In this eToro review, we will explore how this popular social trading broker and crypto exchange compares in terms of supported markets, commission and fees, payment methods, copy trading, trading tools, and more.
eToro ranks as one of the most prominent and well-known cryptocurrency exchanges. Users on the exchange can access a range of cryptocurrencies and other investment assets, including stocks and ETFs.
The eToro platform was also one of the first to offer support for digital currency trading, adding support for Bitcoin (BTC) trading in 2013. By 2017, it had extended support to several major cryptocurrencies such as Ripple (XRP), Litecoin (LTC), and others. The platform also offers users a unique “social trading” feature that lets users copy trades of prominent investors.
eToro is well-liked for its easy-to-use platform, offering traders a comprehensive trading experience. This eToro review will examine how the platform stacks up against other trading platforms when it comes to payments, cryptocurrencies supported, fees, trading tools, and more.
eToro Review: An Introduction
Before we begin our eToro review, a brief introduction to the platform is required. eToro is a leading online brokerage service offering users stock and cryptocurrency trading. The trading platform offers users an active community and features like a news feed for specific tokens.
eToro was founded in 2007 in Tel Aviv by brothers Yoni Assia and Ronen Assia and a third founder, David Ring. Yoni is the exchange’s CEO, and Ronen is its executive director. The platform also launched its FX CFD brokerage and trading platform in the same year as its inception. In 2010, eToro launched its hugely popular social trading feature. The social trading feature allows users to copy the trades of prominent traders on the platform.
2013 saw the trading platform expand its operations, branching into stock trading, commodities, and currency trading. It also expanded into the Asian, Australian, and European markets. However, what caught everyone’s attention was the platform’s expansion into crypto, as it began offering users Bitcoin trading. 2017 saw the platform expand its crypto operations to include prominent crypto assets such as Litecoin, XRP, and others.
In 2018, eToro launched its US crypto platform and introduced stock and ETF trading for US-based investors.
With a long history, eToro has established itself as one of the most prominent crypto platforms, offering users a host of crypto trading services.
eToro Review: Pros And Cons
Let’s begin our eToro review by taking a look at some of its pros and cons of the platform with the help of a table.
|eToro Pros ✅
|eToro Cons ❌
|Established in 2007, eToro is regulated in three Tier 1 and one Tier 4 jurisdiction. . The platform is regulated by the SEC and FINRA and scores a “highly trusted” rating
|eToro does not offer support for third-party trading platforms
|Offers users several innovative features such as social copy trading
|The platform does not support automated trading strategies
|eToro is excellent for casual traders and beginners, offering a highly user-friendly platform and dedicated mobile app
|Limited options when it comes to customer service
|Club members and investors that reach higher tiers can avail of special perks
|Fees on the platform are a touch on the high side
|Users on the platform can invest in ETFs, stocks, and crypto
|The platform has a limited selection of cryptocurrencies, and is also not available in every US state
Your capital is at risk. 78% of retail investor accounts lose money when trading CFDs with this provider.
eToro Review: Cryptocurrencies Supported
Our eToro review found that compared to other exchanges, eToro supports a limited range of cryptocurrencies. However, the trading platform supports all the major and beginner crypto coins, and users can choose from over 80 cryptocurrencies available. You can buy Tether on eToro and some of the most popular cryptocurrencies available are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Dash (DASH)
- Polygon (MATIC)
- Polkadot (DOT)
- Solana (SOL)
- Stellar Lumens (XLM)
- XRP (XRP)
- Litecoin (LTC)
- Chainlink (LINK)
- Uniswap (UNI)
- Aave (AAVE)
Cryptoassets are a highly volatile unregulated investment product.
Our eToro review found that the platform offers users a simple, intuitive web-based platform and a well-designed mobile application. As a result, users can access the best of both worlds at their convenience.
Trading is simple, and to get started, customers can deposit fiat directly from their bank account or debit card and begin trading. Users can view current prices, convert, buy, and sell crypto through the platform’s “intuitive” trading tab. One of the most well-known features offered by eToro is its “Social Trading” functionality. This functionality lets users copy top traders’ trades and portfolio holdings on the platform.
The platform offers users basic market and limit orders. Non-US users also have the option of investing on margin. However, eToro lags behind the competition regarding more advanced features such as conditional orders, charting capabilities, and cryptocurrency trading pairs. Traders on the platform can trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB) Cardano (ADA), Dogecoin (DOGE), and several others. Additionally, the platform also offers users the option of leveraged trading.
Apart from being one of the most prominent platforms for cryptocurrency trades and investing, eToro has also introduced several novel social trading features. These features have made the crypto and financial markets far more accessible and friendly to users across the world. Users on eToro can copy the trades of successful traders on the platform through the “Copy People” screen.
There are several ways through which users can locate traders. One option is using the “Editor’s Choice” section, highlighting popular investors on the platform. Alternatively, users can use the search tool to look for traders and filter results accordingly. Traders can search for traders based on parameters such as location, gain, Risk Score, Trades executed, and others.
eToro offers users access to three primary tradable assets, stocks, ETFs, and crypto. Let’s look at each offering in a little more detail.
Stocks And ETFs
The eToro platform offers an array of options when it comes to stocks, covering over 2500 equities. These include stocks from the New York Stock Exchange (NYSE) and NASDAQ and support for international stocks. However, unlike traditional stock brokers in the US, eToro offers direct access to the exchanges in question. Users can invest in various markets, including the UK, Germany, Netherlands, Canada, Italy, Hong Kong, and others.
A minimum trade size of $10 is ideal for new investors and those looking to purchase stocks in expensive companies. The platform also offers several filters, allowing users to narrow their choices regarding the stocks they wish to purchase. In 2022, eToro introduced ETF trading for its US-based traders.
If you aim solely to buy cryptocurrencies, eToro is the ideal platform for you. The exchange offers users over 80 digital currencies, including the best cryptos such as Bitcoin, Ethereum, Litecoin, Stellar Lumens, Dogecoin, and others. Users on the platform can purchase crypto using a debit card or through their bank account. They can also store their assets using eToro’s Money Wallet and its CopyTrader feature to take full advantage of successful trades that prominent traders complete on the platform.
The platform also offers several guides for users just starting out in the crypto space. Like stocks, the minimum trade size for cryptocurrencies has also been set at $10. Once purchased, users can seamlessly cash out their assets in seconds. eToro, one of the best crypto wallets, also offers a secure wallet, available on Android and iOS
eToro Review: Platform Fees
Our eToro review found eToro’s trading fees are significantly lower than other trading platforms. However, users must consider additional fees, such as conversion fees. These fees may vary depending on the location. Regarding cryptocurrency trading, eToro applies a 1% trading fee. This fee is added to the bid-ask spread. The exchange does not charge any fee for withdrawing or sending your cryptocurrency to and from the platform. However, blockchain fees will be levied as applicable.
All withdrawals and deposits are conducted in USD; any non-USD transaction is subject to a conversion fee. The conversion fee is the prevailing spot rate plus 50 basis points. The platform also charges an inactivity fee of $10 per month on accounts that have been inactive for more than a year.
While eToro has a detailed explanation of its fee structure on its website, it isn’t the most transparent. Users often don’t know how much they are paying when they conduct a trade or transaction. While other platforms clearly display the fee structure, eToro includes it in the price displayed on the screen. Let’s look at the fees in a little more detail.
Crypto Trading Fees
eToro levies a 1% trading fee on cryptocurrency trading. This means if a trader purchases $100 worth of crypto, the platform will charge a fee of $1 on the transaction. However, unlike other platforms, the fee is built into the price. Let’s understand this with the help of an example. Suppose the market price for ETH is set at $2000. In such a situation, eToro would add the 1% fee to the price and display it as $2020. The same will be the case if the user is selling crypto. If ETH sells for $2000, the cost would include the 1% fee and be displayed as $2020.
Stock Trading Fees
eToro users in the United States can buy and sell stocks commission-free. However, a 0% commission fee for US-listed stocks is something that is offered by most online platforms. What helps eToro stand out from its peers is that it also offers commission-free trading on international stocks. This allows users to create a highly diversified portfolio from multiple markets without dealing with excessive fees. Users must remember to consider the spread, the difference between a stock’s bid and ask price.
ETF Trading Fees
eToro allows users to buy and sell ETFs without any commission. However, users must cover the underlying expense ratio that the ETF provider charges.
Now, let’s look at some of the non-trading fees on the eToro platform.
Account Funding Fees
eToro users do not have to pay any fee to open or maintain an account. The platform does not charge US-based clients a deposit or withdrawal fee, irrespective of payment method. This is a significant benefit for users purchasing or selling crypto in USD.
Accounts that have been inactive for over 12 months have to pay an inactivity fee. The inactivity fee has been set at $10 per month, and eToro will not close any open positions if the account balance is below $10.
Commissions And Perks
Our eToro review found that the platform offers users a good amount of commissions and perks.
The eToro platform offers a VIP club (eToro Club) with five membership tiers ranging from Silver to Diamond. Traders that maintain a balance ranging from $5000 to $250,000 can access these tiers and avail of several benefits depending on their membership level. Perks include discounted withdrawal and deposit fees, a dedicated account manager, and several more VIP-style benefits.
Popular Investor Program
eToro also offers users a Popular Investor Program with four membership levels ranging from Cadet To Elite. Traders on the platform can become eligible for benefits depending on their membership level. Traders can qualify for the Cadet tier in three ways,
- Hold over $1000 in account equity
- Maintain a risk score of under 7 for at least two months.
- Attract $500 in customer assets through traders that copy their trading strategy.
Popular Investors can avail of several benefits such as monthly payments, spread rebates, and a management fee.
Your capital is at risk. 78% of retail investor accounts lose money when trading CFDs with this provider.
eToro Review: Charting And Analysis Tools
eToro gives users a unified trading experience by merging self-directed and copy trading. eToro’s web platform is intuitive and easy to use, allowing users to carry out trading operations in a straightforward and seamless manner. Traders can access different functionalities, such as creating watchlists and adding instruments by searching the markets.
Most eToro users typically carry out simple trades and buy or sell crypto assets. However, there is a class of users looking to conduct thorough research before executing their trades. For them, the platform offers several analysis and research tools for such users. Let’s look at some of these features.
ProCharts unleashes the full capability of eToro’s charting capabilities and can be launched through the ProCharts settings. The software comes with 66 indicators and 13 drawing tools and is designed by the eToro team. It is also accessible via web and mobile browsers or applications. ProCharts also allows users to implement different trend trading strategies into their trades.
Users can also customize their charting area when it comes to the colors and the timeframe of each candlestick. They can also deploy other technical indicators, such as the MACD and RSI. Remember, ProCharts is targeted primarily at more advanced traders. Traders who are just starting out and have limited experience with technical analysis will find eToro’s basic charts far more appealing. eToro’s basic charts contain pricing information and are updated on a second-by-second basis.
eToro allows users to search for crypto trading ideas or copy individual traders across 108 supported trading pairs. Investors can use the trading app to withdraw their assets from the platform. The app acts as a custodian of user assets and comes with a multi-sig theme, similar to eToro’s Forex mobile application.
The eToro platform has integrated several third-party news sources, allowing users to view real-time market developments. This is an excellent way for platform users to stay ahead of the competition on other exchanges.
Copy Trading is an excellent tool for those users who wish to use eToro to invest passively. It is ideal for those investors who have limited experience in trading or those who do not have the time to conduct complex trades. eToro’s copy trading tool consists of thousands of verified investors. Users can research each investor and see their performance before selecting an investor to copy. Users can also view the types of assets traded by individual traders and how much time they keep a particular position open.
After selecting an investor, traders must decide how much they wish to invest. The minimum amount traders can invest is $200. Once the trader and the investment amount have been confirmed, the investor’s future trades will also reflect in the user’s portfolio. So how does copy trading work? Let’s understand it with the help of a simple example.
- Let’s assume a user invests $5000 into a trader of their choice.
- Subsequently, the trader invests 20% of their capital in Bitcoin.
- A further 10% is invested in Ethereum.
- The eToro user will see $1000 worth of Bitcoin added to their portfolio (20% of their investment).
- The user will also see $500 worth of Ethereum added to their portfolio, 10% of their $5000 investment.
- When the trader closes their position, the same will occur with the user.
- Any profit or loss will also be mirrored in the user’s portfolio.
There are no additional fees in copy trading. Users will only have to pay the fee for the asset they are trading. Let’s look at some of the best traders to copy on the platform.
Best Traders To Copy On eToro
With millions of traders on eToro platform, knowing which eToro traders to copy is not an easy task.
Below, we listed some of the best eToro traders to follow:
Jeppe Kirk Bonde – Best Trader to Copy on eToro
Jeppe Kirk Bonde is the most popular eToro platform trader, with over 23,000 followers. Bonde has over 8 years of trading history on eToro, having joined the platform in 2013. He has generated an average annual return of 28% and made 36% and 15% gains in 2020 and 2021, respectively.
Heloise Greeff – Best Active Trader on eToro Platform
Heloise Greeff is one of the most active traders on the eToro platform and has made massive gains since 2017. In 2017, 2018, and 2019, he made gains of 39%, 4%, and 20%, respectively. In 2020 and 2021, he generated an incredible 45% and 20% profit, respectively. Greeff primarily invests in top altcoins, large-cap stocks, and gold.
Lukasz Kisicki – Best New Trader on eToro Platform
Lukasz Kisicki is a relatively new trader on the eToro platform, joining in 2020. However, this has not stopped him from establishing himself as the best overall copy trader on the platform. Despite joining in September 2020, he finished the year with a profit of 23%. 2021 saw Kisicki make a decent profit of 18%. In the first half of 2022, Kisicki managed to increase the size of his portfolio by 15%. This is a genuinely incredible achievement, especially when you consider that most portfolios are in the red in 2022.
However, despite the success, Kisicki has a risk rating of 6, which is on the higher side. He has repeatedly stated that he intends to bring this rating down to 4. Kisicki’s primary focus is on stocks and the odd position in commodities and crypto. His average trade duration is around four positions per week, with an average holding time of two and a half weeks. Kisicki has registered 57 profitable weeks since joining eToro.
Ingvar Rueckemann – Best Stock Trader to Copy on eToro Platform
Ingvar Rueckemann is a specialist stock trader who is extremely popular with traders on eToro. Having joined the platform in August 2020, Rueckemann has become one of the most sought-after long-term investors. Despite joining in August 2020, Rueckemann was able to make a profit of 20% during that year, following that up with a 22% profit in 2021.
Richard Stroud – Best Long-Term Investor to Copy
Richard Stroud is arguably the best copy trader for long-term investments. Stroud recommends a minimum investment of $500 and also suggests copying all open positions when setting up the order. As a long term-trader, he recommends keeping the copy-trading investment open for a minimum of one year.
After joining the platform in 2018, Stroud ended his first year at a loss of 15%. However, he has remained profitable since, making a gain of 41% in 2019 and 60% in 2020. These high profits have resulted in Stroud accumulating over 11,000 copiers. He maintains a reasonable risk rating of 5, and places an average of two trades per week.
Your capital is at risk. 78% of retail investor accounts lose money when trading CFDs with this provider.
eToro Review: Smart Portfolios
Another passive investment tool users can consider is eToro’s Smart Portfolios. Smart Portfolios are innovative, long-term investment portfolios specially created by eToro’s expert analysts. Each Smart Portfolio has a unique investment strategy, offering users a convenient avenue to diversify their portfolio and access major markets without excessive portfolio management fees.
Users can choose from a diverse range of portfolios from sectors such as technology, utilities, Web3, and even regional economies such as Europe and Australia. The “utility” sector consists of companies such as Duke Energy, National Grid, Iberdrola, Public Service Enterprise Group, and others. Meanwhile, the technology portfolio allows users to access stocks of companies such as Alphabet, NVIDIA, Qualcomm, Baidu, and others.
Our eToro review found four types of accounts offered by the eToro platform. Let’s look at each in a little more detail.
The personal account is eToro’s default account type. The account allows users to trade assets, copy other traders on the platform, and invest in SmartPortfolios. Individual account holders have the highest level of consumer protection. However, the amount of leverage they can use is limited.
Professional accounts allow traders on eToro to use higher leverage whilst opening their trades. However, this type of account is only offered to traders meeting specific criteria. You can learn more about Professional Accounts here.
eToro’s corporate accounts have specifically been created for business purposes. This account is ideal for those conducting trades using capital belonging to their business.
eToro’s Islamic Account is a special type of account created for its Muslim clientele. The account complies with Islamic law, and eToro does not charge or credit overnight fees on this type of account.
eToro Demo Account
During our eToro review, we also looked at the eToro demo account. This account is ideal for users who are entirely new to trading or the platform. The demo account is available to all users, and traders can switch between “real” and “virtual” modes while trading. The account comes with a paper balance of $100,000. Users can also access live market conditions and supported markets such as Smart Portfolios and Copy Trading.
The demo account gives users an excellent way to explore the eToro platform or test out new investment strategies without putting capital at risk.
eToroReview: Payment Methods
During our eToro review, we also looked at payment options offered by the platform. Users have several options when it comes to choosing a payment method. These include debit cards, credit cards, E-wallets, and ACH.
Debit or credit cards are the easiest way to deposit funds into an eToro account. The platform supports MasterCard, Visa, Maestro, and Visa Electron. However, support for American Express is lacking.
Another convenient way of adding funds to an eToro account is via e-wallets. The platform supports all major e-wallets, including PayPal, Neteller, Skrill, and WebMoney. Like debit or credit card deposits, e-wallet transfers are processed instantly.
eToro gives users the option for ACH deposits as well. Users need to select the “online banking” option from the list of supported payment methods and follow the instructions to complete ACH deposits.
eToro Review: Minimum Deposit
When opening an account on eToro, users must make a minimum deposit of $10. Furthermore, the platform also allows users to invest in fractional shares of stocks. This means users can purchase a small portion of a share if they make a deposit above $10.
|Type Of Deposit
|Debit or Credit Card
|Up To 5 Business Days
As with any platform, the withdrawal time depends on the method used for withdrawal. The eToro website offers information about the time each withdrawal method could take, depending on the payment method. While withdrawal in eToro money is instant, debit/credit card and bank transfers take up to 10 business days to receive funds.
|Time Taken To Receive Funds
|Up to ten business days
|Up to ten business days
|Up to two business days
|Up to two business days
|Up to two business days
|Up to two business days
|Up to two business days
When a user requests a withdrawal, eToro asks the user to select an alternative payment method. While the platform lists a specified number of days for withdrawals to process, withdrawal times are generally quick. Additionally, the platform does not charge withdrawal fees for its US-based users.
Licensing And Security
eToro offers users a secure and regulated crypto trading platform with a track record that goes back well over a decade. The United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) regulate the platform to offer its services in the US. Additionally, eToro is also licensed outside the US for added oversight. It holds licenses with the UK Financial Conduct Authority (FCA), the Australian Securities and Exchange Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).
eToro is also fully compliant with KYC and AML regulations in the jurisdictions it operates. Users are required to get verified and complete KYC procedures to be eligible to use the platform. Assets held in the eToro wallet are stored on the blockchain, while assets on the trading platform are held in secure cold wallets. This drastically reduces any chance of funds being lost to hackers. eToro also encourages users to set up two-factor authentication, adding an extra layer of protection to user accounts.
eToro Mobile App
Our eToro review found the mobile app offers users a seamless mobile experience, focusing on ease of use and functionality. The app provides nearly the same features found on its primary web platform, making it ideal for those using multiple devices. The platform offers two apps, the eToro crypto app and eToro money, both of which are available on Google Play and the Apple App Store. The app maintains the same look and functionality as the web platform and offers useful functionalities such as light and dark modes.
The app also offers synced watch lists, helping unify the eToro experience across multiple devices. When it comes to charting, the charts offered on the mobile app are extremely responsive. However, the app features only five indicators, compared to 67 available on the web platform. Additionally, the app does not offer drawing tools. However, apart from this shortcoming, eToro offers a clean, sleek mobile app.
Users can download and install the app and log into their account using their eToro username and password. This will automatically sync the app with the user’s main eToro account. Once logged in, users can buy, sell, or trade assets on the go. The app also enables users to check the value of their portfolio on the go and make quick adjustments to their trades.
Users can also set up custom price alerts to notify them if an asset price crosses or falls below a specified price. They can also access their demo or virtual account through the app to test trading strategies or build a virtual portfolio. The app features all the functionality of the main website, and users can directly deposit or withdraw funds through the app.
The eToro customer support is available via its help center, where users can raise support tickets and access its live chat feature. However, like most crypto and altcoin exchanges, phone support is limited. However, if users wish to use phone support, the number for eToro USA is 888-271-8365.
Besides traditional customer support, eToro also uses account managers to look after active traders on the platform. These traders generally hold over $5000 on the platform. Customer feedback and satisfaction are generally positive thanks to its quick customer service. However, it has received some negative feedback from current and former users. These complaints are generally about slow withdrawals, inability to withdraw funds, and high fees.
How To Create An Account And Start Trading
eToro is available in several countries, such as the United Kingdom, USA, Australia, India, and the European Union. Those based outside of the countries listed above will not be able to access the platform. Let’s look at how to create an account on eToro. Setting up a trading account involves several steps. We will take a look at each in detail.
Step 1: Create An Account
The first step is to create a new account on the platform. To create a new account, go to the eToro website and click on “Join Now.” After this, you will be prompted to enter your email address and a preferred username.
You will also be prompted to create a strong password. Once you have entered the required information, click on “Create Account.” After this step, you will be prompted to enter personal information such as your full name, home address, nationality, and social security number.
eToro will also verify your phone number by sending a code via SMS. You will enter this code when prompted.
Step 2: Verify Account
The next step after creating your account is verifying it. Account verification on eToro is relatively straightforward and quick. All you need to do is provide a government-issued ID card such as a driver’s license, passport, or any other government-issued ID. For address proof, you can furnish rental agreements or bank statements. You can view a complete list of eligible documents on the eToro website.
Step 3: Deposit Funds
Once your account has been verified, you can deposit funds and begin trading. Remember, the minimum deposit is set at $10. However, new users on the platform can also use the eToro demo account before depositing funds on the platform.
eToro supports several payment methods, such as debit or credit cards, e-wallets, and ACH. Furthermore, the platform does not charge a fee for USD deposits.
Step 4: Select an Asset
After depositing funds on eToro, you can search for the asset you wish to invest in. Users on the platform can access diverse markets spread across crypto, stocks, and ETFs. Searching for an asset is simple, and you can use the search bar at the top of the page to search for the desired asset.
Step 5: Place your Investment Order
After selecting the asset, you can make your investment. Enter the amount you wish to invest and then confirm your trade. However, remember that the platform has a minimum deposit of $10.
Selling On eToro
Now that you have purchased the asset, it will be added to your portfolio, accessed through the “Portfolio” page. You can also sell your investment from the portfolio page by clicking on the “cog” button and confirming the sale. Once the asset is sold, the funds will be added to your account balance.
eToro’s market research offering has seen continuous improvement year after year. The platform has added several new features, such as weekly video updates, market analysis, and research articles. This has significantly improved the platform’s research offering, bringing it on par with some of the best brokers when it comes to market research.
Market News And Analysis
eToro offers users an earnings reports calendar, a standard economic calendar, podcasts, market analysis, and news headlines. However, several of these features still need to be integrated into the eToro platform. The platform also offers Trading Central for select eToro club members.
eToro has successfully integrated fundamental analysis into its platform for share trading and in articles for its blog. However, eToro needs to catch up on other players, such as IG, thanks to a lack of technical analysis. However, despite this, the platform has considerably improved this niche thanks to its weekly crypto roundup series and the addition of Trader Talks, Digest and Invest, and eToro Plus.
eToro utilizes a Twitter (now X)-inspired news feed for commentary on each asset. The public feed is designed to update users about what other traders are discussing in the eToro network. All of the content in the eToro news feed is sourced from other eToro users.
Sentiment data on eToro is calculated using only the trades of top traders on the platform instead of data sourced from all traders. This approach is similar to how CMC markets display such data.
eToro Review: Learning Academy
eToro’s Learning Academy offers users an excellent resource of articles, videos, and weekly webinars. While the volume of learning material is lacking, eToro has made considerable progress and added new courses and content to the academy, bringing it at par with some of the best brokers in the education category.
The platform offers a dedicated online trading academy comprising dozens of videos and articles. Each video and article is organized according to category and experience level. It also offers integrated details such as information about trading instruments and other general information next to symbols available on the platform. It also has a YouTube channel with a considerable number of educational videos, market analysis, and webinars.
eToro Review: How It Compares With Other Platforms?
eToro is one of the world’s leading social trading networks and was one of the first fintech platforms to support cryptocurrencies. The company then went on to create a dedicated crypto exchange and wallet for its users. With over 15 years of market experience and a growing user base, eToro has established itself as one of the world’s leading cryptocurrency platforms. During our eToro review, we also compared it with other platforms. Let’s look at how they compare with one another.
eToro vs Robinhood
eToro and Robinhood were, at one point, completely different platforms. The former was a behemoth in the crypto space, while the latter offered users a plethora of services, combining stocks, options, ETFs, and cryptocurrencies. eToro also offers stocks and ETFs, allowing users to diversify their investments without switching portfolios. The platform offers a far more extensive selection of crypto and is easily the better choice when compared to Robinhood.
However, Robinhood has the advantage over eToro when it comes to options trading. The platform offers commission-free options trading and also does not charge contract fees. Meanwhile, most investment platforms charge a cost of $0.65 per contract. Between the two, eToro is better for crypto trading, while Robinhood is preferred for active traders looking for lower fees and options trading.
Read More: Robinhood VS eToro
eToro vs Coinbase
Coinbase is one of the most prominent crypto exchanges and the largest in the United States. Let’s look at how it stacks up against eToro.
- eToro supports over 80 cryptocurrencies. Coinbase offers users a much more extensive selection, offering users over 250 cryptocurrencies.
- eToro has several innovative features, such as Social Trading, which allows users to interact with one another on the platform. Coinbase does not offer any feature similar to Social Trading.
- eToro allows users to invest in a number of assets, including crypto, stocks, and ETFs. Coinbase only allows crypto investing and trading.
Read More: CoinBase VS eToro
Is eToro Trustworthy?
eToro has received a D- rating from the Better Business Bureau, indicating a below-average score. This rating was later downgraded to F. The Better Business Bureau ratings are determined by how the company interacts with customers. However, this rating does not imply that eToro is unreliable, performs poorly, or ignores customer complaints. It is important to conduct your own research before creating an account on eToro or any other exchange.
eToro’s most unique feature is its CopyTrader feature. This allows users to copy the trades done by high-performing traders on the platform with a single click. All they need to do is set the amount they wish to use on the trade, following which the platform automatically allocates them to mirror the positions taken by the trader the user wishes to copy. Additionally, there are no fees associated with the CopyTrader feature, and users can copy a single trader or hundreds of traders simultaneously.
Stocks, ETFs, And Crypto
Only a handful of platforms in the market allow users to trade cryptocurrencies and stocks. Even those platforms that offer both end up having a limited selection when it comes to cryptocurrencies. However, eToro offers users the option of investing in stocks and ETFs, along with a robust selection of cryptocurrencies. The platform offers users zero-commission stock trading, along with the ability to purchase fractional shares. Furthermore, eToro also offers a virtual brokerage account. Here users can try out the platform and test trading strategies without putting any real capital at risk.
Debit Card Deposits
Most cryptocurrency platforms charge users a fee when they deposit funds using a debit card. However, eToro charges no such fee. Users can make fiat deposits via bank transfers or debit cards without paying any additional charges. There is a small conversion fee that is levied on non-US transactions on the platform.
eToro Review: Room For Improvement
One aspect that eToro could improve upon is its fee structure. Currently, the platform charges a 1% fee on crypto transactions plus a spread. While this is lower than some other players, it is by no means the most competitive offering in the market. Some platforms offer fees as low as 0.1%. eToro’s fees become a problem if you plan on purchasing a significant amount of crypto. Paying a 1% fee each time you buy or sell assets could eat into your profits. Additionally, eToro also levies an inactivity fee on accounts that have been inactive for over a year.
Limited Selection Of Assets
Another aspect that could be improved is the amount of crypto assets on offer. Compared to some of the most prominent exchanges, eToro does not offer the most extensive selection of cryptocurrencies, offering around 80. Many other exchanges offer hundreds of cryptocurrencies on their respective platforms. However, if you are looking to invest in major cryptos, stocks, and ETFs through one platform, then eToro could be the perfect choice.
eToro also faces geographical restrictions and is not available in all US states. Residents of Hawaii, Nevada, Minnesota, and New York cannot buy or sell crypto on eToro. However, the company does plan on expanding its services to all US states in the near future.
eToro’s customer service also leaves a lot to be desired. Customers can contact customer service by raising a ticket or online chat. However, phone support is highly restricted.
Alternatives To eToro
If you are looking for more options when it comes to cryptocurrencies, then eToro may not fulfill your requirements. Platforms such as Coinbase have a far more extensive selection of cryptocurrencies on offer. However, unlike eToro, it does not offer stocks and other investment assets. Coinbase is excellent for advanced traders but features a complicated and expensive fee structure.
Robinhood is also a viable alternative to eToro, offering stocks and options apart from cryptocurrencies. However, the platform has an extremely limited selection of cryptocurrencies.
What Is The eToro Club?
The eToro Club is a premium membership program that allows users to access exclusive features and benefits based on their account balance. The club membership is extended to users who have over $5000 worth of purchased crypto assets or cash holdings in their accounts. Members receive perks such as
- Early access to services, features, and new products.
- Live webinars
Users with over $25,000 invested on the platform can avail of additional benefits such as
- Priority customer service
- A dedicated account manager
- A Wall Street Journal subscription
eToro Review – Conclusion
eToro is an excellent platform for those who wish to mirror the trades of experienced and highly successful traders. Our eToro review found that the platform offers US stocks, international stocks, and ETFs at 0% commission. Additionally, the fee applied on crypto transactions stands at just 1%. There are also no extra fees involved when withdrawing or depositing funds in USD.
Because the platform is regulated by a number of regulatory bodies in various jurisdictions, it ensures the complete safety of user funds. While it could improve in certain aspects, eToro is one of the best platforms currently available for users.
Reviewed and Fact Checked by Wajeeh Khan, Fintech, Blockchain Writer and Investment Analyst.
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