Your capital is at risk
eToro is one of the world’s leading multi-asset trading platforms offering both CFD trading in a variety of financial assets like stocks, cryptocurrencies, commodities (oil, gold, gasoline), forex, ETFs, indices as well as actual assets. 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 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. This is not to be confused with their recent new product, eToroX Wallet & Exchange. By means of the eToro Wallet, users can send and receive cryptocurrencies to and from any other cryptocurrency wallets, transfer crypto from the eToro trading platform, and convert one currency to another. eToro mobile wallet is available on mobile 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 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.
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 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), 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, eToro 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 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 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.
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 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 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.
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.
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 several cryptocurrency tokens. 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.
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.