Introduction: Are you looking for a user-friendly platform to buy and sell cryptocurrencies? With so many options out there, it can be overwhelming to figure out which one to use. That's why we've conducted a thorough review of eToro, the social trading platform that allows you to connect with other traders and learn from their strategies. Discover the features, financial products and trading fees of eToro in our unbiased review!
eToro is a global trading platform that offers users the ability to trade a variety of assets, including cryptocurrencies. Founded in 2007 by Yoni & Ronen Assia, eToro is headquartered in Seychelles and has over 2000 employees.
eToro is licensed by CySEC (Cyprus), FCA (UK) and FINRA & SEC in the United states and is available across 140 countries. eToro is currently not available in a few countries such as Canada, China, India, Indonesia, New Zealand, Russia, and South Africa.
With over 30 million users and 10 million downloads on Android, eToro has become a popular choice for those looking to trade cryptocurrencies. Currently, the platform offers access to 80 different cryptocurrencies which is not a bad selection for a broker.
eToro caters to beginners with social trading features that allows users to follow and copy the trades of successful traders. Users can also use eToro's virtual portfolio to practice trading without risking any real money. This is a great way for beginners to get their feet wet before the start trading with real money.
eToro KYC Requirements
eToro requires users to go through a Know Your Customer (KYC) process before they can start trading.The signup process on eToro is quick and easy, taking only a minute to complete. All you need to do is enter your username, email, and confirm the email verification.
During the verification process, you need to submit your personal information and a government-issued ID. KYC verification on eToro can take several days to complete but no longer than a week.
Once your account has been verified, you can enjoy all the features of eToro, including trading stocks, cryptocurrencies, and commodities.
eToro Products & Services
eToro is a comprehensive trading platform that offers a range of features, including buying and selling cryptocurrencies, stocks, indices, commodities, ETFs, demo accounts, copy trading, and NFTs.
While eToro does not offer too many products, the platform is beginner-friendly and easy to navigate, making it an excellent option for those who are new to trading.
One of the standout features of eToro is its copy trading functionality, which allows users to automatically copy the trades of successful traders.
This is a great way for new traders to learn from experienced investors and potentially earn a profit while they're still learning the ropes. However, the design of the interface feels a bit outdated, and the user experience can be confusing at times.
eToro's product offering is somewhat limited compared to some of its competitors, so users looking for a wide range of trading services such as futures, options, margin have to turn to other platforms such as may need to look elsewhere.
When it comes to trading fees, eToro charges a flat 1% fee for buying and selling cryptocurrencies.
Additionally, eToro does not charge any deposit or withdrawal fees, making it a convenient option for those who want to invest in cryptocurrencies without having additional fees eating into their profits.
Comparing eToro to other exchanges, we can see that some offer lower fees for spot trading, such as Binance and Crypto.com with 0.10% maker and taker fees. However, eToro's flat 1% fee may be more attractive for those who are new to trading and want use more beginner friendly platforms.
However, it's important to consider factors like security, reputation, and the range of available cryptocurrencies when choosing an exchange to trade on.
Overall, while eToro may not have the lowest trading fees in the market, it does offer a unique social trading platform and convenient fee structure for those who want to invest in cryptocurrencies.
One of the standout features of eToro is the variety of deposit methods available to users. Deposits can be made via bank transfer, PayPal, Skrill, Neteller, and even credit/debit card. Best of all, all fiat deposits are completely free of charge on eToro.
Compared to other platforms, eToro offers a wider range of deposit options than most. Another advantage of eToro is its support for multiple fiat currencies, including USD, EUR, GBP, and AUD. This makes it easy for users from different countries to deposit funds and start trading.
In terms of fees, eToro charges a 1% fee for buying and selling cryptocurrencies and zero commission when trading stocks.
While eToro may not have the lowest fees or the most advanced trading features, it's a solid choice for beginners who value convenience and accessibility.
How to withdraw from eToro?
eToro offers two fiat withdrawal methods, Bank Account or to Debit Card. While both options are convenient, eToro charges a $5 withdrawal fee for each transaction. Additionally, fiat currencies besides USD are subject to conversion fees.
So, if you're an eToro user looking to withdraw money in a currency other than USD, be prepared to pay a little extra. Despite the fees, eToro's withdrawal process is straightforward and user-friendly.
You can easily initiate a withdrawal request from your eToro account, and the funds will be transferred to your chosen bank account or debit card within a few business days. eToro also offers excellent customer support, so you can reach out to them if you encounter any issues during the withdrawal process.
When it comes to cryptocurrency withdrawals, users on eToro can only transfer their crypto from the eToro investment platform to the eToro Money crypto wallet.
eToro charges a very steep 2% fee for this transfer with a minimum cost of $1 and a maximum cap of $100. Withdrawals are available for cryptocurrencies such as BTC, ETH, ADA, XRP, LTC and a few other coins.
is eToro safe?
eToro is a globally renowned trading platform that has set the bar high when it comes to the security of its users information and assets.
Adherence to regulations set by entities like FinCEN, the FCA, CySEC, and ASIC is at the forefront of eToro's commitment to security. This adherence not only means regular audits but also compliance with rules explicitly designed to safeguard users.
A standout feature in eToro's security measures is the use of two-factor authentication (2FA) for account access. In addition to entering a username and password, users authenticate their identities via a second device that generates a unique code.
Data encryption is another important aspect of eToro's security protocols. The platform employs Secure Socket Layer (SSL) technology to ensure that personal and financial information is safely transmitted over the internet.
In addition to robust login and data security measures, eToro provides tools for effective risk management, such as stop-loss and take-profit features. These allow users to manage their trading risks strategically, adding to the overall safety of their investment ventures.
When it comes to the storage of crypto assets, eToro uses state-of-the-art security measures. This includes the use of multi-signature wallets, which offer additional safety for stored assets.
eToro also maintains an insurance policy, providing coverage to its users against potential losses due to unfortunate events like cyber theft.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.