Introduction
Be sure to read this comprehensive guide to the eToro app! Here, we will delve into everything you need to know about this innovative trading and investing platform. Whether you are a seasoned trader or a beginner, eToro's application offers a user-friendly interface that allows you to trade and invest in a variety of financial markets.
From its features and benefits to its pros and cons, we will cover it all. So, if you're interested in learning more about the eToro app and how it can help you achieve your financial goals, read on!
| 🏷️ App Name | eToro |
| 🖥️ Platforms | Web, iOS, Android |
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
How Many App Users in the World?
The eToro app has been seeing a rapid increase in its users as the interest in social trading grows by the day.
Total users of eToro breached the 30 million figures by the end of 2022, achieving a significant increase compared to its 2021 client population.
eToro is expecting its users to further grow as more people ride the trend of investing on stocks and explore cryptocurrency trading.
We started eToro with the mission of opening up global financial markets, so everyone could invest in a simple and transparent way.
How to Use the App?
The eToro app is visually self-explanatory and seamless to explore. After signing up an account on the eToro App (which will only take a few short moments), and having your identity verified, you can now start trading after depositing a fund to your account.
Getting to Know the Interface
After you have created and signed up for an account and made your deposit and you think you’re ready to start trading, make sure to familiarize yourself first with the main menu of the eToro app.
At the main page of the eToro app, you will see the following:
- Watchlist: Just like the name suggests, it is here where you can organize a list of traders you want to copy, and company shares to follow. For example, you can create a list called "Stock Traders to Copy" or "Must-watch stocks".
- Portfolio: This is where you will see the performance of your investment. Most traders spend more time in this part of the app to follow live tickers of company shares and the status of their investments.
- News Feed: Think of your Twitter feed but without the meme and the personal drama and ranting. eToro’s feed consist of pure trading-related updates from your fellow traders.
- Trade Markets: This is where you can follow the various share values of companies trading in the stock market.
- Copy People: This is the gateway to the best feature of eToro, the "Copy Trade". You can search other successful traders here and imitate their trading strategies.
- Invest in CopyPortfolios: This is portfolio management investment product which will allow you to copy a basket of instruments or group of professional traders automatically according to a predetermined strategy or theme.
eToro on Different Platforms
The following platforms below are available for any user who has eToro account.
Web-based
As the name suggests, it is a platform that is accessible on the web or more specifically, via a web-browser such as Google Chrome, Mozilla Firefox, Microsoft Edge and Opera.
This is similar to the WebTrader platforms of other brokerages in the sense that it is a purely web-based interface that won’t require any installation on a PC or laptop.
Alternatively, this can also be accessed on a mobile browser like Safari and Opera Mini.
eToro notified their clients via the platform that as of Monday, March 29 2021, they will no longer be supporting the following browser versions:
- Internet Explorer (all versions)
- Google Chrome (Ver. 56 and earlier)
- Firefox (Ver. 51 and earlier)
- Samsung Internet (Ver. 5 and earlier)
- Opera (Ver. 43 and earlier)
Android Mobile App
The eToro app was designed to function smoothly on a smartphone and is easily available for Android users on Google Play Store. It is compatible with Android phones with version 5.1 (Lollipop) or higher.
To look for the eToro app on Play Store, just simply type "eToro" on the search bar and install.
After installing it, you’ll open to a message that says “eToro. Trade the world’s top financial markets with confidence”.
iOS Mobile App (for iPhone and iPad)
eToro is also available on the iOS platform. Like the Android version, the iOS eToro app can be downloaded for free at the Apple Store.
There is no difference in the interface between the eToro app for iOS and the eToro app for Android. Both provides an interface that allows users to explore stock options, buy and trade stocks at a few movement of the finger.
Is There a Desktop App?
Currently, there is no eToro desktop and laptop app for Windows or Mac.[3] The only option for PC or laptop users is to access the web-based platform from a web browser.
Downloading the App
There is no actual installation or executable file that can be downloaded from eToro. The mobile apps can only be installed directly from Google Play (for Android) and App Store (for iOS).
Buying a Stock on the App
When users say it's very effortless to trade on eToro app, they mean every word. Using the app, one can buy stocks at a few clicks of a button.
Take note:
To start buying stocks, just look for and click on "Trade Markets", then go to "Stocks", then select from the "Industry" tab of the company stock you're interested in.
For instance, if you clicked on "Financial" from the "Industry" tab. A list of financial companies along with their current stock values will be shown on the screen.
For example:
You wanted to buy some stocks of Citigroup. Click on its ticker symbol "C" and you will be then shown a feed detailing the latest news about Citigroup.
Ready to buy a stock? Just click on the "Buy" button and set the amount you are investing, set the "leverage" figure you want and finish it off by clicking "Set Order"
Congratulate yourself for being a shareholder of Citigroup.
How to Sell a Stock on the App?
Just follow the same process when buying a stock but this time instead of "Buy", click the "Sell" button. After you open the SELL interface of the app, your position will become a 'short-selling position' that will increase its value once the stock's value goes down.
Take note:
Doing the SELL function will not automatically sell your assets, rather it will open a new position called "short-selling".
Short-Selling: How Does It Work on the App?
When using the eToro trading platform, most of the selling is called "short-selling" and it is done by following the system of Contract for Difference (CFD).
CFD trading happens when the trader and the broker come to an agreement wherein the broker will lend the trader (you), a specific number of shares of a company.
You as a trader will be able to sell that stock—backed by a forecast that the value of those shares will go down. Afterward, when the share price goes down, you will then buy it back for a lower share value.
By returning the stocks back to the broker, you end up earning the price difference. This is how you as a trader can earn through CFD trading in eToro.
How to Test the App?
It's possible to explore the platform first without using real money and this can be done via the demo account or the "virtual portfolio" mode. It's the same as live trading with real-time market prices but the only difference is that everything is in demo mode with $100,000 virtual funds.
In order to use this feature, you will need to sign-up for an account first.
Frequently Asked Questions (FAQ)
Below are commonly asked questions about eToro's app and the relevant answers:
How secure is the eToro app?
The eToro app is generally considered to be secure. The company uses industry-standard encryption and two-factor authentication to protect user data and communication with the app. User funds are kept in segregated accounts, and eToro has policies in place to prevent money laundering and verify user identities. eToro also conducts regular security audits by third-party firms to ensure its systems are secure.
Can I access my eToro account through the app?
Yes, you can access your eToro account through the eToro app. The app allows you to log in using the same credentials you use to log in to the desktop platform. Once logged in, you can view your account balance, open and close trades, deposit and withdraw funds, and access other account-related features. The app is designed to provide users with a mobile-friendly and convenient way to manage their eToro accounts.
Are there any fees associated with using the eToro app?
There are no fees associated with downloading or using the eToro app itself. However, there are trading fees and other costs associated with using the eToro platform to trade assets such as stocks, cryptocurrencies, and commodities. These fees can vary depending on the specific asset being traded, the size of the trade, and other factors.
How does the eToro app differ from the desktop platform?
The eToro app provides a mobile-friendly and convenient way to access the key features of the eToro platform, such as opening and closing trades, viewing account balances, and depositing or withdrawing funds. However, the app may have a more limited range of features and less detailed analytics compared to the desktop platform. The desktop platform may also offer more advanced trading tools and customization options.
Can I use the eToro app to copy other traders' trades?
Yes, you can use the eToro app to copy other traders' trades. This feature, called CopyTrader, allows you to browse and select from a list of successful traders on the eToro platform and automatically copy their trades in real-time.
Is the eToro app available in multiple languages?
Yes, the eToro app is available in multiple languages. The app supports a variety of languages, including English, Spanish, German, French, Italian, Chinese, and many others. Users can select their preferred language during the account registration process or by adjusting the language settings in the app. The availability of languages may vary depending on the user's location and the specific version of the app being used.
Does the eToro app offer a demo account?
Yes, the eToro app offers a demo account. This virtual portfolio allows users to practice trading with virtual funds, without risking any real money. This feature can be useful for new traders who want to learn how to use the eToro platform and test their trading strategies in a risk-free environment. This account is available on both the eToro app and the desktop platform.
Can I open a new eToro account through the app?
Yes, you can open a new eToro account through the app. The account registration process is similar to the desktop platform and can be completed directly within the app. Simply download the app, select the "Sign Up" option, and follow the instructions to create a new eToro account.
What is eToro's customer support like through the app?
The eToro app provides access to customer support through a built-in messaging system. Users can send messages to eToro's support team directly from the app, and the team typically responds within a few hours. The app also includes a comprehensive FAQ section that covers a range of common issues and questions. Overall, customer support through the eToro app is generally considered to be prompt and helpful.
If you want to use the eToro app right now then you better click on the button to get started.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.