eToro App – Is it a Good Mobile Trading Platform?
Being one of the best brokers in the industry, eToro has managed to establish itself as one of the pioneers of mobile trading. Having different instruments for trading, the mobile app of eToro is pretty interesting in the sense that it is convenient to use for both new and experienced traders.
Established in 2006, eToro has gone a long way since becoming one of the major operators in the Forex industry. The broker keeps up with modern trends and innovations and the creation of the mobile app is a clear indication of that. Like in trading with a laptop or PC, a mobile app follows pretty much the same concept. The only difference is that with your mobile device you can trade from any part of the world – it does not matter your location. All you need is a stable Internet connection.
eToro has a mobile-friendly app that is mostly focused on cryptocurrencies, however, you can also trade with other trading instruments such as gold, FX. In every way, the eToro mobile app is a perfect solution for traders.
What Does an eToro App Look Like?
Before we move to the specific characteristics of the eToro mobile app, we should point out that it is supported on both Android and iOS devices. You can download the app from App Store and Google Play Store respectively. It will be installed automatically and appear on your screen.
As soon as you download the app you will be immediately impressed with its visual design. It is obvious that the developers have put a lot of effort into designing and making the app what it is. The minimalist design, absence of non-essential elements will leave traders delighted. At the same time, the user experience is brilliant – navigation and accessibility are simplified and you do not have to worry about anything.
On eToro mobile app you are guaranteed to get updates every time and your portfolio will be synced with every device you are using. eToro’s mobile app puts powerful technology in the palm of your hand.
eToro Mobile Trading Features
Mobile trading on eToro comes with numerous features and innovations. You can contact other traders in the community, check all the available cryptos, get real-time market updates as well as smart crypto strategies. At the same time, eToro offers copy trading options. You can see other traders and copy their traders which will further help you make more income from FX trading.
Available Leverage
Leverage on eToro depends on several factors. The first one is your location. Various countries have a different amount of leverage. The asset you are trading is also necessary to check because you will get 1:5 on stocks, 1:20 on major indices, and 1:30 on currency pairs. Furthermore, cryptocurrencies come with the lowest leverage, which is 1:2. If you are not a novice trader and already have acquired some experience in trading you will get different leverage. In short, several details influence the amount of leverage on eToro and the same goes for the mobile app.
Spreads
Spread is the difference between the bid and ask price. It is generally considered as an indirect fee during trading. For example, if you buy a stock at $45 and sell it at 44.25, it means that the spread would be 75 pips. On eToro spreads are variable, meaning that their rate depends on the market situation. As there are many different trading instruments you will see variable spreads. Some instruments are more volatile than others, so you are going to have variations. It is not really possible to predict the spread.
Pros & Cons of eToro
eToro mobile trading is really interesting, attractive and what’s the most important – completely oriented on the customers’ needs. Generally, clients should have no problems and complications with the app, but there are some cons as well, which we should mention alongside the advantages. Let’s have a look at the pros and cons below.
Pros
We should obviously start reviewing the pros because that’s why we have decided to write about eToro mobile app. Some of the most important characteristics and advantages that we can single out are user-friendly interface, copy trading, various trading instruments, and the absence of commissions.
UI/UX
As we have already mentioned above both the UI and UX of the mobile app are impeccable. The design is really attractive and can guarantee the best experience. If you are using newer mobile phones you will have a smoother environment.
Copy Trading
Copy-trading means copying other people’s trades and earning money in such a way. eToro is famous for its copy-trading tool. When you are choosing an investor, you should have a look at the factors such as risk rating, trader’s monthly return, in which trading instrument he or she is better, etc.
Different trading instruments
There are cases when a lot of mobile apps have limited options of trading instruments. eToro is not on the list of such brokers. Here, you can have a look at different trading instruments from FX to cryptos. Stocks and ETF are also supported and this only makes the overall experience better.
No additional fees
First of all downloading, the app is possible without paying additional money. It is available for free in the App Store and Play Store. There are no monthly or annual fees for keeping the account as well as extra commissions for trades.
Cons
Talking about the cons, there are not too many of them, because eToro mobile app, mostly, covers everything that you need. The only problem is that the app is not supported on Windows phones and lacks an analysis department. We will look at each of them thoroughly.
Windows Phones not Supported
Android and iOS devices are clearly dominating the mobile industry, because of their simplicity, wide availability, and features. However, there are also some traders who have Windows phones, and not supporting these devices is a little weird. In the future, eToro could add this feature too.
Lack of educational material
Another con of the eToro mobile app is the absence of educational material and analysis departments. The research is pivotal for new traders especially, because getting additional information on market movement and other topics provides a decent basis for trading.
FAQ on eToro Mobile
Does eToro have an app?
Yes, eToro broker has a mobile app that can be either downloaded from the App Store or Play Store. The app is user-friendly, with good functionality and you can access all features that are available in trading with a computer.
Does eToro Mobile consume a lot of data?
No eToro mobile app does not consume a lot of data. In fact, we should emphasize that it depends on what you are doing. If you are simply scrolling through, then it is not likely to be consumptive, but as soon as you are involved in “heavy” trading, the app could drain a lot of cellular data from your mobile phone.