Reviews
11
Mar

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eToro review

eToro is one of the best-known online trading platforms. It is nowadays a very popular site among cryptocurrency traders too! This article is an eToro review. We’ll go through all the key features of this platform and we’ll share our eToro experiences too.

This article is designed for beginners who have never used eToro before.

General information about eToro

eToro has established itself as a well-known trading platform. The company has always had a strong focus on online trading. The first steps were taken in 2009 when the WebTrader platform was launched.

In 2010, eToro brought OpenBook software to the market. It was the first social trading platform on the planet. This software also included the popular CopyTrader feature, which we’ll take a closer look at in this article.

Here is a short introduction video of eToro’s social investing.

Cryptocurrencies were introduced in 2017. Crypto trading has become more popular every year. eToro has expanded the crypto selection and added new features like staking.

The eToro brand is well-known worldwide. There are over 20 million customers from 120 different countries trading on eToro. The headquarters are located in Tel Aviv, Israel. The current CEO is Yoni Assia. He is also one of the eToro founders.

eToro registration

To get started, you need to register an eToro account. You can do this by clicking on the link below.

Register your eToro account

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

The link directs you to the eToro website. Depending on the landing page, you’ll see a button titled ‘Sign up’, ‘Start Trading’, etc. This will open up the registration form.

Note. This review is done by using a standard desktop computer. If you are using a mobile device, the pages and menu items might look slightly different You can also change the language of the site from English to one of several other languages.

Begin the registration process by entering your username, email address, and password.etoro signup

After accepting the Terms and Conditions and the Privacy Policy, click the Create Account button.

You should receive a confirmation email immediately. Follow the link in this email to verify your email address. Once this is done, you will be able to log in to your account.

After logging in for the first time, you will be asked to complete the profile details, such as your name, date of birth, etc. You can access the user profile from the upper-left corner and fill in the necessary information.

eToro KYC (verifying your account)

In order to access all features, you need to complete a KYC. This is a standard procedure in all trading platforms these days. It is possible to deposit small amounts without account verification, but we advise you to complete the KYC process right away.

First, you are asked to verify your phone number using a one-time code. Then you must upload a picture of your passport or other official ID on both sides.

etoro-kyc-en

Please note that the ID must be valid, the image must be colored, and all the information must be clearly visible.

After verifying your identity, eToro asks you to upload a picture of an official letter to verify your address. Acceptable documents include a bank statement, a credit card invoice, or an electricity bill. The document must be less than six months old.

You must also confirm all countries where you are a taxable person and enter your tax IDs. In most countries, a person’s tax ID is the same as the social security number.

Once the required information has been provided, your account will be verified within three business days. You will be contacted by email if further information is needed. You can also deposit funds into the platform in accordance with the deposit limits before the verification process has been completed.

How to make a deposit

The next step is to make a deposit. Please note that there is also a virtual portfolio of $100,000 available. You can test trading strategies safely with this play money first.

Once you are ready to make a deposit, click the Deposit Funds button from the main menu. The following list opens.

etoro-deposit

As the image shows, eToro has the most popular deposit methods available. Just pick the one that you like the most!

Note that eToro runs on U.S. dollars, so we recommend depositing dollars into your account. There might be some currency exchange costs involved depending on the deposit method, but eToro doesn’t charge any processing fees from deposits.

How to withdraw funds from eToro

Withdrawing funds from eToro is very easy. The funds available for withdrawal appear at the bottom of the home view in the Home tab.

To withdraw, select Withdraw Funds from the main menu. Enter the amount you wish to withdraw and click Continue.

etoro-withdrawal

The funds must be withdrawn using the same method you have used for depositing. If you have deposited funds using different payment methods, your withdrawal may also be distributed to different payment methods.

The platform shows you a list of available withdrawal options. Withdrawal requests will be processed within two days. The funds will arrive in your bank account within a couple of days.

A processing fee of 5 euro will be charged for the withdrawals. As you progress to the platinum level in the eToro Club rewards program, all withdrawals are free. You’ll find more information about the eToro club later in this article.

How to buy and sell Bitcoin on eToro

Now we can buy bitcoins!  You can find investing-related news on the homepage and discover different assets by clicking the Discover tab. In this article, we’ll focus on cryptocurrencies.

Once you open the Discover tab, you’ll find the Crypto option. Click that to view available cryptocurrencies. You will also see the Daily Movers, Trending Crypto, and crypto-related CopyPortfolios.

You can find dozens of different cryptocurrencies on eToro. In addition to Bitcoin, there are a number of altcoins, including Ethereum, Dash, Litecoin, Cardano, MIOTA, Uniswap, and Dogecoin.

To buy Bitcoin, click the Bitcoin icon. Click Trade to open the trading popup.  Select BUY from the top of the window and enter the dollar amount (or the number of bitcoins) you wish to buy.

etoro-buy-bitcoin
Past performance is not an indication of future results.

When everything is sure to be in order, click the Open Trade button. Now you are holding Bitcoin! You can track the performance of your trade from the portfolio page.

Note. If you click SELL from the trading menu you won’t be selling your Bitcoin position. If you want to sell your previously purchased coins, go to the portfolio page and close the position instead.

The sell option in this trading popup means short-selling. Do that if you want to bet against Bitcoin, meaning you think the price is going down. Your short positions can be also closed from the portfolio page.

How to transfer crypto from eToro

It is possible to transfer purchased cryptocurrencies out of the eToro trading platform. You might want to store your coins in a personal wallet (like Ledger Nano) or simply make a payment to your friend.

First, you must download the eToro Money app (formerly eToro Wallet) on your mobile device. It’s available for iOS and Android.

etoro money app
Past performance is not an indication of future results.

You can log in with your eToro credentials, so your wallet is automatically connected to your trading account.

Once the eToro Money app is ready, go back to the eToro trading platform and select the cryptocurrency position you want to transfer. Click on the open position and press the Transfer to Wallet button.

Your transfer request is accepted within approximately three working days. After that, the position will no longer appear on your eToro portfolio. Instead, you can find it from your eToro Money app.

You can transfer your coins from the eToro Money app to any other crypto wallet.

Note, that it is not possible to transfer cryptocurrencies back to the eToro trading platform once you have transferred them out.

eToro Social Trading, Copy Trader, and eToro Club

eToro offers many fun features besides regular trading. One of these is Social Trading. Each investment class has its own “wall” on eToro with commenting features. It’s quite similar to Facebook.

Users of the platform can discuss investments, present their own views, and link news related to the topic for the delight of others. It is easy to gather information before making your investment decisions.

You can also track other users and even copy their investment portfolios. The Copy Trader feature is free to use. It allows you to track professional investors and make exactly the same purchases that they do.

etoro-social
Past performance is not an indication of future results.

In addition to copying individual people, eToro’s team has made numerous different allocated portfolios for you to copy. You can find these from the Discover tab.

For example, the BitcoinWorldWide portfolio contains approximately 25% Bitcoin while the rest of the portfolio consists of companies related to the industry, such as mining companies and payment services. In this case, you invest in the whole industry instead of buying a single coin.

The last special feature is the eToro Club.

etoro club

You will move to higher levels based on your allocated total investments. At the lowest levels, there aren’t that many benefits. Once you get higher, the withdrawals become free of charge, you get gifts, a personal customer advisor, tickets to events, and much more.

eToro Fees

Let’s take a look at eToro platform fees.

Depositing to an eToro account is free of charge regardless of the method. When withdrawing money from the platform a processing fee of $5 will be charged for all withdrawals. If you have reached the platinum level (or higher) at eToro Club, all withdrawals are free.

Investing in stocks is always free of charge. Investing in ETFs, commodities, and fiat currencies is subject to costs per product. In general, fees are less than 0.09%.

Investing in cryptocurrencies is subject to a fee. The fee structure was changed in March 2022 to a fixed one percent (1%) fee for all cryptocurrencies. Previously, there was a different fee for each crypto. This change was definitely a positive one for eToro customers!

eToro safety

eToro is commonly known as a reliable operator with almost fifteen years of history. The platform is used by millions of investors worldwide. eToro Europe is supervised and regulated by the Cyprus Securities and Exchange Commission.

Your assets are safe on eToro’s investment platform, but if you invest large amounts in cryptocurrencies, you should also consider a separate wallet. For a small investor storing cryptocurrencies in eToro is a very effective and safe solution.

The login is done with an email and password. In a mobile app it is not necessary to fill in the credentials every time. It is recommended to add two-factor authentication (2FA). You’ll find this feature from the account security settings.

eToro experiences and summary

eToro has been operating for almost fifteen years. There are millions of people around the world with positive eToro experiences.

The user interface of eToro is very simple. Despite the high amount of assets and features available, everything can be found quickly. It is an excellent option for investors in Nordic countries too as deposits can be made using Trustly.

For a regular cryptocurrency investor, eToro is a good option. The growing range of assets includes the most essential cryptocurrencies. The fees are reasonable but clearly higher than in Binance. For an active trader, eToro may not be the best option, but it is ideal for long-term investing.

To get the most out of eToro, it is recommended to download the easy-to-use mobile application. This way you can easily check your portfolio at a glance!

Try eToro now!

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.


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.

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.

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