eToro Review 2024 – Is it Perfect for Day Trading?

It’s an essential question: Is eToro good for day trading? It offers a diverse range of products and services catering to traders. Users of the platform often appreciate the blend of content, performance insights, and diverse securities, including stocks, cryptocurrency, and CFDs.

From novices to seasoned members, eToro clients find the platform’s order execution and deposits via credit cards, PayPal, etc., to be in line with the market standards. The platform’s reviews and ratings reflect a long track record of serving customers.

Competitors in the industry may offer different services and advice, but eToro’s commitment to providing educational videos, smart portfolios, and diverse assets sets it apart.

But is it right for YOUR strategy? Here’s everything you need to know before committing to eToro … 

What Is Day Trading?

Day trading is the act of buying and selling financial instruments within the same trading day. Traders aim to capitalize on small price movements in stocks, forex, or cryptocurrencies.

The fast-paced nature of day trading requires access to real-time data, advanced tools, and a platform that allows quick execution of trades. In the case of eToro, with its vast range of instruments and features, the platform often attracts attention in the day trading community.

The combination of forex trading, stock trading, and even crypto assets offers a variety to suit different trading strategies.

Day trading is all about seizing opportunities, and the platforms you choose can open doors to various trading communities.

For those interested in penny stocks, Reddit has emerged as a valuable resource. Traders share insights, strategies, and even specific stock picks. Engaging with like-minded traders can enhance your trading experience.

If you’re looking to explore the world of penny stocks on Reddit, here’s a guide to help you get started.

Does eToro Allow Day Trading?

Yes, eToro allows day trading, and many traders utilize the platform for this purpose. 

From leverage to tools like ProCharts, the range of options available on eToro supports day traders at different levels of experience.

However, always review the specific rules and regulations in your country and consider factors such as spreads and commission, which can affect your trading strategies.

Also, understand … there are tools offered by brokers that traders should be aware of.

For example, I mentioned leverage. I don’t teach anyone to trade with leverage. Only use money you’re willing to lose.

eToro could be a perfect fit for your trading strategy. But make sure you understand the power behind this platform.

Is eToro Good for Day Trading?

eToro has become known for its ease of use and diverse asset offerings, making it appealing for day trading.

The trading platform’s charts, indicators, and community insights provide valuable information for quick decision-making. Tools like copy trading add unique value for those looking to leverage the success of more experienced traders.

However, the spread and trading fees might be a factor to weigh in your decision, depending on the assets and volume you plan to trade.

As we dig into the various aspects of eToro, we’ll uncover details that may help you decide if this trading platform aligns with your strategies. From its tools to fees and everything in between, let’s break it down.

Is eToro Good for Beginners?

For beginners, eToro offers a blend of intuitive platform design and educational materials. The demo account feature allows newcomers to practice without risking real capital.

Moreover, customer support, tutorials, and webinars provide a comprehensive support system. 

eToro USA LLC ensures that U.S. residents can access these tools, and it’s important to note that these features cater to both beginner and experienced traders alike.

How Many Day Trades Can You Make on eToro?

On eToro, there’s no specific limit to the number of day trades you can make. However, attention to factors like account types, leverage, and the financial instruments you’re trading is crucial. 

Whether you are trading stocks, cryptocurrencies, or forex, it’s all about aligning with your trading strategy and understanding the risk and compliance aspects, including country-specific rules.

eToro provides access to various trading strategies and platforms, but it’s also worth exploring other tools that can complement your trading strategy. TradingView is a platform known for its advanced charting tools, social networking, and market insights.

It’s a valuable addition for those looking to analyze trends and make informed trading decisions. For an in-depth look at how TradingView can enhance your day trading experience, visit this comprehensive guide.

eToro Fees and Commissions

eToro’s fee structure includes spreads on trades, overnight fees, and inactivity fees. Details such as … 

• Deposit fees
• Withdrawal charges
• The cost of currency conversion

These are all pivotal to consider. While eToro offers competitive spreads on forex and cryptocurrencies, understanding these charges in the context of your trades and strategy is essential.

Fortunately, eToro’s transparent fee menu provides clarity on all associated costs.

What Makes eToro a Great Choice For Day Trading

Let’s lay everything out on the table … 

eToro’s unique blend of tools like copy trading, wide asset range including crypto trading, and a user-friendly mobile app make it a popular choice.

I don’t always suggest trading with apps. But whether you’re iPhone or Android, the app store offers some great options to check in on trades throughout the day.

eToro money management, quality customer service, and an engaging community further enhance the trading experience. Whether it’s commodities, ETFs, or currencies, the platform’s variety caters to different preferences and strategies. It caters to both retail trader accounts and more advanced traders.

While eToro offers a wide range of tools, it’s essential to explore other platforms that might align with your specific trading needs.

Plus500 is known for its user-friendly interface and a variety of instruments that cater to day traders. From technical analysis tools to customizable charts, it’s a platform worth considering.

If you’re interested in exploring Plus500 for day trading, check out this detailed review.

However…

When it comes to trading platforms, StocksToTrade is first on my list. It’s a powerful trading platform that integrates with most major brokers.

I helped to design it, which means it has all the trading indicators, news sources, and stock screening capabilities that traders like me look for in a platform.

Grab your 14-day StocksToTrade trial today — it’s only $7!

Cons of Using eToro For Day Trading

While eToro offers many benefits, the downside might include slightly higher spreads on certain assets and limitations in some countries.

The lack of certain advanced trading features might be a concern for very experienced traders. 

Additionally, withdrawal fees and inactivity fees can be factors to consider depending on your trading volume and account usage.

Key Takeaways

eToro’s combination of user-friendly design, educational support, and diverse asset offerings has made it an attractive platform for day traders.

The pros and cons weigh differently depending on individual goals, strategies, and the specific assets you trade. Understanding the platform, its fees, tools, and regulations in your country can guide your decision.

There are a ton of ways to build trading careers… But all of them start with the basics.

That’s what I start with every day in my Daily Income Trader program. 

Daily Income Trader gives you access to all of the following:

• Premarket Prep with StocksToTrade lead trainer Tim Bohen
• Bryce Tuohey from Small Cap Rockets giving a market-open webinar each day
• Tim Bohen back at noon with his afternoon Double Down review
• Small Cap Rockets’ Matt Monaco in the after-hours sharing his game plan for the next trading day

You get access to StocksToTrade, the subscriber-only trading rooms Breaking News and Small Cap Rockets, the Discord chat, 600-plus webinars, and more…

Daily Income Trader is your key to unlocking the market — check out the webinar here!

Have you day traded stocks on eToro? Let me know in the comments!

Frequently Asked Questions

Is eToro Safe?

Yes, eToro takes security seriously with stringent customer verification processes and regulatory compliance.

eToro operates under various international financial authorities, ensuring consumer protection.

There are some others out there with less secure platforms. Make sure to read reviews and study track records.

Do Professional Day Traders Use eToro?

Many professional day traders use eToro for its wide range of instruments, copy trader feature, and social trading community. However, individual preferences and strategies can dictate the choice of platform.

Can You Make Money on eToro?

While eToro provides tools and resources, profits depend on individual trading strategies, risk management, and market conditions. Like any trading platform, gains and losses are part of the trading experience.

Day trading CAN lead to substantial losses. Professional traders stay in the game because they know how to control their losses.

A 2019 study called “Day Trading for a Living?” looked at the success rates of Brazilian traders over a 2-year window, and found that 97% of traders with more than 300 days of active trading lost money.

Only 1.1% earned more than the Brazilian minimum wage — that’s only $16 per day!

What Assets Are Best for Day Trading?

eToro offers stocks, forex, commodities, and cryptocurrencies.

The best asset depends on individual preferences, market analysis, and risk tolerance. Diverse options enable flexibility in trading.

Does eToro Offer ISA?

eToro doesn’t currently offer an Individual Savings Account (ISA). They provide various other account types, and understanding the details and suitability for your goals is crucial.

How Much Initial Capital Do I Need to Start Day Trading?

eToro requires a minimum deposit, varying by country and payment method. Beyond this, the amount you choose to trade with should align with your trading strategy, risk tolerance, and financial goals.

How Do I Use eToro for Day Trading?

Getting started with eToro for day trading involves … 

• Signing up for an account
• Verifying identity
• Depositing funds
• Exploring tools
• Practicing with a demo account if needed
• Executing trades.

What Investments, Brokers, Platforms, and Trading Platforms Does eToro Offer in the Markets?

eToro offers various investments, including stocks, commodities, and forex. They work with multiple brokers and provide different platforms, including proprietary trading platforms and mobile applications, to access global markets.

The company caters to professional AND retail investor accounts. You don’t need to start with millions.

How Does eToro’s Crypto Trading Work? Can I Use a Crypto Wallet for Ethereum and XRP?

eToro’s platform enables trading in cryptos such as Ethereum and XRP. Users can securely store these assets in eToro’s crypto wallet, utilizing high-level security features.

Cryptocurrency trading is different from ETF trading or options trading. There’s a difference in the basis of the assets. This information is necessary!

What Are the Funding Options on eToro? Can I Use Silver, Diamond, Coins, Insurance, Debit Card, Neteller, or Other Means?

eToro provides a variety of funding options, including using precious metals like silver and diamond, coins, debit cards, Neteller, and even insurance-backed products.

How Can I Access News, Summaries, Watchlists, Articles, Calendars, and Other Trading Knowledge on eToro?

eToro offers comprehensive access to trading information, including news, summary reports, watchlists, articles, and an economic calendar to keep track of important market events.

What Positions, Orders, Withdrawals, Dividends, Notifications, Alternatives, and Proof Mechanisms Are Available on eToro?

eToro offers various trading tools and features such as … 

• Managing positions and shares
• Placing different types of orders on an exchange
• Processing withdrawal results
• Receiving dividends
• Notifications for account activities
• Exploring alternatives
• Providing proof of transactions and balances.

Can I Trade from Regions Like Israel, the EU, New York, Italy, and What Are the Islamic and ESG Compliance Factors?

eToro enables trading from various regions, including Israel, the EU, New York, and Italy and ensures compliance with Islamic financial laws and ESG (Environmental, Social, and Governance) standards.

How Do Google, Apple, Mastercard, and Other Providers Integrate with eToro? What Percentage of Finance Is Managed Elsewhere, and What Place Does eToro Hold in the Market?

eToro integrates with various providers like Google for search and analytics, Apple for app services, and Mastercard for payment processing.

They manage a significant percentage of finance on their platform but also offer options to connect elsewhere, maintaining a prominent place in the online trading industry.

What Are the Basics of Investing on eToro? Can You Provide an Example of How to Use Equity and Forex Brokers, and What Risks Should Be Considered?

The basics of investing on eToro involve choosing from various assets like equity and forex. For example, you can trade individual stocks or foreign currencies through specialized forex brokers.

It’s crucial to consult with analysts and understand potential risks, including market fluctuations, regulatory changes, and leverage.

That goes for ALL investors. Just because there’s a popular investor program, the program goals might not align with your own. Always ask people for second recommendations when it comes to investment advice.

How Do eToro’s Staff and Team Interact with Followers? Are There Channels to Share Ideas, Words of Thanks, and Partners’ Publications?

eToro’s staff and team actively engage with followers through various channels, including social media, forums, and webinars.

They often share investment and trade ideas, words of encouragement, thanks for participation, and publications from their partners. This collaborative approach helps create a strong community among users, analysts, and brokerage teams.

These materials are available in multiple areas. It doesn’t matter if you’re in the United States, the United Kingdom, Canada, the Netherlands, Australia, etc.

I Have a Problem with My Account’s Balance Protection and Documents on eToro. What Steps Can I Take, and Can I Contact eToro’s Team via Phone or Other Channels?

If you encounter a problem with balance protection or documents on eToro, you can follow specific steps outlined in their support section or FAQs.

You can contact eToro’s support team via phone, email, or live chat. They provide prompt assistance, guiding you on a lot of issues, including account verification, balance protection, and accessing required documents.