eToro Review Pros Cons and Buying Crypto with eToro
news PARTNER Friday, June 17, 2022 - 22:17

If you’re thinking about opening an eToro account; chances are that you’re familiar with currency trading. 

That said; ever since online Forex swapping reached mainstream popularity in the last decade, tons of exchange sites have made it their mission to compete for your trust and undying loyalty. 

With so many affiliate marketing partnerships going on behind the scenes, it can be hard to get a clear, unbiased glimpse of what each trading platform has to offer. We’re here to go against the grain and prioritize cold, hard facts above all else. 

This eToro review will focus on the pros, cons, and in-betweens that competing sites fail to mention. 

We’ll discuss eToro’s regulatory framework, storied background, available opportunities for US investors, and unique resources that serve to differentiate this trading platform from the competition. 

Without mincing any more words, let’s jump into the details you came for in our eToro.com review!

Disclaimer: Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

Managementhelp.org is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc., as applicable. This compensation incentivizes Managementhelp.org to describe those products and services in favorable terms. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Low, $10 deposit minimum With eToro

eToro’s Company Background 

In 2007, eToro gained its foothold in the Forex trading world under the name RetailFX.

This Tel-Aviv-based portfolio management service was launched by Ronen Assia, David Ring, and Yoni Assia (all of whom still hold leadership positions today). 

When they emerged onto the scene; they offered just a few tradable currency pairs. 

Circa 2010, RetailFX changed its name to eToro. To boot, they began flooding their library of tradable options with stocks, valuable commodities, indices, and copy trading opportunities. 

Four years later; eToro pioneered the future of currency trading by adding support for BTC. In lieu of gaining a larger following, they enabled users to buy, sell, and trade crypto CFDs to non-U.S. residents. 

More recently, in 2018; eToro became the first provider to support ETH and Ripple trades. They took things one step further with the launch of the eToro money crypto wallet and their proprietary eToroX program. 

Over their last four years of seemingly exponential growth, they’ve added 36 cryptocurrencies and 3,000+ tradable items to their ever-expanding list of options. 

As of today, eToro’s speculated market value rests at $10.4 billion. Currently, they’re taking steps to become a publicly-traded company in partnership with Fintech Acquisition Corp

What Does eToro Have to Offer for US Retail Investors?

eToro traders in the United States have a lot to look forward to. This beginner-friendly exchange commission offers a well-rounded library of stocks, indices, cryptocurrencies, CFDs, and commodities rolled into an easily navigable website.

In comparison to other stock trading platforms, eToro brings:

  • • Tons of educational resources 
  • • 40+ cryptocurrency options 
  • • Comprehensive copy trading program
  • • Low Forex and CFD fees
  • • Immersive interface
  • • Streamlined mobile app 

Disclaimer: Social trading, cryptocurrency trading, and eToro stock trading are not covered under the Financial Services Compensation Scheme. You incur a high risk of losing money rapidly when trading CFD assets with this provider. None of the content in this eToro review constitutes investment advice. 

eToro Review  - Pros and Cons:

eToro Pros Reviewed

  • • 40 cryptocurrency options 
  • • 3,000+ tradable symbols 
  • • $100,000 in virtual funds 
  • • Commission-free stock trades 
  • • Low, £10 deposit minimum
  • • eToro mobile wallet app
  • • Intuitive eToro “copy trading” 
  • • Slew of educational resources 

Review of eToro Cons 

  • • Phone support restricted to eToro club members 
  • • 5% crypto-to-fiat conversion fee 
  • • 1% crypto trading fee 
  • • Comparatively basic trading library

eToro’s Unique Features

Aside from the brokerage services they offer, eToro houses some unique features that give them permission to run ahead of the pack. 

When it launched in 2010, eToro’s social trading platform was the first of its kind. Originally, it gave traders the ability to see and mimic the market moves of recognized investors. In the present day; eToro handles all the dirty work for you. 

So long as you’re willing to invest $200 or more, eToro’s fully automated trading strategies move your money for you. Just choose among the thousands of experienced investors who use their platform, and let them handle the rest. 

If you have no idea where to begin, this program can be an incredibly useful tool. Their wins are your wins, but their losses are your losses. As always, never invest more than you can afford to lose! 

Additionally, eToro’s comprehensive mobile app is the best of its kind. In short, all the best features of their desktop website migrate seamlessly onto your smartphone. 

You’ll enjoy a lag-free trading experience bolstered with immersive graphics and real-time portfolio snapshots that give you a clear glimpse of where your profits stand. 

Where other smartphone clients fall short, eToro’s app excels. 

User Interface 

eToro offers an easy-to-use interface that gives beginner investors the confidence and information they’ll need to conduct profitable trades. 

The first thing we noticed was a live snapshot of the biggest stocks and cryptocurrencies on the market. As the value of each item rises and falls, you’ll be the first to know. 

Their “Big Movers” section gives traders a clear picture of the stocks and cryptocurrencies that are doing exceedingly well in real-time. If there were ever a time to hop on the investment bandwagon, it would be now. 

Similarly, you can see exactly which investors are making a killing on particular trades. If you trust their judgment, you can get what they’re having with one or two clicks. 

Overall, their desktop website is butter-smooth and lag-free. It does away with complicated sidebars and impossible-to-understand flow charts in favor of easily digestible categories and self-explanatory icons

We couldn’t ask for a more beginner-friendly option. eToro removes the hassle and frustration from getting acquainted with their platform and making your first trade. 

Tradable Options 

eToro is home to 3,000+ symbols that cover a broad range of stocks, cryptocurrencies, and commodities. 

Their library accounts for 1,800+ stocks and 200+ ETFs, and you can broaden your horizons with hundreds of CFDs that span over the same symbols. Traders can cast their wares on the value of precious metals, heating oil, and 80+ foreign currency pairs

Digital enthusiasts can go to town with 40+ supported cryptocurrencies, the most popular of which include BTC, ETH, LTC, Bitcoin Cash, and DOGE

eToro stays on top of the latest altcoins (and they supported the rise of LUNA before their disheartening fall from grace). 

While eToro hosts a very basic library by experienced investors’ standards, they’re equipped with enough options to satisfy beginner and intermediate traders for years to come. 

eToro Trading Fees, Commissions, & Pricing

While many online brokers list daunting deposit minimums; eToro doesn’t scare would-be investors away from dipping their toes into currency trading. 

If you’re just starting out, you’ll be pleased to know that you can fund your account with as little as $10. Don’t worry – eToro has plenty of options for low-stakes traders, and you can scale your experience to accommodate your risk tolerance. 

Need more practice? You can make no-risk trades with $100,000 in virtual funds before you invest a dollar of your hard-earned money. 

eToro furthers their beginner-friendly nature by offering 100% commission-free stock trades. While other Forex brokers are more than willing to take a slice of your profits, you’ll keep everything you earn with eToro. 

Start Trading With eToro Today

So long as you’re a resident of the United States; eToro doesn’t charge any withdrawal fees. However, you’ll have to account for their $30 withdrawal minimum before requesting to move funds off-site. 

However, you will have to pay a $10 fee for every month you spend dormant after your first year of inactivity. So long as you remember to “log in” every now and then; this fee is easily avoidable. 

There’s also a 1% crypto trading fee to contend with, but most online brokers steal a flat rate that works out to more than 1% of your profit margin. 

We weren’t too thrilled about their 5% crypto-to-fiat conversion fee, but you can wholly avoid this hassle by moving your crypto off-site before exchanging it for cash. 

Educational Resources 

Introducing eToro’s Online Trading Academy – the world’s first (and only) pool of educational resources to help beginner, intermediate, and advanced retail investors up their game. 

With hours of informative content to comb through, complete newbies can learn the ropes and hone their skill set towards profitable currency trading online. 

Whether you’re a visual or auditory learner, eToro brings explanatory articles and explain-like-I’m-five videos to your fingertips. Their menu sidebar covers beginner-style topics and advanced how-to guides with equal dedication. 

They seemingly cover every possible question you could have on the subject of cryptocurrency as it pertains to Forex trading. You’ll learn about the ins and outs of Bitcoin, how the blockchain works, “staking”, ICOs, and the TIE quarterly. 

Additionally, eToro’s trading academy adds another layer of user-friendly confidence for computer-naive investors. 

You can watch step-by-step videos that teach you how to buy Bitcoin for the first time, mimic the trading strategies of recognized investors, or use virtual funds to conduct practice trades.

From beginning to end, eToro goes to greater lengths than most Forex brokers to help you mitigate the risks behind currency trading. By giving new users the opportunity to get informed, eToro all but spells out your recipe for investment success. 

Mobile Accessibility 

Unlike some online brokers; eToro makes it their business to facilitate your on-the-go trading experience. Their comprehensive mobile app, which is available for iOS and Android devices, holds a 4.2 out of 5 star rating on the App Store. 

5,200 reviewers gush over eToro’s silky-smooth interface and desktop-worthy trading library. Additionally, their proprietary social trading program becomes even easier to use on mobile. eToro users can copy the trading strategies of 200+ career investors with a few simple taps. 

Thanks to their unique mobile search filters and big-button categories, it’s easier than ever to find your perfect trade while on the move. 

Because eToro works with Apple Pay and Google Pay to glean your debit card information, you can deposit to and withdraw from your eToro wallet in seconds. You can also withdraw crypto to any number of mobile wallets through their native trading app. 

All in all, eToro brings the same phenomenal trading experience we’ve come to expect on the desktop to your smartphone. 

Get Started With eToro Today

Customer Support Options 

eToro offers phone and ticket support; but their phone support line is restricted to eToro club members only. In order to become an “eToro club member”, you’ll need to have $5,000 or more in equity with the site. 

If you’re a beginner investor who’s just learning the ropes, not having phone support on-hand may be enough to turn you away from this platform. 

However, if you decide to sink $5,000 into your eToro money wallet; you’ll have a personal account manager at-the-ready to enhance your trading experience. 

In their defense, eToro’s email response team is competent enough to answer any questions you may have in a quick and professional manner. Upon putting in a support ticket, we received a lengthy email reply from a real person within 3-4 hours. 

To clarify; most crypto exchanges take 24-48 hours to respond to customer inquiries. It’s nice to see this broker prioritize their members so readily. 

Needless to say; eToro’s arbitrary support restriction leaves an unsightly blemish on an otherwise reputable, beginner-friendly, and comprehensive platform. 

Overall Customer Satisfaction

Although eToro came from humble beginnings in 2007, they’ve transformed into a leading global currency exchange over the last 15 years. Currently, they serve 25 million retail investors from 140 countries around the world. 

They gained popularity under the RetailFX moniker for providing a beginner-friendly, easily accessible gateway into online currency trading. 

At the time of writing, eToro holds 8,614 five-star reviews on Trustpilot. eToro club members mention receiving unexpected gifts that range from concert tickets to hotel accommodations. 

Retail investors who are just sprouting their wings remain impressed with eToro’s support for long-term investing and crypto day trading alike. 

Although plenty of customers admit that eToro’s platform isn’t the most sophisticated on the market, beginners are relieved to have a good starting point for their developing investments. 

Furthermore, traders were pleasantly surprised with the speed, reliability, and courtesy they encountered when contacting eToro via ticket support. 

eToro Platform FAQs

What is eToro? 

eToro USA LLC is a cryptocurrency trading platform with full, legal authorization to operate nationwide. eToro offers 40+ crypto assets, 3,000+ stocks, and CFD trading to over 25 million retail investor accounts across the globe. 

Although eToro doesn’t offer services to residents of New York, Tennessee, Nevada, Minnesota, or Hawaii; they’ve built a name for themselves in 44 U.S. states and the District of Columbia. 

eToro entered the global Forex marketplace back in 2007, and they continue to provide a beginner-friendly segway into the world of currency trading 15 years later.

Up to 40 Cryptocurrency Options With eToro

Do Retail Investor Accounts Lose Money When Trading with eToro? 

Yes, plenty of retail investor accounts lose money when trading with eToro. 

On that note, just as many retail investor accounts manage to earn a profit from conducting intelligent, common-sense trades. 

Because currency trading is deemed a “high-risk” endeavor in comparison to longer-term investments, you should never trade beyond your means. 

If you don’t yet trust your own trading strategies, hundreds of recognized investors are waiting for you to hop on the gravy train. Of note, eToro’s “copy trading” program makes it easy for beginners to mirror successful investment strategies move-for-move. 

Is eToro Safe to Use? 

You’re probably wondering: Is eToro legit? 

Here’s the short answer – eToro is 100% safe, legit, and legal for US retail investors. 

eToro is regulated by the Financial Conduct Authority to legally provide U.S. investors with an array of 5,000+ tradable assets. In order to legally begin stock trading and crypto trading, residents must be 18+ years of age. 

Additionally, residents of New York, Tennessee, Nevada, Minnesota, and Hawaii are not legally permitted to begin trading with eToro. 

Is eToro Good for Beginners? 

Yes, eToro is beginner-friendly to a fault. While most exchanges list a $100 funding minimum, the eToro platform lets retail investors start trading with just $10 in their accounts. 

Start Trading With eToro Today

If you’re on shaky ground, you can funnel as much (or little) as you’d prefer into fractional shares. 

eToro withdrawal fees are non-existent. When you’ve profited from a particular trade, you can cash out your investment with no extra charge. 

Finally, eToro’s fully automated trading systems make it easy for beginners to rely on the experience of seasoned traders. 

Can I Trade Stocks, Complex Instruments, or CFDs with eToro? 

Yes, eToro gives retail investors the capacity to trade across nearly 5,000 items. Nearly 3,000 stocks, approximately 200 ETFs, 80+ currency pairs, precious metals, indices, and 40+ cryptocurrencies are up for grabs here. 

You’ll find big-name Wall Street stocks alongside up-and-coming businesses from across the globe.  Additionally, you can exchange traded securities or begin trading CFDs on your favorite stocks and cryptocurrencies. 

Important: You incur a high risk of losing money when trading CFDs. Be aware of your loss tolerance and have an exit plan in place before trading CFDs with eToro’s platform. 

How to Open Your Account With eToro’s Trading Platform 

It takes all of 10 minutes to start crypto trading with eToro. We’ve created a step-by-step guide that simplifies the sign-up process for soon-to-be eToro users. 

  1. Go to the eToro trading platform online. 

Go to eToro.com from your desktop’s web browser. 

Once there, click on the green “Get Started” button. After typing in your preferred email address, you’ll have to create a unique username and password combination. 

Finally, click on both checkboxes and the green “Create Account” button to continue. 

  1. Verify your new eToro account. 

Before you can start crypto trading; you’ll need to provide some additional information. 

eToro will ask you to complete your profile with details that confirm your identity and prove your United States residency. Once finished, click on “Complete My Profile” to unlock eToro’s crypto exchange!

  1. Make your first deposit to start trading crypto assets. 

From the upper-left-corner of eToro’s main webpage, click on the three-pronged menu banner. Next, click on the blue “Deposit Funds” button. 

Keeping in mind eToro’s $10 minimum deposit, type in the amount of currency you’d like to deposit. From there, select your preferred payment method using the “drop-down” menu. 

If you’re choosing to fund your eToro account via debit; you’ll need to enter your card’s number, expiration date, and security code. Otherwise, you should link your bank info using the handy “Link Account” button. 

Now, you can start crypto trading at your leisure with eToro’s multi-asset platform!

So, Is eToro A Good Trading Platform? Our eToro Rating:

eToro is a great platform for beginners and advanced investors alike. While their eToro X program is built with experienced traders in mind; their unique website and powerful features cater to beginners who are just getting their feet wet. 

Although we weren’t the biggest fans of their restricted customer support system; they provide in-depth educational resources that go the extra mile to answer commonly asked questions. 

Honorable mentions for this platform include its easy-to-use interface, the eToro mobile app, and its immersive social trading feature

If you’re looking for a currency exchange that boasts 15+ years of industry experience, thousands of options, and a website layout that makes it easy to find the perfect trade; it’s nearly impossible to go wrong with eToro. 

Click here to get $10 with your first deposit of $100 or more!

Disclaimer: Crypto trading should not be seen as a “get-rich-quick” scheme. You incur a high risk of losing money when trading with any exchange. Please don’t invest beyond your means.

Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

This content is distributed by GeneralFanager