Dozens of major international brokers operate in the US, but each of them has its own conditions, fee structure, account options, and available trading instruments. If you want to find the best one to trade with, you should definitely compare them — or listen to what other traders say about them. eToro is a reputable broker that’s extremely popular in the country, so it’s pretty rational to consider it as one of the best choices for novice traders. In this article, we analyze eToro and explain whether it’s actually the most suitable broker for beginners.
Founded in 2007, eToro is a well-known international broker with millions of clients all over the world: it’s especially popular in Europe, but its US branch also has many active users. eToro is considered a very well-regulated broker: its operations are monitored by several major institutions such as FCA and CySEC, and the US office is controlled by the Financial Crimes Enforcement Network (FinCEN). The broker is licensed in 24 states, so it’s available to millions of people around the US.
eToro is mostly known as a prominent Forex broker, but it has many other assets: commodities, ETFs, stocks, indices, and even some crypto assets. You should have at least $200 on your account to start trading, but there’s also a demo account with $100,000 in virtual money. This is a great opportunity for every novice trader who wants to learn how to trade without risking real funds. However, arguably the most interesting feature of this broker is its exceptional social trading options: it’s considered the best Forex broker in the USA among copy trading platforms. With these options, you can duplicate actions of other traders to make significant profits without actually taking on risks of looking for good trades for yourself. This is a great way for new traders to earn some passive income while still learning.
However, eToro seems to have average fees and relatively low leverage rates, so many traders prefer other brokers. If you don’t feel like signing up to eToro, there are several other decent options working in the US. For example, you can try and check out Forex.com or Interactive Brokers. They have more impressive leverage limits and competitive fees. These brokers also have nice educational platforms and demo accounts for practice.