eToro Review 2022

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Sinead Burgess
Sinead Burgess
Updated on September 21, 2022

One of the most prominent and well-established crypto platforms in the crypto industry is eToro. Its most famous feature is its copy-trading, which allows you to copy the trades of successful and profitable crypto traders on the platform. 

But aside from that, eToro also offers easy buying and selling of crypto, robust security, reliable customer service, and other financial, non-related crypto features such as CFDs. eToro has over 6 million active traders, so, what are you waiting for?

Join now! Don’t worry, you’ll easily be able to navigate through the platforms as the platform is very user-friendly and they have some learning material that you can use!

Start Trading with eToro

eToro Exchange Info

eToro exchange logo

  • Website: etoro.com
  • Country: Israel
  • Mobile app: Available
  • Deposit Methods: Bank transfers, credit or debit card, krill, iDEAL, Neteller, PayPal, wire transfers
  • Trading Fees: 0%
  • Fiat Currencies: EUR, USD, AUD, and GBP
  • Cryptocurrencies: Major cryptocurrencies and popular altcoins only

Features

  • Comes with a $100,000 demo account
  • Easy sign-up process
  • ASIC-regulated platform
  • Highly rated mobile app for Android and iOS
  • CopyTrader allows you to replicate other investors’ actions in real time
  • Has Social trading feature
  • eToro multicurrency wallet
  • Comes with advanced charts and analysis tools
  • You can short trade
  • Curated Smart portfolios to instantly diversify your assets
  • Customized Watchlist with real-time updates

Pros of eToro

  • Low minimum to fund an account and begin investing
  • Copy trading to match moves of popular traders
  • eToro provides simple and easy-to-use web and mobile platforms
  • You can trade fractional shares unlike some brokers
  • Test your trading strategies with a $100,000 virtual portfolio

Cons of eToro

  • Very small range of crypto assets

Overview

eToro is a globally popular social trading and investment site where you can trade and invest in leading financial instruments and choose from a variety of commodities. Moreover, this platform offers near-instantaneous algorithmic trading as one of its most popular features.

The user-friendly eToro trading tool allows you to make investments in a wide variety of markets. But what are the trading costs, which particular security protocols have been put in place, and does this exchange fulfil the demands of traders of all levels of expertise?

eToro exchange logo

These are all questions waiting to be answered before opening a trading account on eToro. So, let’s determine whether eToro is a trustworthy and reliable crypto exchange or not.

About the eToro Exchange

eToro is a crypto pioneer and one of the world’s top social trading platforms. Headquartered in London, UK, the platform has several more offices worldwide and over 20 million active traders from 140 countries, primarily interested in its CopyTraderTM methodology and Smart Portfolios investing strategies.

These two eToro branded financial services are devised to help traders uncover extra sources of cash. Through eToro, you can trade or invest in crypto assets, fiat currencies, NASDAQ stock trading, various commodities, as well as do forex and cryptocurrency trading through CFDs.

eToro exchange homepage

To access and use any of the eToro features, you must first log into the platform through any of your existing accounts (such as Google or Facebook) or simply establish a new eToro account by entering your name and a valid email address. Following this, you’ll need to confirm your account using the email sent to you by the platform. When you ultimately land on your eToro website (it only takes a few seconds), you can explore the eToro offers, quickly deposit some funds to your account, and begin trading on the platform.

The platform itself has an easy-to-use interface that lets users keep track of their trades via watchlist for better analysis of their portfolio and find and invest in new market opportunities.

Main Features

eToro is a crypto, stock, ETF, CFD, commodity, and fiat currency trading platform. The platform allows users to instantaneously copy and execute any trading strategy used (or created) by another investor they deem successful. Crypto traders can also take advantage of the $100,000 allocated to their free demo account, the professional market charts, and the offline orders. The following are the most popular eToro features.

eToro’s Copy Trading Platform

CopyTrader™ technology is eToro’s patented technology that enables you to copy other traders’ trading portfolio performances automatically. The CopyTrader tool’s basic concept is pretty straightforward. All you need to do is pick the brokers you want to replicate, determine how much you want to invest, and automatically and instantly duplicate their trading strategy in real-time.

eToro copy trading feature

Furthermore, you can debate the investment earnings with other community members on the eToro News Feed or replicate the stock portfolios of the most experienced entrepreneurs on the market.

Smart Portfolios

The themed portfolio and the portfolio powered by Artificial Intelligence (AI) are the two ready-made investment strategies available to all traders through the eToro CopyPortfolio. eToro’s Smart Portfolios are conceptual investment instruments set up to make twofold returns over a more extended amount of time. Each CopyPortfolio is supported by machine-learning algorithms that generate different assets or groups of brokers.

The Copy Stop-Loss (CSL) Feature

The CSL feature is an automated risk control system that lets you set rules for the copy relationship (between you and the copied trader) at a fixed price. For this, the CopyTrader system will establish 40% of your total invested copy value for each copy relationship by default. Still, you can adjust this CSL percentage from 5% to 95% if you wish.

eToro copy stop loss feature

Provided that your copy relationship has potential losses of 40% of your total trading budget, the CSL will close that copy relationship and return the surplus to your account. At the same time, all the open trading positions in that copy relationship will be terminated.

Supported Cryptocurrencies

These social trading platforms support a not-so-large selection of coins, yet the selected ones represent some of the most liquid cryptocurrency projects. The exhaustive list of coins contains the following cryptos:

  • Binance Coin (BNB),
  • Ethereum (ETH),
  • Bitcoin Cash (BCH),
  • Cardano (ADA),
  • Bitcoin (BTC),
  • IOTA (MIOTA),
  • Ethereum Classic (ETC),
  • Dash (DASH),
  • EOS (EOS),
  • Chainlink (LINK),
  • Uniswap (UNI),
  • Litecoin (LTC),
  • Stellar (XLM),
  • Ripple (XRP),
  • NEO (NEO),
  • Zcash (ZEC),
  • Tezos (XTZ),
  • Chainlink (LINK),
  • Uniswap (UNI),
  • Dogecoin (DOGE).

These cryptocurrencies can be combined in over 40 forex currency pairs and traded over the eToro platform. Please note that TRX is only offered in the following countries: United Arab Emirates, Switzerland, Spain, Ireland, Denmark, Austria, Singapore, Belgium, Romania, Norway, Finland, and Malaysia.

Deposits and Payment Methods

To fund your newly opened account, simply click on the dedicated blue icon in the bottom right corner of the dashboard. This action will prompt a pop-up widget where you can input the amount you want to deposit as well as select your preferred fiat currency (USD, EUR, GBP, or AUD) from the drop-down menu.

eToro accepted cryptocurrencies

Then, choose a payment method. eToro accepts payments through credit card or debit card (issued by Visa, Maestro, or Mastercard), through bank accounts, or popular payment providers like PayPal, Skrill, or Neteller. Check the card’s name (this should be pre-filled for you based on the information from your registered account), and then click the ‘Deposit’ button to complete the transaction.

The American Dollar (USD) is the only fiat currency you can use to fund your eToro account. The minimum deposit at eToro is $50 USD. As reimbursement of the currency conversion fees, eToro charges a 0.5% fee for bank transfers and a 1% fee for all other deposit methods.

eToro Fees and Limits

eToro is a social trading platform with zero commission. Namely, you can join eToro for free, and anyone who signs up gets a $100,000 demo account to test the platform and do some virtual trading. There are also no management fees (like when you copy other traders’ portfolios), rollover fees, ticketing fees, or similar costs on this exchange.

‘Zero commission’ means there is no extra charge for the platform’s services. While brokers often impose a trading fee for buying and selling stocks via their platforms, you don’t have to pay any commissions when you open a long position (for purchasing coins) on eToro.

The digital asset included in the transaction will be acquired and kept on your behalf, and you won’t have to pay anything for the service. The same goes for the long, non-leveraged positions when you engage in copy trading through eToro.

Moreover, the eToro trading platform doesn’t charge you to buy stocks. However, the withdrawal fee is 5 USD, while the FX rates apply to deposits and withdrawals that aren’t made in the US dollar currency. Because eToro transactions are handled in US dollars, Australian customers will be charged a minor currency conversion cost (50 pips) as well as a flat 5 USD withdrawal fee.

eToro platform fees

KYC authentication is mandatory on eToro, with the advantage being that you’ll be able to deposit without limits. You’ll be considered eligible for account verification if you complete your profile with all the required information. This procedure includes submitting evidence of identification (POI), proof of residence (POA), income levels, your middle name, passport number, birthday, gender, etc.

Please note that if you do not log into your account for 12 consecutive months, eToro will charge a 10 USD inactivity fee for each inactive month moving forward.

Some trades and withdrawals could cost more to execute on eToro than others because of the spreads (i.e. the gap between the asset’s Buy and Sell prices). For instance, trading cryptos incurs 0.5% trading fees (which may add up to $50 USD charge), stock and ETFs (CFDs) incur 0.09% trading fee, etc.

Is eToro Safe to Use?

When trading online, you want to be sure that you are dealing with a trustworthy organization. eToro is regulated by different regulators covering the financial legislation of several countries:

  • Financial Conduct Authority (FCA/UK);
  • Financial Services Authority Seychelles (FSAS);
  • Financial Industry Regulatory Authority (FINRA/USA);
  • Cyprus Securities Exchange Commission (CySec/Europe).

Moreover, eToro is registered with the Australian Securities and Investments Commission (ASIC/Australia) under the eToro AUS Capital Pty Ltd name.

eToro trust and security

Besides adhering to the aforementioned strict regulations, this social trading platform also employs stringent security standards. These security protocols include two-factor authentication (2FA), data security technologies, firewalls, and encryption techniques.

Also, eToro employs only top-tier financial institutions to hold its users’ funds. In addition, this trading platform never distributes non-encrypted sensitive data of their users with third parties for advertising.

Customer Support

The eToro’s customer service centre is a one-stop-shop where you can keep track of your open tickets, look for answers to your issues in the knowledge base, reach the customer support team for their feedback, and more. You can also get in touch with the eToro team through some of their social media channels.

eToro also features an extensive learning centre rich in helpful tutorials on:

  • How CopyTrading works;
  • How to avoid scams;
  • Things to consider for more responsible trading;
  • What are leverage and margin trading;
  • How to buy and sell through eToro;
  • Market research, etc.

The eToro Trading Academy does its best to improve the ultimate trading experience of the eToro users. By providing an e-course, webinars, and various trading tips, it’s a dedicated teaching centre that can instruct you on how to trade cryptocurrencies, stocks, or trading CFD assets.

A Few Words Before You Go…

eToro is a veteran exchange, registered and reliable, and one that takes great pride in the social trading features it provides.

The bottom line? In the world of financial technology, the eToro platform deservedly carries the leader title because it gives people all over the world a new way to trade through a safe, regulated, and trustworthy platform. Although it supports only a handful of crypto projects, this social trading platform is very user-friendly and has a lot of different assets from both the digital and real worlds that you can trade with ease.

Finally, as the eToro team points out: “Past performance is not indicative of future results”, we can only hope that eToro will continue its excellent job and remain an industry leader for many years to come.

Start Trading with eToro

Related:

frequently asked questions

When you think of copy trading, you think of trading platforms that let you auto-copy the technical indicators of other investors’ trades and build a portfolio of other brokers as a future reference for your trading strategies. With just a click, you can connect your account to another trader’s account – the only action you need to take is to click the ‘Copy’ button, and that’s it. From here on, your trades are automatically managed by following the copied portfolio’s trading strategies. 

 

On the other hand, social trading is a broader phrase that includes copy trading. Social trading is a methodology used to cut down on the risks in a market like crypto trading, which is volatile and prone to fluctuations and instability. When beginners follow the strategies of more experienced traders, they can learn a lot about how to trade, compare different approaches, and eventually form their own investment objectives.

The eToro brokerage has several upgrades of its mobile app for Android and iOS that you can use on your phone. You can get the app from the App Store or Play Store, where you need to look for the “eToro – Social Trading”. 

The eToro demo trading account allows you to easily manage your virtual portfolio, test different risk levels using leverage, Stop Loss and Take Profit, interact with elite traders from around the globe, copy their strategies, and much more.

Opening a demo trading account on eToro is quite straightforward. Simply log onto the eToro platform and look for the Virtual Portfolio button on the dashboard beneath your user name to gain instant access to your demo account. This way, you’ll be able to practice numerous strategies without risking real money.

Yes the trading platform can provide a cryptocurrency wallet that is native to the platform to store and deposit cryptocurrency assets. Simplex lets users transfer crypto funds directly into their wallets, in the form of credit card transactions. However, once the funds are placed inside the wallets, they can’t return to eToro trading system.

A majority of the world’s countries have access to eToro but the site has the following listing of nations that cannot be because of laws and rules. The list includes The United States, Canada, Cuba, Japan, Turkey, Serbia, Albania, North Korea, Iran, Syria, and Sudan.

The platform is not available for the United States because the SEC (Securities and Exchange Commission) prohibits trading CFDs. Because that the United States is a big market The platform has been working hard to create a distinct product that doesn’t contain CFDs and is available in all 30 states.

Yes, the platform comes with an app for mobile that is extremely popular with a user-friendly interface. users can exchange digital assets and connect their user accounts to banks accounts. The mobile app is accessible on the both Android as well as iOS devices. It can be downloaded from Google Play or the iOS Apple App Store.

To earn money on eToro You must stay up-to-date on upcoming economic events as well as the latest news to be aware of each asset before trading and spread your money across different types of assets and asset classes. Another option is to look for the most profitable trading platforms and emulate the strategies they have used to succeed.

eToro Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading Fees

Swyftx

PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%Visit

CoinSpot
Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1%Visit

Binance
binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%Visit

Bybit
bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Visit

CoinJar
coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%Visit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%Visit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%Visit

eToro
eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Visit

Kraken
Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%Visit

KuCoin
KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%Visit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Visit

Coinstash

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%Visit