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When it comes to forex brokers, eToro is among the top brands, but is it the only good forex broker available to traders? Are there no eToro alternatives available to counter the monopoly of eToro? That is not the case, there is a brand that is giving tough competition to eToro on every parameter and, in fact, winning in some. Fxview is the name of that brand, but it’s important to discuss the details of both brokers to determine the best one. So, let’s differentiate both brokers based on some key parameters, like Regulatory Compliance, Account Features, Trading Platform, Customer Service, Fees and Commissions etc., to find out which broker is best for you
Regulatory Compliance
Regulation protects you from the financial risk you could incur because of malicious practices on your broker’s part. If you have even the faintest idea about the forex market, you must know that there is not any single entity to govern the global forex market. Instead, each country has its own jurisdiction that oversees the market. Though every forex broker doesn’t need to register their company with the regulatory body, doing so would make it easier for a trader to trust the broker. Interestingly, both our brokers are well-regulated in different jurisdictions. eToro is authorised and regulated by FCA, CySEC and ASIC. Fxview, on the other hand, operates under the oversight of CySEC, FSC and FCA as well as is registered with over 20 regulatory bodies. So, if you are based in a country where one of these brokers is not regulated, you may consider the other one!
Account Features by eToro and Fxview (eToro alternative)
Each broker offers different kinds of features, which makes it an important aspect for comparison. The main areas to consider are leverage, minimum deposit, trading tools, indicators, currency pairs, payment methods, account types, and education resources, so let’s compare our brokers one by one based on these:
- Highest Leverage: The highest leverage offered by eToro is 400X, and with Fxview, it is 500X.
- Minimum Deposit: While eToro allows you to get started with $10, you need to deposit $50 to start trading with Fxview.
- Trading tools: Both eToro and Fxview offer plenty of trading tools, including charts, economic calendars, technical indicators, automated trading and copy trading tools etc.
- Currency Pairs: With eToro offering 49 currency pairs for trading, the choices are wider in Fxview since it offers 70 pairs, including majors, minors and exotics.
- Payment methods: The payment methods in eToro and Fxview includes credit/debit card, bank wire transfers, digital wallets etc. The processing time may vary depending on the circumstances, but both brokers are mostly quick in the payment process.
- Account Types: eToro offers four types of accounts, including retail accounts, professional accounts, corporate accounts and Islamic accounts besides the demo account. Meanwhile, Fxview offers a standard ECN account, a micro account, Islamic Account and Demo account.
- Educational resources: Regarding education tools, eToro has an online academy dedicated to teaching users everything about investing and trading in different financial markets. Looking at Fxview’s library, we can say they are not falling behind in educating its users. They have an education section that is particularly useful for beginners as they will learn everything from glossary to advanced topics through video tutorials, blogs, webinars and FAQs sections. Traders can also get the news and market insights from the broker’s website.
Trading Platform
eToro has its own proprietary web platform and mobile app that supports multi-asset trading, but what makes it really appealing among traders is its ease of use. The broker offers nearly the same features on the web platform and the mobile app, which means you will get all the benefits, even when trading on the go. The charts are highly responsive, and the design is extremely simple, making it painless to use the platform. Even more exciting is that you can enjoy copy trading capabilities as the platform has thousands of top traders to copy.
Fxview, on the flip side, is the best alternative to eToro as it gives you more options to choose the platform of your choice. It supports MetaTrader 4, MetaTrader 5, ActTrader, and the world’s largest copy trading platform, Zulutrade. Somehow, beginners find it more comfortable to start with a well-known trading platform like Mt4 instead of the platforms offered by the broker. You may find Fxview better when deciding on some of the most trusted and widely used platforms.
Customer Service
The primary mode of contacting the customer support team at eToro is by raising a ticket through their web platform, which may take a bit longer. They also have a live chat feature that is only accessible to club members. But regarding Fxview, the broker’s customer service is at par. They offer their clients different channels to connect. You can reach them via live chat on their website, phone call or email. The live chat is the quickest of them all. You can solve your query within a few minutes without waiting for a response for a long time.
Fees and Commissions
eToro advertises 0 commissions which may seem extremely attractive initially, but when looking closely at the spreads, you will realise that you are not saving anything extra. While the spreads at Fxview start at 0.0 pips and stay close to it for liquid pairs most of the time in the day, eToro has a minimum spread of 1.0 pips. However, you should note that Fxview charges a commission of $1 per lot. Nevertheless, it remains less expensive than our ‘Zero Commission'' broker, eToro.
Final Thoughts
The trading environment at eToro and Fxview is superior to other brokers in the market. However, the competition gets tougher when we have eToro on one side and Fxview on the other. There are some features where eToro has a lead, for instance, its educational tools, minimum deposits, and payment methods. Still, Fxview can be a better fit if the important points for consideration for you are fees, currency pairs, customer service and, most importantly, access to the MetaTrader suite. Ultimately, the choice is all yours. We have done our duty by giving you a fair comparison now it’s up to you to decide the broker you want to go with!