eToro review

eToro is one of the best-known online trading platforms. It is nowadays a very popular site among cryptocurrency traders too! eToro enabled crypto trading since 2017 and you can buy Bitcoin,  XRP Ripple and many more crypto from eToro . This article is an eToro review. We’ll go through all the key features and give our opinion of the platform as well. This eToro beginner’s guide will help to decide if the platform meets your requirements and needs.

eToro review – a reliable operator

eToro has established itself as a well-known trading brand in the past decade. You can spot eToro ads from Premier League matches and other popular events. The company has always had a strong focus on online trading. The first steps were taken already in 2009 when eToro’s WebTrader platform was launched.

In 2010, eToro brought OpenBook software to the market, which became very popular. It was the first social trading platform on the planet. This software also included the popular CopyTrader feature, which we’re going to check a little bit later.

Cryptocurrencies were launched in the spring of 2017. The crypto selection included the most popular virtual currencies, such as Bitcoin, Ethereum, Litecoin and Ripple XRP. Crypto trading has become more popular every year.

eToro is a brand well-known worldwide. It has over nine million customers from 140 different countries. The head offices are located in Limassol, Tel Aviv and London.

eToro Beginner’s Guide: how to register

Next, let’s dive into the eToro platform!

Opening a new account is fast and simple. Click the link below and you’ll land to the eToro front page.

Try eToro now!
Disclaimer: 75% of retail CFD accounts lose money.

Click the Join now button on the front page and a registration form opens. Fill in all the necessary information and wait for the confirmation e-mail, which should arrive in your inbox immediately. Confirm your registration and you are good to go!

You can access all of eToro’s features after registration. A great way to test the platform safely is to use Virtual Portfolio, which can be activated under your profile image (see the picture below).

etoro portfolioThere’s a dropdown menu on the top left corner of the site, which allows you to choose between real and virtual funds. You can test eToro with a $100.000 virtual portfolio.

Trading with a virtual portfolio can be a great way to try your investing career, especially if you don’t have much experience from before. Some traders test their systems for months or even years before throwing in real money.

If you want to take full advantage of eToro’s social platform and deposit real funds, you need to go through the standard KYC process. You can perform this by clicking the Complete Profile button on the left menu bar.

eToro offers stocks, currencies, commodities and cryptocurrencies

The best feature of eToro is the simplicity of the platform. It is very easy to use, and you find all relevant markets quickly. There are more than enough options to trade even for more experienced traders.

Below is a screenshot of the trading page at eToro.

etoro trading
Disclaimer: Past performance is not an indication of future results.

You can invest in ETF funds, stocks, indexes, commodities and cryptocurrencies at eToro. It’s also possible to use leverage. The maximum size depends on the market. You can, for example, invest in EUR vs USD with 30x leverage.

What we like most at eToro is the fact you find all interesting investment opportunities under one roof. Many crypto investors buy also stocks and like to invest in gold or silver. If you have a portfolio like this, eToro is a great option for you. Since this review is about cryptocurrencies, we don’t go deeper into other markets right now.

We recommend starting with your virtual portfolio. You can try stop-loss limits, leverage, commodities and all that with a virtual 100K war chest with no risk involved. It’s recommended to try any service with virtual money first, whenever possible.

eToro social trading

eToro is a social trading platform. What does this mean in practice?

The platform enables interaction between users. When you click at any trading instrument, you can see what other eToro traders think about it. You can add your buy or sell opinions to the mix as well.

One of the best-known features of eToro is called CopyTrader. You can access this by clicking Copy People link from the left menu. The image below is a screenshot of this feature.

etoro copy people
Disclaimer: Past performance is not an indication of future results.

This feature works just like the name suggests. You can copy the selections professional traders are making at eToro. The platform has millions of users, which means there are also lots of money-making professionals.

Click the profile of any trader to view their stats and the profit margins on the platform. Typically, each trader has a focus on certain instruments. Some trade stocks, some trade commodities and some trade cryptocurrencies.

You’ll also find Popular Investors from this page, who are the most copied traders on eToro. You can also become one of these traders and earn a bonus on top of your investment profits.

“When they are copied by other people, Popular Investors earn fixed payments and up to 2% of their annual assets under management (AUM). These payments are in addition to any profits made from their own trading.”

It’s also possible to invest in managed portfolios. This feature is called CopyPortfolio. The idea is a bit similar to CryptoTrader, but you can diversify your investment automatically between different instruments or traders.

One portfolio could include investments from ten different traders (via CopyTrader) and invest to U.S. tech stocks with a certain weight. The idea is close to ETF investing, but here you can build any kind of portfolio you like.

With CopyTrader and CopyPortfolio features, an amateur investor can follow profitable money managers from all over the globe.

How to buy cryptocurrencies at eToro

Next, it’s time to look at the cryptocurrency offers at eToro.

As mentioned earlier, crypto trading was enabled in the spring of 2017. There are currently 17 different cryptocurrencies including the biggest names on the market: eToro offers Bitcoin, Ripple, Ethereum as an example. The latest additions are Tezos (XTZ), Binance Coin (BNB) and Zcash (ZEC).

You can access crypto trading by clicking Trade Markets from the main menu and then selecting Crypto from the top menu of the page.

etoro cryptocurrencies
Disclaimer: Past performance is not an indication of future results.

It’s important to understand that you can buy cryptocurrencies in two different ways. If you buy crypto without any leverage, you buy them the same way as you’d do from any other crypto exchange. You have a claim to bitcoins, litecoins or whatever cryptocurrency you bought. If you wish, you can also withdraw these coins out of the eToro platform to a crypto wallet and further to an external address. 

Click here to buy cryptocurrencies
Disclaimer: 75% of retail CFD accounts lose money.

There are many traders who want to use more advanced options, mainly leverage. In this case, you are making a trade using CFD – Contract For Difference. This is how crypto investing works in all similar online trading platforms.

The difference is significant because a CFD trade doesn’t buy you the underlying asset. You are simply making a bet on the price performance. Another important feature is shorting, which has been also widely used in the long bear market of 2018/2019. Shorting the price means you can make money when the price goes down. 

The previous bear market lasted almost one and a half years from January 2018 to April 2019. A traditional holder couldn’t do anything but see his/her portfolio go down in value. But, during this time it was possible to make great profits by shorting the price. You can also use shorts to protect your portfolio from price falls without having to sell your coins.

Below is a picture of a leveraged (X2) CFD trade.

etoro buying bitcoin
Disclaimer: Past performance is not an indication of future results.

Using leverage is another great advantage since it can multiply your profits. For example: if you use a 5:1 leverage and your investments go up 10%, you make 50% profit.

The downside of the leverage is obvious: it can also trigger much higher losses. Leverage should be only used by professional traders and you’d always consider a tight stop-loss limit. This means your investment would be sold automatically if the price starts to move in the wrong direction.

Since you don’t hold any cryptos at eToro, there are no withdrawals either. You are just trading the price of the underlying asset to go up or down. The good thing is that you don’t have to worry about the risks of storing your cryptos.

eToro cryptocurrency wallet

As mentioned earlier, it’s possible to buy cryptocurrencies from eToro in two different ways. You can buy them “normally” like from any other exchange or use margin trading options (leverage and shorting), which means CFD trading. In such a case, you have fiat positions (EUR, USD etc.) and you don’t actually own any cryptocurrency.

If you are not interested in leveraged trading you can just buy cryptocurrencies without any extra hassle. This makes it also possible to transfer your coins from eToro trading platform to an external eToro wallet (available on Android & iOS).

etoro cryptocurrency wallet

Using a proper cryptocurrency wallet might feel more comfortable for a crypto enthusiast. This is in no way necessary, so you don’t have to download a crypto wallet if you don’t feel like it. Using eToroX wallet is a bit lighter and simpler way to manage your portfolio if you are just interested in crypto. 

This wallet is linked to your eToro account. You need eToro credentials to log in, so you can’t use the wallet without creating an eToro account first.

As mentioned earlier, you can also move your coins from the eToro wallet to another wallet. If you want ultimate safety, you could just transfer them to a cold wallet like Ledger Nano X. This is how you transfer your coins from eToro platform (source: eToro FAQ):

The option to transfer coins from the eToro trading platform to the eToro Wallet can be found on the ‘Edit Trade’ screen. In order to get to it, please go to your Portfolio screen and click on the relevant trade. The option will appear under the ‘Invested amount’ in the ‘Edit Trade’ screen.

Once you select this option, a new pop-up will appear, showing you the amount of units in the trade, the fee that will be paid for executing this transaction and the final amount of units (coins) that you will receive in your wallet. The relevant crypto position will remain open on the platform until the transaction is approved and processed by eToro, at which point the position will close and the coins will be sent to your wallet.

As stated above: if you transfer your coins from the eToro platform, all trades and positions related to those coins will be closed. You can’t move your coins back and forth between the platform and the wallet. Once you transfer them to your eToro wallet, they can’t be moved back.

eToro’s crypto wallet supports currently Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, and Stellar Lumes. The app is developed constantly. We’ll see new features and more supported coins in the future.

eToro experiences

If you are an experienced crypto investor and you want to hold your crypto and know how to store them properly, eToro is not your number one choice. You’ll get better deals and wider selection by going to crypto exchanges.

eToro is a great option for those traders, who want more than just cryptos. If your portfolio has stocks, commodities, ETFs or traditional currencies, eToro is a great option. If you don’t believe us, let Alec Baldwin convince you!

We like the fact that eToro has been around for a long time. This trading platform was launched over ten years ago and it has become a well-known, global brand. eToro has soon ten million customers, which tells a lot.

eToro has also built a very user-friendly interface. It’s easy to navigate inside the platform and find the trades you want – also in the mobile version. We also like the social trading features, which can help you grow your portfolio by following the most professional traders out there.

There are also plenty of guides for newbies available, and not to forget the $100,000 virtual portfolio.

Click here to register at eToro
Disclaimer: 75% of retail CFD accounts lose money.

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. 75% 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.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

You’ll find some frequently asked questions below.

Is eToro safe?

eToro has been in the market for over ten years. It is a regulated service with millions of users. eToro is using the latest technology to prevent fraud and there is also 24/7 support available. We rate eToro as a safe service.

Is eToro free?

There is no registration fee or monthly fee for using eToro. You can also test your trading skills with virtual money first. eToro is charging small fees when you make trades. Click here to view the market hours and fees for eToro.

Is eToro legit?

eToro (Europe) is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC). eToro is also regulated in the UK by the Financial Conduct Authority (FCA) and in Australia by the Australian Securities and Investments Commission (ASIC). So yes, eToro is legit.

Can you buy cryptocurrencies from eToro?

You can buy all the most popular cryptocurrencies from eToro including Bitcoin, Ethereum, Ripple XRP, Bitcoin Cash and many more. Click here to see the entire cryptocurrency selection.

Can you withdraw cryptocurrency from eToro?

No, you can’t. This is because you invest in cryptocurrencies via CFD instruments. You don’t actually buy the underlying asset but rather place a bet on the price movement. Your investment’s value goes up or down based on the cryptocurrency price movement.

 

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