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ETORO Review 2020
In this eToro review we show you how eToro’s very popular copy trading feature works in practice.
Table of Contents
eToro review – Broker’s Rating:
- Automatically Copy Trades of Other Traders
- Follow & Chat with Other Traders
- 56 Currency pairs
- Real Stocks
- 83 ETFs
- 15 Cryptocurrencies
- Excellent reputation
- Bonuses not offered for EU traders
- No forex options
- No hedging
- Lack of MT4/MT5
- No online education
- No live trading sessions with Pros
- More expensive than competition
Why is eToro different than any other trading platform?
- WATCH : you can easily search for profitable traders from all over the world
- FOLLOW : you can chat with them / watch their open trades + history of trades / learn and understand their trading strategies
- COPY : you can let the system to copy automatically all their future trades (forex, crypto currencies, commodities, world stocks)
eToro traders to copy in 2020
Below is my top secret list of best eToro traders to copy. I reveal this only for readers of this etoro review.
Simply search for their nickname in SEARCH field.
- berrau +16.24% gain during last 12 months
- CatyFX (Ecaterina Bors) +44.09% gain during last 12 months
- zsyuan +44.88% gain during last 12 months
- kelaleo +13.74% gain during last year
- ThinhLeDuc +8.57% gain during last 12 months
- JBinvest +11.89% gain during last 12 months
Disclaimer: Past performance is not an indication of future results!
What is eToro and why is it so popular trading platform?
eToro is simply a world-wide social trading network that connects investors and traders around the world. Something like a Facebook network, but a place where less experienced traders meet and copy trades of profitable investors. It is free to signup and watch other people’s trades, follow them and even chat with them. If you want to earn real profit you must deposit real money of course.
In case you are really good at trading, you can directly place your own trades without copying anyone and become a popular investor that will be copied by others.
eToro review – Tradable assets
At the moment, you can trade the following assets :
Forex >> 47 currency pairs available for trading on eToro
- major pairs include combinations of: EURO, USD, CHF, JPY,
- exotics: AUD, CAD, NZD New Zealand, CNH China, SEK Sweden, NOK Norway,
- ZAR (South Africa), RUB (Russian Rubel), HKD (HongKong Dollar), TRY Turkey, MXN Mexico, SGD Singapore Dollars, PLN Poland, HUG Hungary
eToro’s trading platform – forex pairs
- Real Cryptocurrencies >> without leverage:
- Bitcoin, Litecoin, Ripple, Ethereum, Ethereum Classic, ADA, Miota, Stellar, EOS, Neo, ZCash, Binance Coin
- You buy real cryptocurrencies with minimum investment of $25 for each trade
- No leverage
- Real stocks (not CFDs like with other brokers, so use this opportunity to your advantage)
- NYSE stock exchange
- New York Tech
- Stocks CFDs with leverage max 5:1
- CFDs on commodities (gold, silver, oil,copper, natgas, platinum)
- CFDs on stock indices (13 stock indices available: US Dollar Index, NSDQ100,SPX500 Dow Jones 30, France CAC40, EUSTX50, DAX, FTSE100, China50, Madrid, Tokyo225 etc.)
- ETFs – 83 ETFs are available mostly iShares
eToro review – Charting technical analysis tools
Charting was almost flawless, there are all main chart types to choose from whether you fancy the classic candlestick, bar, line, hollow candle, mountain etc they have it all. Y
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You can also switch between various time frames starting at 1 minute all the way up to 1Week. It was also easy to zoom in and out.
Again, it is not the Metatrader 4, but 8 out of 10 traders will be satisfied.
eToro review – How does “copy trading” work?
Next in my etoro review, I’ll show you how to profit from Copy Trading.
Once you have signed up for your free account (e.g. click on above button on this page), you can immediately log into the platform. You can start searching for the best traders who trade with instruments tha you are interested in and who have the potential to make you money in the future.
First of all, register your free eToro account.
Then log in to the eToro trading platform. There is a virtual amount of $100,000 waiting for you inside your practice demo account. No worries you can deposit your real money anytime later. Now set up your nickname and correct language (currently you can choose from all major world languages). Now on the left hand side there is a panel, please click on “ Discover – Copy People ” where you can find an overview of all traders who are active on eToro.
After that you’ll see an opening screen where you’ll find the best traders grouped into several groups:
- Promising Traders – Merchants that seem to become very popular among the eToro crowd in the near future (“future stars”)
- Trending Investors – Traders who are growing their portfolio profits very fast and are getting a lot of new copiers at the same time
- Most Popular – I strongly recommend you to to explore this category! These are the most profitable traders , their trades are being copied by other investors on this platform
- Stock Investors – traders who are mostly into equity stocks
- Local Popular Investors – popular local investors
How to copy popular investors automatically
First of all, you can find any trader by his/her nickname (for example see my private list in this article) by typing his/her nickname in the top SEARCH field:
(Note: If you do not know who to look for, click Left on Discover – Copy people )
Once you click on selected profile,:
- Click on COPY in the top right of the selected investor profile – if you want to invest only virtual money, click GO VIRTUAL .. if you want real then click DEPOSIT MONEY
- Then you will pop up a window where there are specific amounts you can invest in its future
- Either you choose a sum by clicking on a field like $500 OR choose a different amount and write it directly to the box
- If you just want to try with virtual money, then right click on “ USE VIRTUAL MONEY ” – then enter a virtual sum, for example, $ 1,000
Switch between REAL vs. PRACTICE DEMO account
How to copy another trader in a few steps.
For each of the traders, I firstly recommend you to look first at their STATS tab.
- STATS shows you theROI in % per each calendar and also full year (Performance)
- RISK SCORE – some traders use risky strategies, therefore they have a high risk, some have Score in the range of 2-6 meaning mid risk trading strategy ( i prefer this personally)
- MAX DRAWDOWN – is a maximum loss that this trader has suffered in a given time period
- COPIERS – indicates how many other people are copying him/her. Trader earns money from eToro for each single copier, therefore he is motivated to trade profitably. In many cases we can say, the higher the number of COPIERS the more gain the trader has made during the selected time period. We suggest you dont blindly follow this number, as many people who are just copying dont use their brain! Sometimes you see traders who took a break from trading, yet they still have hundreds of copiers! Do your own due dilligence and you will be just fine.
- TRADING section shows you the trading style of a particular trader. At the top you can see the history of trades, meaning how many trades in total he has done on Etoro. + Further you can see what percentage of all his trades were profitable (quite important!). You can see here the split of his portfolio. You may even select the percentage and filter out only people trading forex, stocks or mostly crypto traders if you like.
- FREQUENTLY TRADED – At the bottom, you see the TOP 3 trades that this person is involved in (including specific stock titles or specific currency pair).
Disclaimer: Past performance is not an indication of future results!
How to trade the markets on your own
You can of course trade the markets on your own. There is a wide range of tradable assets at your disposal. Click on tradable assets section.
All you have to do is click on the left panel >> TRADE MARKETS
If you came for forex trading, click on CURRENCIES
eToro review – how to trade stocks
You have two options:
- Trade real stocks, without leverage >>
- You are buying underlying stock with leverage 1:1
- Minimum investment per trade is $500
- You can set STOP LOSS & TAKE PROFIT levels
- Decide between investing $XY amount or buy XY stocks
- Trade CFDs on stocks with leverage up to 1:5 >>
- Leverage 1:2 or 1:5 if you are in Europe
- Minimum investment per trade is just $100
- You can set STOP LOSS & TAKE PROFIT levels
- Decide between investing $XY amount or buy XY stocks
Invest in CopyPortfolios™
Do you want to invest like a hedge fund ? … then read this. These are pre-made portfolios of assets grouped into bundles where each bundle represents multiple markets.
- CryptoPortfolio – consists of crypto assets
- Driverless – invest into self driving cars stocks
- CannabisCare – tries to monetize the recent medical cannabis hype by investing into the stocks of the top performing medical cannabis companies
- PanicMode – this portfolio is for investors that have anxiety of the future .. I guess this portfolio should stay strong in case of the next economic crisis
|BONUS for traders||n/a|
|Minimum deposit||200 USD|
|Min. volume size||1000 units (micro lot) OR 0.01 minimum trade volume|
|Max. leverage||up to 1:30 for EU citizens
up to 1:300 under ASIC Australia regulation
|Spread EURUSD||approx. 3 Pips|
|Number of available currency pairs||47|
|Can you trade via Internet Browser||yes|
|Islamic Account||Yes swap free account !|
|Copying profitable traders (Copy trading)||YES|
|Segregated Account||yes trader’s funds are held on segregated accounts in Barclays bank|
|Mobile trading||yes Mobile App for Android and iOS|
|Trading Account types||Standard and VIP|
|15 languages supported||Arabic, Chinese Dutch, English, French, German,Italian, Polish, Portuguese, Russian, Spanish, Swedish,Norwegian, Malay|
|Regulation & License||FCA (UK), CYSEC Cyprus, ASIC Australia|
|Summary||eToro is very user friendly trading CFD platform. As such it is a magnet for beginners. Doing the review, we have found out that it is pretty good platform if you put your head into it. Don’t just go blindly and copy anyone on eToro who has a large following! Instead think twice before you click that “copy button”. Always look for longterm traders who have been with eToro for more than a year and half, check their history trades and their portfolio. Check their activity and risk profile. In a conclusion of the review I must say I was missing MT4 and more engaged customer support and most of all regular online trading education. eToro has a lot of room for improvement! We prepared also etoro Singapore review|
|Rating||4,5 out of 5|
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% 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.Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.Past performance is not an indication of future results.
Hello can you help me out pls ? I am just starting out so please be patient with me
First I selected my favorite trader that I want to copy, but then I forgot to tick the option that says: “Copy all open trades”
Is it a big problem ?
Hi Monica, not a big deal really. During the eToro review I personally never selected that option as I felt more comfortable with copying only future trades. It just depends on what your overall strategy is. I prefer to leave it unticked. Thx.
Hi there. I can only say I have had quite positive experience with eToro’s copytrading feature. Expect that it takes some learning curve to master the strategy on how to find the best traders on eToro. Right now after almost 6 months, my net profit is 5.5% which is not bad IMHO. My tip: Don’t be greedy and copy people with lower risk levels , who have been with eToro for more than 1 year.
Etoro withdrawal process was very fast when comparing with some shady brokers that I used before. If I had to rate this platform, I would give 4.5 stars out of 5 rating! Thx.
Hi I am from Singapore and Etoro is very popular here. Just recently started to invest using Etoro broker. I am very pleased so far with the results. I do trade stocks on my own and also copying a dude called liborvasa .. so far so good my portfolio is up +5% since November. Cheers!
Global tensions grow, are they really true saying the gold will go up?
Faun, in fact “gold” is considered as safe haven therefore it almost always goes up when global tensions grow. No wonder gold goes up (hitting 6 years high) now when there is ongoing trade war USA vs. China and problem with Iran is escalating.
Объективный обзор eToro.com
Участвует в таких рейтингах (в скобках указанно место занимаемое в рейтинге):
На текущий момент под брендом «eToro» работают три регулируемые компании в трех юрисдикциях: eToro (Europe) Ltd, зарегистрированная на Кипре и Комиссией по ценным бумагам и биржам Республики Кипр (CySEC), лицензия № 109/10, eToro (UK) Ltd с регистрацией в Великобритании, регулируется Инспекцией по контролю за деятельностью финансовых организаций Великобритании (FCA), лицензия FRN583263 и eToro AUS Capital Pty Ltd, зарегистрирована в Австралии, Австралийской комиссией по ценным бумагам и инвестициям (ASIC), лицензия на предоставление финансовых услуг № 491139. Компания eToro известна на постсоветском пространстве в первую очередь как платформа для социального трейдинга с возможностью копирования сделок успешных трейдеров со всего мира. В соответствии с требованием регулятора компания eToro (Europe) Ltd не оказывает услуги резидентам Российской Федерации по торговле валютными парами. Австралийская и британская компании eToro выступают в роли агента, исполняющим брокером является (Europe) Ltd .
Сайт eToro мультиязычный и насыщен информацией. Наличие русскоязычной версии и грамотная структуризация упрощает навигацию по разделам. Главное меню находится в нижней части сайта и, на наш взгляд, это не очень удобно. На сайте присутствует подробное описание всех сервисов и услуг, предоставляемых компанией. В открытом доступе также находятся все нормативные документы, это дает возможность оценить все риски без регистрации личного кабинета.
Для регистрации личного кабинета в eToro необходимо заполнить стандартную форму, согласиться с регламентирующими документами, указать и подтвердить действующий мейл и телефон. Чтобы верифицировать профиль клиента, необходимо загрузить скан документа, удостоверяющий личность и документ, подтверждающий адрес проживания.
Пополнение и вывод
Операции ввода-вывода денежных средств возможны банковским переводом, переводом с платежных карт, с помощью систем электронных платежей (WebMoney, PayPal, Skrill, Neteller, Яндекс), с помощью платежной системы Giropay. Минимальный платеж для банковского перевода составляет 500 долларов США, для систем электронных платежей – 50 долларов. Первый минимальный депозит – не менее 200 долларов. За каждый вывод денежных средств eToro взымает комиссию – 25$, кроме того, клиенту придется оплатить услуги по конвертации, если вывод денежных средств осуществляется не в долларах США.
Своим клиентам eToro предлагает широкий спектр финансовых инструментов: 47 валютных пар, акции и CFD на акции, CFD на товарно-сырьевые активы, ETF-фонды, CFD на биржевые индексы и криптовалюты. Кредитное плечо в eToro ограничено требованиями регулятора и составляет:
30:1 для основных валютных пар
20:1 для кросс-курсов (таких как EUR/NZD), золота и основных индексов
10:1 для товарно-сырьевых активов
5:1 для CFD на акции
2:1 для CFD на криптовалюты
Спреды в eToro достаточно велики: например, спред по ESDUSD составляет 3 пункта, по GBPUSD – 4 пункта. Любителям скальпинга и арбитража в eToro не рады: скальпинг прямо запрещен регулирующими документами компании (п. 7.3 Правил и условий). Компания оставляет за собой право вмешаться в процесс исполнения ордеров, пересмотреть ранее открытые сделки и, наконец, просто закрыть учетную запись клиента.
Самый популярный в трейдерской среде терминал Metatrader4 для клиентов eToro недоступен. Компания предлагает своим клиентам вебтерминал собственной разработки. Имея опыт работы с МТ4, разобраться в платформой eToro несложно. По функциональности платформа брокера заметно уступает метатрейдеру. Скорость исполнения ордеров ощутимо ниже. Основная фишка это система копирования CopyTrader и в этом плане у платформы действительно широкие возможности.
Компания является обладателем трех лицензий от авторитетных финансовых регуляторов и обязана принимать все необходимые меры предосторожности для надежного и безопасного хранения персональных данных и денежных средств своих клиентов. Согласно заявлениям компании, клиентские средства хранятся в первоклассных европейских банках и нецелевое их использование исключено.
Со службой поддержкой клиент компании может связаться в онлайн-чате либо через систему тикетов. Техническая поддержка работает круглосуточно пять дней в неделю.
Для трейдеров, ориентированных в первую очередь на самостоятельную торговлю, eToro не самый оптимальный вариант. Жесткие маржинальные требования, не лучшие торговые условия и ограничения делают eToro непривлекательной для скальперов и высокочастотных трейдеров. Компания интересна в первую очередь для инвесторов, ориентированных на пассивное получение прибыли с помощью копирования сделок успешных управляющих, и прибыльных среднесрочных трейдеров, получающих возможность увеличить доход за копировщиков.
eToro Review: The Social Trading & Investment Platform
While eToro is a key player in the world of CFDs and cryptocurrency trading, the company also offers a lot more than this now. They have led the fintech revolution for over a decade and built up a reputation as the leading social trading platform in the world.
The company began as a general trading platform but has added cryptocurrency and other trading instruments to keep up with changing markets and growing demands. They are one of the pioneers in adding social features to their platform in the form of CopyTrading and CopyPortfolios.
Today, there are over 6 million users registered on eToro, securing it’s status as an industry leader – Read on for our comprehensive review.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
eToro at a Glance
|Regulation||FCA (UK), ASIC (Australia), CySEC (Cyprus)|
|Minium Initial Deposit
|Asset Coverage||CFDs, ETFs, Forex, Cryptocurrency, Shares, Commodities, Indices|
|Trading Platforms||Proprietary Web, Mobile Apps|
What Is the History of eToro?
eToro actually began back in 2007 with three entrepreneurs who wanted to make trading more accessible for every day users.
At the same time, they wanted to reduce dependency on banks and other traditional financial institutions. eToro started off as an online trading platform with graphs representing financial instruments and an intuitive interface.
In 2009, eToro launched the trading platform, WebTrader, with a range of professional tools for traders of all skill levels.
75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- A big step forward came in 2020 with OpenBook, the first social trading platform in the world. This included the then-new CopyTrader feature, which let anyone copy successful traders.
- In 2020, eToro added stocks to its other assets, like currencies and commodities.
- The eToro mobile app launched in 2020 for both Android and Apple, expanding the reach of the platform. This is also when eToro dipped into crypto, making it possible to trade Bitcoin via CFDs.
- In 2020, the platform updated the interface for an even more innovative and intuitive experience.
- In 2020, it added CopyPortfolio, managed portfolios that bundle various assets or top traders within a market strategy.
- In January of 2020, eToro expanded its reach in the world of cryptocurrency by adding support for trading crypto to the platform. It began with a range of popular cryptocurrencies, including Ethereum, Litecoin, and XRP.
- In 2020 they launched eToroX, a full crypto to crypto exchange.
Which Cryptocurrencies Does eToro Support?
Compared to other platforms, the options for supported cryptocurrencies on eToro are relatively limited.
This is a result of its nature as a general trading platform as opposed to one focused solely on cryptocurrency.
Even so, you can short or own the most popular cryptocurrencies. Supported options include Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, and Ripple.
Cryptoassets are highly volatile unregulated investment product. No EU investor protection. Your capital is at risk. Indicative prices; current market price is shown on the eToro trading platform
What Sets eToro Apart from Other Platforms?
One of the biggest ways that eToro stands out from other platforms is the sheer number of investment and trading options available.
Thanks to the numerous ways to invest and trade, users can take advantage of the same platform for their cryptocurrency trading needs as for traditional assets.
The social elements of eToro also make it unique. An example is CopyPortfolios, which is a long-term thematic investment in the form of a managed portfolio bundling assets and top traders with a predetermined strategy. The ability to copy the investments of successful traders is also innovative, as is the Popular Investor program.
What Trading Tools Does eToro Offer?
This platform aims to educate traders as well as provide them with a platform for investment.
Upon registration, eToro users get “virtual-money accounts” with $100,000 so they can work on strategies and skills before investing any real money.
It also provides multiple other tools to help with actual trading, such as an economic calendar. Simply input the dates and time zone you want to look at and the assets you trade. The calendar will then display how events are likely to impact your assets.
Additionally, it provides regular market analyses that include great detail as well as quick overviews, so you can utilize as much or as little information as you want.
Every asset which is tradable on the platform has it’s own page where you can view detailed information, news, charts and research.
What Are CFDs?
A CFD, or contract for difference, is a type of derivative trading. With a CFD, investors can speculate on whether fast-moving global financial markets will rise or fall. This can be done with cryptocurrencies as well as indices, shares, fiat currencies, treasuries, and commodities.
The important thing to note about CFD trading is that you will not be buying or selling the asset underlying it, in this case, cryptocurrency. Instead, you sell or buy a certain number of units for that instrument based on your prediction of if the price will rise or fall.
When the instrument moves in your favor, you get multiples of the existing CFD units you already sold or bought. You make a loss for every point it moves against you. CFDs require caution since it is possible for losses to exceed deposits.
You can read more about CFDs in our Beginner’s Guide here.
Highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
On eToro, CFD trading and cryptocurrency go hand in hand. As mentioned earlier, eToro first entered the world of cryptocurrency by offering Bitcoin trading via CFDs in 2020, making it one of the earliest players in the world of crypto investments.
CFD trading continues to play a key role on eToro since many of the trades involving crypto are still CFDs instead of dealing with the actual asset.
Starting on Sept. 3, 2020, those who invested in the BUY position for crypto on eToro actually own the asset underlying the transaction. Before this, they owned a CFD, not the asset. Additionally, eToro offers actual cryptocurrency trading. If you choose to open short or SELL positions for cryptocurrencies on eToro, this is still a CFD position.
What Are CopyPortfolios?
CopyPortfolios were added to the eToro platform last year. This feature is available for cryptocurrency trading as well as traditional fiat trades. This creates a single tradeable asset that is made up of carefully selected assets or traders of a predetermined strategy.
The eToro Investment Committee composes the CopyPortfolios and rebalances them periodically. There are several cryptocurrency CopyPortfolios available for investors to choose from.
One of these is simply called “Cryptocurrency” and delivers exposure to Ethereum and Bitcoin.
In the cryptocurrency bull run of May 2020, the fund had a 66 percent increase. Within the first three months, that fund generated over 125 percent in profits. Another option is called “Crypto CopyPortfolio.”
This is a more recent CopyPortfolio made up of a balanced crypto portfolio containing Bitcoin, Ethereum, Ethereum Classic, Litecoin, Dash, and Ripple.
What Is CopyTrading?
Another exciting option on eToro that you can use for crypto and fiat investments is CopyTrading.
Copy trading is an innovation that allows users to look through the track record of other traders and copy them, which means they will mirror their trades.
Traders have the ability to become “Popular Investors” if they have a low-risk score and deliver consistent returns.
They then receive rewards for sharing wisdom. By taking advantage of CopyTrading and copying an investor who includes cryptocurrency in your portfolio, you can get exposure to the market without having to do too much research yourself.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision. This is not investment advice.
Who Can Use eToro?
eToro can be used by anyone, as long as it is legal to do so in their country. eToro keeps a running list of countries where the platform is blocked due to changes in the regulations that conflict with trading laws.
This means that those in the United States, Canada, Cuba, Japan, North Korea, Iran, Syria, Turkey, Serbia, Albania, and Sudan cannot legally use eToro.
Does eToro Have a Minimum Trade Size?
eToro prides itself on offering tools that investors and traders of all levels of experience can take advantage of, so it tries to limit the use of minimum trades.
- Even so, you must have $200 to participate in CopyTrading and make a minimum investment of $5,000 for CopyPortfolios.
- The minimum quantities for manual positions are based on the instrument. For currencies (such as cryptocurrencies) and commodities, it is just $25.
- For stocks, it is $50.
- Finally, for ETFs and indices, it is $200.
For those who registered on April 2, 2020, or after, the size of a minimum trade depends on exposure, in the form of leverage times the invested amount. For cryptocurrencies, this total minimum amount is $200.
The minimum for ETFs and stocks is $500, for commodities is $2,500, and for indices and Forex is $5,000.
As an example of this exposure-related policy, if you open a crypto trade with a leverage of x1, you must invest at least $200. If, however, you chose to invest $100, you must have a minimum leverage of x2.
As an exchange, eToro makes its profits from the various fees that it charges. On eToro, no fees are charged when opening a position, instead generating the fee based on the spread. It has a list of minimum spreads for each cryptocurrency, and those rates are not guaranteed.
The team points out that the spread can vary based on liquidity and market conditions.
The daily break spreads are as follows: 1.5 percent for BTC, 5 percent for BCH, 3 percent for DASH, 2 percent for Ethereum, 5 percent for ETC, 3 percent for LTC, 5 percent for NEO, 5 percent for XLM, and 3 percent for XRP.
|Instrument||Market Hours||Daily Break||Spread||SELL||BUY|
Because of the nature of cryptocurrency trading, it is available 24/7, and there are no fees for overnight or weekend trades. Instead, eToro only charges fees for users who hold leveraged Ethereum or BTC positions or for shorting cryptocurrencies. The team does point out that the various fees are subject to change.
eToro Customer Reviews & Reputation
Users and reviewers of the platform generally agree that eToro is very easy to use. It was designed to be intuitive, so those without trading experience could get the information they need and make trades.
You can use the platform on PCs, Macs, Android, or iOS devices, always taking advantage of its intuitive functionality and readily displayed information regarding cryptocurrencies and other assets via graphs and more.
In general eToro has a good reputation online, the company is large and well established so you can be sure your funds are safe there. Complaints from people online are generally about traders they have copied not performing as well as they thought they would.
This isn’t the fault of the traders themselves, trading is a complicated business as everyone experiences losses as well as gains.
Other issues revolve around the fact that eToro advertises heavily that you can buy Cryptos with them, when in fact you don’t actually hold the assets themselves. This is the same for all brokers of this type, if you want to physically own the crypto asset then you will need to purchase them on an exchange that offers this, like Coinbase or Binance.
How Do You Deposit and Withdraw Money on eToro?
There are multiple deposit methods for eToro, so you can choose the one that best meets your needs, keeping in mind that different methods have varying minimum deposits.
You can choose to deposit via wire transfers, bank transfers, Visa, MasterCard, NETELLER, PayPal, Yandex, Webmoney UK, Skrill, and others.
To withdraw, you must fill out a form and then typically receive the money via PayPal, a bank transfer, or your credit or debit card. To withdraw, you will need a copy of your signature, color passport copy, and proof of address.
eToro has recently added approximately 35 new fiat pairs to its platform which sees a total of around 44 trading pairs available to its users. The new pairs cover a number of different regions and currencies and are aimed at the inhabitants of countries such as Canada, Australia, and Japan. The updated pairs are as follows:
- Australia BTC/AUD, ETH/AUD, XRP/AUD, ETC/AUD, BCH/AUD, LTC/AUD,
- Canada BTC/CAD, ETH/CAD, XRP/CAD, ETC/CAD, BCH/CAD, LTC/CAD
- Japan ETC/JPY, BCH/JPY, LTC/JPY
- New Zealand BTC/NZD, BCH/NZD, ETH/NZD, ETC/NZD, LTC/NZD XRP/NZD
- Switzerland BTC/CHF, ETH/CHF, XRP/CHF, LTC/CHF, BCH/CHF, ETC/CHF
- United Kingdom BCH/GBP, ETC/GBP, LTC/GBP, XRP/GBP
- The EU BCH/EUR, ETC/EUR, LTC/EUR, XRP/EUR
Furthermore, eToro has officially announced a cryptocurrency focused trading platform aimed at customers in the U.S., alongside a crypto wallet, and integrated mobile app which allows cryptocurrency purchases by credit card.
The service was unveiled in May and enables U.S. customers from 32 states and territories to trade a growing number of different cryptocurrencies including popular assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Dash (DASH), Neo (NEO), and EOS.
At the same time, the multi-signature crypto wallet supports six cryptocurrencies, namely Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), Litecoin (LTC), Stellar (XLM) and XRP with additional currencies set to be added in the future.
The team have also announced that their cryptocurrency mobile wallet has been made available for both iOS and Android device users.
Existing eToro users are currently able to log into the wallet directly in order to transact and store cryptocurrencies, while in-wallet asset conversion is also possible with just few clicks, additionally, funds can also be received and sent out by sharing the wallet address or using a QR code.
The eToro Wallet allows users to:
- Manage and store multiple cryptocurrencies
- Exchange crypto for crypto
- Transfer cryptos from their eToro accounts (limited to certain coins and to Gold accounts and above)
How to Buy Crypto with a Credit Card
eToro customers can also buy cryptocurrencies directly from the eToro wallet by using a credit card. The investment platform has partnered with well renowned third-party payment provider Simplex, with allows eToro to integrate Visa and MasterCard payments.
Here’s how to buy some cryptocurrency using your credit card:
- Open your eToro Wallet
- Click on the “BUY CRYPTO” section of the wallet and select your preferred coin and amount that you would like to buy
- Enter your payment details into Simplex’s billing form.
Upon successfully completing the process, your purchased coins will be transferred to your eToro wallet.
It’s important to note that Simplex can choose to immediately approve or decline your request, as well as request further documentation or proof of identity. These may include official government issued documentation or a selfie photo. This service is also subject to the following fees and limitations.
eToro Wallet Fees
Fiat to Crypto Conversion Fees
- eToroX fee 1%
- Simplex fee 4%
|Currency||Min transaction||Max transaction||Max / Day||Max / Month|
The actual market rate is determined by eToroX once the transaction is approved by Simplex, and blockchain fees are deducted from the crypto purchased in addition to the above fees and are applied to every crypto transaction.
It’s worth noting that additional fees may also be accrued as a result of charges applied by your bank or credit card issuer.
These may include cash advance or foreign transaction fees to your card transactions, and any transactions carried out will appear on your credit card or banking statement as eToroX LTD, with the credit card descriptor being Simplex_eToroX, however, a confirmation email will also be sent Simplex.
Any pending payment may be cancelled, with customers advised to open a ticket directly on the Simplex website or to use the Live Chat feature on the bottom right side of the Simplex.com website.
It’s also important to note that once a payment has been approved it can’t be cancelled. The approval process is actually authorised by Simplex, and as a result, questions about the transaction process should be first directed to the Simplex customer service team. However, the eToro Customer Service team is also available to deal with any issues.
eToroX, the blockchain subsidiary of eToro’s more traditional investing platform has officially launched in Gibraltar and is being regulated by the Gibraltar Financial Services Commission (GFSC). The exchange aims to cater to specialist crypto traders and incorporate many of the features found on their social trading platform.
The crypto to crypto exchange features an intuitive user interface, a mobile wallet app, is regulatory compliant, and makes use of cutting edge security protocols, and aims to provide crypto enthusiasts in a number of region with enhanced trading options.
The platform originally launched with a limited number of cryptocurrencies, however, 16 digital assets and 37 crypto-to-fiat pairs are currently available, and eToroX also incorporates eight branded stablecoins that allow traders to protect themselves from the volatility of the market without having to “cash out” into fiat.
The eToro-branded tokens pegged to fiat currencies include the eToro United States Dollar (USDEX), eToro Japanese Yen (JPYX), eToro Euro (EURX), eToro Pounds Sterling (GPBX), eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX), eToro New Zealand Dollar (NZDX), and the eToro Swiss Franc (CHFX).
In addition to these stablecurrencies, digital assets pegged to the price of commodities also feature and these include the GOLDX and SLVRX coins which respectively remain pegged to the prices of gold and silver.
The inclusion of these digital assets help eToroX to remain a crypto to crypto exchange, and more familiar cryptocurrencies such as Bitcoin (BTC), Bitcoin cash (BCH), Ether (ETH), Litecoin (LTC), Dash (DASH), and XRP also feature with more cryptocurrencies, stablecoins, and tokens scheduled to be added in the coming weeks.
Exchange Fees and Limits
eToroX doesn’t charge for deposits, and withdrawal fees are as follows:
|Currency||Quick withdraw limit||Withdrawal fee|
The exchange uses a tiered approach with regards to trading fees and the fees for all transactions (under a monthly volume of $100,000) are calculated according to Tier 1.
When the monthly trading volume grows beyond Tier 1 (over $100,000), a rebate will be applied during the first week of the month, and depending on the Tier Level, the rebate will be calculated based on the percentages in the following table.
- The calculation will be done for each calendar month.
- The rebate will be given in ETH
- The Rebate will be given during the 1st week of the month.
eToroX also incorporates Maker and Taker fees, and the former are charged for trades where Maker orders add liquidity to the exchange, while Taker orders remove liquidity from the order book and incur their own charges.
As a result, Maker fees are lower in comparison due to these orders helping the exchange to remain liquid.
An example of a Maker trader order includes placing an order for pending execution, such as a limit order which is not automatically filled (partially or fully).
This action helps “make” the market and adds liquidity to the order book, while a Taker order can take the form of placing an immediate order that doesn’t go on the order book, by being filled partially or fully for example. This type of activity “takes” liquidity off of the order book.
How Secure is eToroX?
The exchange incorporates a number of cutting edge security protocols and these include data encryption by default, with a dedicated secured mechanism being used to prevent CSRF attacks.
In addition, the team have developed their own backlog analytic mechanism, based on N.N machine learning algorithm which assists in decision making, and incorporate multiple PT and Code reviews as well as a bug bounty program.
User accounts are further secured as all eToroX customers are required to complete Level 3 Identity Verification, and updating financial account information requires dual-process verification.
Furthermore, the platform makes use of two factor authentication (2FA), limits login attempts and uses whitelisting attribution models to prevent automation attacks.
More stringent security examples include all employee workstations being protected and verified based on multiple security mechanisms that include deception and traps, while the exchange’s custody solution is based on a three level military grade FIPS140 custodian process with multi separation between the different environments.
These include a warm environment, or process engine secured solution, a cold, secured isolated gap environment, and a deep, military grade secured isolated environment.
On top of this, eToro has been operating in Fintech since 2007 and has established regulated entities in Cyprus, UK, USA, Australia, and South Africa, with Gibraltar now becoming its sixth jurisdiction.
The Government of Gibraltar and the Gibraltar Financial Services Commission (GFSC) have set out regulations covering distributed ledger technology (DLT) businesses and eToroX operates under the framework administered by the GFSC.
The company is one of the more transparent in the cryptocurrency sector, and ETORO X LIMITED is a limited liability company incorporated in Gibraltar with a registration number 116348, and a registered office at 57/63 Line Wall Road, Gibraltar.
The company is authorized by the GFSC as a Distributed Ledger Technology Provider under the Financial Services (Investment and Fiduciary Services) Act, with a license number of FSC1333B.
Gibraltar’s regulatory requirements ensure that each new account must be verified as part of the registration process, and the exchange aims to simplify the verification process as much as possible.
After submitting all your information and uploading all the necessary documents, it can take up to two business days to verify your account.
New users are required to upload documents to help prove their identity and residence, and the following documentation will be asked for.
Proof of Identity (POI) Document
This POI document must include your name, date of birth, a clear photo, the issue date and expiry date of the document. Accepted forms of POI documents include a passport, a government-issued ID or driving license.
Proof of Identity and Selfie (POIS)
It’s necessary to upload a selfie that includes you holding the proof of identity document you have uploaded.
Proof of Address (POA) Document
The POA document must include your full name, address and issue date, and also feature the name or logo of the company that issued the document. The POA documents must be no older than 6 months and all four corners of the document must be visible.
Your POA document can be one of the following:
- Bank Statement
- Utility Bill: Electricity, Water or Gas
- Tax: Council, State or Country Tax Bill
The last step in the verification process involves completing a financial questionnaire which covers your financial suitability for investing. The questionnaire is made up of nine 9 questions and takes just a few minutes to complete.
How beginner friendly in eToroX?
As with any trading platform, eToroX takes some getting used to, however, the learning curve will be steeper for anyone completely new to the world of cryptocurrency trading.
In order to try and offset this, the team have a Help Section which aims to answer the most common questions, and can be contacted by their [email protected] email address.
The team can also be contacted via their Twitter account, Telegram group, and Facebook page. In addition to the Help Section, eToroX also aims to educate its users and incorporates a Blockchain Academy and Glossary Section which include a range of clearly written guides and definitions that help users to both navigate the platform and gain a better understanding of blockchain technology.
Depending on your background, the more limited selection of trading pairs should make it easier for new entrants to the market to start trading on the platform, while the unique selection of stablecoins should also help newer traders to gain an understanding of how to make profitable trades when dealing with digital assets.
eToro is in competition with our similar brokers which have covered before, as follows:
Is eToro Safe?
To provide users with peace of mind, eToro takes steps to provide security. The company as a whole is fully regulated and adheres to guidelines of FCA and CySEC. To help traders make responsible decisions, it offers a range of tools for all experience levels, such as guidance for the first steps and risk-management features.
eToro also takes precautions to ensure the funds and personal information of clients are safe. Traditional funds remain secure in European banks of tier 1.
With all that in mind, you should remember that there are no regulations for cryptocurrencies. Because of this, if you engage in cryptocurrency trading or other crypto-related investments, there is no insurance from the investor compensation schemes within the UK or Cyprus.
The lack of regulations also means that if you have a complaint, you cannot file it with your financial ombudsman service.
Despite this, eToro takes pride in working to resolve issues as seamlessly as possible. In addition, there are numerous social platforms where you can register complaints, which may influence other users.
Although eToro focuses on more than just cryptocurrency trading, it is a useful platform for those who invest in cryptocurrency or trade it.
The additional features of eToro are what give it an edge, such as CopyPortfolios and various graphs. The platform is also highly intuitive, something that will appeal to everyone.
While eToro will not be ideal if you want to trade less-popular cryptocurrencies, it is an excellent option for those who only care about the major ones or who want to use the same platform for both fiat and crypto trades.
It’s also a great platform for trading regular stocks and Forex or just invest in pre-built portfolios in different industries.
This review was updated with the launch of eToroX, Cryptocurrency investors now have the ability to purchase and hold crypto assets directly. This is a great addition to the platform and positions them well within the space now.
We have used eToro for years now and have not had any problems with them, deposits and withdrawals are processed quickly and reliably so you won’t have to worry about the safety of your funds.
eToro have proven themselves trustworthy within the industry over many years and come highly recommend – we recommend you try them out.
Risk Warning: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
75% 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.
This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendations.
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