TradingView Vs eToro
If you want to trade in the financial markets, you need a good trading platform. A trading platform is a software application that lets you access the market data, execute trades, and use various tools and features to enhance your trading performance. But with so many trading platforms out there, how do you choose the best one for you? In this article, we will compare two of the most popular and widely used trading platforms: TradingView and eToro. We will look at their pros and cons, and also compare them based on some key features. We will help you find the one that matches your trading style and goals.
Overview of TradingView
TradingView is a popular web-based platform that offers traders and investors a comprehensive suite of market analysis tools. It provides a versatile environment where users can engage in trading various financial instruments, including Forex, stocks, futures, options, CFDs, and cryptocurrencies. TradingView stands out for its robust set of tools and features tailored for technical analysis. Traders can access interactive charts, a vast array of indicators, drawing tools, and templates to analyze and interpret market data effectively.
The platform also supports algorithmic trading and expert advisors, allowing users to automate their trading strategies and execute trades automatically based on predefined rules. It is worth noting that TradingView itself is not a broker, but rather a powerful analysis platform that can be seamlessly integrated with different brokers that offer it.
By offering a user-friendly interface, advanced analysis capabilities, and compatibility with various brokers, TradingView has garnered a large and active user community, serving as a go-to platform for traders and investors seeking comprehensive market analysis tools. You can take a look at our best TradingView brokers if this is your platform of choice.
Pros of TradingView
- It is free to use for basic features.
- It supports multiple markets and instruments.
- It has a powerful and flexible trading system that allows users to customize their trading strategies.
- It has a large community of traders and developers that provide support, education, and resources.
- It has a marketplace where users can buy or rent trading robots and technical indicators.
Cons of TradingView
- It has a steep learning curve and may be confusing for beginners.
- It does not have a social trading feature or a demo account.
- It may have compatibility issues with some brokers or devices.
- It may have security risks or bugs due to third-party software or plugins.
- It does not offer customer support directly from MetaQuotes.
Overview of eToro
eToro is a global online trading platform that was founded in 2007 in Israel. It has since expanded to over 100 countries and has more than 30 million users worldwide. eToro offers access to more than 3,000 assets across various markets, including stocks, ETFs, cryptocurrencies, commodities, currencies, indices, and more. eToro is also known for its innovative social trading features, such as CopyTrader™ and CopyPortfolios™, which allow users to follow and copy the moves of other investors or invest in thematic portfolios curated by experts.
Additionally, eToro offers thematic portfolios curated by industry experts, further broadening investment possibilities for users. eToro’s commitment to regulatory compliance is demonstrated by its adherence to the oversight of various authoritative bodies worldwide. These include the Cyprus Securities Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), and the Financial Services Authority Seychelles (FSAS).
Pros of eToro
- Zero commission on stocks and ETFs
- Fractional shares available
- Wide range of assets to trade
- Innovative social trading features
- User-friendly and intuitive platform
Cons of eToro
- High spreads on some assets
- A withdrawal fee of $5
- Limited customization and analysis tools
- No direct customer support phone line
- Not available for US residents
Comparison between TradingView and eToro
Here is a comparison of TradingView vs eToro based on some key features:
TradingView and eToro are both online platforms that offer social trading features, but they differ in their platform types. TradingView is mainly a trading and charting platform that provides advanced financial visualization tools, while eToro is mainly a multi-asset platform that allows users to trade and invest in various financial instruments. TradingView has both a web-based and a desktop version, while eToro only has a web-based version.
TradingView offers 3,000+ financial instruments across various classes, such as stocks, crypto, ETFs, indices, commodities, and futures. eToro also offers 3,000+ different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies, and commodities. eToro allows users to trade CFDs (contracts for difference), which are derivatives that enable leverage and short selling. eToro also offers direct ownership of the underlying assets for some asset classes, such as stocks and crypto assets.
TradingView provides interactive charts and detailed analytics on various assets, markets, indices, and futures. TradingView also allows users to subscribe to each other, exchange messages, and publish charts with forecasts. TradingView supports trading through OANDA and other brokers directly from the charts, as well as MT4 and stock trading through recommended brokers. eToro enables users to buy and sell more than 60 crypto assets, as well as invest in smart portfolios that are ready-made investment strategies. eToro also has a social trading feature that allows users to copy the trades of other users or experts.
Fees and commissions
TradingView has a free option that offers basic features, such as one chart per tab, three indicators per chart, and one saved chart layout. TradingView also has four paid plans that offer more features, such as more indicators, charts, alerts, data, and backtesting. The paid plans range from $14.95 to $499.95 per month. eToro does not charge any commission for opening a long, non-leveraged position on a stock or ETF. However, eToro does charge spreads on other asset classes, such as crypto, forex, and commodities. The spreads vary depending on the asset and market conditions. eToro also charges fees for withdrawals ($5 per withdrawal) and inactivity ($10 per month after 12 months of no login).
TradingView is available as a web platform and a desktop app for Windows and Mac. TradingView also has mobile apps for iOS and Android devices. Also, TradingView’s web platform is compatible with most browsers such as Chrome, Firefox, Safari, Edge, Opera, etc. eToro is also available as a web platform and a mobile app for iOS and Android devices. However, eToro does not have a desktop app.
TradingView does not hold any user funds or execute any trades on behalf of users. TradingView only provides data and analysis tools for users to make their own trading decisions. Therefore, the security of user funds depends on the broker that the user chooses to trade with. TradingView uses SSL encryption to protect user data and requires two-factor authentication for login. eToro holds user funds in segregated accounts at reputable banks and follows strict regulatory standards in various jurisdictions. eToro also provides eligible customers with free insurance of up to 1 million euros/AUD in case of insolvency or misconduct. eToro is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Markets Authority (FMA) in New Zealand.
TradingView has a blog that covers various topics related to trading, such as market updates, technical analysis, strategies, tips, and tutorials. TradingView also has a wiki page that explains how to use the platform and its features. TradingView also has a Pine Script language that allows users to create their own indicators and strategies. eToro has an education section that offers various resources for traders of all levels, such as videos, podcasts, webinars, guides, articles, courses, and quizzes. eToro also has a trading academy that offers online courses on topics such as financial markets, trading psychology, technical analysis, and social trading.
TradingView has a help center that provides answers to frequently asked questions and issues related to the platform. Users can also submit tickets or chat with support agents via the help centerAd. TradingView’s help center also has a feedback section where users can suggest new features or vote on existing ones. eToro has a customer service page that offers a chatbot service that can answer common queries or direct users to relevant articles. Users can also submit tickets or call the support team via the customer service page. eToro’s customer service page also has a community forum where users can interact with each other and share their experiences or issues.
Which Should You Choose: eToro or TradingView?
The choice between eToro and TradingView depends on your personal preferences, goals, and trading style. Here are some possible scenarios that can help you decide: eToro might be the best choice for you if you want to trade CFDs with leverage and short selling, own some assets directly, and copy the trades of other users or experts. You might also like eToro if you don’t want to pay any commission for opening a long, non-leveraged position on a stock or ETF, have low minimum deposits, and enjoy free insurance of up to 1 million euros/AUD for eligible customers. Additionally, you might use eToro if you want to learn from various resources for traders of all levels, such as videos, podcasts, webinars, guides, articles, courses, and quizzes, and enroll in online courses on topics such as financial markets, trading psychology, technical analysis, and social trading.
On the other hand, TradingView might be the best choice for you if you want to access a wide range of financial instruments, trade through various brokers, and use advanced charting and analysis tools. You might also like TradingView if you want to have a free option with basic features, choose from multiple paid plans with more features, and suggest or vote on new features. Additionally, you might use TradingView if you want to have a web platform and a desktop app for Windows and Mac, mobile apps for iOS and Android devices, and a Pine Script language that allows you to create your own indicators and strategies.
eToro and TradingView are two of the most popular trading platforms in the market. They both have their own strengths and weaknesses, and they cater to different types of traders. Ultimately, the best trading platform for you is the one that meets your needs and expectations. Therefore, before you choose a platform, you should do your own research, compare the features and fees, and test the platforms with a demo account or a small amount of money. This way, you can find the platform that suits you best and helps you achieve your trading goals.
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