Trading fees
- eToro’s fee for purchasing or selling crypto is 1%.
- When selling shares of stock or an ETF, the broker will pay the regulatory transaction fees on your behalf at no extra cost to you.
- $5 withdrawal fee
Account fees
Both partial and complete account transfers incur a $75 charge.
Supported assets
Stocks, Crypto, Indices, ETF, Commodities, Currencies
Supported cryptocurrencies
78
Platform
Web, Mobile
Broker type:
Stocks, Crypto, Indices, ETF, Commodities, Forex
Education
Yes
Customer Service
24/hr Phone, Chat 24/7, Email
Pros
- A lot of crypto assets to trade
- Simple, user-friendly interface
- CopyTrader feature
- Comprehensive academic materials
Cons
- Not available in every U.S. state
- High fees
eToro Review
In addition to traditional financial instruments like equities and ETFs, eToro provides access to a vast selection of cryptocurrency assets. It has a unique social trading function that allows you to mimic trades made by other traders. Our eToro review will tell you all you need to know about this trading platform.
About eToro?
eToro is a brokerage that gives customers access to more than 25 of the most traded cryptocurrencies and 1600 equities. They have a few tools for teaching and usability that are unique.
The company is based in New Jersey, is a member of FINRA and SIPC, and is registered as a broker-dealer with the Securities and Exchange Commission. eToro is not only a legitimate platform, but it also has the support of reputable regulatory bodies.
History of eToro
eToro was founded in 2007 with the intention of lowering the need for conventional financial institutions by making trading available to anyone, everywhere. The initial version of eToro, an online trading platform that simplifies trading by providing visual representations of numerous financial assets, was released in the same year.
In 2009, eToro introduced its state-of-the-art, user-friendly trading platform, making it possible for anyone, anywhere, to engage in the online trading of financial assets. All levels of traders might benefit from WebTrader’s advanced features.
It wasn’t until 2010 that the first social trading platform was made available to the public. CopyTraderTM is a cutting-edge tool that allows everyone around the globe to participate in the Fintech revolution by mimicking the actions of successful traders. The platform received international acclaim and was named 2011’s Best of Show at Finovate Europe.
In 2012, a mobile app was released for use with both WebTrader and OpenBook. Customers using an iOS or Android smartphone may access the full functionality of the platform from anywhere.
In 2013, eToro expanded its asset offering to include stocks alongside commodities, currencies, and other assets, giving investors access to the worldwide stock market.
In 2015, the new eToro was formed, combining the online trading characteristics of WebTrader with the social trading aspects of OpenBook.
After becoming the first to provide bitcoin trading in 2013, eToro extended its digital asset offering in 2017 to include ether, XRP (by Ripple Labs), Litecoin, and other prominent cryptocurrencies.
Who Should Use eToro?
eToro may be the best place for beginners to cryptocurrencies to get their feet wet and learn by doing. There is a vibrant user base on the site, and social services like news feeds for individual currencies are available. Social media and conversation are wonderful entry points into the crypto world.
eToro is not the best cryptocurrency exchange if you are neither a newbie nor someone who aspires to become a crypto influencer and instead just wants very low trading costs.
Is eToro Safe?
Financial regulators in several countries oversee eToro’s operations, including the United States’ FINRA and FinCEN and the United Kingdom’s FCA. Investors in the United States may rest certain that their cash funds are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. However, unlike other major cryptocurrency exchanges, eToro does not provide third-party insurance for digital assets held on its site.
eToro Platform & Features
Features
eToro is a social investment network that aspires to change the way people invest and educate its users about finance. To facilitate communication, sharing, and teaching among its user base, eToro has developed a multi-asset investing platform with social features.
You may use the platform’s features to mimic the trade and investment methods of successful cryptocurrency traders, and you’ll be rewarded if other users follow your lead. The site offers advanced cryptocurrency traders yearly incentives of up to 2% of their average balance only for attracting new users.
The number of sites where you can buy and sell stocks alongside cryptocurrencies is few, and those that do usually don’t have a wide variety of cryptocurrencies to choose from. When it comes to cryptocurrencies and stock market investment, eToro has one of the better options we’ve seen. You may acquire fractional shares of stock at no extra cost on eToro. And if you’re unsure whether the platform suits you or if you’re just starting out in the investment world, eToro provides a virtual brokerage account so you can try it out risk-free.
Advanced Trading Options
Standard brokerage functions such as watch lists, price alerts, news feeds, and individualized charts are all available on the eToro platform. However, the platform really stands out because of its exceptional community and the innovative trading algorithms it employs.
There is a direct analogy between CopyTrader and Popular Investor. Users of CopyTrader are able to copy the activities of successful traders (known as Popular Investors) after they sign up for the service.
There is no cost to join since eToro pays its Popular Investors directly, and after you’ve honed your trading skills, you may apply to join their ranks.
If you want to mirror the results of eToro-managed portfolios, you may do so using their companion service, SmartPortfolios. Because of this, eToro may serve as an automated, fee-free financial counselor.
The Mobile App
Both the eToro Cryptocurrency Trading app and the eToro Money wallet app are available on the eToro platform. Both may be downloaded for use on Android and iOS. The wallet app allows users to transfer and receive tokens and convert cryptocurrencies into other coins, while the trading app mimics the online platform.
To withdraw funds from eToro, users must use the eToro Money wallet app. To provide the highest level of safety, keeping your cryptocurrency in a cold wallet requires this action.
Ease of Use
eToro is a trading platform that is easy enough for novices to learn the ropes after making only a few trades. The eToro interface is straightforward to use. Social trading is only one of the cutting-edge features available. The number of cryptocurrencies available for trading on eToro is extensive.
eToro Fees & Commissions
For cryptocurrency trades, eToro’s spread (the difference between the asking and the bidding price) is the maximum amount you’ll pay in fees. The spread is the commission your broker charges you for making your trade. eToro charges a 5% spread that varies by the cryptocurrency being traded, but no commission on top of that. A single percentage spread is charged at the time of purchase and recalculated at the time of sale.
The percentage spread that is included in the eToro cryptocurrency fees varies from token to token. The standard spread is 1%.
You’re not required to keep a certain amount in your eToro account. When funding your account, you’ll need to deposit a minimum of $50. Withdrawals from eToro cost a flat $5.
The lowest acceptable purchase order for cryptocurrency is $20. The minimum deposit for eToro’s CopyPortfolio is $200, and the minimum trade size is $1. Cryptocurrency traders are unable to use margin trading at the moment.
Cryptocurrencies Available on eToro
Users of eToro can trade 78 of the most popular cryptocurrencies and tokens. They can also trade stocks, currencies, commodities, and exchange-traded funds.
The following are some of the most popular cryptos currently available on eToro:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Dogecoin
- EOS
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
How to Open An Account?
eToro’s sign-up procedure includes the following steps:
- Go to the eToro ‘Create an account’ page.
- Pick a name, provide your email, and create a password.
- It’s also possible to join up using your existing account with either Google or Facebook.
- Verify that you have read and agreed to eToro’s Privacy Statement, Cookie Statement, and Terms and Conditions.
- To sign up, choose the “Create Account” option.
- The next step is to validate your email address, so go on over to your inbox.
eToro requires its users to verify their accounts by answering a series of security questions, one of which is phone verification. The following methods may be used to confirm your phone number for your eToro trading account:
- Tap the “Verify” button in the app’s header on the Home screen.
- Please use a valid mobile phone number and click the “Send SMS” button.
- Enter the verification code you got through text.
- To ensure your phone is validated, click the “Verify” button and look for a green banner towards the bottom of the page.
Your account will not be tailored to your investing expertise until you input your personal information, which you may do after account creation. Nothing you provide will ever be shared with other eToro users. Feel free to change your responses at any time.
- Just click the tab labeled “Complete Profile.”
- Take a look at the alert and hit “Continue” after you’re done.
- Basic information is required; this must match the information on your ID.
- Click the arrow to proceed.
- A valid Proof of Address will be required to verify your address.
- Type in your date of birth and nationality. You may need to fill in the ID number.
- Click on the correct options to show your level of expertise in the field of investments.
- Please agree to the terms and conditions.
It’s necessary to provide identification documents for account verification. To prove your identity, please provide a copy of your current passport or a photocopy of both sides of your official photo ID. The information must be easily visible; hence, no covering is allowed. This means that you must ensure that your photographs are of the highest possible quality.
This copy must include the following:
- Full Name
- Date of Birth
- Photograph
- Valid Expiry Date
They need to see evidence of residence before they can authenticate your account. This should be different from your ID. All forms of identification (with the exception of genuine government-issued identity papers, such as a driver’s license) must be in the name of the eToro account holder, and the proof of residence must be dated within the past three months. Send them a PDF file or a snapshot of your bill or document.
- Your name
- Your current residential address
- The date of issue
- The issuing authority
- A reference to the issuing authority (logo, contact information, website etc.)
Funding your eToro account is as simple as following these steps and selecting your preferred way of payment from the list of options available in your location.
- Log in to the trading platform.
- Choose the “Deposit Funds” button.
- Type in the sum and choose the currency you want to use.
- Make your selection from the dropdown menu indicating how you’d like to pay.
In Conclusion
The ease of use is what sets eToro apart from the competition. The straightforward registration and verification procedure means that any spread investor may open an account in about 10 min. After signing up, you’ll have access to a streamlined interface for placing orders, transparent pricing and commission structures, and a lively social media community for gathering insight into the markets.
One thing that was great is the CopyTrader function, which lets you mirror the trades of your preferred traders, and the platform’s overall flexibility stand out as a particular highlight.
eToro Review Overall
eToro is a user-friendly trading platform that offers a wide range of assets, including stocks, cryptocurrencies, and commodities. Its unique CopyTrader feature and comprehensive educational materials make it ideal for beginners. However, it has high fees for some transactions and is not available in every U.S. state. Overall, eToro is a solid choice for those seeking an intuitive platform with robust social trading features.
Pros
- Wide range of crypto assets to trade
- Simple, user-friendly interface
- CopyTrader feature
Cons
- Not available in every U.S. state
- High Fees
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Trading and Account Fees:
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Supported Assets and Platform Features:
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