eToro Review

eToro is a market leader in innovative technologies that are instrumental in navigating the cryptocurrency space. This eToro review will look at what makes the crypto exchange stand out as a broker of choice for many traders.

This review intends to deep dive into what eToro offers, its platform experience, security, and cost. We in no way offer any financial advice.

prosPros

  • Access to more than 60 cryptocurrencies
  • Minimum amount to get started - $10
  • Copy trading – you can copy the trade of other successful traders

consCons

  • Few complaints about customer support service
  • Pricier than competitors

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.

Quick Takeaways

  • eToro offers commission-free trading on stocks and ‘Contracts For Difference’ (CFDs). When the overall process is assessed, eToro’s ease of access makes a strong case for the broker. 
  • eToro copy trading features automatically allow newbies to copy more seasoned investors’ trades, which is a market-leading technology. 
  • The process is easy and seamless, making eToro a highly recommended forex and cryptocurrency trading broker.

Getting Started With eToro

Getting started with eToro is straightforward. You can create an account by following these steps: 

  • Go to www.etoro.com, click on trade now or join now. 
  • You will have to fill in the details on the electronic page. You also can create an account with your Google or Facebook details. 
  • Before submitting your details, ensure that you have reviewed all of your provided information.  
  • You should also review the terms and conditions to be sure you agree. Once you click on the check box, you will legally confirm that you agree and are willing to be bound by the terms and conditions of eToro. 
  • Submit your information when you’re satisfied that all the entered information is correct. 
  • After the signup process, you will be mandated to finish the KYC process. You’ll also have to provide a government-issued document for proof of identity.

Once you are fully verified, you are all open to the goodness of the eToro broker ecosystem.

How Does eToro Work? 

  • Like other brokerage firms, eToro is a platform that allows for the trading of Securities and Contracts for Differences (CFDs). 
  • You can buy bitcoin at eToro without having to buy actual bitcoins. What you are buying is the difference between the underlying asset’s price movement. The same principle can be used for gold, currency pairs, and any other type of asset. 
  • This is how eToro works since CFDs essentially allow investors to trade in the direction of an asset. Thus trading can be done even without buying a single unit of bitcoin or a single bar of gold.  

Who Should Choose eToro? 

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. 

  • If you are a new cryptocurrency trader, the copy trading facilities will come in handy, and it shouldn’t be challenging to make money while still learning the ropes as the trades of more expert traders can be copied. 
  • In terms of technicalities, eToro is more suited for the expert cryptocurrency trader who can navigate the expert technical environment of the platform.

eToro Features 

Take a look at some of eToro’s stand-out features: 

CopyTrader

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.

Social Trading Community

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. 

Club Membership

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. 

Virtual Trading

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. 

eToro Education

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.

eToro Platform and Technology 

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.  

Desktop Experience 

The Desktop app has been phased out. You can access and use all the platform’s features on its website using your PC. 

Mobile App Experience 

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 –

Simplistic 

The app is easy to install, use and understand. The interface is simple and to the point. 

Ease of use

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. 

Risk-free 

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 - Dashboard - 03 eToro - Dashboard eToro - Dashboard - 01 eToro - Get Started eToro - Dashboard - 02

Is eToro Safe?

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 – 

  • The platform is operated in line with FCA, CySEC, and ASIC legislations. 
  • eToro has financial insurance; investors’ funds are kept in tier 1 banks.
  • eToro operates a cold wallet scheme, although it has not declared the percentage of funds stashed in the cold wallets. 

Cryptocurrencies Available on eToro

There are 59 currencies available on the eToro site and app, but only 42 are available in the US. These cryptocurrencies include:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Dogecoin
  • EOS
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • NEO
  • Stellar Lumens (XLM)
  • Uniswap
  • Chainlink (LINK)
  • Cardano (ADa)

Depositing And Withdrawing Money

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 Fees And Commissions 

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 – 

Transaction Type 

etoro Fees 

Deposit 

Free 

Cryptocurrencies (Buying & Selling) Charge 

1% 

Fiat currencies

$5 (non-US residents will pay an exchange fee) 

U.S. Equities

Free  0.09% on CFDs 

eToro debit card 

Free 

Withdrawal Fee

$5

eToro Bonus And Promotions 

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.

eToro Customer Service

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 support@etoro.com and a dedicated phone line at 1-888-271-8365.

Comparison With Other Exchanges

Here’s how eToro fares in comparison with its competitors - 

eToro vs. Coinbase

  • There are no inactivity charges on Coinbase; eToro charges $10 per month for inactive periods. 
  • The fee structure is fundamentally different. Coinbase charges a 0.5%, 0.75–5% spread fee for buying and selling crypto, while eToro charges a single fixed fee of 1% for both and the Bid-Ask Spread. 
  • The Coinbase wallet is available for non-Coinbase users, while only registered eToro members have access to the eToro wallet.
  • Coinbase doesn’t charge to move crypto, but EToro charges a 0.5% fee. 
  • Coinbase leads in crypto-assets with over 170 while eToro falls behind with 63.

 eToro vs. Binance

  • The selection pool that eToro offers in the cryptocurrency space are pretty shallow. Seeing that it is a broker and not an exchange, it is not hard to let it off the hook. Binance, on the other hand, supports a broader range of cryptocurrencies, though comparatively, the choice is limited in the US.
  • The two entities are neck and neck security-wise, with Binance and eToro paying attention to user security.  
  • Binance charges 0.10% for trading fees and eToro between 0.1-0.75%. 
  • eToro, with its 57 cryptocurrency offerings, still falls short of Binance US, which has 59.

 eToro vs. Uphold

  • eToro has no debit card linked to your wallet, while Uphold has a statutory debit card. 
  • eToro has a 1% trading fee, whereas Uphold only charges on the spread. 
  • Uphold boasts of supporting 115 cryptocurrencies, but eToro just has 63.
  • Uphold doesn’t allow for copy trading, whereas it is a significant feature on eToro.

Key Details

Min Investment
-
$10
Trading Fees
-
1%
Conversion Fees
-
50-150 PIP
Crypto Transfer Fee
-
0.5% up to $50 maximum
Account Type
-
Retail Account and Professional Account
Number Of Cryptocurrencies
-
63
Crypto-To-Crypto Trading Pairs
-
14
Minimum Withdrawal
-
$30
Withdrawal Fee
-
$5
Withdrawal Limit
-
No Limits
Minimum Deposit
-
$10
Hold On Deposits
-
Instant Reflection
Deposit Limit
-
$10,000
Customer Support Options
-
Email, Phone, Live Chat, Ticket
Support contact
-
1-888-271-8365
App Store Rating:
-
Android - 3.9/5, iOS/App Store - 4/5

Company Information

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 -

Founding Year
-
2007
Founded By
-
Yoni Assia, Ronen Assia, David Ring
Years in Business
-
15
Headquarters
-
Tel Aviv-Yafo, London, Limassol
Serves in
-
140+ Countries
Name Price 24hr Change
BitcoinBitcoin $19082.2 -1.19%
EthereumEthereum $1051.57 -0.55%
BNBBNB $215.54 -0.68%
XRPXRP $0.31 -0.65%
CardanoCardano $0.45 -0.8%

Frequently Asked Questions (FAQs)

Is eToro Good For Beginners?

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.

Is eToro Suitable For The Long Term?

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.

Can You Make Money On eToro?

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.

Can You Lose Money On eToro?

Yes.

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. 

How Does eToro Make Money?

eToro makes money from the commissions it charges on trades.

Is It Easy To Withdraw Money From eToro?

Yes, it is easy enough to withdraw money from your eToro account. However, you’ll need to meet certain conditions – 

  • Your eToro account needs to be verified (with a green tick).
  • You’ll need to withdraw a minimum amount of $30 and the same should be available in your account.

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.

Is eToro Free?

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.

Is eToro Regulated?

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.

How To Sell On eToro?

It is easy to sell (close a trade) on eToro. Here’s what you need to do – 

  • Go to your portfolio and click on the relevant instrument to see individual assets.
  • On the far right of the screen, click on the red cross (❌) next to the position you want to sell/close and tap the red cross (❌) again. In the mobile version, swipe left on the to-be-sold/closed position and tap the red cross (❌).

Does eToro Have Dogecoin?

Yes, eToro has Dogecoin on its platform.

How To Purchase Bitcoin On eToro?

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.

How Long Does eToro Withdrawal Take?

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.

Can You Use eToro In The USA?

Yes, you can use eToro in the USA.

How To Close An eToro Account?

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.

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