eToro review 2022
With more than a decade of experience in the finance industry, eToro has positioned itself as one of the leading and most popular trading platforms and social investment networks. The regulated service offers a diverse range of assets, including forex, stocks, cryptocurrencies, commodities, and exchange-traded funds (ETFs).
eToro was formed in January 2007, when a couple of entrepreneurs set out to make the world of trading accessible to anyone, anywhere, without depending on global financial institutions. Founded by Yoni and Ronen Assia, the core team of eToro is comprised of seasoned experts from the world of Finance and Technology.
Is eToro Safe?
As a leading trading platform, eToro has successfully ensured compliance with top regulatory authorities, including CYSEC, FCA, CIF, MiFID, and AFSL. The service's meticulous adherence to the safety and security of their clients' funds has positioned the platform as one of the leading brokers for crypto trading.
As one of the regulated trading platforms, eToro users are required to verify their identities by submitting authentic government-issued documents. These steps are taken to protect traders from fraudulent and criminal activities. It also helps the trading platform to create a secure environment for traders. By making sure that their users go through this process, eToro adheres to Know Your Customer (KYC) and Anti Money Laundering (AML) regulations.
Platform & Features
The leading platform offers a wide range of features for both amateur and professional traders, including the following.
- Trade 25+ Cryptocurrencies - Using the desktop or mobile version of the platform, you can buy, sell, and hold a diverse variety of cryptocurrencies, including EOS, LTC, ETH, XRP, BTC, and more.
- Follow Other Traders - If you want to observe and follow a certain trader, you can monitor their trades and portfolio.
- CopyTrader - This is like following other traders, except it automates the entire process. You can choose to copy other eToro members' trades in real-time. Ensure you are minimizing your risk before using this feature.
- Desktop & Mobile Platform - With both desktop and mobile apps, you can monitor your trades from anywhere you want. There's also a mobile wallet which you can use to hold your coins.
- Low Trading Fees - The platform allows you to trade with zero commissions and there is no specific trade charges or recurring fee that you've to pay to keep your account.
- Virtual Portfolio - This option allows you to test different strategies and learn trading without putting your real money at risk.
- Payment Methods - The cryptocurrency trading service enables you to pay for your purchases with various payment modes, including debit card, credit card, PayPal, Neteller, Skrill, bank transfer, and more.
See if eToro Is a Good Fit for You
Fees & Commissions
- For US Traders - Depending on the cryptocurrency you are trading, the fees could be anywhere between 0.75% and 5%.
- For Non-US Traders - No commission on opening or closing long positions on stocks, while short positions result in a commission of 0.18%.
- For Non-US Traders - If you are not using the local currency, you will need to pay the exchange fee.
- Inactivity Fee - For accounts that have been idle for 12 months, there's a $10 annual fee.
- Withdrawal Fees - For US traders, there's no withdrawal changes but for non-US residents, the withdrawal fee is $5.
Supported cryptocurrencies include BTC, ADA, EOS, ETC, NEO, XLM, TRX, ZEC, BNB, LINK, YFI, AAVE, ALGO, MATIC, BCH, DASH, ETH, MIOTA, XRP, XTZ, LTC, COMP, UNI, DOGE, MANE, and BAT.
How to Open an Account
The account opening procedure is quick and straightforward.
- Step 1 - You will need to register your account using your email or social media accounts such as Google or Facebook.
- Step 2 - If you want to add funds for trading, the next step will be to go through identity verification. For that, you will have to upload government-issued documents for proof of identity and proof of residence.
- Step 3 - Since eToro only facilitates USD accounts, your funds will be converted into USD. You can use multiple options for depositing your funds, including credit/debit card, bank transfer, PayPal, Skrill, Neteller, and more.
If you are a non-US resident, you will have to pay $5 per withdrawal. You can use the same deposit methods for withdrawal too.
Verifying Your Account Tutorial
Once you have created your account, it's time to verify it. This video will show you exactly how to do it.
How to Deposit on eToro
The next step is to make your first deposit. This video will explain how to quickly fund your eToro account.
How to Trade Crypto on eToro
Once you have opened an account and verified your identity, you can start trading. Search for the cryptocurrency you would like to invest in and click on "Trade". Then you will need to enter the desired investment amount and define any parameters to manage your trade. Next, click on "Open Trade".
It is recommended that before you invest your real money, you should use the $100,000 in your demo account to familiarize yourself with the platform and assess different trading strategies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
67% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Unsure if this broker is for you?
eToro Customer Support
eToro has a Help Center page where you can find the answers to the most frequently asked questions. If you submit a ticket, the response time is seven days. Moreover, if your issue requires immediate attention, they have a Live Chat page where you can initiate a chat session once you’re logged in.
eToro is an online investment and broken platform that has over 6 million users. eToro allows you to get involved in real-time in EFTs, Commodities, Indices, Stocks, Cryptocurrencies, and Forex.
In order to sell on eToro, all you need to do is open trade and switch the toggle from BUY to SELL. When you open a SELL trade, it opens at the SELL price. The position decreases in value as the price of the asset goes up, and it increases as the price of the asset goes down.
eToro exists to make a profit from providing a service, just like any other company. They make a profit by charging users a small spread fee on position; however, there is 0% trading commission. The trading costs here are far less compared to those charged by fund managers and traditional stockbrokers.
To use eToro, all you need to do is sign up, which will only take a few minutes. After you’ve signed up, make sure that you verify your identity. Then, you can make your first deposit and start investing!
To open a trade on eToro, you need to select the type of investment you want to trade through the Search bar or the Trade Markets page, click Buy to enter the amount you want to invest, and then just click on Open Trade.
To make money on eToro, you need to be up-to-day with upcoming financial events and recent news, familiarize yourself with each asset before you start trading, and spread your funds across various asset classes and various assets. Another way is to find the most successful traders on the platform and copy them.