eToro Review 2024

eToro is one of the most popular investment platforms worldwide that appeals to investors because it provides access to both the stock market and the crypto market. In our eToro review, we take a closer look at what the platform offers and whether or not it is a suitable option for your trading.

Keep reading to discover what eToro has to offer and why you might want to consider using it to buy and sell crypto in 2024.

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

What is eToro?

At it’s core, eToro is an online broker that provides access to stocks, commodities, ETFs, forex, and cryptocurrency.

eToro is one of the largest social trading platforms in the world. The broker has gained a strong reputation among investors and is considered to be one of the most reputable platforms to buy and sell crypto.

The trading platform has a lot to offer its users. For example, eToro users can copy the trades of experienced investors or choose to receive exciting benefits by sharing their own trading strategies on the easy-to-use trading platform. Although eToro has higher fees than some competitors, it offers a comprehensive trading experience.

The eToro platform has made learning skills such as analyzing market, trends, and information more accessible than ever.

When eToro launched in 2007, it completely changed the crypto trading landscape in the financial markets.

It is one of the world’s best social trading and copy-trading sites. You do not have to be an experienced technical analyst or keep up with the news to make important crypto trading decisions. Instead, all you need to do is “copy” the trades and tactics some successful traders and investors already use on the trading platform.

Why We Like eToro

After carefully reviewing the broker, eToro stands out as a good cryptocurrency trading platform to consider in 2024. We like the platform because it offers a free demo trading account, is regulated in 7 jurisdictions and offers access to both crypto and stocks.

If safety is a big concern for you, eToro provides excellent customer protection and security protocols which ensure that your details are funds are safe whilst you trade. What’s more, eToro offers a native cryptocurrency wallet that can be used to store your coins away from the broker.

Perhaps one of the best features that we found during our review was eToro’s copy trading service. This allows you to copy the trades of verified experts which removes guesswork and allows you to take advantage of other people’s analysis.

An Overview of eToro’s Key Features

Being a multi-market platform, eToro has quite a lot to offer its users. Here is an overview of the key features that you can find through the broker.

💼 Provider Type:	Broker
💸 Minimum Deposit:	Starts from $20 USD and varies across the countries. In the US, the minimum deposit is $50.
💰 Crypto Trading Fees:	1%
💰 Deposit Fees:	$0 – A conversion fee may be applied
💰 Withdrawal Fees:	$5
💰 Management Fees:	$0
💰 Inactivity Fee:	$10 after a year
💰Minimum withdrawal:	$30
🔀 Minimum trade size:	$10
⌛ Withdrawal Timeframe:	0 to 10 business days, depending on the method used
#️⃣ Number of Cryptocurrencies Supported:	80+
💱 Top supported Cryptocurrencies:	BTC, ADA, ETH, XRP, SOL, DOGE
📊 Leverage (Not available for customers in the US):	30:1
📱 Native Mobile App:	Yes
🖥️ Free Demo Account:	Yes
🎧 Customer Support:	Email, Live Chat, Support Portal, Phone, Forum
✅ Verification required:	Yes
📈 CFDs Available (Not available for customers in the US):	Yes
📊 Software:	Website, web app, mobile app
⚽ Social Trading:	Yes
✂️ Copy Trading:	Yes
👮‍♂️ Regulators:	Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC)

Pros and Cons of eToro

Pros

Cons

• You can access multiple markets to create a diverse investing strategy.
• It is regulated in 7 jurisdictions around the globe
• Excellent customer service
• You can copy the trades of experts and gain free market insight through the social trading feed

• Crypto CFDs aren’t available for all coins or countries
• The service is only available in select states in the US
• There are high non-trading fees
• eToro lacks advance charting features and APIs

What Can eToro Be Used For?

With more than 28 million members across 140 countries, eToro offers a cryptocurrency exchange that facilitates crypto trading.

It also acts as an online brokerage platform for a limited number of stocks and exchange-traded funds (ETFs). In addition, individuals who desire a more collaborative trading experience may consider this platform due to its social features and vibrant community.

eToro makes it possible to build a diverse investment portfolio that spans across numerous financial markets. The broker caters to long-term investors but also offers some tools for active traders, such as social trading tools, CFDs and customizable price charts.

Trading

eToro makes it easy to trade crypto, US stocks, and ETFs. You can view news, analysis, and stats on each asset, and you’ll also have access to advanced customizable trading charts. The trading process is very simple and comes with an intuitive user interface.

Copy Trading

In addition, eToro’s CopyTrader allows you to replicate the actions of other traders and trade automatically. With just the press of a button, you can start replicating the positions of your chosen investor automatically (with the option of a stop-loss level to limit potential losses). The service is offered exclusively for cryptocurrencies.

You can start copy trading with as little as $200. Users have the ability to imitate up to 100 traders at a time.

On the platform, you can view millions of other traders’ portfolios, statistics, and risk ratings, even without using CopyTrader. (US customers can only duplicate other US users but also have full access to all publicly available profiles from around the world).

eToro’s limitations

It is clear that there is a lot that you can do on eToro. However, the broker may not be the best platform for all crypto traders.

Most notably, eToro lacks advanced charting tools and APIs that are often used by day traders to conduct complex analysis and make confident trading decisions. If you are looking to implement complex day trading strategies, you might want to consider a Bitcoin CFD broker such as Plus500.

Pros and Cons of eToro Trading Products and Options

Pros

Cons

• eToro is a great choice for social trading and copy trading.
• You can gain insight from indsutry experts as well as real-time market analysis
• eToro provides a free demo trading account with up to $100k in virtual funds

• eToro does not offer advanced charting tools for active trading strategies
• Compulsary stop-loss and take-profit may disrupt some trading strategies
• The selection fo cryptocurrenies available on eToro is limited

Cryptocurrency Selection

In 2017, eToro expanded its asset selection by adding cryptocurrencies to the platform. It did so by enabling crypto trading in a number of digital currencies, including Bitcoin, Litecoin, Ethereum, and Ripple’s XRP.

eToro currently offers 80+ cryptocurrencies. Although this is significantly fewer than crypto-specific platforms like Binance or KuCoin, eToro still offers a good selection. Investors have access to DeFi tokens, gaming, metaverse, and smart contract cryptocurrencies.

eToro core cryptocurrency pairs

Cryptocurrencies can only be bought, sold, and traded against USD, which is the currency that all eToro accounts are denominated in. It is possible to invest in cryptocurrencies directly or trade crypto CFDs on eToro.

CFD instruments can be identified by looking for the black ‘CFD’ symbol which will appear next to the ticker symbol.

Different Trading Options Offered by eToro

As mentioned, the copy trading feature of eToro is great because it offers both experienced and amateur traders the chance to trade a wide range of financial assets with ease.

Below are some additional trading options worth considering when using eToro:

Multi-asset

eToro is a multi-asset brokerage company that offers a wide selection of financial asset classes to choose from. You can trade a selection of cryptocurrencies and other assets of your choice.

eToro has over 2,000 financial asset classes cutting across cryptocurrencies, commodities, fiat currencies, indices, and ETFs. These assets are also available in a variety of options, including leverage trading. Please note US customers only have access to unleveraged cryptocurrencies, US stocks and ETF’s; other instruments are not available.

CopyPortfolios

This is a long-term investment product. It was formerly called CopyFunds before it was renamed CopyPortfolios in 2016.

The concept here is to take advantage of eToro’s machine-learning tools to dive deeper into the trading strategies developed by its users. This goes a long way to help traders brainstorm ideas that can help them come up with better strategies. Over time, these traders will be positioned to receive maximum returns on their investments.

Leverage trading is available on eToro. This is possible because the broker offers CFDs. With eToro’s CFDs, trading with leverage involves high risk. You can enjoy up to 30x the amount you borrowed from the broker to trade. In the US customers can only access unleveraged cryptocurrencies, other instruments are not available.

But keep in mind that as much as leverage allows for flexible trading, it can be risky as well. Leverage trading is calculated in both profits and losses. Depending on the leverage you used, you could pay back as much as 10x the amount you borrowed if the trading strategy you used didn’t pan out as expected.

This is why you should consider familiarizing yourself with how eToro’s leverage trading and take note of the risks and benefits. This will help you decide whether you can afford to risk losing your borrowed capital if the trade goes south.

The spreads on currencies are as low as 1 Pip and can be as high as 3 Pips, depending on the currency pairs.

It is important to note that the spreads are only calculated to be paid once you close the position you have been holding. Additionally, the adjustments will be made at that time with reference to the closing price of the asset you have been holding.

Is eToro the Best Broker to Buy Crypto?

To answer this question, below we have created a table that compares eToro to three of its main competitors.

Features	eToro	Robinhood	Fidelity	Webull
Cryptocurrency Available	Yes	Yes	Yes	Yes
Copy Trading	Yes	No	No	Yes
Leverage Available	Yes (Customers in the US cannot trade unleveraged assets)	Yes	Yes	Yes
Price Alerts	Yes	Yes	Yes	Yes
Candlestick Charts	Yes	Yes	Yes	Yes
Minimum Deposit	$10 ($500 for bank transfers)	None	None	None
CFD Trading	Yes	No	Yes	No

eToro Fees

During our eToro review, we found the fees to be average. The broker does not charge any fees for account management or deposits. However, you will be required to pay trading fees, inactivity fees and withdrawal fees.

A $5 fee is charged for each withdrawal from the eToro website. This fee is used to pay or settle some of the costs that are often incurred when sending money abroad.

There are numerous ways to deposit money into your eToro account. Debit and credit cards, digital wallets, PayPal, and bank transfer are just a few of them.

Pros

Cons

• The forex and CFD fees are relatively low
• There are no deposit fees
• No management fees

• Non-trading fees are high
• Users must pay a $5 withdrawal fee
• $10 inactivity fee after 1 year which is not ideal for crypto holders

Be aware that customers in the US cannot trade CFDs, and only have access to unleveraged cryptocurrencies.

Below is an overview of fees that you might come across when you use eToro:

eToro non-trading fees

There are three different categories of non-trading fees at eToro:

1. Non-USD deposits and withdrawals are subject to a conversion fee.

2. Withdrawal Fees: A $5 USD fee is charged for each withdrawal request.

3. An inactivity fee is charged after one year of inactivity.

Additionally, there are fees for using the eToro wallet and trading cryptocurrencies. Dividends may be applied to or deducted from your available balance in addition to the fees.

Is eToro a Good Platform for Beginners?

One of the main questions that we had at the start of our eToro review was whether or not the platform is suitable for beginners.

Overall, eToro seems like a reputable platform that is suitable for both beginners and experienced traders. In particular, eToro offers a free demo account that allows you to practice trading with up to $100,000 in virtual funds. This is ideal for beginners and makes it possible to familiarize yourself with the platform before putting any money at risk.

Should I Use eToro in 2024?

eToro stands out as an excellent choice for traders who value a social and user-friendly trading experience. eToro is particularly suitable for traders looking for an intuitive platform with a wide range of assets they can easily manage in a single portfolio.

After reviewing the broker and reason through other user reviews, it seems that eToro is best suited for long-term investors who want to build a diverse cryptocurrency portfolio.

How to Open an Account With eToro

Opening an account with eToro is as easy as following the steps below:

Step 1: Visit eToro’s official site

Click on the “Start investing” button on the homepage.

Step 2: Sign up

Choose a registration procedure: social media, email, or simply enter your details. You can easily connect either your Facebook or Google account and go to the next step. Otherwise, enter your full name, email address, telephone number, preferred username, and password.

Step 3: Read & Accept Terms

Go through the Terms & Conditions and the Privacy Policy pages. Come back and tick the boxes of both to accept the conditions.

Step 4: Complete Registration Process

Click on the “Sign Up” or “Create Account” button to proceed (demo account or live)

Step 5: Complete Verification

Go through the Know Your Customer (KYC) process and wait for your account to be verified. This process involves submitting two forms of ID such as your passport, driver’s license or birth certificate.

Step 6: Start Trading

You will now be able to access the trading dashboard. You can either browse through cryptocurrencies, invest in SmartPortfolios or explore copy trading options.

eToro Deposits and Withdrawals

Here is an overview of the deposit and withdrawal methods that are available through eToro.

Deposit methods

• Bank Transfer: Unlimited deposits via the following currencies: EUR, USD, and GBP

• Credit and Debit Cards: Deposits can be made via AUD, USD, EUR, and GBP. The maximum single deposit is $40,000 (not available for the UK and FCA users).

• Rapid Transfer: Maximum single deposit of $5,500.

• PayPal: Maximum single deposit of $10,000 payable via USD, AUD, GBP, and EUR (not available for the UK and FCA users).

• Klarna/Sofort Banking: Up to $30,000 single deposits.

• POLi: Maximum single deposit of $70,000.

• Neteller and Skrill: Maximum single deposit of $10,000 each (not available for the UK and FCA users).

• Trustly: Up to $40,000 per single deposit.

• iDEAL: Up to $50,000 maximum single deposit.

Withdrawal methods:

· Credit and Debit Cards (not available for the UK and FCA users)

· Skrill (not available for the UK and FCA users)

· iDEAL

· PayPal (not available for the UK and FCA users)

· POLi

· Neteller (not available for the UK and FCA users)

· Klarna/Sofort Banking

· Bank Transfer

Most of the deposit and withdrawal methods offered by eToro are instant. The only exceptions is bank transfer, which can take up to 7 days, and Klarna/Sofort Banking, which only allows you to withdraw funds after seven business days of making the deposit.

eToro Trading Tools and Charting

Here are some tools for both amateur and professional traders on eToro:

Technical analysis

Technical analysis, the most widely used tool by traders around the world, focuses on gathering data from charts and graphs related to the asset you want to trade. In order to predict where the charts of financial instruments will move next, analysts using this strategy look for recurring patterns and apply various models to them.

For technical analysis, eToro provides live price charts with a selection of indicators. The indicators available are limited compared to charting systems such as MT4 however, it is possible to use the tools to make relatively strong assessments.

Nevertheless, day traders may prefer to use a broker that is compatible with a more advanced system.

Fundamental analysis

Fundamental analysis is another popular approach. Unlike technical analysis, fundamental analysis focuses on finding market opportunities by examining different types of information, such as:

News

The cryptocurrency market is often influenced by the media. News about major financial events, such as the consideration of a bitcoin ETF by the SEC, can also impact the cryptocurrency market.

Financial events

International financial summits where the topic of cryptocurrencies is discussed, speeches by government officials on the topic, and other similar occasions can impact cryptocurrencies.

To conduct fundamental analysis, eToro offers a live market news feed, expert insight and social trading. These features provide a good overview of the market and can be really useful for long-term investors who want to keep an eye on market sentiment.

Automated orders

Many traders use specialized orders to save time and execute some financial decisions automatically. There are numerous ways to accomplish this. An order can be set up to automatically execute automatically on an asset, but only at a certain price.

Other types of orders are stop-loss orders, which automatically close a trade when a predetermined loss amount is reached, and take-profit orders, which do the same when a predetermined profit amount is reached.

eToro User Reviews

The fact that eToro reported having over 28 million users shows how popular and trusted the platform is.

More than 17,000 consumers have reviewed eToro on Trustpilot, giving the company an average rating of 4.3 out of 5 stars and a 59% excellent rating.

On Reddit, the discussions around eToro are mostly positive, and there is also an active eToro community.

In general, app users also favored eToro. They have a rating of 4.1 on the Google Play Store and 4.7 out of 5 stars on the App Store.

However, there have been a handful of negative comments. Many of them center on the challenges users encountered while trying to withdraw money and contact customer service, which some users found to be aggravating.

Educational & Learning Materials

eToro has a dedicated learning ecosystem called eToro Academy. It is an online educational learning ecosystem where you will learn most of the things you need to know about investing in cryptocurrencies.

You can choose your learning materials based on the type you find convenient. There are guides, videos, webinars, and podcasts. Users can also choose the educational resources based on their learning levels, such as beginner or advanced.

The resources have been sorted based on the different strategies. There are resources for investing in addition to trading cryptocurrencies.

Safety & Security eToro

eToro is known for being one of the most reputable brokerages to offer cryptocurrency in 2024. This is partly due to the fact that the platform is regulated, offers robust user protection and follows strict security protocols.

How Reliable is eToro?

eToro is trusted by over 30 million traders globally. It is licensed to safeguard client funds and offer brokerage services across multiple nations. Established in 2007, eToro operates under regulation in two tier-1 jurisdictions and one tier-2 jurisdiction, ensuring a secure trading environment with low risk for forex and CFD transactions.

Can I Trust eToro with My Money?

Yes. eToro adheres to regulations set forth by the FCA, CySEC, and ASIC, ensuring investor protection through established measures. Our clients’ funds are kept secure in top-tier banks, and all of their personal information is guarded under SSL encryption.

How am I protected with eToro?

Both your information and your portfolio are protected. The broker uses advanced security measures, including an SSL certificate, to protect your information. Your funds and cryptocurrency portfolios are protected by segregated accounts. The broker also offers you the option to download the eToro Wallet, which allows you to have full control over your crypto assets.

Is eToro regulated?

eToro offers the best cryptocurrency services while operating under the stringent compliance practices.

The broker is regulated in the United Kingdom by the Financial Conduct Authority (FCA). It is also regulated in Europe by both the Cyprus Securities and Exchanges Commission (CySEC). The regulation in both the UK and Europe places eToro in compliance with the Market in Financial Instruments Directive (MiFID).

eToro is also regulated in Australia by the Australian Securities and Investments Commission (ASIC). It holds the Australian Financial Services License (ASFL) issued by the same regulator body.

Do I have to verify my account with eToro?

Yes, eToro requires new users to verify their accounts because that is part of the regulatory policies the broker keeps. Verification comes with the added advantage of having unlimited access to all that the broker has to offer.

To verify your account, you will be asked to provide specific documents, including:

· Proof of address. For example, an internet bill, bank statement, or phone bill.

· Proof of identity. This can be a driver’s license, passport, or any other government-issued ID card. Note: the proof of identity documents should include your full name, date of birth, issue date, and expiry date.

The Best Alternatives to eToro

Although eToro stands out as one of the most reputable brokerages, some traders may prefer to use a cryptocurrency-focused exchange that provides access to a wider range of coins and trading features.

If you want to trade cryptocurrencies and stocks in one place, Robinhood is a good alternative. It also charges no transaction fees and offers more than ten different cryptocurrencies.

If you want to browse a wider selection of cryptocurrencies, Coinbase is worth considering. Although Coinbase does not offer stocks or other investments, it is still a reputable exchange worth investigating.

It offers a huge selection of cryptocurrencies and has a great platform for experienced investors. Despite Coinbase’s complicated (and often high) fee structure, there are still many positive aspects to this platform.

Finally, you can trade cryptocurrencies using cryptocurrency trading robots. These platforms are suitable for experienced traders who are comfortable with a fair bit of risk and have money to lose.

Final Thoughts

With a low minimum investment of $20, eToro is an excellent choice for both experienced traders who want to be compensated for sharing their strategies and regular traders who want to harness the power of copy trading.

The user-friendly platform is an added bonus for less experienced traders who need some guidance. However, it is not advisable for aggressive or high turnover traders to use eToro due to the large spreads and limited maximum trade sizes.

eToro is an excellent choice for long-term investors who are interested in building a diverse portfolio in 2024. We were particularly impressed by the platform’s demo trading account which allows you to familiarize yourself with the platform before putting any money at risk.

Disclaimer

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

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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.

Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Banklesstimes.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

FAQs