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In this post we are going to cover:

  • eToro services
  • Fees and limits
  • How to create an account
  • How to buy and sell on eToro

Plus more... Read on to learn everything you need to know about eToro.

Introduction: What Is eToro?

eToro is a social trading platform that had its beginning as a general trading platform and later expanded into cryptocurrency trading. We took a deeper look into the cryptocurrency exchange on eToro and bring you interesting facts about this company and its services.

Screenshot of etoro.com homepage
eToro Homepage

eToro provides the opportunity to buy and trade in 17 cryptocurrencies and 37 crypto-to-fiat pairs. Users get real-time insights into the market, good customer support, excellent design, and ease of use. There is support in 20 languages, and their unique CopyTrader service and CopyPortfolio. Absolute beginners can easily start trading in cryptocurrency with eToro. Everyone can use the Virtual Portfolio to learn the basics of cryptocurrency trading with $100,000 in virtual money.

Screenshot of etorox.com exchange pairs
eToro - etoroX exchange

eToro is fully regulated under the UK, Europe, and Australian financial regulations, so the platform is safe to use. They have impeccable security measures and have not been subjected to hacking. Their customer service department is always available to answer any questions .

QUICK TIP: The best place to store coins after you buy is not on an exchange. You need to buy a hardware wallet like a Ledger or Trezor to store them yourself.

Pros and Cons

Pros

  • Safe to use, high security standards and SSL encryption
  • Great for beginners in trading
  • Virtual Portfolio account with $100,000
  • Multiple payment options without deposit fees
  • 16 of the most popular cryptocurrencies available for trading
  • Great design of the desktop platform and mobile app

Cons

  • Higher than average spread fees
  • Only USD currency is allowed
  • Customer support could be better

Pros

Cons

  • Safe to use, high security standards and SSL encryption
  • Higher than average spread fees
  • Great for beginners in trading
  • Only USD currency is allowed
  • Virtual Portfolio account with $100,000
  • Customer support could be better
  • Multiple payment options without deposit fees
  • 16 of the most popular cryptocurrencies available for trading
  • Great design of the desktop platform and mobile app


eToro Background

eToro USA office in Hoboken, New Jersey

The official story of eToro began in January of 2007 when three entrepreneurs set out to make trading accessible to anyone anywhere. Their idea was to reduce the dependency on traditional financial institutions. The novelties that eToro introduced are simplified understanding of trading. These include the use of graphic presentations of trading options along with proprietary services.

Screenshot of etoro.com about page
Source - eToro About page

eToro became the go-to platform for beginners that are new in the investment world and want to start trading in stocks, commodities, and cryptocurrencies. The eToro trading platform provides its users with really easy ways to invest in all the leading cryptocurrencies.

eToro’s timeline is interesting, as it started developing as an online trading platform in 2007, then launched their intuitive trading platform named WebTrader in 2009.

Screenshot of etoro.com about page
Source - eToro About page

In 2010 they launched their CopyTrader feature which brought eToro wide attention; went mobile in 2012 and introduced Bitcoin trading in 2013 as a part of their offer.

Screenshot of etoro.com about page
Source - eToro About page

In 2017 eToro expanded its cryptocurrency offer, adding the most popular cryptocurrencies. In 2018 it offered direct trades with cryptocurrencies, as well as opening its doors to US clients.

Screenshot of etoro.com about page
Source - eToro About page

As of April 2020, eToro has over 12 million users, a number that is on the rise as more people are looking to cash in from the expansion of the crypto market. With the benefits eToro offers, a mobile app, and a streamlined interface, it is no wonder why the popularity of this social trading network is gaining momentum.

eToro Logo

At eToro, we have been continuously transforming the traditional money management industry, in order to open the financial markets to everyone, everywhere.


Is eToro Safe?

Cyber security concept

There has not been a scandal related to the eToro platform like leaked passwords or hacking accounts. This is important as it points out that the company knows how to manage its business and keep the trust people have placed in its services.

The safety of private data is ensured with SSL encryption as well as a Two-Factor Authentication as an added layer of security. Sensitive data and coin are kept in cold storage and coin that is in hot storage are protected under multi-signature technology.

Screenshot of etoro.com security section
Source - eToro Homepage

The eToro platform is working under the various financial regulatory bodies like the CySEC from Cyprus, the FCA from the UK, and the ASIC from Australia. Any fiat funds are kept in banks like Barclays and Coutts, highly respected and trustworthy entities.

COMPARISON

Etoro Logo

Etoro

  • Start trading fast; high limits
  • Easy way for newcomers to get bitcoins
  • Your capital is at risk

We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: 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.

Kraken logo

Kraken

  • Great liquidity and low fees
  • Supports most countries
  • Trusted exchange, started in 2011
Binance Logo

Binance

  • Largest exchange on Earth
  • Easy to use
  • Low fees

Services

Currency transfer via smartphone concept

eToro did not start as a cryptocurrency exchange but has its roots in general trading, so the services reflect the heritage. The eToro cryptocurrency trading services are appealing to both beginners and more seasoned traders.

Brokerage

Screenshot of etoro.com crypto trading platform
eToro - Crypto Trading Platform

eToro offers direct access to cryptocurrency investments.

Exchange

Screenshot of etoro.com exchange platform
eToro - Exchange Platform

eToro cryptocurrency exchange is a regulated service, offering 17 cryptocurrencies and 37 crypto-to-fiat pairs. As there is no investor protection or regulations of the cryptocurrency trade, eToro clearly reminds all its users that their capital is at risk.

Staking services

eToro provides clients the means to stake their coins.

OTC trading

Bussinesswoman trader looking managing laptop tablet and smartphone with graph analysis

eToro does not allow any OTC (over-the-counter) trading.

Ways to earn free currency

Screenshot of content.etoro.com wallet offer
eToro

By getting an eToro wallet, each user gets a free 0.1 ETH which you can use on the exchange.

Spending cards

Screenshot of etoro.com trading platform page
eToro - Trading Platforms

eToro plans to launch its debit card later in 2020. eToro users can transfer their coin in their eToro wallet and use them to pay for goods and services or withdraw available balance via various means.

Other services

Screenshot of etoro.com page section
eToro - Trading Platforms

eToro has unique services like CopyTrader and CopyPortfolios.

Supported payment methods and fees

Screenshot of etoro.com payment methods Screenshot of etoro.com payment methods Screenshot of etoro.com payment methods
eToro - Depositing funds FAQ

eToro allows its users to deposit fiat currency on their eToro accounts and use it to buy cryptocurrency. This platform allows funding via wire transfers, credit/debit cards, Skrill, Neteller, Rapid Transfer, Klarna / Sofort Banking, Webmoney, Giropay, China Union Pay, Yandex, and local online banking.

Screenshot of etoro.com pay with paypal
Source - eToro

And best of all etoro allows you to buy bitcoins with PayPal!

INFO: etoro is one of the only exchanges that offers PayPal as a payment option.

Any unverified eToro user account has a limit of $2250 as a max deposit. A verified account does not have deposit limits. Here the max amount per transaction varies depending on the funding source used.

Golden dollar signs

We need to note that eToro works only with US dollars. While eToro does not charge a deposit fee, if you deposit another currency, you will be charged a conversion fee.

Withdrawal fees

Screenshot of etoro.com withdrawal fees
Source - eToro

Withdrawing funds from the eToro wallet can happen in the same way as deposits: via bank transfer, a credit, or a debit card or via PayPal. eToro charges a flat fee of $5 for each withdrawal, no matter the sum the client is withdrawing. The smallest amount that can be withdrawn is $30.

Supported countries

Flat digital world map concept

eToro is currently available in the following countries:

Andorra, Angola, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahrain, Barbados, Belgium, Bermuda, Bhutan, Bolivia, Brazil, Bulgaria, Cameroon, Cayman Islands, Chile, Colombia, Côte d’Ivoire, Croatia, Cyprus, Czechia, Denmark, Dominica, Dominican Republic, Ecuador, Egypt, Estonia, Finland, France, Georgia, Germany, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Hong Kong, Hungary, India, Ireland, Isle of Man, Italy, Jamaica, Jersey, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Macau, Malaysia, Maldives, Malta, Martinique, Mauritius, Mayotte, Mexico, Moldova, Monaco, Mongolia, Montenegro, Morocco, Netherlands, New Caledonia, Norway, Oman, Peru, Philippines, Poland, Portugal, Qatar, Reunion Island, Romania, Russia, Saint Lucia, Saint Vincent, Saudi Arabia, Senegal, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Tanzania, Thailand, Tunisia, Ukraine, United Kingdom, United States, Uruguay, Venezuela, Vietnam, Virgin Islands.

Supported coins

Crypto coins

As of the time of writing this review, eToro offers the opportunity to trade with seventeen cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, XPR (Ripple), Dash, Litecoin, Ethereum Classis, Cardano, Iota, XLM (Stellar), EOS, NEO, TRON, ZCASH, Binance Coin, Tezos and GRAM.

Screenshot of etoro.com exchange platform
eToro - Exchange Platform

The eToro wallet supports only these cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, and XLM. Others will be available in the future.

Limits and Liquidity

Exchanges chart concept

Any user is free to do as they wish with their funds. eToro does not put any limits on trading volume, but there is a minimum trade size of $25 for cryptocurrencies. There are limits to the amount the user can transfer from the platform to the eToro Wallet.

User interface

Desktop Mobile and Laptop UI concept

Desktop

eToro does not have a separate desktop platform that a user needs to download. Instead, any user gets to use the platform via the internet browser by logging in on the official website.

Screenshot of etoro.com trading platform
eToro - Trading Platform

The eToro platform has a user interface with intuitive design so navigation comes very easily. Even people without any real trading experience can easily manage to get it right from the start. The users get to see the highest-rated traders under the CopyTrader suggestions as well as the Crypto CopyPortfolios strategies that are available.

Screenshot of etoro.com copy people
eToro Trading Platform - Copy People

The eToro platform offers a Virtual Account. This is for anyone interested in learning the ropes, with $100,000 of virtual funds that one can use to practice trading skills.

Screenshot of etoro.com virtual account
eToro - Cryptocurrency Trading

Once you feel ready you can opt to start trading cryptocurrencies from a real account and use real money.

  • Simple to use, intuitive design
  • Important information visibly displayed
  • Graphs display cryptocurrency trends
  • Easy-to-use interface
  • Watch list, trading history, educational content
  • Users complained of bad turnouts from traders they’ve copied
  • Withdrawals only in USD currency

Mobile App

Mobile App crypto trading concept

The eToro mobile app is available for Android and iOS and is available on Google Play and the Apple Store. The app has pretty much the same design as the desktop version, only scaled down to fit a smaller screen.

Screenshot of etoro.com trading platforms
eToro - Trading platforms

It also has the same intuitive user interface design with simple navigation. It allows users to always stay on top of their game with cryptocurrency trading, even on the go.

Screenshot of etoro.com mobile app
eToro - Trading platforms

The app syncs across all devices, so you can use eToro on your desktop and via the mobile app. Since the cryptocurrency market never shuts down, the mobile app allows any user to always be in the loop with real-time updates.

  • Staying connected with the cryptocurrency market everywhere
  • Intuitive user interface
  • Sleek design and nice color scheme
  • Graphs and statistics displays
  • Keep track of trading history
  • Some users complained of long waits for customer service responses
  • Withdrawal only in one currency

Deposit Time

Clock near coin stacks

Depending on the type of deposit method you select, the deposit time can vary. In the cases of using PayPal, Credit/Debit cards, Skrill, Neteller, Rapid Transfer, China Union Pay, or online banking transfer, the deposit gets processed immediately. If you select wire transfer, there is usually a 4-7 day waiting period for the funds to deposit to your eToro account.

Screenshot of etoro.com deposit limitations
eToro - Customer Support Page

COMPARISON

Etoro Logo

Etoro

  • Start trading fast; high limits
  • Easy way for newcomers to get bitcoins
  • Your capital is at risk

We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: 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.

Kraken logo

Kraken

  • Great liquidity and low fees
  • Supports most countries
  • Trusted exchange, started in 2011
Binance Logo

Binance

  • Largest exchange on Earth
  • Easy to use
  • Low fees

How fast does eToro send your coins?

Lights of speed concept

It usually takes one business day for eToro to process the transfer of coins from the trading account to the eToro Wallet. Once this request is processed, there could be some additional time until the actual deposit depending on the blockchain.

1-2 business days: PayPal Skrill Neteller China Union Pay
3-8 business days: Credit / Debit cards Wire Transfers


When withdrawing from the eToro Wallet, funds usually process within a day. The actual time of payment depends on the selected method of payment and it varies from 1-2 days for PayPal, Skrill, Neteller, China Union Pay. It takes from 3-8 business days in the case of credit/debit cards and wire transfers.

Customer Support

Screenshot of etoro.com customer support section
eToro Customer Support

eToro has done its best to provide fast, reliable customer support. There is an extensive FAQ section and Help Center with answers to any possible inquiry. The company allows the user to open a ticket with a question/inquiry/problem, and the customer service team will respond with an appropriate answer.

To accommodate its clients further, eToro Customer Support is available via live chat for urgent matters only. You’ll have to be very persistent to find this service, as it is buried deep in the customer service area.

eToro walkthrough: How to Buy Bitcoin on eToro

Steps to buy on eToro infograph

Create Account

Creating an account on eToro is very straightforward. The user needs to enter their full name, preferred user name, email, phone number, and password.

Screenshot of etoro.com join now section
Source - eToro

Verify account

eToro requires verification via a phone number, a government-issued ID, and proof of address. This process can take a couple of days, and the users get an email once the verification process is complete.

Screenshot of etoro.com account verification
eToro Customer Service - How To Open an Account

Once you submit those, you will recieve an email with a link you need to click.

Secure your account with Two Factor

For increased security, eToro has Two-Factor Authentication. The user gets a verification code via SMS on their phone and they’ll have to input this code in a limited time to gain access to their account.

To set it up, open “Settings’ on the left, then select ‘Account’ at the top. Finally. toggle the on/off switch on the right for Two Factor Authentication

Enable Two Factor Authentication on eToro account

Fund account

The next step is to deposit funds to buy coins with. Your options will vary based on your country, but be aware the minimum deposit amount is $500 or your local equivalent.

Fund eToro account

Buy Coins

Buying coins on eToro is possible as a direct purchase with a credit/debit card or via PayPal. It is also possible to deposit funds via various methods and later use these to buy your preferred coins.

Buy Bitcoin on eToro

Simply go to the trading dashboard, and pick “Buy Bitcoin” or whatever crypto you want to buy.

Then enter a dollar amount and select “Open Trade”

Does eToro hold any patents?

Copyright patents concept

eToro does not hold any actual patents. They have a trademarked CopyTrader system and trademarked CopyPortfolios investment strategies. While this is not a novel system invented by eToro, they have perfected it and trademarked the name.

Info: With the CopyTrader system, any user can select an active, successful trader they want to copy. They need to allot an amount they like to invest and the system automatically copies everything the original trader does in real-time. The CopyPortfolios investment strategy is mainly aimed at long-term investments.

Security

History of hacks and leaks

Cyber security concept

eToro has not been subject to any hacks or leaks that have been made public. The company prides itself on impeccable privacy and reliability; they use SSL encryption for their data transfer. For an extra layer of security, eToro urges each client to use the two-factor authentication. They also advise users to take care of their mobile devices through which they use the mobile app.

Frozen accounts

Digital padlock with finger pressing a keyboard button

Anyone can get locked out of their account, by contacting customer service any issue gets resolved quickly. If a user breaks the terms and conditions of service, eToro can block their account and freeze all assets.

Is eToro FDIC insured

FDIC logo

Only funds that are held in USD are FDIC insured. The amount you have in cryptocurrency is not under FDIC insurance protection.

Privacy

Does eToro respect the privacy of its customers?

Account privacy concept

eToro collects a large amount of private data for each user. They collect personal information about their clients from various sources. They share the user’s information with third-party platforms when the users install the mobile app or during the login from third-party sites like Facebook.

Info: Their privacy policy is good but not the greatest. While they say that they will not share personal information about their users, there is a long list of exceptions and circumstances where the personal data gets shared with other entities.

Does eToro require KYC and AML compliance? If so, at what level?

Screenshot of etoro.com account verification
eToro Customer Service - Account Verification

eToro requires KYC compliance with both proof of identity (POI) and proof of address (POA) to start the verification process for a user account. The POI needs to contain the full name, date of the birth, clear photograph, issue date, and expiry date. The POA needs to have the user’s full name, address, and issue date no older than 6 months.

eToro follows the AML policies from the UK and Cyprus. For any suspicious transaction, eToro may request additional documentation to support the legitimacy. If eToro suspects of any fraudulent activity, they have the right to block any suspicious account and all funds in the account will not be refunded to the user.

Does eToro allow you to trade any amount of value without KYC or AML?

To be able to trade with larger amounts, an account needs to be verified, i.e. KYC compliant. You cannot buy any amount of crypto without going through at least a minimal KYC.

Will they delete your personal data if you request it?

Finger pressing on a hologramic delete button

Upon the user’s request, an account can be deactivated/deleted. Certain personal information will be kept by the company as required by law or for legitimate business purposes. The company also retains cashed/archived copies of information about its users for a certain amount of time.

Common eToro Scams to Avoid

Cyber attack concept

So far, there has not been anything negative linked to the social trading platform eToro. However, there are some small hidden fees to be aware of like conversion fees.

Screenshot of etoro.com crypto trading fees
eToro - Pricing & Transaction Fees

Instead of having commissions and trading fees, eToro has spread fees and the time of writing this review, the cryptocurrency spreads are 0.75% for Bitcoin, 1.90% for Ethereum and 2.45% for XRP (Ripple), 1.90% for Litecoin and so on.

Comparison with other exchanges

eToro vs. Coinbase

eToro versus Coinbase

Coinbase is one of the most trusted and pioneering crypto exchanges in the world. Coinbase accepts fiat deposits in USD, EUR, GBP, AUD, CAD, and more, as opposed to eToro who only accepts deposits in USD. Both have intuitive, easy to navigate design and both have mobile apps.

One of the main differences between these two is that Coinbase keeps up to 98% of the digital asset value in cold storage, while eToro keeps the coins in the wallet in hot storage and only the coins on the platform in cold storage. Coinbase has higher fees, while eToro seems free and only charges a $5 withdrawal fee and a spread fee.

eToro vs. Bitfinex

eToro versus Bitfinex

Bitfinex is one of the most advanced crypto trading platforms, having among the highest liquidity and trading volumes among crypto exchanges. When compared to eToro, Bitfinex is aimed for more advanced crypto traders, whereas eToro is better suited for beginner crypto traders.

eToro supports a smaller number of coins, while Bitfinex has a vast range of coins. Bitfinex has suffered two major hacks and thefts in the past which they have overcome and since then installed impeccable security measures. On the other side, eToro is one of the most secure cryptocurrency exchanges and has not suffered any hacks yet.

Conclusion

From all of the above, we can clearly conclude that eToro is a social trading platform where every trade you make is visible to the other users. This adds a layer of transparency and builds trust between traders. The platform offers trading in 17 cryptocurrencies, crypto-to-crypto, and crypto-to-fiat pairs. The users can also purchase and hold cryptocurrencies.

It is very fast to open an eToro account. Depositing of funds on the eToro account is simple and quick, as is the withdrawal of funds, which take from one to seven days, but the only supported currency is USD. Many users have benefited from their trademarked CopyTrader service and the Crypto CopyPortfolios strategies.

Overall, eToro is a safe, secure, and trustworthy social trader platform, with a good user interface, intuitive design, and easy use. This platform does not charge any fees except for a withdrawal fee and a spread fee, and this among the other services makes eToro attractive for many users that like to try trading in cryptocurrencies.

Pros

  • Safe to use, high security standards and SSL encryption
  • Great for beginners in trading
  • Virtual Portfolio account with $100,000
  • Multiple payment options without deposit fees
  • 16 of the most popular cryptocurrencies available for trading
  • Great design of the desktop platform and mobile app

Cons

  • Higher than average spread fees
  • Only USD currency is allowed
  • Customer support could be better

Pros

Cons

  • Safe to use, high security standards and SSL encryption
  • Higher than average spread fees
  • Great for beginners in trading
  • Only USD currency is allowed
  • Virtual Portfolio account with $100,000
  • Customer support could be better
  • Multiple payment options without deposit fees
  • 16 of the most popular cryptocurrencies available for trading
  • Great design of the desktop platform and mobile app


Rating: 4.9/5

FAQ

Is the Exchange FDIC insured?

The eToro cryptocurrency exchange is not FDIC insured, as there are no regulations regarding the cryptocurrency market.

How do I get my money out of eToro?

You can withdraw your available balance from your eToro account in the same way you made a deposit: via credit/debit card, PayPal, and bank transfer. There is a flat withdrawal fee of $5, with a minimum withdrawal of $30.

How long does eToro take to withdraw from this exchange?

The processing of the withdrawal request on eToro usually takes one business day, but it may take longer for the actual finds to get transferred to your actual account.

Should I keep my coins on the eToro exchange?

No, you should move them to a hardware wallet as soon as you are done purchasing.

Can eToro be trusted?

eToro is regulated by European and UK financial services, so it is a legitimate business. However, the cryptocurrency trade market is not regulated, so the cryptocurrency exchange is not protected by any laws.

How secure is eToro?

eToro uses very secure encryption to protect information and they have hot and cold storage for their coins.

What is the minimum deposit for eToro?

The minimum deposit depends on the user’s country of residence and the first-time deposit varies from $50 to $10,000.

Who can use eToro?

All users from the eligible countries can use eToro. Once they have a completely verified account, they can use the eToro wallet as well.

Is eToro good for beginners?

eToro is a social trading platform and is very suitable for people that are only beginning in cryptocurrency trading. There is an option to copy more experienced traders and learn that way. Every new user gets a Virtual Portfolio with $100,000 which they can use to learn to trade.