Your capital is at risk
eToro is one of the world’s leading multi-asset trading platforms offering both real asset trading in a variety of financial assets like stocks, cryptocurrencies, commodities (oil, gold, gasoline), forex, ETFs, indices as well as CFDs. Originally, eToro was launched as a general trading platform in 2007. In order to keep up with emerging market trends, over time, the platform added various financial instruments including cryptocurrencies. It introduced the world’s first social trading platform called OpenBook, which lets traders copy successful traders. In over a decade, eToro has amassed an impressive customer base of more than 6 million people worldwide.
Your capital is at risk
eToro offers its brokering services to members worldwide through different subsidiaries. eToro (Europe) Ltd is regulated by CySEC (Cyprus Securities & Exchange Commission). In the UK, eToro (UK) Ltd. is authorised and regulated by the FCA (Financial Conduct Authority). Both eToro Europe and eToro UK comply with MiFID (Markets in Financial Instruments Directive).
In Australia, platform services are provided by eToro AUS Capital Pty Ltd which is regulated under the Corporations Act (Commonwealth). It also holds AFSL (Australian Financial Services Licence) issued by ASIC (Australian Securities and Investments Commission). In the USA, it is operated by eToro USA LLC, which is registered with FinCEN as a Money Services Business.
The web trading platform of eToro is both intuitive and accessible, providing a seamless user experience. Due to its international client base, the platform supports 20 different languages including Spanish, French, Italian, German and Portuguese. Moreover, eToro offers a free demo account, allowing users to develop their trading strategy without risking any money.
The following eToro review analyses several aspects of the platform, whilst providing you with an all-rounded detailed overview of all trading opportunities available. Although Cryptimi does its best to provide you with accurate information, whilst aiming to update it on a regular basis, we strongly recommend that you visit eToro for any important updates which might occur after this review is published.
eToro takes extensive security measures to keep users’ personal information safe and secure. It states that any confidential information, including credit card numbers, CVV, and passwords provided by users are automatically transferred by SSL (Secure Socket Layer) to a secure environment. eToro keeps customers’ funds in Tier 1 European banks to ensure maximum protection.
Since eToro has been trusted by investors for more than a decade and the fact that it is regulated in all the jurisdictions it operates in, it is considered a safe platform.
eToro allows users to trade CFDs and real assets of the most popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Additionally, the full list of financial instruments and markets available on eToro can be accessed by visiting their website.
eToro’s trading platform is simple and easy to navigate. It provides an easy option to watch price movements of your desired assets by quickly adding them to the Watchlist. If required, you can also configure Push Notifications to get volatility alerts on the market. You can even use this option to receive updates on your eToro social activity, such as someone adding you to a watchlist or mentioning you in a post. In addition, every time a transaction is processed, you are automatically notified via email.
eToro also offers a mobile app (Android / iOS) to help users for trading on the go.
eToro provides a mobile-based multi-signature wallet for securely storing cryptos known as eToro Wallet. The eToro Wallet is supported by eToroX, a separate entity owned by eToro which is a regulated DLT provider licensed by the Gibraltar Financial Services Commission under the Investments and Financial Fiduciary Services Act.
By means of the eToro Wallet application, users can send and receive cryptocurrencies to and from any other cryptocurrency wallets, transfer crypto from the eToro trading platform app, and convert one currency to another.
It’s important to note that although you will be able to transfer your cryptocurrencies from the eToro Trading app to your eToro Wallet, you are not able to transfer any cryptocurrency from the eToro Wallet into the eToro Trading app. In order to exchange your cryptocurrency in your eToro Wallet into USD or EUR, you will need to create an account on CEX.io or similar platforms, send your crypto from the eToro Wallet app to CEX.io on the appropriate address provided by the exchange, and then exchange the transferred crypto into Euro or USD.
eToro Wallet is available only on mobile and supports the following cryptocurrencies:
Users can access their wallet private keys, however, to own an eToro Wallet, users must first pass eToro KYC and own a fully verified account.
In order to transfer funds into your eToro wallet from your eToro trading platform, you must first install the application on your phone. To use the wallet you must first complete the verification of your eToro trading platform account. By default, your wallet login credentials are identical to your platform credentials. The wallet offers a number of convenient features which work together with the trading platform.
For example, you can transfer a position directly transferred to your eToro wallet. To do this, all you need to do is:
Once you access your wallet you will see your asset overview, which lists all the digital tokens supported by the wallet. You will also see the total balance available for each currency. By clicking on any of the displayed currencies you will be able to send and receive funds.
In order to send cryptocurrency, all you need to do is:
Until the transfer has been completed it will be displayed as pending/processing on your eToro wallet. As with any wallet transfer, ensure that you are entering the correct address for the right cryptocurrency. Once you process the transaction it would be very difficult to recover funds sent to an incorrect account.
To receive funds into your eToro wallet you need to follow similar instructions using the wallet or exchange account where funds originate. You will require some data, such as wallet address, which you can get in the following way:
Funds from the sender should reach your eToro wallet within a few moments, though it could take longer during busier network periods.
The sign-up process on eToro is straightforward since you only need to provide an email address and phone number to create an account. All eToro fees are clearly listed on their website, with no hidden fees to worry about. Both novice and experienced investors can benefit from using eToro, and it is highly recommended for newcomers to start off by copy trading other experienced investors until they are confident to place their own trades.
Follow the below steps to create your account on eToro:
Congratulations! You have successfully created your account on eToro. Within a few minutes, you should receive a welcome email in your inbox.
To log into your account, follow the below steps:
After logging in to your account for the first time, you will be required to provide your personal details and upload the required documents to verify your identity. Only then, will you be able to start trading on eToro.
One of the distinguishing features of the platform is CopyTrading which, as its name suggests, lets you copy trades made by other investors. Ideal for novice investors looking to emulate experienced traders, or busy investors with little time for research, eToro’s Copy Trading platform lets you benefit from the work done by top traders. Participation is free, with eToro compensating these top investors through their Popular Investor Program. You can find more information on this further down in this eToro review.
In order to start Copy Trading, all you need to do is:
CopyTrading requires a minimum investment of $200, with a minimum amount for each position of $1.
eToro lets you copy up to 100 different traders at a time. You can pause or stop Copy Trading at any time, and a convenient interface lets you manage your copy portfolio. Before you get started, you might wish to use your demo account to try out Copy Trading risk-free.
eToro has recently introduced a new service to its lineup. Called CopyPortfolios, you can now make use of the collective knowledge and strategy of hundreds of investors and investment institutions. The platform offers two types of portfolios to choose from:
By using CopyPortfolios for your investment, you would essentially be minimising your long-term risks through diversification. You would also be tapping into multiple investment opportunities concurrently.
To start trading using CopyPortfolios all you need to do is:
When investing using CopyPortfolios the platform will be opening multiple positions on your behalf. For this reason, in order to participate, you will need to invest a minimum of $5,000 per portfolio. Apart from the normal spreads, eToro does not charge any fees for using this service.
The eToro Popular Investor program is a way in which the platform rewards successful traders who are willing to let others copy their trades. The program pays you monthly, with up to a 2% annual fee for total assets under management which are copying your trades. This fee, which is paid monthly, is independent of any profits you make on your individual trades.
The program has four tiers, namely:
To move up from one tier to the next you need a minimum two months to have passed. You will also need to meet certain criteria as explained in the below graphic.
In addition to getting paid, being part of the eToro Popular Investor program includes several benefits, such as the possibility of activating free withdrawals and subscriptions to the Financial Times.
Before you can enter this exclusive program you will need to get at least one copier. To do this you should start by completing your profile and including a picture of yourself. Be sure to include details on your investment strategy and providing any pertinent information. Start your journey on eToro as a normal trader, and you can make use of forum and chat functions to chat with other traders. This will help you get known, increasing the likelihood of getting a trader to copy you.
Once you have been accepted in the program and you start progressing through the different tiers, you need to ensure that you maintain your following. In order to stay on any one of the four tiers, you will need to sustain the minimum average account equity and the minimum verified copiers. Additionally, as a member of the eToro Popular Investor Program, you are not allowed to invest more than 25% of your equity to copy other traders.
In order to verify your account, you will need to upload Proof of Identity (POI) and Proof of Address (POA) documents. The best documents to use are a passport, driving license or any government-issued identification. In order to verify your address, you can submit a bank/credit card statement, utility bill, letter from your employer, lease or rental agreement and/or phone or internet bill. The verification process may take several days, but you will be immediately notified as soon as your account verification is complete. Verified accounts will have a green check-mark next to the username on the user’s profile.
First, make sure you should have verified your account and deposited some funds.
Follow the below steps to deposit funds into your account. The minimum first-time deposit varies from $50 to $500 depending on your region and payment method. Minimum deposits for corporate accounts start at $10,000. All deposits, other than the first one, have a minimum of $50.
Follow the on-screen instructions and fill in all the required fields to complete the payment. Once your transaction is completed, your funds will be credited to your account.
Next, follow the below steps to buy or sell Bitcoin CFDs.
Proceeding by completing the on-screen instructions and place your order. Once processed, you can find all your orders in the ‘Portfolio’ page of your account.
Definition: Underlying Assets refers to actual asset ownership which owners can transfer from one cryptocurrency wallet to another.
Warning: Since CFDs are complex instruments, they always 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. Hence, you should consider whether or not you fully understand how CFDs work and make an informed decision on whether you are willing to take the high risk of a substantial loss. To find our more about the risks involved in trading on this platform, it is highly recommended to check their Risk Disclosure Notice.
eToro allows users to withdraw their funds using different payment methods like bank transfer, credit or debit cards or electronic wallets (PayPal). The minimum amount for withdrawal is $50. Refer to Platform Fees and Limits section of this post to learn about different withdrawal fees.
Follow the below steps to place your withdrawal request:
The processing time of your withdrawal request varies based on your payment method. For credit/debit card or wire transfer, it might take up to 8 working days. Withdrawals to electronic wallets such as PayPal are significantly faster, with the average period being between 1-2 working days.
Currently, eToro supports the following cryptocurrencies:
Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Dash (DASH), Litecoin (LTC), Ethereum Classic (ETC), Cardano (ADA), IOTA (MIOTA), Stellar (XLM), EOS (EOS), NEO (NEO), TRON (TRX), Zcash (ZEC), Binance Coin (BNB), GRAM, Tezos (XTZ), Bitcoin/Euro (BTCEUR), Ethereum/Euro (ETHEUR), Ethereum/Bitcoin (ETHBTC), Ripple/Euro (XRPEUR), Ethereum Classic/Euro (ETHEUR).
To get the full list of 98 cryptocurrency markets supported by eToro, we recommend for you to check out their website.
eToro accepts members from over 140 countries worldwide to trade assets & CFDs.
eToro is available in most countries around the world, including UK, Switzerland, United Arab Emirates, Qatar, New Zealand, Netherlands, South Africa, Spain, Sweden, Singapore, Saudi Arabia, Portugal, Oman, Mexico, Malaysia, Italy, Germany, Bahrain, Hong Kong, Australia, Austria, Chile, Colombia, Cyprus, Czech Republic, Denmark, Finland, Israel, Luxemburg, Poland, Argentina, Bulgaria, El Salvador, Greece, Ireland, Latvia, Malta, Romania, Slovakia and any other country which is not listed in the ‘Excluded’ section below.
As of July 2019, Real Trading started to be available to US residents in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.
At the time of writing of this eToro review, the platform does not accept users from the following countries:
While the above-mentioned countries are not eligible to use this platform, this does not mean there won’t be any updates in the future.
Every trading platform has its own fee structure and limits.
eToro doesn’t charge any commissions on trades. An Overnight Funding/Weekend fee for CFD positions (explained below) might be applicable, depending on your trading activity.
eToro doesn’t charge any deposit fees, however, a fee of $25 reduced to $5 now applies to withdrawals. Also, a conversion fee may be applicable for deposits via wire transfers, depending on the currency pair. For example, the conversion fee for EUR – USD is Pips50. To better understand eToro’s fees have a look at our dedicated guide.
A Crypto Transfer fee is applicable for all cryptocurrency withdrawals, which varies depending on the crypto. For example, the transfer fee for BTC is 0.0005 units.
The overnight funding amount will be added to or subtracted from your account when holding an open position after a certain time. The fee varies depending on the cryptocurrency chosen. For example, the overnight funding percentage for Bitcoin/Euro (BTCEUR) is -4.377224% (Buy/Sell). To find out Overnight fees for other cryptocurrency CFD, check out their fee schedule. Overnight fees do not apply when purchasing real assets.
A fee of up to $10 is charged if users have not logged into their account for a period of 12 months. However, the fee will be deducted only if there are sufficient funds available in the account. No open positions will be closed to cover the fee.
The calculation of spreads can be conducted by subtracting the selling price from the buying price of the instrument. The spread varies depending on the cryptocurrency. For example, it is 0.75% for BTC, 1.90% for ETH, 2.45% for XRP. To find the spreads for other cryptocurrencies check out their website.
The maximum deposit amount per transaction varies depending on the payment method used. For example, the deposit limit per transaction for credit/debit card is 40,000 USD.
The minimum withdrawal and deposit amount for fiat-based payment methods is $50. For cryptocurrency transfers, the minimum amount varies depending on the currency. For instance, the minimum withdrawal amount for Bitcoin should be at least 0.0086 BTC.
Updated information on applicable fees and limits can be found on eToro’s website.
eToro supports one of the greatest varieties of payment methods of any trading platform. These include:
The availability of the payment method depends on your geographical location. Further information on available payment methods and limits can be found on eToro’s FAQs page.
Like most trading platforms, eToro also provides 2FA protection (via SMS) to protect users’ accounts from unauthorized access. If users are not willing to share their trading activity (i.e. social trading), eToro provides an option to keep their profile private so they will not be copied or followed by others.
eToro offers select clients a compensation scheme, in line with European and UK directives. In order to be part of either scheme, you must first be registered with either eToro (Europe) Ltd or eToro (UK) Limited.
Since eToro (Europe) Ltd is registered in Cyprus, it must comply with the Compensation Fund for Customers of Cypriot Investment Firms. In line with EU regulation, this fund protects clients from eToro’s sudden inability to fulfil its financial obligations. Whilst this is a broad term, it normally refers to instances where the company becomes insolvent or is found guilty of fraud.
In these and other situations, individual clients can receive up to €20,000 in compensation. This scheme does not apply for institutional or professional investors. These include investment firms and investors characterized by eToro (Europe) Ltd. as professionals. The exhaustive list of exemptions can be found here.
Whilst the fund covers the majority of eToro’s portfolio of services, it does not cover cryptocurrency trading. Since the cryptocurrency exchange element of the platform is unregulated, any funds invested directly in cryptocurrencies will not be refunded under this scheme. However, investments in cryptocurrency CFDs may be eligible for compensation.
Should there ever be the need to implement this compensation scheme, the amount of reimbursement will be calculated according to the agreement set in place between you, the investor, and eToro. Payments should be received within three months of receipt of the claim from the investor to the Cypriot authorities.
Originally derived from the European Union’s scheme, eToro (UK)’s Financial Services Compensation Scheme was set up by the British parliament to protect individual investors and small businesses. The mechanism is activated when a firm is unable or unlikely to be able to pay claims made against it. Very often, the reason for this is either insolvency or court rulings.
According to the rules of this scheme, any funds deposited in your eToro account could qualify for protection. The UK’s scheme supports larger claims than European alternatives, with up to £85,000 per individual investor or small business. Larger business and institutional investors are not normally covered under this scheme. More information about eligibility can be found here.
Whilst the scheme extends to the majority of eToro’s portfolio of services, cryptocurrency trading is not included. Buying, selling and trading of cryptocurrency coins and tokens is currently unregulated, so any funds you have invested in these are not covered by the scheme. However, purchasing of cryptocurrency CFDs, as well as products which include leverage, such as short selling, are covered under the scheme. The reason for this is that CFD trading is a regulated service in the UK, and eToro needs to fulfill certain compliance requirements in order to provide this service.
Should you ever have the need to claim for lost funds, you can visit the Financial Services Compensation Scheme website and fill a claim form. The organisation endeavours to reply to claims within a short period of time, but may be delayed in cases of high volumes.
The easiest way to get in touch with an eToro’s support staff member is through the live chat option which is available 24/5. Alternatively, you can create a ticket from their support page. For general queries, users can refer to the articles listed on the FAQs section of the eToro website.
eToro encourages any individual or organisation with a social following to become part of the extended Affiliate Program. With over $87m in total commissions paid to global affiliates, the program has helped grow eToro to a worldwide success story counting over 10m users.
To join eToro’s Affiliate Program all you need to do is:
Apart from providing you with all necessary marketing material and educational resources, eToro allocates a unique Link Tracker and Customizable Link Builder for each affiliate. Joining the program is free, and the potential for earnings is virtually limitless. You will be able to manage and oversee your performance through a user-friendly dashboard, where you can issue reports and provide payment instructions.
Both platforms offer trading in CFDs for the most popular cryptocurrencies like Bitcoin, Ethereum, Litecoin. However, whilst IQ Option only offers CFDs, eToro also offers you the possibility to buy 18, real-asset cryptocurrencies. Their supported payment methods are very similar, with both eToro and IQ Option accepting credit/debit cards, bank transfer, and electronic wallets (PayPal/Skrill). However, IQ Option has set lower limits for deposits ($10) and withdrawals ($2) of funds when compared to eToro. Since both trading platforms are regulated, they allow users to trade only after having verified their accounts.
Even though both are regulated trading platforms providing their services worldwide, IG is a much older, more established platform, launched in 1974. Both platforms support a wide range of payment methods, feature social trading services and offer both a mobile app and a demo account. While eToro also allows the trading of actual cryptocurrencies, IG only supports CFD trading.
Both are regulated trading platforms that allow users to trade CFDs for forex, commodities, cryptocurrencies and more. Both eToro and XTB offer a demo account and support a wide range of fiat payment options. Like eToro, XTB also offers social trading. Regarding fees, XTB offers a low average spread than eToro. Both platforms provide a mobile app for users to manage their assets on the go.
eToroX is part of the eToro Group and provides the infrastructure for cryptocurrencies, such as the existing wallet and the upcoming exchange. As one of the very first DLT providers to be regulated, the company is seeking to provide a secure, transparent, and innovative environments where to buy, sell, and trade digital tokens.
In order to use eToroX you first need to have a verified account with eToro. This means that the two entities are not competitors, but rather partners, providing users with access to a greater choice of investments and functionalities.
Since eToroX is a cryptocurrency-only exchange, it does not charge any fees on deposits. Trading fees work on the traditional Maker/Taker model, with fees varying from 0.1%-0.3% for Makers and 0.24%-0.12% for Takers. Withdrawal fees vary depending on the cryptocurrency.
Cryptocurrency trading on eToroX is facilitated through stablecoins, since fiat currencies are not supported. A total of 12 currencies are listed, including USDEX, which is pegged to the US Dollar and EURX, which is pegged to the Euro. eToro maintains the value of these currencies by buying and selling them on the eToroX exchange. It is important to understand that in certain extreme market conditions, the value of these stablecoins might fall below their peg. In such an instance, there is no way to redeem them or to make a claim against eToro.
eToroX is available in the majority of countries worldwide, including the United Kingdom and EU nations. Exceptions or restrictions apply in several other countries, including to users from the United States of America, Japan, and Turkey.
With its simple user interface and a suite of innovative trading features including social trading, copy portfolio and a demo account, eToro is a good platform for beginners to trade cryptocurrency CFDs. Since eToro is regulated in several jurisdictions, users can rest assured that the platform operates in compliance and that both their details and funds are safe.
Warning: Since CFDs are complex instruments, they always 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. Hence, you should consider whether or not you fully understand how CFDs work and make an informed decision on whether you are willing to take the high risk of a substantial loss. To find out more about the risks involved in trading on this platform, it is highly recommended to check their Risk Disclosure Notice.
Plus500 is one of the leading trading platforms that offer CFD trading in shares, indices, forex, cryptocurrencies, ETFs and options.
Plus500UK Ltd authorised & regulated by the FCA (#509909). 76.4% 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.
IQ Option is a leading multi-asset trading platform which offers CFD trading in Stocks, Commodities, Cryptocurrencies, Forex, ETFs, and Indices.
77% 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.