eToro is a globally leading social trading network that enables traders to simply copy the trades of several experienced investors or even obtain exclusive perks for actually sharing their very own trading strategies.
For customers located outside the United States, eToro actually offers trading in over 3000 cryptocurrencies, stocks, exchange-traded funds or ETFs, commodities, indices, and currencies.
For citizens of the United States, users can purchase as well as sell 24 cryptos on the eToro platform and even trade over 2300 ETFs and stocks. The services are actually available in 47 U.S. states. Columbia, Northern Marianas, and minor outlying U.S. islands.
| Pros | Cons |
| Established platform. | Cryptocurrency, ETF, and Stock trading are available only in 47 states. |
| Regulated in multiple jurisdictions. | Margin trading isn’t available to U.S. users. |
| Unique social trading that enables users to match their moves with popular traders. |
eToro Company Overview:
So, what is eToro?
Brothers Yoni Assia and Ronen Assia, along with David Ring, founded eToro in 2007 in Tel Aviv together. While Yoni leads the company as the CEO, Ronen works as the executive director. In September 2007, the company launched its visual FX trading platform.
Then, in 2010, it also launched an innovative feature for social trading that enables users to copy the trades of really successful traders automatically on the platform. In 2013, the company expanded its horizons to stock trading, in addition to currency and commodity trading, expanding access to Australian, Asian, and European markets. In the same year, the platform also launched Bitcoin trading.
In 2017, the company expanded its digital asset offerings, including Litecoin, XRP, and a range of different cryptos. In the following year, the company’s U.S. crypto platform was launched, and then, in 2022, the company introduced ETF and stock trading for investors based in the United States.
Currently, eToro is trying to establish itself in the very competitive cryptocurrency exchange market by improving its cryptocurrency trading services continuously.
Cryptocurrencies Available On eToro:
This eToro review would be incomplete if we didn’t talk about the cryptocurrencies available on the platform. eToro supports the trading of eighty cryptocurrencies. Here are some of the most popular cryptocurrencies on the platform.
- Stellar Lumens (XLM),
- Solana (SOL),
- Polygon (MATIC),
- Polkadot (DOT),
- Litecoin (LTC),
- Ethereum (ETH),
- Dogecoin (DOGE),
- Dash (DASH),
- Cardano (ADA),
- Bitcoin Cash (BCH), and
- Bitcoin (BTC)
The Trading Experince On eToro:
With eToro com’s simple platform and the well-designed eToro app, customers can easily deposit fiat currencies from any debit card or even their bank account to start trading.
The intuitive trading enables users to check out currency prices, sell cryptos, buy cryptos, and even convert the same. Perhaps the platform is most popularly known for its social trading functionality, which enables different users to copy all the portfolio holdings as well as trades of the top traders.
Although the platform provides a basic market space and limits orders, as well as enables non-U.S. users to invest on margin, it doesn’t have some of the relatively more advanced conditional orders, charting capabilities, and even cryptocurrency pairs that several other competitors offer.
The platform enables eligible users in different jurisdictions to trade with digital currencies ranging from Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC) to Compound (COMP), Aave (AAVE), and 1inch (1INCH). For eligible users, leveraged trading is also an option.
Read Also: A Step-By-Step Guide: How To Buy Dogecoin On eToro?
Fees:
Before you start looking up how to buy Bitcoin on eToro or even how to buy Ethereum on eToro, let’s talk about the trading fees of the platform. The crypto trading fees of the platform happen to be relatively low compared to the fees of competitors, but users do need to watch out for withdrawal fees and currency conversion.
It is also vital to note that the fees might differ depending on the user’s location. For crypto trading, a percentage of fees are applied while purchasing or even selling assets. This percentage of the fee gets added to the bid-ask spread. The platform doesn’t charge any fee for withdrawing or sending crypto to and from the platform.
However, the normal blockchain fees will continue to apply. For any cash withdrawals, there is a minimum withdrawal fee of $30 and a fee of $5. However, this particular withdrawal fee doesn’t apply to Diamond, Platinum +, or even Platinum Club members.
While deposits and withdrawals are conducted in USD, any transaction in non-USD incurs a certain conversion fee, which is typically the prevailing spot rate, along with fifty basis points. The platform also charges a ten-dollar inactivity fee every month for accounts that have actually not been active for more than a year.
Security:
The platform is an established trading company online, offering a regulated, secure platform for crypto trading accompanied by a killer track record of managing investor funds for more than a decade.
The crypto assets held in the eToro wallet are actually stored on the blockchain while assets on the trading platform for the company are actually held in cold storage for reducing the opportunity of lost funds because of any hack or operational errors.
Apart from user funds being kept in cold storage, the platform also motivates account holders to set up 2FA or two-factor authentication as an extra layer of protection. Customers have to allow two-factor authentication after making their initial deposits.
Opening An eToro Account:
Opening an eToro account takes only a few minutes. You will need to give a username, email address, and password. Once you have verified your email address, the platform will just require you to answer multiple questions determining your trading experience and risk tolerance.
The users also have to verify their accounts. Additionally, users also need to give their proof of address, a valid government-issued ID, and personal information. Identity verification typically takes a few days, with the platform notifying the new users when the verification process is complete.
And It’s A Wrap!
The eToro platform provides a professional crypto exchange platform, allowing users to implement a range of multiple advanced trading strategies. As one of the leading social trading networks in the world, eToro was one of the very first fintechs to actually support cryptos before going forward with developing a crypto exchange and dedicating a wallet for its users.
Considering the company’s size, fifteen years of experience in the market, and wide user base, the platform is on its way to becoming a major crypto powerhouse. These features, along with its copy trading tools, give the platform a unique position among other exchanges that are available currently.
Crypto traders usually appreciate reasonable fees on eToro and the fiat-to-crypto on-and-off ramp, while most beginners will love the platform’s unique ability to simply copy the trades of top traders.
Feel free to share your thoughts on the eToro platform and experiences about the same if you have already been on the platform.
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