eToro and Fxview, both brokers are often compared to each other to determine the better broker, but it really depends upon the requirements of traders as to which broker they wish to trade with. Both platforms offer great user experiences, but there are some key differences that you should be aware of. Both platforms have unique strengths, and choosing can be overwhelming. That’s why we’ve put together a review highlighting each platform’s key features. By the end of this article, you’ll have a clearer understanding of whether eToro is better or the eToro alternative, i.e., Fxview. So sit back and read on to learn more.
Who Does Better In Trading Platforms and Instruments? – eToro Or Fxview (eToro Alternative)
eToro offers an impressive range of 3,000+ financial products across multiple classes, but the broker is specifically popular for its largest cryptocurrency offerings. Although eToro doesn’t offer the famous Mt4 platform, it makes up for it with its cutting-edge proprietary platform. eToro also offers CopyTrader and CopyPortfolios, which are most loved by traders so far as they allow them to copy the trades of experts.
Meanwhile, Fxview, the best eToro alternative we consider continues to be a strong contender with a variety of trading platforms, such as the well-liked MT4, MT5, and ActTrader. By offering Zulutrade, the largest copy trading platform, Fxview also ensures its users don’t miss the copy trading aspect. Additionally, they provide outstanding assistance for automated trading and various innovative trading tools to provide traders with a competitive edge in the market. Fxview offers traders of all levels a more individualised trading experience with various platform choices.
Best In Security and Trust – eToro Alternative (Fxview) or eToro
eToro and Fxview both prioritise security and trust as crucial components of their platforms. Both have well-regulated trading environments overseen by multiple regulators. For instance, eToro is authorised and regulated by the FCA, CySEC, ASIC, and FSAS, while Fxview is regulated by CySEC, FSC Mauritius, and FSCA. One of the ways that both brokers maintain security is by segregating client deposits from their operating funds. This is done by depositing the clients’ money in a separate bank account, and the regulated brokers have no right to use these funds for their company needs.
This ensures clients that their capital is safe in the event of bankruptcy and can be easily recovered. Both brokers also provide negative balance protection, which guards against traders losing more than their initial investment. eToro and Fxview also offer a fund for investor compensation, giving traders additional security in case of broker bankruptcy. This fund is intended to compensate for any losses that traders may have suffered due to their broker’s failure to meet its financial responsibilities.
Spreads and other fees
eToro and Fxview may differ slightly in their fee structures. Although eToro provides commission-free trading, it offsets this benefit with a spread that begins at 1.0 pips, which may be larger than other competing brokers. In contrast, Fxview prides itself in having some of the lowest spreads in the business, starting at only 0.0 pips and only charging $2 a lot in fees for round-turn trades. As a result, they become a desirable choice for traders searching for a broker with a low-cost structure. It’s vital to know that swap rates are applied to leveraged overnight positions on eToro and Fxview. Additionally, while eToro charges a $5 withdrawal fee, Fxview offers fee-free deposits and withdrawals, making them a more convenient option for traders who value cost savings.
Both eToro and Fxview offer Sharia-compliant Islamic accounts, allowing traders to invest in Forex and other financial products without sacrificing their ethical values. However, there are some differences which you should be aware of. With eToro’s Islamic accounts, no swap fees are assessed if the position is held for more than 24 hours. Account management fees are also waived, with the only revenues coming strictly from the spreads. However, one thing that may not settle with beginners is the minimum deposit of $1,000 USD to be eligible for an Islamic account.
Similarly, eToro alternative, Fxview also provides Islamic accounts with no-rollover interest. This guarantees that traders may follow religious principles while investing in the financial markets. What’s worth appreciating about Fxview is that it offers the same trading conditions as a standard account, whether it’s about a minimum deposit, leverage, spreads or any additional features. However, it should be noted that if a position is held open for three or more days, a financing fee may be imposed, which will depend upon your trading pair. Both eToro and Fxview recognise the value of delivering an open trading environment, and their availability of Islamic accounts is proof of their dedication to diversity and inclusivity.
Type of Execution
Talking about the execution, the brokers are broadly categorised into Market markets and ECN brokers. eToro is a market maker, meaning it creates its own price for traders. This can result in wider spreads and the possibility of price manipulation. On the other hand, Fxview is an ECN broker, which means it connects traders directly to the market through its liquidity providers, resulting in tighter spreads and more transparency.
As a market maker, eToro can execute trades faster since it doesn’t have to rely on external liquidity providers. However, this also means that the broker can manipulate the price and may only sometimes offer the best possible price to traders.
In contrast, as an ECN broker, Fxview provides a direct connection to the market and displays the best bid and ask prices available from its liquidity providers. This results in tighter spreads, lower trading costs, and more transparency for traders.
Who Wins? eToro Or eToro Alternative (Fxview)
Fxview emerges as the clear winner compared to eToro due to its superior product offerings and trading environment. Fxview’s commitment to providing traders with access to ECN trading, competitive pricing, and a range of automated trading tools and platforms ensures that traders can benefit from advanced trading strategies. eToro, on the other hand, may appeal to some traders because of its emphasis on social trading and cryptocurrency trading, but it is less desirable due to its lack of support for automated trading, expensive fee structure, and restricted trading platforms.