Cryptos and forex trading have been in demand for quite a time. People now look for a platform that can win the test of time and provide them with all the facilities to put their game on. With the grind of more than a decade in the finance industry, eToro has excelled itself as one of the famous and leading social industry networks and trading platforms.
Its diverse regulated services include stocks, cryptocurrencies, forex, commodities, and exchange-traded funds (ETFs). In this eToro review, we will sift through all the crucial facets you must know if you are casting a die about opening an eToro account.
So let’s skip beating about the bush and get into the details given below!
What is eToro?
eToro is a prime online brokerage platform that offers stock and cryptocurrency trading. It is among the pioneers of the first online trading companies which support digital currency trading.
People around the globe started recognizing eToro more when it added support for Bitcoin (BTC) in 2014 and then afterward for Ripple (XRP) and Ethereum (ETH).
Moreover, with its increasing acceptance, eToro now supports more than 40 cryptocurrencies on its famous online platform, offers an enterprise-grade crypto exchange, and provides a muli-currencies crypto wallet.
A Glimpse of eToro History
eToro- a Tel Aviv-based company, came into being in 2007. Its co-founders, David Ring, Ronen Assia, and Yoni Assia, created this company to make the world of trading accessible to everyone without depending on global financial institutions. However, Assia is still leading as the CEO of the company today.
When the company started functioning, it operated as a forex broker under the name of RetailFX. Then it changed its name to eToro and offered stocks, indices, and commodities.
After that, in 2010, eToro launched the social trading features and allowed its user to cope with the time.
Nowadays, eToro is striving to establish its image as the highly competitive crypto exchange market by incessantly improving its trading features and boosting customer satisfaction.
Available Cryptocurrencies on eToro
Currently, eToro holds more than 40 cryptocurrencies for trading.
However, here is the list of some most popular crypto assets on eToro:
- Bitcoin (BTC)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Polkadot (DOT)
- Ethereum (ETH)
- Litecoin (LTC)
- Solana (SOL)
- Dogecoin (DOGE)
- Stellar Lumens (XLM)
- Polygon (MATIC)
Features
eToro, as a significant platform, offers an ample range of features for both professional traders and amateurs. These features include the following:
Copy Trader
This feature lets you follow other traders, except the entire process is automated. You can have the option to copy other members’ trades in real-time. This feature minimizes your risk of loss.
Trade 40+ Cryptocurrencies
You can buy, sell or hold a diverse variety of cryptocurrencies using the desktop or mobile version of the eToro platform. This feature allows you to play on the bigger pitch as you have as many as 40+ crypto options.
Follow Other Traders
eToro encourages you to learn trading tactics and earn more, which is why it allows you to observe and follow a particular trader. You can even monitor their trades and portfolios. So if there is someone earning from trading, you can know why.
Desktop & Mobile Platform
You can monitor your trades without the boundary of time and space by using a desktop or mobile app. There is also an eToro mobile wallet that you can use to carry your coins.
Virtual Portfolio
In this option, eToro allows you to learn, apply or test different trading strategies to understand how trading works. So while you are learning and practicing, your real money will not be at risk.
Low Fee Structure
In this option, eToro permits you to trade with zero commission, and there are no particular recurring fees or trade charges that you will have to pay.
Payment Methods
There any various modes of payment to pay for your purchases that this crypto trading service enables you with. These modes may include PayPal, debit and credit card, Skrill, Neteller, bank transfer, and many more.
eToro Fee & Commissions
Fees
eToro’s fee as a trading platform is correspondingly low compared to its competitors. However, users should be mindful of withdrawal fees and currency conversion. It is also important to consider that how much you pay is also affected by the location where you live.
- eToro does not charge withdrawal fees from USA customers. But outside the USA, it charges a minimum fee of $5 at a $30 withdrawal.
- If a non-US member wants a currency conversion, he will have to pay a minimum fee of 50 basic points (BPS).
- You will have to pay a transferring crypto fee when moving cryptos into the eToro money crypto wallet.
- For an inactive account, eToro charges $10. If you have been inactive for over a year, you will be kept charging the same way.
Commission
On crypto exchanges, the commission can be baffling, especially for beginners. But it is bracing that the eToro commission plans are simple and straightforward. It technically termed its commission’ spreads,’ and the company charges it when you buy or sell cryptos.
To explain more, this crypto trading platform charges a 1% flat spread over all the trading- buying & selling cryptocurrencies.
Pros & Cons
Pros
- An established and renowned platform.
- Distinctive social trading features that empower users to earn more by match moving famous traders.
- Low fee structure for CFDs and FX.
- Modulated in numerous jurisdiction
Cons
- It lacks the option of margin trading for United States users.
- No availability in many states of the USA, such as New York.
Final Verdict:
eToro is doubtlessly one of the best broker options for real stocks, trading, and CFD. By opening an account on eToro, you can invest in assets and trade on the US stock exchange.
Additionally, it has all the tools and tactics that you can use to become a successful trader and earn a lot. So if you are aiming to become a professional trader, not giving eToro a try will not be fair to you.
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