eToro Exchange Review

eToro is unique in the cryptocurrency exchange space, as it has been around since before the Bitcoin network was launched. This trading platform was originally for trading traditional assets, but more recently, eToro has entered the cryptocurrency space. The site has more than six million users. eToro offers many trading features that beginners can benefit from, and to top it off, the entire interface experience is extremely friendly and welcoming to first-time crypto traders.

eToro Exchange Logo

Etoro

  • Great for crypto beginners
  • Solid crypto/general trading platform
  • Reliable company with solid trust in the community
  • Fully supports credit cards for deposits and withdrawals

General Overview

The Benefits PRO's
  • Traders receive access to traditional markets
  • Social trading feature enables tracking of other users’ trades
  • Copy trading features enables users to follow and copy the action of other users’ trades
  • Easy for new cryptocurrency traders to understand
  • One of the most trusted options on the market
The Downside CON's
  • Cannot take custody of your own coins when trading on eToro, these are derivatives
  • Large number of different fees to look out for on this platform
  • Americans do not have as many trading options as traders from other parts of the world
  • The number of cryptocurrencies available for trade is somewhat limited
  • CFDs come with additional risks that may not be suitable for new traders

eToro at a Glance

Volume Unavailable
Trust Rating High
Fees High
Withdrawal Limit $200,000 for cryptocurrencies
Overall Rating Medium
Users 6+ Million

eToro Funding Methods

Method Deposit Withdraw Speed
Bank Account (ACH) No No n/a
Credit Card Yes Yes Instant
Debit Card Yes Yes Instant
Wire Transfer Yes Yes 4-7 Days

Sign-up Process

eToro has a rather simple, straightforward sign-up process, although personal information will need to be verified before a user can start trading. To open a new account on eToro, follow these steps:

  1. Go to the eToro homepage and click on the “Join Now” or “Trade Now” button to get started.
  2. You will need to enter your personal data on the next page, including your first name, last name, email address, username, password, and phone number. You also have the option to create an account via your Facebook or Google account.
  3. Before submitting all of your information, take a look at the eToro Terms and Conditions and various policies that you are agreeing to. You must indicate that you’ve read and agree to these terms before signing up for an account.
  4. Once you submit your basic information, you will need to go through the Know Your Customer (KYC) application, which is used to verify your identity and limit money laundering on the platform. For this part of the account creation process, you will need to provide a valid bill or document that proves your residence and your passport or some other government-issued identification. The KYC process also involves a questionnaire that must be filled out in order for eToro to better learn how they can best serve you.

What You Can Buy

While eToro does not offer a wide variety of cryptocurrencies for trade, most of the biggest names in the cryptocurrency market can be found on this platform. These include:

eToro Supported Applications

Users of eToro are able to interact with the platform via mobile or desktop devices. The trading platform can be accessed via a web browser, and there are also applications available for Android and iOS.

In addition to the eToro trading app, there is also the eToro Wallet, which can be used by traders to gain more functionality with their assets. However, it should be noted that this feature is not available for all crypto assets and it is still a custodial wallet.

Is eToro Safe?

eToro is one of the safest companies in the cryptocurrency space thanks to its compliance with CySEC, FCA and ASIC regulations. All customer funds are held in secure banks and personal information is guarded under SSL encryption. It’s very unlikely you’d lose money on eToro.

On the other hand eToro is one of the only cryptocurrency exchanges where you don’t actually own your cryptocurrency, they are just derivatives, which definitely frustrates some crypto enthusiasts.

Fees

The fees charged to eToro users can be difficult to fully understand. There are a variety of different fees associated with the platform, and different cryptocurrencies come with different fees when making trades.

While there are no fees on deposits, there is a flat $5 fee added to every withdrawal. The minimum withdrawal amount is $30. There are also fees added to deposits and withdrawals if a currency conversion must be made to process the payment. Additionally, eToro charges flat fees for cryptocurrencies that are withdrawn to the eToro Wallet.

The fees charged on your cryptocurrency trading will depend on which crypto assets you are buying and selling. Bitcoin has the lowest fees at 0.75%, but these fees can go as high as 4.5% for smaller altcoins. In addition to the base trading fee, there will also be an overnight fee added to CFD positions.

Finally, it should be noted that eToro charges a $10 monthly inactivity fee for accounts that have not been logged into for 12 months.

eToro Frequently Asked Questions

About the Author

Kyle Torpey

Kyle Torpey

Kyle is the creator of https://thecryptofeed.net and has been writing about Bitcoin since 2014. He's interested in the use of Bitcoin as digital gold and means of censorship-resistant transaction, in addition to issues related to online privacy.