Contributor, Benzinga
February 17, 2022

Looking for a comprehensive eToro review? We've got your back. Let's take a look if eToro is a viable platform for cryptocurrency investing and see how it compares to competitors like Coinbase and Robinhood. Learn about the key features, security measures and customer service offered by the platform and how you can start investing in the eToro exchange today.

In this eToro review, you will learn quite a bit about this platform, what it does and how it helps investors manage their portfolios. Because there are so many sites like this, take a look at what makes the eToro cryptocurrency and stock site/app stand out.

Is eToro legit? Absolutely. The platform is headquartered in New Jersey, and is registered as a broker-dealer with the Securities and Exchange Commission, is a member of FINRA and SIPC. Not only is eToro legit but it’s backed by the agencies that give you peace of mind.

eToro Pricing

Like many cryptocurrency trading platforms, eToro’s crypto fees rise no higher than the spread – the difference between the bid and the ask price when you trade. A spread is a fee collected by the broker in exchange for executing your trade. eToro fees include a percentage spread based on the crypto that you’re trading, and you don’t need to pay any type of commission beyond the spread. You’ll also only pay a single percentage spread when you buy the asset, which is then adjusted when you sell. This means that if you lose a significant amount of money on your trade, you’ll be refunded a percentage of your spread, which is a feature we haven’t seen with any other cryptocurrency broker. 

eToro crypto fees include a percentage spread that varies by token. Typically, the spread is between 0.75% and 2.5%, depending on the cryptocurrency you choose to invest in.

eToro doesn’t have an account minimum that you must maintain. However, you must transfer at least $50 into your account when you make a deposit. eToro withdrawal fees are a flat $5 per transaction.

When purchasing cryptocurrencies, the minimum buy order value is $20. If you’d like to use eToro’s CopyPortfolio feature, you’ll need to make a minimum investment of at least $200, and each individual trade must be valued at at least $1. Margin trading is currently not supported for cryptocurrency trading.

There’s always an eToro bonus. If you want to know what the current giveaway is, go to the eToro promotion page and check out what’s available. As of press time, eToro is offering $250 of crypto when you buy up $5000 of cryptocurrency or more.

eToro Usability

The world of cryptocurrency trading isn’t often welcoming for beginner traders. eToro offers a simple, beginner-friendly platform that anyone can master in as little as a few trades.

Some of the features that we love about eToro include:

  • A simple, quick sign-up process: Signing up with eToro is as simple as entering a little personal information and verifying your identity. Most traders will be able to create an account in as little as 10 minutes.
  • A social media-like dashboard: Have you ever wondered what people are saying about Bitcoin, Litecoin and other cryptocurrencies on social media? eToro’s trading platform doesn’t only allow you to buy and sell cryptocurrencies, it also allows you to communicate with other traders and see what other traders think about the coins you want to trade. Simply click on the crypto you’re thinking about buying or selling to learn more about what traders are saying. 
  • Intuitive buy and sell order placement: eToro’s platform is easy for beginners to navigate, with simple order placement and up-to-the-minute pricing information. eToro also includes real-time charting and price updates on its ProCharts feature (which allows you to display multiple charts and access charting tools) and a free sentiment calculator for every currency available on the platform. Though it may not offer as many charting and analysis tools as competitors, eToro’s simplicity can be a welcome change for traders just beginning their investigation into the crypto trading sphere. You might even plan to buy eToro stock when the eToro SPAC listing debuts. While eToro stock might not be high on your list of priorities, it might give you an easy way to get in on the ground floor of a growing company.

eToro Education

As part of any eToro review, you deserve to know what you will learn when using the platform—any platform.

eToro offers a few different tools that traders can use to enhance their cryptocurrency trading, decide which coins are worth the investment and make decisions when it comes to buying vs. selling. 

Some of our favorite trading and education tools available through eToro include:

  • Virtual practice portfolio: Though some major trading websites and brokers will allow you to create a “paper trading” account to practice your stock trading strategy, it’s rare to see a broker extend the same abilities to cryptocurrencies. In fact, the virtual account mimics the real trading account. You can practice your trading strategy or practice placing buy and sell orders with a $100,000 virtual practice account. This feature may be especially useful for new cryptocurrency traders who are still getting a hang of reading indicators and spreads.

You can browse professional trader portfolios by favored asset, popularity, name, year-to-date returns and more. You must, however, have a minimum deposit of at least $200 to take advantage of the CopyTrader functionality. The eToro trading platform makes it easy for you to see all your options.

  • Quick watchlist features: The cryptocurrency market moves quickly. eToro’s platform allows you to quickly create watchlists of different coins you’re interested in and set custom alerts. 
  • eToro Club: eToro has recently introduced its eToro Club feature, which provides users with additional education benefits based on the total amount of assets they have in their portfolio. Club benefits range from exclusive marketing newsletters to invitations to in-person events that will resume post-COVID. Access to the eToro Club doesn’t come with additional fees, and there are multiple tiers of membership. Your membership level depends on the initial value of the assets you deposit into your portfolio, with the largest range of benefits extended to users with more than $250,000 worth of assets under management.

eToro Customer Support

For most eToro inquiries, you’ll need to submit a support ticket through the crypto broker’s online platform. The company claims that it may take as long as 7 days to receive a reply from customer service, which is significantly longer than most other major brokers and why this section is rated 3.5 out of 5.

eToro's live chat feature is only available to users who have active eToro accounts. If you have an active eToro account, you can access live chat through your brokerage desktop 24/7 Monday through Friday.

eToro doesn’t currently offer any form of phone support or support for those with hearing limitations. There is also a help center available.

eToro Crypto Offerings

eToro crypto offers investors access to 29 of the most commonly traded coins and tokens which is why they got 4 out of 5 stars for a lack of variety.

As you read through this eToro review, remember that the crypto offerings dramatically impact how you invest. If your preferred tokens are listed above, you can move forward. If not, do some more research to discover what might work best for you.

Can you day trade crypto? Yes. Though the eToro crypto list is robust, it isn’t the most comprehensive place to buy and sell coins and tokens. Alternative exchanges like Coinbase and Binance have continued to expand their coin and token offerings, adding several dozen coins over the last year.

Plus, eToro’s MetaverseLife Smart Portfolio allocates funds to stocks and crypto that are involved in the Metaverse in one way or another.

Because the Metaverse is part of the Internet’s conceptual future, using augmented reality to bring people together in business and social settings, it is important that investors have exposure to this space. This well-diversified portfolio includes distinct sectors that include hardware, software and cryptocurrency. Currently, eToro’s minimum investment for the MetaverseLife is $500.

eToro Mobile App

eToro’s mobile app offers the full trading capabilities of the desktop platform. Some of our favorite features include:

  • Easy buy and sell orders: Placing a buy or sell order on eToro’s mobile app is just as easy as its desktop platform. Simple scroll through your list of currencies, select it, click on the green “buy” icon and place your order.
  • Simple watchlist management: You can also create coin watchlists from the eToro app as well. View real-time data and charting tools, browse the cryptocurrencies you already trade on the desktop platform and create new watchlists with just a few taps. You can also create custom alerts for your email or SMS through the eToro app.
  • Seamless connectivity with the eToro wallet: Though eToro’s tradeable wallets are backed by high-level encryption, many traders choose to move their coins to an exterior wallet for the highest level of safety possible. If you don’t feel comfortable leaving your coins on your exchange wallet, you’ll love eToro’s seamless connectivity with the eToro wallet app. The wallet links with your eToro trading portfolio and provides you with seamless connections and transfers.

The eToro trading app and the eToro Wallet app are both available as free downloads for both Apple and Android devices. 

eToro vs Competitors

eToro offers a number of benefits to traders, including:

  • Virtual trading practice: A constantly moving market means you want to practice your cryptocurrency trading strategy before you place your first buy order. eToro is one of the only cryptocurrency brokers we’ve seen to offer virtual trading practice accounts for cryptocurrencies. 
  • CopyTrader feature for insider trading info: eToro’s unique CopyTrader function allows you to “copy” the buy and sell orders placed by professional cryptocurrency investors. This provides a win-win opportunity for both copiers and professionals. Social trading cryptocurrency is much easier than guessing, going at it alone or trying to DIY a new approach. Followed users earn a commission when copied, which incentivizes users to make profitable trades. New investors receive a higher level of guidance when placing their first orders. With eToro copy trading, you learn as you invest.
  • Single payment spread pricing: eToro’s unique spread pricing allows you to pay a single, low-priced percentage commission on your trade. You can even get a return for a percentage of your commission if you lose a significant amount of money on a trade. You only get charged commissions once — when you buy. This can be very helpful for high-volume traders.
  • Trade U.S. stocks and ETFs: As of January 2022, you can trade U.S. stocks and ETFs with eToro. You can invest in full stocks of fractional shares for as little as $10, engage with real investors and their strategies, combine your crypto and stocks in one portfolio, review price charts and analyses and pay zero commissions.

Still not sure if eToro is right for you? Compare them to similar platforms side-by-side for a better understanding of how they stack up.

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eToro Overall Rating

eToro’s main strength is its simple and straightforward platform. Any spread investors can sign up for an account in as little as 10 minutes with its intuitive verification process. Once you open your account, you have access to an easy order placement platform, straightforward commissions and pricing information, with a bustling social media network that can help you inform your trades. 

The broker’s one-of-a-kind CopyTrader feature is equally as beneficial to professionals as it is for novice traders. Experienced traders get to share what they know with a larger audience (and earn some commission while doing it) while new traders receive a dynamic and up-to-date model portfolio to get trading started. Best of all, using the CopyTrader feature doesn’t incur additional expenses beyond the standard spread you’d pay buying and selling.

You can also gain more exposure in the crypto space by purchasing eToro stock.

There are a few areas where eToro can stand to improve. It currently only offers 1 route to contact customer support, and traders can be left on hold for up to 1 week while tickets get processed.

We’d also love to see eToro expand its currency offerings even further to include smaller names like Chainlink and Bitcoin SV for another layer of exposure and diversification, taking the lead of other cryptocurrency brokers like Coinbase. With only 15 cryptocurrencies available to buy and sell, investors looking for the widest possible range of investments will likely find themselves disappointed with eToro’s current offerings.

Frequently Asked Questions

Q
What is the benefit of social trading through eToro?
A

eToro's CopyTrader lets you see what real people trade in real time. You can find and follow the traders you like and copy their trading activity — it only takes a few clicks to build a real people-based portfolio!

Q
What is the eToro Wallet?
A

The eToro Wallet is a way to securely store crypto. With the eToro Wallet, you can transfer crypto from the eToro trading platform,  send and receive crypto to and from other wallets and convert one crypto to another crypto. The eToro Wallet is currently being rolled out on a state-by-state basis and is available via the Play Store on Android and the App Store on iOS.

Q
Is my personal information safe with eToro?
A
eToro uses SSL encryption through top-level banks to protect your personal information.  
Q
How long does it take to receive my funds?
A
Any funds deposited initially using online banks are subject to a 7-day holding period. After this, you can have them sent to you within 2 business days.
Q
Is eToro safe?
A
Yes. Using firewalls and data encryption, eToro works tirelessly to ensure the trading community is safe. Plus, the company shares tips on its website that will help you make your account more secure.

Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and crypto assets, as well as trading CFD assets. 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. This content is intended information and educational purposes only and should not be considered investment advice or investment recommendation. Cryptoassets are unregulated and can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading crypto assets is not supervised by any EU regulatory framework.  Past performance is not an indication of future results.

User Reviews

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Tom Houston

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As educational

Vanja Hadzic

How do you use this product to boost your finances?

Thanks ...

prakash thombre

How do you use this product to boost your finances?

very poor service but good information and concepts

em

How do you use this product to boost your finances?

biased review. etoro is a scam

But...

Couldn't really see anything about etoro closing markets during volatile times so that a lot of people are losing money. Me included. They also have ridiculous spreads on the trades. The other day the spread for bitcoins was well above $1000 over the sell price. Etoro is quite a shifty broker. But there were not a single bad thing written about the company in your review, making me not believe in what you're saying what so ever.

Fatiha Mebarki

merci

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