eToro Review: The Main Pros & Cons of eToro Revealed! đŸ”„

eToro Review Image
Jack Moreau
Nov 2023
7 minutes de lecture
Faits vérifiés

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 eToro Review, the social trading platform that allows you to connect with other traders and learn from their strategies. Discover eToro's features, financial products, trading fees and more!

eToro

pros & cons

Pros

+3000 Cryptos, Stocks, ETFs
0% Fees on Stocks & ETFs
30M Users & 140 Countries
FinCEN, FCA, CySec Regulated

Cons

User experience can improve
1% commission on crypto

eToro

vs alternatives

eToro
Uphold
OKX
Founded
2007
2013
2017
Utilisateurs
30M
10M
20M
Cryptos
+80
+300
+350
Frais de dossier
1%
0.9-1.2%
0.08%
KYC
Yes
Yes
Yes
Pays N/A
CA, IN, NZ, JP, RU, TR
DE, NL, RU, TR, IN
US, CA
Meilleur pour
Crypto, Stocks, ETFs
Beginner Crypto Investors
NĂ©gociation au comptant et Ă  terme
Evaluation
S'inscrire
eToro
Your Capital is at risk.
Uphold
OKX

What is eToro?

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 the US, UK, EU and Australia with their main office in Tel Aviv, Israel.

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.

eToro website
eToro website

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 App
eToro App

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.

eToro KYC Requirements
eToro KYC Requirements

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 sophisticated trading platform designed to cater to traders advanced needs, from in-depth research and analysis to comprehensive risk management.

eToro Product Range
eToro Product Range

The platform offer a wide array of over 3000 financial assets including over 3,200 popular stocks like Apple, Tesla, Microsoft, Google, Amazon and many others.

eToro Stocks
eToro Stocks

In addition to stocks trading, users on eToro also have access to trade over 50 currencies, +30 commodities and over 20 indices. Indices and commodities are however not available to users in the United States.

eToro Indices
eToro Indices

For users that want exposure to cryptocurrencies like Bitcoin (BTC), Ehereum (ETH), Solana (SOL), Cosmos (ATOM) and many others, eToro offers over 70 cryptocurrencies.

eToro Crypto Trading
eToro Crypto Trading

eToro also offers a wide selection of over 400 ETFs including well known ones like SPDR S&P 500, Vanguard, Ark Innovation and many others.

eToro ETFs
eToro ETFs

And for those that want to earn interest on their assets, eToro has also introduced tier-based annual interest on fiat currencies ranging between 1.5% up to 5.3%.

To earn 1.5%, users will need to have a total balance of $5,000 and to reach the 5% threshold, a total balance $50,000 is required. At the time of writing, this product is only available to users in Denmark, Finland, Netherlands, Norway and Sweden.

eToro has created a significant presence in the trading community, amassing a community of over 30 million investors.

The eToro Academy offers a plethora of educational resources for traders, providing trading courses, webinars, and tutorials free of charge.

eToro Academy
eToro Academy

In terms of platform functionality, eToro integrates TradingView charts, offering users rich and responsive data essential for informed decision-making.

eToro Trading Tools
eToro Trading Tools

The platform guarantees real-time execution with precise real-time price quotes, ensuring orders are placed with utmost accuracy. Risk management on eToro is streamlined with customisable tools that include features like take-profit and trailing stop-loss.

Traders also have the option to short assets with leverage ratios allowing them to potentially amplify gains during market downturns without committing significant capital upfront.

eToro offers margin trading for cryptocurrency, with leverage ratios ranging from 1:2 to 1:30, and retail clients can leverage stock trades by up to 5x.

For those new to CFD trading or seeking a risk-free experience, eToro offers a demo mode. Each account comes with a free $100,000 virtual portfolio for practice.

eToro Demo Trading
eToro Demo Trading

eToro also introduces a unique feature called CopyTrader, which allows users to replicate the trading strategies of successful traders without incurring additional charges.

eToro Copy Trading
eToro Copy Trading

This feature not only saves time but also enables users to leverage the expertise of seasoned traders. Thousands of these "Popular Investors" are available on eToro, each presenting a distinct strategy and risk level, all with a transparent track record.

Lastly, eToro extends its offerings to the realm of NFTs (non-fungible tokens) through its Delta platform. Delta offers a streamlined interface that simplifies the discovery, purchase, sale, and management of a wide range of non-fungible tokens.

eToro NFTs
eToro NFTs

eToro

products vs alternatives

eToro
Uphold
OKX
Spot
Yes
Yes
Yes
Futures
-
-
Yes
Leverage
30X
-
125X
Copy trade
Yes
-
Yes
PrĂȘter et emprunter
Yes
-
Yes
Staking
-
Yes
Yes
NFTs
Yes
-
Yes
S'inscrire
eToro
Your Capital is at risk.
Uphold
OKX

eToro Trading Fees

When it comes to trading fees, eToro charges a flat 1% fee for buying and selling cryptocurrencies like Bitcoin and Ethereum.

eToro crypto trading fees
eToro crypto trading fees

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, it's important to consider factors like security, transparency and regulations as well when choosing an exchange to trade on.

For those that want to buy and sell stocks on eToro, there is 0% commissions and no management or rollover fees to consider.

eToro Stock Fees
eToro Stock Fees

eToro

fees vs alternatives

eToro
Uphold
OKX
Spot fee (mkr)
1%
0.9-1.2%
0.08%
Spot fee (tkr)
1%
0.9-1.2%
0.10%
Futures (mkr)
-
-
0.02%
Futures (tkr)
-
-
0.05%
S'inscrire
eToro
Your Capital is at risk.
Uphold
OKX

eToro Deposit Methods

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.

eToro bank deposits
eToro bank deposits

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.

eToro crypto withdrawal fees
eToro crypto withdrawal fees

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 Review Disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider.

You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Past performance is not an indication of future results.

Investments in crypto-assets are not regulated. They may not be appropriate for retail investors and the full amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail at this link.

eToro

security vs alternatives

eToro
Uphold
OKX
Hacked
No
No
No
Proof of reserves
-
Yes
Yes
Licenses
FinCEN, FINRA, CySEC, FCA, ASIC
FinCEN (US), FCA (UK)
VA in Dubai
S'inscrire
eToro
Your Capital is at risk.
Uphold
OKX

eToro

+3000 Cryptos, Stocks, ETFs

0% Fees on Stocks & ETFs

30M Users & 140 Countries

FinCEN, FCA, CySec Regulated

Visit eToro
eToro USA LLC: Investments are subject to market risk.Including the possible loss of principal.
Don’t invest unless you’re prepared to lose all the money you invest.
Auteur
Jack Moreau
Jack est un écrivain et un critique de crypto-monnaie qui a été actif dans l'espace depuis qu'il a attrapé le bug de la crypto-monnaie en 2017. Avec une passion pour l'essai de nouvelles choses brillantes, Jack est toujours désireux d'essayer les derniers échanges de crypto-monnaies, portefeuilles ou applications DeFi.

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