Comprehensive Guide to Using the eToro App for Beginners

A step-by-step tutorial on setting up and navigating the eToro app, tailored for new users

Nov 8, 2024

What is eToro?

eToro is a global social investment and multi-asset brokerage platform that enables users to trade a wide range of financial instruments. Founded in 2007, it has grown to serve over 38 million registered users across more than 75 countries. eToro offers access to various asset classes, including stocks, indices, exchange-traded funds (ETFs), currencies, commodities, and cryptocurrencies. The platform is renowned for its user-friendly interface and innovative features, such as the CopyTrader™ system, which allows users to replicate the trades of experienced investors, and Smart Portfolios, curated collections of assets or top traders.
Investing in financial markets has become more accessible with user-friendly platforms like the eToro app. Whether you’re a novice or an experienced trader, understanding how to navigate and utilize the app’s features is crucial for effective trading. This comprehensive guide will walk you through setting up your account, exploring key functionalities, and maximizing your investment potential on eToro.

Getting Started with the eToro App

1. Download and Install the App
For iOS Users: Visit the App Store and search for “eToro.” Tap “Get” to download and install the app.
For Android Users: Go to the Google Play Store and search for “eToro.” Tap “Install” to download and install the app.
2. Create an Account
Sign-Up Process: Open the app and tap “Sign Up.” You’ll need to provide your email address, create a username and password, and accept the terms and conditions.
Verification: To comply with regulatory requirements, eToro will ask for identity verification. This involves uploading a government-issued ID and proof of address. Verification ensures the security of your account and typically takes a few days.
3. Fund Your Account
Deposit Methods: eToro supports various deposit methods, including bank transfers, credit/debit cards, and e-wallets like PayPal.
Minimum Deposit: The minimum deposit amount varies by region. For most countries, it’s $200, but it’s advisable to check the specific requirements for your location.

Navigating the eToro App

1. Home Screen
Watchlist: Customize your watchlist to monitor preferred assets, including stocks, cryptocurrencies, and commodities.
News Feed: Stay updated with the latest market news and insights from other traders.
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2. Discover
Markets: Explore various markets and asset classes available for trading.
Copy People: Browse and copy the trades of successful investors through eToro’s social trading feature.
Invest in Smart Portfolios: Access diversified portfolios managed by eToro, focusing on specific themes or strategies.
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3. Portfolio
Overview: Monitor your current investments, view performance metrics, and manage your portfolio.
History: Review past trades and transactions to analyze your trading activity.
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Placing Trades on eToro

1. Searching for Assets
• Use the search bar to find specific stocks, cryptocurrencies, or other assets.
2. Analyzing Asset Information
Stats: View key statistics, including market capitalization, P/E ratio, and dividend yield.
Chart: Analyze price movements over different time frames with interactive charts.
Research: Access analyst opinions, news articles, and other relevant information.
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3. Executing a Trade
Buy/Sell: Choose whether to buy or sell the asset.
Amount: Specify the amount you wish to invest.
Leverage: Decide if you want to use leverage (note that leverage increases both potential gains and losses).
Stop Loss/Take Profit: Set parameters to automatically close the trade at predetermined profit or loss levels.
Open Trade: Review your settings and tap “Open Trade” to execute.
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Utilizing eToro’s Social Trading Features

1. CopyTrader™
• This feature allows you to replicate the trades of experienced investors.
How to Use: Navigate to “Copy People,” browse profiles, and view performance statistics. Once you find a suitable trader, allocate funds to copy their trades automatically.
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2. Social News Feed
• Engage with the eToro community by sharing insights, commenting on posts, and following other traders.

Enhancing Your Trading with Investorean

To complement your trading experience on eToro, consider using Investorean, a platform that integrates seamlessly with eToro to provide comprehensive market research and screening tools. Investorean offers access to over 40,000 global stocks, world stock indices, ETFs, and currencies. Its features include asset screeners, an economic calendar, and the latest news updates, all designed to streamline the analysis process for retail investors.
Investorean provides you with advanced assets screeners (stocks, ETFs, indices, FOREX), custom and pre-built presets, various analytics and real-time news. Also, its integration with eToro brokerage allows you to quickly navigate to eToro app to execute a trade after you’ve completed research.
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Tips for New Users

Start with a Virtual Portfolio: eToro offers a demo account with virtual funds to practice trading without financial risk.
Educate Yourself: Utilize eToro’s educational resources, including webinars, tutorials, and articles, to enhance your trading knowledge.
Stay Informed: Regularly check the news feed and market updates to keep abreast of market developments.

By following this guide, you’ll be well-equipped to navigate the eToro app and embark on your trading journey with confidence. Remember, all investments carry risks, so it’s essential to conduct thorough research and consider your financial situation before making trading decisions.
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