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eToro Review

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1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens). 

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market. 

Best For

  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go

Pros

  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades

Cons

  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
securely through eToro's website

Why eToro Over Others? 

Why should you do your cryptocurrency on eToro? The broker offers a number of benefits to traders, including:

  • Virtual trading practice: With a cryptocurrency dummy account from eToro, you can practice your trades with $100,000 worth of practice money.
  • CopyTrader feature for insider trading info: eToro’s unique CopyTrader feature allows you to “copy” the buy and sell orders made by professional traders. In exchange, the trader gets a commission every time he or she is copied — which incentivizes professionals to make profitable trades.
  • Integration with eToro Wallet mobile app: Keep your coins safe and secure by linking your eToro trading account with your eToro mobile wallet.

Brokerage Quick Summary 

Tradable assetsCryptocurrencies (international traders have access to more securities)
PlatformEasy-to-use, beginner-oriented
Mobile appFully operational, mirrors desktop web-trading platform
Account minimum$50 minimum deposit for U.S. traders; minimum $25 trade value 
Available account typesTaxable

eToro Fees, Commissions, Margin Rates and Account Minimums

If you’re a trader based in the U.S., you’ll be limited to buying and selling cryptocurrencies through eToro’s platform. Like many cryptocurrency trading platforms, eToro charges users a spread between the bid price and the ask price of a currency.

When you compare cryptocurrencies to buy and sell, you’ll see 2 prices listed: the “bid” price and the “ask” price. The bid price is the highest price a buyer is willing to pay for a single unit of a currency. The ask price is the lowest possible price a seller is willing to accept for the currency. The difference between the bid price and the ask price is called the spread — the spread goes to your broker in exchange for carrying out your trade.

eToro charges a percentage spread that varies by currency. You can view a few sample spreads below. 

eToro’s fees may change on a daily or even hourly basis depending on market sentiment and the cryptocurrencies you’re buying and selling. 

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. When purchasing cryptocurrencies, the minimum buy order value is $25. If you’d like to use eToro’s CopyPortfolio feature, you’ll need to make a minimum investment of at least $2,000.

The withdrawal fee is $0 in the U.S. and for all other regions, the minimum withdrawal amount is $30 and the withdrawal fee is $5. Margin trading is currently not supported on eToro’s U.S. platform. 

Refer to eToro’s comprehensive fee overview for more information.

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 signup 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 their 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 desktop 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. 
eToro’s trading platform doubles as a social media website. Learn more about your favorite cryptocurrencies and communicate with other traders on eToro’s all-inclusive platform. 

  • 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 who are just beginning their investigation into the crypto-trading sphere. 
Browse market sentiment, place orders and view real-time charting data from eToro’s beginner-friendly platform. 

eToro Education

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. With an eToro 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.
  • CopyTrader: eToro’s revolutionary CopyTrader tool allows you to mimic the trading strategies of the pros with just a few clicks. Here’s how it works: First, professional and experienced traders sign up for the CopyTrader program, which authorizes eToro to reveal the percentage of assets each trader has in his portfolio with the general community of eToro users. eToro also reveals the stats of traders to show how well they perform, their portfolio that shows the instruments they’re trading. You can choose to “copy” a professional trader’s portfolio and mimic their asset allocation. In exchange, professional traders earn a commission every time a trader decides to copy them. Users can communicate with the CopyTrader on the newsfeed.

You can browse professional trader portfolios by favored asset, popularity, name, year-to-date returns and more. You must have a minimum deposit of at least $200 to take advantage of the CopyTrader functionality. 

Ever wish you could hack into the minds of professional cryptocurrency traders to see what they’re buying and selling? With eToro’s CopyTrader feature, you can see exactly which assets the pros are investing their money in — no sci-fi mind-reading device required.  

  • 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 Customer Support

For most eToro inquiries, you’ll need to submit a support ticket through the crypto broker’s online platform. You can access the support ticket queue by clicking here. 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. 

eToro’s live chat feature is only available to users who have currently 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. 

eToro Offerings

If you’re based in the U.S., you’ll be limited to trading cryptocurrencies through eToro. eToro currently supports the purchase and sale of 15 unique coins, including:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Dash (DASH)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)
  • Cardano (ADA)
  • MIOTA (IOTA)
  • Stellar Lumens (XLM)
  • EOS (EOS)
  • NEO (NEO)
  • TRON coin (TRX)
  • Zcash (ZEC)
  • Tezos (XTZ)

These represent 15 of the most popular cryptocurrencies, meaning that eToro does have a solid and diverse cryptocurrency selection. Though this list falls a bit short in comparison to other U.S.-based cryptocurrency hubs like Coinbase (21 coins on non-pro accounts) and Binance US (30 supported coins) it offers much more than major brokerages that focus on stocks. 

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 trading account, you’ll love eToro’s seamless connectivity with the eToro wallet app. The wallet links with your eToro trading portfolio and supports every coin you can buy or sell on its platform.

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

How Does eToro Stack up Against Competitors?

Though international eToro users have access to stocks, commodities and currencies, traders in the U.S. currently only have access to cryptocurrency trading through eToro. Though it’s possible that eToro will expand its offerings in the future, U.S. traders are limited to 15 of the world’s most popular cryptocurrencies on both the mobile app and desktop platform. Although you shouldn’t count on eToro to provide a one-stop-shop for all your investing needs, eToro can add a diverse range of exposure to the cryptocurrency market.

eToro’s main strength is its simple and straightforward platform. Beginners will be able to sign up for an account in as little as 10 minutes, and the account verification process is intuitive. Once you’ve opened 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. 

Its 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 their trading started. Best of all, using the CopyTrader feature doesn’t incur additional expenses beyond the standard spread you’d pay buying and selling.

There are a few areas where eToro can stand to improve. 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. 

Regardless of some minor nits, eToro remains a solid and inviting platform for new and experienced cryptocurrency traders. Ultimately, its offering is cheaper, it doesn’t charge fees — only spreads. eToro’s competitors often charge commissions in addition to spread fees.

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.

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