A limited number of equities and exchange-traded funds (ETFs) are available on eToro’s online brokerage platform, which also features a crypto exchange that facilitates trading in more than 30 cryptocurrencies. People who desire a more communal trading experience may consider this platform because of its social features and vibrant community. However, if all you’re looking for is a cheap cryptocurrency exchange, eToro’s hefty trading costs can seem a little excessive.
Who Is eToro Suitable For?
Most at home on eToro may be bitcoin newbies who wish to learn by doing so.
The eToro platform offers a vibrant user base as well as social elements like news feeds for certain trading coins. A fantastic way to learn about the world of cryptocurrencies is to engage in conversation and browse social media.
Why eToro is a Good Choice
At eToro, imitating successful traders’ investment techniques may pay handsomely, since the platform provides features that help you do just that while also rewarding others who use your trading tactics.
These choices may be appealing to more experienced cryptocurrency traders, who may get yearly incentives of up to 2% of their average balance by growing their platform following.
Features of eToro
Since its establishment in Israel in 2007, eToro has grown to serve a number of foreign markets. various nations have various features accessible on the platform, and the American version does not support all of them.
Like many other cryptocurrency exchanges, anybody residing in the United States is allowed to open an eToro account, although not all of the services are accessible in every state. For instance, New York, Nevada, Hawaii, and Minnesota do not allow crypto trading.
Fees
On cryptocurrency exchanges, especially ones that are beginner-friendly like Coinbase and Gemini, pricing might be a little hazy. company’s encouraging that eToro has a comprehensive list of the costs company levies for cryptocurrency trading.
Users of eToro pay a 1% fixed charge for each cryptocurrency exchange, which is technically a bid-ask spread.
Despite the transparency of the costs, eToro’s pricing structure has a unique aspect. Every time you purchase or sell a crypto asset, several exchanges impose a fee. On eToro, however, you pay for the “round trip” up front, which entails paying a 1% charge for the coin’s future selling in addition to a 1% cost on the purchase. eToro claims that this profit/loss “will update in real-time as the market price changes.”
This distinction could be just semantic if you intend to keep all of your cryptocurrency purchases on the eToro platform and never transfer them elsewhere. However, you cannot move your coins back onto the eToro trading platform once you have moved them to an external cryptocurrency wallet. You’ve effectively lost the return spread fee in this situation.
Security
Cash assets up to $250,000 are kept in bank accounts covered by the Federal Deposit Insurance Corp.
Modern monitoring tools, two-factor authentication, and offline and online currency storage are all included in cryptographic security methods. Additionally, no employee of eToro is permitted to remove user cryptocurrency from storage.
Opening an account with eToro
Creating an eToro account is really easy. Check out the eToro main page. You’ll be asked to select a username, provide your email address, and set a password once you arrive.
Additionally, eToro gives new users the choice to sign up for an account using their Facebook or Google identities.
You must agree to eToro’s terms of service, privacy statement, and cookie statement. Finally, an email from eToro will arrive, asking you to confirm your email address. An eToro account may be created without further authentication.
Available cryptocurrencies on eToro
More than 30 cryptocurrencies and more are available for trading on the eToro platform in the US, and almost 80 are available globally. For many crypto newbies, there is enough information to cover the fundamentals. But experienced users seeking for a specialized coin could find the choices to be too short.
Here is a list of some of the most well-known currencies on eToro:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Polygon (MATIC)
- TRON (TRX)
How eToro Can Get Better
Cheaper Fees
Although clear and fair, eToro’s costs are still higher than those of several of the top platforms for crypto exchanges.
Users pay more upfront due to the complex fee structure, which is advantageous if the value of your investment increases. However, eToro could be able to provide better service for less money.
Added Coin Choices
For eToro, the absence of alternative currency, especially in the United States, is a concern. Even while several significant currencies are available, the U.S. lineup does not include coins like Solana (SOL), for example.
The platform’s worth may rise significantly if the exchange’s coin offers were improved in the United States.
Enhanced Client Services
Only online chat and support tickets are available for users to use when contacting eToro customer care. A user’s equity holdings define their status on the platform unless they are at Platinum level or higher. No one can be reached via phone.
What You Need to Know Before You Start Trading on eToro
Even though eToro’s investment platform is simple to use and straightforward, there are a few things you can do to ease the transition into online investing. A brief tutorial on how to begin using eToro is provided below.
How to register for an eToro account:
- The first step is to create an account with eToro, which simply takes a few minutes.
- Verify your identity in to protect your account. This is an important step.
- Make your initial deposit.
- Investments should be made now!
Trading CFDs with this supplier results in losses for 68% of accounts held by individual investors. If you can afford to incur the significant risk of losing your money, you should.
Here are five things you may attempt after setting up your account:
Take after other investors and traders
When CopyTraderTM, one of eToro’s most well-liked features, was unveiled in 2010, it established the company as a pioneer in the social trading industry. The entrance hurdles were dropped, enabling even people with little time or knowledge to invest online thanks to the ability for users to follow and imitate one another. Any action taken by a copied user is automatically and instantly mirrored in your portfolio. CopyTrader allows you to:
- Filter results after searching for “popular investors” according to gain, success rate, risk score, preferred assets, and more.
- View the statistics of the investors you are contemplating following in public.
- Editor’s Choice can help you locate prosperous Popular Investors.
- You may join the Popular Investor program if you think you have what it takes and benefit from monthly cash payouts as well as other wonderful benefits.
Practice with a virtual account
You will be given a $100,000 virtual money account to test out eToro with after signing up. You may practice investing with our service before putting your real money at risk. Your virtual account allows you to:
- Open positions
- Try different leverage, stop-loss, and take-profit strategies.
- Try out various tactics
- Try out copy trading.
- Purchase eToro Portfolios.
- Engage the eToro community
Begin manually trading or investing
You may start utilizing the eToro platform manually after you feel confident enough with it and are certain that you have learned everything there is to know about the financial products in which you want to invest. eToro enables you to:
- Invest in stocks with 0% fee; also available for fractional shares.
- Utilize CFDs to open short or leveraged trades.
- To do technical analysis, use ProCharts.
- Utilize the Research tab to learn insightful market information.
Utilize our special trading tools
eToro provides a number of unique features, such as:
- Stop Loss and Take Profit – When a predetermined profit or loss level is reached, the trade is immediately closed.
- Trailing Stop Loss – As long as the market is rising in your favor, the Stop Loss point rises correspondingly.
- One Click Trading – Make your investment size, leverage, take-profit and stop-loss decisions in advance so that you may apply them to each trade you make on that instrument.
- Make a customized Watchlist to get volatility warnings in real time.
Portfolios on eToro: a long-term investment choice
eToro developed its Portfolios, an avant-garde themed investing tool, after realizing that some of its clients were searching for a long-term investment tool. Each eToro Portfolio combines several assets into a single investment portfolio using a themed investment method. The eToro Investment Team develops and manages eToro Portfolios, and a machine learning algorithm optimizes them.
Three different portfolio kinds exist:
- Market Portfolios concentrate on a single market segment, such as technology, gaming, finance, etc., and compile the most important assets from each category into a single Portfolio.
- Top Trader Portfolios allow users to invest in the combined expertise and knowledge of several traders on the eToro network in a single asset.
- Similar to Market Portfolios, Partner Portfolios are made by eToro’s partners, some of the top financial institutions in the world.
