Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

eToro
8.7 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT ETORO
WhoTrades
5.5 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT WHOTRADES
AvaTrade
9.7 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT AVATRADE
About

eToro is regulated by CySEC. eToro have provided Forex trading services since 2006. 66% of retail CFD accounts lose money

WhoTrades is regulated by CySEC, FINRA, SIPC. WhoTrades have provided Forex, CFD trading services since 2006.

AvaTrade is regulated by the Central Bank of Ireland, ASIC (Australia), FSA (Japan), FSB (South Africa) and BVI. AvaTrade have provided Forex trading services since 2006.

Why choose them?
  • Yes Over 12 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, CySEC, ASIC
  • Yes Over 12 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC, FINRA, SIPC
  • Yes Over 12 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Central Bank of Ireland, ASIC, FSA, FSB and BVI
Headquarters Limassol, Cyprus 10 Chrysanthou Mylona, MAGNUM HOUSE, 3030 Limassol, Cyprus Dublin, Ireland

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes No Yes
CFD Yes No Yes
Spread Betting No No Yes
Social Trading Yes Yes Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 47 59
Commodities Offered 6 16
Stocks Offered 957 99
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes Yes
Penny stocks No No No
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes No Yes
FTSE Yes Yes Yes
Dow Jones No No Yes
Dax Yes No Yes
Nikkei Yes Yes Yes
ETFs Yes No Yes
IPO No No Yes
See all instruments

66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

See all instruments

Losses can exceed deposits

See all instruments

71% of retail investor accounts lose money when trading CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 No No Yes
MT5 No No Yes
MT4 Mac No Yes Yes
WebTrader No Yes Yes
Mirror Trader No Yes Yes
ZuluTrade No No Yes
Sirix No No No
cTrader No No No
PAMM No No No
Custom Platforms CopyTrader Just2Trade, Social AvaTradeAct, AVAOptions

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image No Yes No
Available Languages

English, German, Spanish, French, and Italian

English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch

See platform & features

66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

See platform & features

Losses can exceed deposits

See platform & features

71% of retail investor accounts lose money when trading CFDs with this provider.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by eToro and WhoTrades

Demo account Yes Yes Yes
Mini account Yes No Yes
Micro account Yes No Yes
Standard account Yes Yes Yes
ECN Account No Yes No
Islamic account Yes No Yes
Zero spread account No No No
VIP account Yes No Yes
Fixed spreads Yes No Yes
Variable spreads No Yes Yes
See account options

66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

See account options

Losses can exceed deposits

See account options

71% of retail investor accounts lose money when trading CFDs with this provider.

TRADING CONDITIONS

Scalping No No Yes
Hedging No Yes Yes
Expert advisors (EAs) No No Yes
Virtual private server No No No
Direct market access No No Yes
STP broker Yes No No
Market maker Yes Yes Yes
Min trade $25 1 Lot 0.01 Lot
Max trade 20% of equity 25 lot None
Min deposit $200 $100 $100

RISK MANAGEMENT

Stop losses Yes No Yes
Limit orders Yes Yes Yes
One-click trading Yes No Yes
Trailing stops Yes No Yes
Price alerts Yes No Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal Yes No Yes
Neteller Yes Yes Yes
Skrill Yes Yes Yes
Payment processing time Varies 1-3 business days Varies
Withdrawal processing time Varies 2-3 business days Varies
See all funding options

66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

See all funding options

Losses can exceed deposits

See all funding options

71% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries BE,BR,NZ,US,KE,IN,GH
Contact email Send Email Send Email Send Email
Phone number 44-866-350-0881 +357 25 344 563 (44) (0) 8005200423
Live Chat Yes No Yes
Website www.etoro.com https://whotrades.com http://www.avatrade.com/
Spreads:
EUR/USD (Average: 0.7 pips) 3.0 pips Not offered 0.9 pips
GBP/USD (Average: 1.1 pips) 4.0 pips Not offered 1.6 pips
USD/JPY (Average: 1.1 pips) 2.0 pips Not offered 1.1 pips
AUD/USD (Average: 0.8 pips) 1.0 pips Not offered 1.1 pips
USD/CHF (Average: 2.3 pips) 3.0 pips Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) 3.0 pips Not offered 2.0 pips
NZD/USD (Average: 3.6 pips) 5.0 pips Not offered 1.8 pips
EUR/GBP (Average: 2.4 pips) 4.0 pips Not offered 1.5 pips
View all spreads

66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

View all spreads

Losses can exceed deposits

View all spreads

71% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee Yes Yes No
Commission No 5%- 6% No
Deposit Fee No Varies No
Withdrawal Fee Yes 0.12%- 2% No
View All Fees

66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

View All Fees

Losses can exceed deposits

View All Fees

71% of retail investor accounts lose money when trading CFDs with this provider.

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Last update

All information collected from www.etoro.com. Last updated on 01/12/2019.

All information collected from https://whotrades.com. Last updated on 01/12/2019.

All information collected from http://www.avatrade.com/. Last updated on 01/12/2019.

Company

Founded in 2006 and based out of Tel-Aviv, eToro enables traders to follow various sectors including nearly two hundred and fifty different stocks. CFD and currency trades are likewise a possibility. As of this year, eToro boasts more than six million members worldwide.

For more information about trading with eToro, we have put together an indepth eToro review with all the pros and cons about this broker.

WhoTrades is an online forex trading service provider who are regulated by the SEC, FINRA, SIPC. To open an account with WhoTrades, minimum deposits start from $5 & $2,500.

With WhoTrades you can trade Options, Complex Options, Mutual Funds, and DRIP. If you like to trade on the go, WhoTrades have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

WhoTrades offer Just2Trade+, Just2TradeX (beta), Web, WhoTrades MetaTrader 4, Whotrades FxWeb Trader platforms to make your trades and support different languages.

The spreads offered by WhoTrades for the most popular instruments are:
variable EUR/USD, variable FTSE 100, variable GOLD,
variable GBP/USD, variable DOW/JONES, variable Crude Oil,
see all the spreads here.

Since 2006, Avatrade have attracted over 20,000 traders to their platform. While their spreads are not the most competitive, they do offer traders a range of great features, such as guaranteed stop losses, the ability to hedge / scalp, and low margins.

For more information about trading with AvaTrade, we have put together an indepth AvaTrade review with the pros and cons about this broker.

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eToro or WhoTrades?

A wide range of instruments or low spreads?

If you’re a trader looking for a broker that offers a wide variety of instruments to trade, eToro is likely the better option out of these brokers. However, if you want a broker with lower spreads on currency pairs like EUR/USD, WhoTrades may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider eToro to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

eToro is regulated by Financial Conduct Authority, CySEC, ASIC, while WhoTrades is regulated by CySEC, FINRA, SIPC.

As the Financial Conduct Authority are one of the most stringent regulators in the world, eToro will have very strict guidelines to follow to ensure they protect their retail trader clients.

AvaTrade are regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

eToro has been around for 13 years, while WhoTrades have been around for 13 years. Our third alternative broker, AvaTrade, have been around for 13 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both eToro and WhoTrades use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on eToro or WhoTrades in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

eToro is more popular with over 6,000,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both eToro and WhoTrades are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

eToro are based in Limassol, Cyprus, while WhoTrades are based in 10 Chrysanthou Mylona, MAGNUM HOUSE, 3030 Limassol, Cyprus .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both eToro and WhoTrades offer forex trading. eToro have a slightly larger variety of currency pairs with 47 pairs, compared to offered by WhoTrades. Also, if you’re looking to trade cryptocurrencies, eToro offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

If you’re looking to trade commodities like gold, silver or oil, eToro may be a better fit as WhoTrades does not offer commodity trading.

eToro and WhoTrades both offer social trading, which is a modern approach to trading that allows you to follow like-minded traders, copy their trading activity, and engage in discussion around trading strategies.

Platforms & Account Types

eToro also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. eToro, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

While WhoTrades does not allow scalping but does allow hedging. You can't trade EAs (expert advisors) with either eToro or WhoTrades.

In terms of risk management tools, neither eToro or WhoTrades offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

eToro also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

eToro accept Paypal while WhoTrades accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, eToro charges 3.00 points, while WhoTrades charges points. Therefore, WhoTrades is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: eToro or WhoTrades?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, eToro is more reliable based on our criteria above. eToro has a wider range of instruments to trade. eToro offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.