76.4% of retail CFD accounts lose money
Your capital is at risk
eToro is one of the leading multi-asset trading platforms that offer CFD trading in a variety of financial assets like Stocks, Cryptocurrencies, Commodities, Forex, ETFs, and Indices. Originally, eToro was launched as a general trading platform in 2007. In order to keep with the emerging market trends, eToro has added various financial instruments including cryptocurrencies. It has introduced the world’s first social trading platform called OpenBook, which allows copying other successful traders. By spanning over a decade, it has acquired a customer base of more than 6 million people worldwide.
Your capital is at risk
eToro platform offers its brokering services to members worldwide through different subsidiaries. eToro (Europe) Ltd is regulated by CySEC (Cyprus Securities & Exchange Commission). In UK, eToro (UK) Ltd. is authorised and regulated by FCA (Financial Conduct Authority). Both eToro Europe and eToro UK comply with MiFID (Markets in Financial Instruments Directive). In Australia, the 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, to provide a seamless user experience. Also, it supports 20 different languages including Spanish, French, Italian, German and Portuguese. Moreover, eToro offers a free demo account to users allowing them to test their trading skills without the risk of losing money.
The following review analyses several aspects of eToro, whilst providing you with an all-rounded detailed overview of the trading platform and its services. 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 their site 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 all the personal/sensitive information (credit card numbers, CVV, password, and so on) 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, it is considered a safe platform. However, users should remember that CFDs are complex instruments which always carries the risk of losing funds.
eToro allows users to trade CFDs of the most popular cryptocurrencies like Bitcoin, Ethereum, Litecoin. Apart from cryptos, eToro also offers CFD trading in Stocks, Forex, Commodities (Oil, Gold, Gasoline), and ETFs. To get the full list of financial assets available on eToro, check out their website.
The trading platform of eToro is simple and easy to navigate. Moreover, 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 of the market or updates on your eToro social activity like someone added you to a watchlist, mentioned you in a post and more. Whenever you make a transaction like deposit/withdrawal, you will be 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. This is not to be confused with their recent new product eToroX Wallet & Exchange. Via the eToro Wallet, users are be able to send/receive crypto to/from any other cryptocurrency wallets, transfer crypto from eToro trading platform, and convert one crypto to another. eToro mobile wallet is available for both iOS and Android platforms and supports the following cryptocurrencies:
Users can get access to their wallet private keys however, to own an eToro Wallet, users must first pass eToro KYC and own a fully verified account.
The sign-up process on eToro is straightforward since you need to provide an email address and phone number to create an account. Apart from trading fees, there are additional fees which are clearly listed on the eToro website. It’s ideal for both novice as well amateur investors. However, it is highly recommended for newcomers to start off by copy trading other experienced investors until they learn the gist.
Follow the below steps to create your account on eToro:
Congratulations! You have successfully created your account on eToro. Within a few minutes, you will receive a Welcome email from eToro.
To log in to your account, follow the below steps:
After logging to your account, you must provide your personal details and upload the required documents to verify your identity. Only then, will you be able to start trading on eToro.
In order to start trading on eToro, users need to verify their account by uploading their Proof of Identity (POI) and Proof of Address (POA) documents. To verify their identity, users can upload their passport, driving license or any government-issued identification. For verifying an address, users can submit a bank/credit card statement, utility bill, letter from their employer, lease/rental agreement and/or phone/internet bill. The verification process may take several days and users will be notified as soon as verification is complete. Verified accounts will have a green check-mark next to 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 on your account. The minimum first-time deposit varies from $50 to $10,000 depending on your region and country regulations. All deposits other than First Time Deposits are required to be at least $50. For deposits made by wire transferred, the minimum required is $500.
Follow the on-screen instructions and fill all required fields to complete the payment. Once your transaction is completed, your funds will be credited to your account.
Now, follow the below steps to buy/sell Bitcoin CFDs.
Follow the on-screen instructions to complete your order. Once your transaction is completed, you can check the status of your asset under ‘Portfolio’.
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. 66% 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 if 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/debit cards or electronic wallets (PayPal). The minimum amount for withdrawal is $50. Refer Platform Fees and Limits section of this post to know the 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 while if you use electronic wallets like PayPal, you will receive the funds within 1-2 working days .
At the time of writing, eToro supports the following cryptocurrency CFDs:
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), Bitcoin/Euro (BTCEUR), Ethereum/Euro (ETHEUR), Ethereum/Bitcoin (ETHBTC), Ripple/Euro (XRPEUR), Ethereum Classic/Euro (ETHEUR).
To get the full list of 93 cryptocurrency markets supported by eToro, kindly check out their website.
eToro accepts members from over 140 countries worldwide to trade CFDs.
Except for the countries listed in the below section, eToro is available for all countries including UK, Switzerland, United Arab Emerites, 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, Crech 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.
Update. As of July 2019, Real trading is 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. For details refer to this FAQ post.
At the time of writing, eToro trading 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 CFD trading platform has its own fee structure and limits.
eToro doesn’t charge any commissions on each trade. An Overnight Funding/Weekend fee for CFD positions (explained below) might be applicable, depending on your trading activity.
eToro doesn’t charge any deposit fee, whereas a flat fee of $25 is applicable for withdrawals. Also, a conversion fee is applicable for Wire transfer (deposits), depending on the currency pair. For example, conversion fee for EUR USD is Pips50.
A Crypto Transfer fee is applicable for all cryptocurrency withdrawals, which varies depending on the crypto. For example, transfer fee for BTC is 0.0005 units.
The overnight funding amount will be added to or subtracted from your account when holding a position after a certain time. The fee varies depending on cryptocurrency chosen. For example, overnight funding percentage for Bitcoin/Euro (BTCEUR) is -4.377224% (Buy/Sell). To find out Overnight fee for other cryptocurrency CFD, check out their fee schedule.
A fee of up to $10 is applicable if users had not logged on to eToro 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 spread can be conducted by subtracting selling price from buying price of the instrument. The spread fee varies depending on the cryptocurrency. For example, it is 0.75% for BTC, 1.90% for ETH, 2.45% for XRP. To find spread fee for other cryptocurrency CFDs, 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 & deposit amount is $50 for fiat-based payment methods. For cryptocurrency transfer, the minimum amount varies based on the crypto. For instance, the minimum withdrawal amount for Bitcoin should be at least 0.0086 BTC.
To know more information about their exact fee schedule and limits, check out their website.
eToro supports a wide range of fiat payment options which are given below:
The availability of the payment method depends on the user’s geographical location. To know more information about various payment methods and its limitations, check their 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.
The only available option to contact eToro support is by creating and submitting a ticket from their support page or via Live Chat. For general queries, users can refer to the articles listed on the FAQs section of the eToro website.
Both platforms offer trading in CFDs for the most popular cryptocurrencies like Bitcoin, Ethereum, Litecoin. Both eToro and IQoption support a wide range of payment methods like credit/debit cards, bank transfer, electronic wallets (PayPal/Skrill). However, IQ Option has set low 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 they have 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) when compared to eToro. Both platforms support a wide range of payment methods, social trading, mobile app, and a demo account. While eToro allows trading actual cryptocurrencies, IG allows trading cryptocurrencies as CFDs only. Both eToro and IG has a mobile app to trade CFDs on the go.
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.
With its simple user interface and a bunch of innovative trading features like social trading, copy portfolio, demo account, eToro is a good platform for beginners to trade cryptocurrency CFDs. Since eToro is regulated, it can be guaranteed that the platform operates correctly by following necessary protocols. However, it is highly recommended for users to be conversant in CFDs and how they actually work before taking the plunge and deciding to trade. Moreover, users should consider the fact that 66% of retail investor accounts lose money when trading CFDs with this provider.
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.