Disclosure: As a rule, we review the best cryptocurrency exchanges and brokers. This is not financial advice and does not exclude you from the risk of loss that comes with trading volatile financial instruments like cryptocurrencies.
Getting started with eToro is straightforward. You can create an account by following these steps:
Once you are fully verified, you are all open to the goodness of the eToro broker ecosystem.
In deciding whether to go for eToro or not, the deciding factor is the trading experience of the person who intends to use the platform.
Take a look at some of eToro’s stand-out features:
eToro’s CopyTrader feature enables you to copy traders of your choosing. You can use it for replicating/mimicking the investments or trades of experienced traders.
The Social Trading community is facilitated by eToro, and it allows investors to mimic the trading behaviors of other traders within their community.
That way, community members can enter a trade together and make money off it. It is fundamentally different from copy trading because you are not picking out one particular trader.
The eToro app allows cryptocurrency traders to copy the moves of other elite traders and get their types of results. While users in the United States do not have access to social trading, those outside the US can use the provisions.
The eToro club membership brings a tiered approach to an inside community of traders with access to privileges that other traders cannot use depending on the user portfolio. These include market webinars, an exceptional level of service, and much more.
The eToro virtual account, with free $100,000 virtual money, can help familiarize users with the internal workings of the app and how to trade in the financial markets as a whole. Since virtual funds are risk-free, they represent an excellent way to test strategies.
The ‘eToro Education’ experience has gained a remarkable reputation in the industry.
The application gives unrivaled access to learn everything about currency pairs, commodities, indices, ETFs, cryptocurrencies, etc.
The eToro platform has two separate mobile apps, each with its distinct functions: the eToro Cryptocurrency Trading pp & the eToro Money wallet app. The trading app approximates the web platform; it allows for trading and even social copying.
The eToro Money wallet is the mobile wallet and allows for transferring coins from the eToro platform to other exchanges. It has added security layers if you want to store your crypto in an offline cold wallet.
The Desktop app has been phased out. You can access and use all the platform’s features on its website using your PC.
The experience of using the app is fluid, as there is no issue with lag, and overall, the experience is good. You can expect to have the same experience from the app as on the website.
As for the money wallet, it is a forward-thinking and ingenious solution as some brokers do not allow tokens to be taken off their platform. However, you have to pay a fee to use the Money wallet app.
The following features of both the web and mobile platforms stand out for us –
The app is easy to install, use and understand. The interface is simple and to the point.
eToro is relatively easy to use, and it allows for all types of traders and investors to get the hang of the interface real quick. It is beginner-friendly too.
eToro allows for demo trading with a free account. This feature allows anyone to study the interface and perfect their trading strategies before funding with real money.
eToro, like several other brokerage firms, pays close attention to its security since it is not just holding investors’ money but also holding their trust. The platform’s continued legitimacy is hinged on the continued security it offers.
Some of the platform’s security measures are listed below –
There are 59 currencies available on the eToro site and app, but only 42 are available in the US. These cryptocurrencies include:
The process of depositing and withdrawing from eToro is straightforward and concise. For deposits, since the account is operated in USD, there is no fee on the deposit of USD, what obtains is the conversion rate.
There is a flat rate on withdrawal; however, users outside of the United States will have to pay a small fee to cover the conversion of their deposit and withdrawal into USD.
The conversion rate varies as well, depending on the currency it is being converted.
Hold-on deposit days can also vary from one payment option to the other. Bank transfer deposits may take 4-7 business days while card deposits are usually instant. On the withdrawal front, maximum time is 10 business days, and using eToro money can make instant reflection possible.
eToro does not charge any other trading commissions or account management fees, although the company has a $30 withdrawal minimum.
You’ll pay a crypto transfer fee of approximately 0.50%, set at a minimum of $1 and up to a maximum of $50, when you send funds from the eToro investment app to the eToro Money wallet, which is necessary to move coins off the eToro platform.
Spread fee is fluid on eToro, an average of 0.75–5% spread fee can be charged at any given time for buying and selling crypto.
Take a look at some of the fees or charges you may incur on eToro –
Cryptocurrencies (Buying & Selling) Charge
$5 (non-US residents will pay an exchange fee)
Free 0.09% on CFDs
eToro debit card
eToro runs two-tier bonuses and promotions. First, they give new users who fund their accounts a bonus of $50. This bonus is accorded in a bid to encourage new users.
The platform also runs a referral bonus for users. Each user is given a unique referral code with which they can invite new users. The new users must have never had an eToro account and must be residents of any of the eligible US states.
The new user must verify their account and deposit at least $100. It is also important that the new user must use his/her own payment method to deposit and not be in the same household.
Once all conditions are met, the one whose code was used will be eligible to receive the $30 promotion bonus.
If you choose to use eToro Customer Service, you will have to open a ticket. The time for resolution takes, on average, about two weeks. If this process comes off as too slow for you, you can use the live chat feature on the site. The turnaround time for this can take up to hours.
You can reach out to an email address at email@example.com and a dedicated phone line at 1-888-271-8365.
Here’s how eToro fares in comparison with its competitors -
eToro has more than 20 million users in 140 countries worldwide — and the U.S. is now on that list. In 2022, the company began offering U.S. customers access to stocks and ETFs.
Previously, while eToro ran multi-asset brokerages (offering stocks, commodities, and forex trading) in other countries, US customers could trade only cryptocurrencies. Now it offers its services in full in the United States, albeit with a few switches to comply with regulations.
Here are a few basic company details -
Osueke Henry is an experienced blockchain writer who creates Industry-leading content that helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.
eToro is suitable for beginners. This is due to the many avenues it has implemented to make the trading of cryptos and ETF easy for absolute beginners.
In the social trading space, copy trading remains an unmatched innovation that allows anyone, including the newest person to trade, to make money.
Yes, eToro could yield good results for you in the long haul. As the platform supports investing and trading assets like cryptocurrencies, stocks, etc, you can make decent money if your assets’ value rises in the long-term.
Simple answer – Yes. As long as the prices of digital assets rise and fall, anyone can make money on Etoro. You have to trade in the market’s direction, and you can make money.
You can lose money trading digital assets of any type, whether cryptocurrencies, currency pairs, or even stocks. As long as it is possible to make money, it is also possible to lose money.
And even on the off-chance of such an occurrence, eToro has safeguards in place to never lose more money than you have deposited. For instance, it will conduct a ‘margin call,’ where it closes all your open trades. Then, the platform absorbs the loss and resets your equity to zero as part of its Negative Balance Protection policy.
eToro makes money from the commissions it charges on trades.
Yes, it is easy enough to withdraw money from your eToro account. However, you’ll need to meet certain conditions –
The withdrawal process is the same as the deposit, where you enter the amount and the currency you wish to take out in the ‘Withdraw Funds’ tab. The money will be credited to the same account you used to deposit the funds, minus the margin amount.
Opening an account on eToro is free. However, using the platform to trade and invest is not. You’ll be charged a single-fixed fee while buying and selling, variable spreads on your transactions, nominal charges range from withdrawal to inactivity fees, and more.
The eToro group has regulated companies offering its services across the world. Each eToro regulated company complies and follows the local regulatory framework.
eToro’s online platform is offered by eToro USA LLC in the US and is registered with the necessary state-level regulators FinCEN (Financial Crimes Enforcement Network) as a Money Service Business (MSB).
In the United States, eToro’s stock trading is regulated by and follows the regulations set by the SEC (Securities and Exchange Commission), FINRA (Financial Industry Regulatory Authority), and other entities.
It is easy to sell (close a trade) on eToro. Here’s what you need to do –
Yes, eToro has Dogecoin on its platform.
First, you need to have an account on eToro to buy Bitcoin on its platform. After that, you can buy it using a credit card, wire transfer, or PayPal.
The withdrawal of your funds from your eToro account can range from instant to up to 10 business days. The eToro will send an email confirming your withdrawal status within 2 business days.
Yes, you can use eToro in the USA.
Closing an eToro account is a fairly simple process. All you need to do is go to your account settings and click on the ‘Close your eToro account’ at the very bottom of the page. However, you should note that you cannot reopen the same account again.
Note: Do not forget to sell/close all your open positions and withdraw your funds.