at an affordable price which is something that many traders find useful, especially if they live in regions that experience frequent power outages and internet issues. VPS services benefit traders as they won’t have to worry about missing out on good trading opportunities due to technical issues.
Does Fxview pass As An eToro Alternative?
To sum it up, Fxview and eToro do have a lot of differences, but at the same time, they have many similarities that might be appealing to users who want to find an affordable broker platform as alternatives to eToro. The cost of trading with eToro could be a turnoff for many traders, and Fxview could be a better option for getting rid of the added cost, thereby increasing your profit potential. Having said that, we also urge you to do your own research and make a wise choice that works for you.