Contributor, Benzinga
February 27, 2023
verified by Luke Jacobi

In recent years, eToro has become a popular brokerage platform for trading stocks, cryptocurrencies and other financial assets. However, if you're looking for an alternative to eToro, you can take a look at several other brokerage platforms. In this article, Benzinga reviews five eToro alternatives and the pros and cons of each.

Robinhood

Robinhood is a brokerage platform that offers commission-free trading for stocks, options and cryptocurrencies. Here are some pros and cons to consider.

Pros:

  • Commission-free trading: Robinhood charges no commissions for trading stocks, options and cryptocurrencies.
  • User-friendly interface: Robinhood's interface is easy to use and navigate, making it an excellent choice for new investors.
  • No minimum investment: Robinhood has no minimum investment.

Cons:

  • Limited investment options: Robinhood only offers stocks, options and cryptocurrencies, which may not be enough for some investors.
  • Limited research and educational resources: Robinhood's research and educational resources are not as extensive compared to some other brokers.
  • Limited customer support: Robinhood has limited customer support options.

Webull

Webull is a commission-free brokerage platform that offers trading for stocks, options and cryptocurrencies. Here are some pros and cons to consider.

Pros:

  • Commission-free trading: Webull charges no commissions for trading stocks, options and cryptocurrencies.
  • Advanced trading tools: Webull offers advanced trading tools, including technical analysis and financial calendars.
  • No minimum investment: Webull has no minimum investment, making it an excellent choice for new investors who want to start small.

Cons:

  • Limited investment options: Webull only offers stocks, options and cryptocurrencies.
  • Limited customer support: Webull has limited customer support options.
  • No automatic dividend reinvestment: Webull does not offer automatic dividend reinvestment.

TD Ameritrade

TD Ameritrade is a brokerage platform that offers trading for stocks, options and exchange-traded funds (ETFs). Here are some pros and cons to consider.

Pros:

  • Wide range of investment options: TD Ameritrade offers a wide range of investment options, including stocks, options, ETFs and mutual funds.
  • Advanced trading tools: TD Ameritrade offers advanced trading tools, including technical analysis and market research.
  • Excellent customer support: TD Ameritrade is known for its excellent customer support, with fast response times and knowledgeable representatives.

Cons:

  • Higher fees: TD Ameritrade has higher fees compared to some other brokers.
  • Higher minimum investment: TD Ameritrade has a higher minimum investment compared to some other brokers, with a minimum of $2,000 for some accounts.
  • Inconsistent user interface: Some users have reported that TD Ameritrade's user interface is inconsistent and difficult to navigate.

Charles Schwab

Charles Schwab is a brokerage platform that offers a wide range of investment products, including stocks, bonds, ETFs and mutual funds. Here are some pros and cons to consider.

Pros:

  • Wide range of investment options: Charles Schwab offers a wide range of investment products, including stocks, bonds, ETFs and mutual funds.
  • Excellent customer service: Charles Schwab is known for its excellent customer service, with fast response times and knowledgeable representatives.
  • No account minimums: Charles Schwab has no account minimums, making it an excellent choice for new investors who want to start small.

Cons:

  • Higher fees: Charles Schwab has higher fees compared to some other brokers.
  • Limited educational resources: Charles Schwab's educational resources are not as extensive compared to some other brokers.

Fidelity

Fidelity is a brokerage platform that offers a wide range of investment options, including stocks, bonds, ETFs and mutual funds. Here are some pros and cons to consider.

Pros:

  • Wide range of investment options: Fidelity offers a wide range of investment products, including stocks, bonds, ETFs and mutual funds.
  • Excellent research and educational resources: Fidelity offers extensive research and educational resources for its users.
  • No account minimums: Fidelity has no account minimums.

Cons:

  • Higher fees: Fidelity has higher fees compared to some other brokers.
  • Limited cryptocurrency trading: Fidelity has limited options for trading cryptocurrencies.
  • Limited trading tools: Fidelity's trading tools are not as extensive compared to some other brokers.

Final Thoughts on eToro Alternatives

If you're looking for an eToro alternative, you can pick from several options. Robinhood and Webull are both excellent choices for new investors who want to start small, while TD Ameritrade, Charles Schwab and Fidelity offer a wider range of investment options and more advanced trading tools. Ultimately, the best eToro alternative for you will depend on your specific investment needs and preferences. By considering the pros and cons of each platform, you can make an informed decision and find the best brokerage platform for your needs.