eToro Review 2022: Is It Safe To Trade Crypto?

Updated: Jun 4th, 2022
Kevin Groves
Kevin Groves
eToro Review 2022: Is It Safe To Trade Crypto?

Finding the right crypto exchange to buy and sell digital currencies can be a difficult task with so many options to choose from. A reputable and well-known platform that offers cryptocurrencies, stocks and CFD trading is eToro. Used by millions of customers worldwide, we will examine eToro's best features, supported crypto assets, trading fees, security and customer service in this review.

HedgewithCrypto Score
HedgewithCrypto Score
4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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Visit eToro

eToro

Trading Fees:Spread only
Country:Global (USA allowed)
Currency:USD, GBP, EUR, AUD
Promotion:None available at this time

Key Features

  • Beginner-friendly platform
  • Competitive fees, charge spread only
  • Available worldwide and accepts multiple currencies
  • Supports 94 cryptocurrency pairs and offers traditional assets such as stocks, commodities and indices
  • Copy-trade successful traders and portfolios
  • Advanced charting with TradingView charts

One of the best brokers in the world for trading cryptocurrency and social trading is eToro. The website is a social-trading and multi-asset platform that offers a digital wallet to store cryptocurrency assets for its customers. eToro is an all-in-one solution to manage a portfolio, trade popular currencies, monitor positions or get involved with the social community. In short, eToro is a highly suitable platform for beginners that want to begin their journey in the investment world.

Key Features

  • Beginner-friendly platform
  • Competitive fees, charge spread only
  • Available worldwide and accepts multiple currencies
  • Supports 94 cryptocurrency pairs and offers traditional assets such as stocks, commodities and indices
  • Copy-trade successful traders and portfolios
  • Advanced charting with TradingView charts

One of the best brokers in the world for trading cryptocurrency and social trading is eToro. The website is a social-trading and multi-asset platform that offers a digital wallet to store cryptocurrency assets for its customers. eToro is an all-in-one solution to manage a portfolio, trade popular currencies, monitor positions or get involved with the social community. In short, eToro is a highly suitable platform for beginners that want to begin their journey in the investment world.

Ease of useStarStarStarStarEmpty Star
ReputationStarStarStarStarEmpty Star
Deposit methodsStarStarStarStarEmpty Star
FeesStarStarStarStarEmpty Star
Visit eToro

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

Disclaimer: 68% 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. This post contains affiliate links. Read our disclaimer for more information.

What Is eToro?

eToro is a leading social trading platform that offers cryptocurrency, stocks and CFD trading. Users on the platform can connect with like-minded traders and join a community to discuss trading strategies or automatically copy-trade successful traders and portfolios.

Etoro was established in 2007 and has grown into a popular online trading platform that is highly visual, intuitive and beginner-friendly. The broker is used by millions of investors and traders across multiple jurisdictions in the world. In fact, eToro has become one of the best trading platforms to buy and sell cryptocurrencies.

etoro websiteetoro website

eToro Pros & Cons

eToro is an ideal cryptocurrency platform for beginners that want to mirror and trade like professionals. The social trading community and CopyTrader feature is a gamechanger that offers insight into the best traders on the platform. Aside from this, eToro is overall a top platform that is beginner-friendly, supports the most popular assets, allows staking and charges a spread fee only. For serious crypto traders that are looking for an advanced trading terminal, a variety of cryptocurrency trading pairs and products, eToro is not the best option.

Is eToro Regulated?

eToro is a licensed and registered financial company in multiple trading jurisdictions around the world including Europe under the Cyprus Securities & Exchange Commission, in the UK by the Financial Conduct Authority (FCA) and a holder of Australian Financial Services Licenced issued by ASIC in Australia.

Features & Services

Social Trading

eToro is well-known for its social trading community where traders can join and connect with other traders to share ideas, strategies or mirror the trading performance of profitable traders. Beginners can use the filter system to discover an investor's portfolio to copy that fit's their criteria such as return on investment, risk tolerance and the number of copiers. To limit potential losses, there is the option to set a stop loss level.

etoro copy traderetoro copy traderPast performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Cryptocurrencies Offered

eToro supports 94 cryptocurrency pairs that can be traded against altcoins or fiat currencies. Investors in the US and the UK can purchase the actual crypto asset whereas investors in other regions such as Europe and Australia can buy a CFD only. Popular digital coins that can be traded include Bitcoin, Ethereum, XRP, Litecoin, Cardano, Tezor, Stella Lumens and more.

etoro copy trader statsetoro copy trader statsPast performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Trading Commissions

Purchasing cryptocurrencies on eToro will incur a spread cost only for the actual asset. The spread charge varies for each digital asset and rise and fall depending on market conditions. For example, the fee to buy and sell Bitcoin is 0.75% per trade. Compared to other cryptocurrency providers such as Coinbase which charges between 0.5% and 3.99%, the fees on eToro are very competitive. 

eToro Staking

Cryptocurrency staking is becoming very popular among investors for the positive yield on holding digital currencies that use the Proof-of-Stake (PoS) mechanism. eToro has expanded its offering to include some of the most popular staking coins such as Cardano (ADA), Tron (TRX) and Ethereum 2.0 (ETH2.0). The benefit is that eToro users can grow their digital assets on the platform without having to trade or doing anything special. Depending on the account level, users can earn up to 90% of the staking rewards.

eToro crypto stakingeToro crypto staking

eToro Compared

Cutting-edge security measures, an intuitive user interface for beginners and a mobile trading app are important features on eToro. This comparison table lists alternate crypto trading platforms like eToro that allow investors to invest in digital assets such as cryptocurrencies.

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Binance Logo

Binance

3970.1%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.8/5
StarStarStarStarEmpty Star
20% off trading feesVisit Binance

Binance Review
Coinbase Logo

Coinbase

1460.5%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.8/5
StarStarStarStarEmpty Star
$5 BTC bonus (USA only)Visit Coinbase

Coinbase Review
gemini exchange

Gemini

26+0.5%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.6/5
StarStarStarStarEmpty Star
None available at this timeVisit Gemini

Gemini Review
eToro

eToro

200+Spread only
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.6/5
StarStarStarStarEmpty Star
None available at this timeVisit eToro

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

eToro Review

Registration, Login & Account Verification

To create an account with eToro, users will need to go through a registration process to deposit funds to purchase digital assets or CFD's depending on the location. The information required to get started includes a username, email address and password.

eToro verification is mandatory for all users that want to trade on the platform. The process and information to be submitted vary slightly across each jurisdiction in accordance with local regulations. It usually takes a few days for eToro to complete the identity verification procedure.

Payment Methods & Limits

New users can begin their trading journey by funding a real account using a variety deposit of method methods such as credit card, PayPal, Neteller and Skrill to send money to fund a trading account. Each payment option has different limits and transaction speeds to consider as listed below. One of the best ways to buy Bitcoin is using a credit card which is instant and has a daily deposit limit of up to $40,000.

MethodCurrencyMax. DepositSpeed
Credit / debit cardUSD, GBP, EUR & AUD$40,000Instant
PayPalUSD, GBP, EUR & AUD$10,000Instant
NetellerUSD, GBP & EUR$10,000Instant
SkrillUSD, GBP & EUR$10,000Instant
Bank transferUSD, GBP & EURUnlimited4 - 7 days

Available Fiat & Cryptocurrency Assets

eToro operates using US dollars and customers that reside in other jurisdictions or prefer to deposit in other fiat currencies such as EUR, GBP, AUD, RMB, THB, IDR, MYR, VND and PHP will be charged a conversion fee to USD. The conversion fee is based on percentage points (or pips). There is no fee to send USD to fund a real money trading account.

Supported Countries

eToro trading platform is available to customers worldwide in countries such as the United States, United Kingdom, Europe and Australia. There are several countries and territories that may not use eToro due to regulations and legal restraints. A full list of restricted and banned countries can be found on the website, or read our article on which countries have banned crypto.

Trading Cryptocurrencies

eToro offers a simple to use and visual platform that is designed for beginners and intermediate investors to get started with digital currencies. The user interface provides a news feed that features pinned articles from the community on a particular asset which can be useful for beginners. 

eToro Bitcoin StatseToro Bitcoin Stats

Investors that rely on technical analysis will find eToro's charting features limited. There are basic charting features such as indicators and drawing tools that can be applied, however, it is difficult to use and the overlays are lost when the chart is closed. In our opinion, we recommend using a professional cryptocurrency charting program such as to perform technical analysis and then place the trade with eToro. To find out what is the best charting software for crypto, read this article.

Copy-Trading

eToro's social trading platform allows its users to discover other traders to copy and follow their trades. It is a powerful network used by millions of investors around the world to see how professional and successful traders manage their positions in real time and connect to follow each trade automatically.

eToro Copy TradeeToro Copy TradePast performance is not an indication of future results

Each trade the followed trader makes is automatically placed using the available trading account balance. There is no additional fee or cost to join eToro's social network, although there is a minimum $200 balance requirement. Beginners can benefit from copy-trading by following the most profitable traders on the platform to earn a passive income that can be used to purchase crypto or simply learn how to trade.

eToro Social TradingeToro Social Trading

The platform provides 100% visibility of the trader's statistics, portfolio and equity curve for the trader's past performance. Potential investors can investigate each trader to ensure their trading strategy and risk exposure aligns with their own risk appetite and profit expectations. The full history of the trader's positions, take profit and stop loss entries are shown for transparency. 

eToro Copy TradeeToro Copy Trade

The risk rating, number of copy-traders and assets under management are popular metrics to assess. It is recommended to copy-trade long term traders with a proven track record of profitable months with minimal drawdown. While past performance does not guarantee future results, a thorough review and audit can be performed using eToro before allocating capital to copy-trade their strategy.

Demo Trading Account

eToro is free to register an account and new users can begin with a $100,000 demo trading account to become familiar with the platform's products, features and user interface. The practice mode has the same appearance as a funded account and users can switch between the real and demo modes.

Trade with a free $100,000 practice account now.

Disclaimer: 68% 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.

eToro Demo AccounteToro Demo Account

Fees & Spread

eToro trading fees for cryptocurrency coins are calculated based on a spread cost from 0.75% depending on the actual asset purchased and sold on the platform. The spread for Bitcoin and Ethereum are slightly cheaper when compared to Uphold which offers similar features and services to eToro.

CryptocurrencySpread
Bitcoin0.75%
Ethereum1.9%
XRP2.45%
Cardano2.9%
Litecoin1.9%
Stellar Lumens2.45%
Tezos5%
Tron3.5%

For example, the cost to own Bitcoin (BTC) will incur a spread cost of 0.75%, whereas to invest in Ethereum the spread fee is 1.90%. The lesser-known altcoins will generally have a higher spread charge as the trading volume is lower.

In comparison to other trading platforms, the fees to buy coins other than Bitcoin is quite high. Users are better off using an exchange such as Binance, Bittrex or CEX.IO which have lower altcoin fees from 0.1% per transaction.

Frequently Asked Questions

eToro appears to be a safe trading platform for cryptocurrency, stocks and CFD's that features state-of-the-art security measures to ensure the security and safest of client funds and personal information. Based on our research, eToro has never been hacked or compromised across each of its jurisdictions across the world.

eToro is available in Australia for individuals to sign-up and create an account. The platform is a regulated CFD provider that complies with local laws that are enforced by the Australia Securities and Investment Commission (ASIC). eToro trades under the company eToro AUS Capital Pty Ltd, AFSL 491139 and holds an Australian Financial Services License (AFSL).

The platform does not have a licence to sell actual cryptocurrency assets. Users that want to directly purchase Bitcoin and other digital assets will need to use a local crypto exchange in Australia.

Conclusion

To conclude our eToro review, the platform is overall well-suited to beginners and investors that are looking to copy-trade profitable traders or learn how to trade. There are several methods to fund a real trading account and supports multiple fiat currencies to get started. 

Before trading on the markets with real money, eToro has one of the best cryptocurrency demo trading accounts to practice with virtual funds. Of course, when deciding to buy Bitcoin with actual money, we recommend withdrawing the funds to a hardware wallet for safety.

Visit eToro

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please,
consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

eToro Review Methodology

HedgewithCrypto strives to provide independent, factual and unbiased reviews of cryptocurrency exchanges and trading platforms to help readers make an informed decision about picking the right crypto exchange. The review process includes examining the website and external sources, creating and funding an account, demonstrating and experiencing the features of the platform and calculating an overall weight-average rating.

A rating between poor (1 star) and best (5 stars) with 0.1 increments is given. For further information on the criteria and categories that are evaluated, read here for our crypto platform review process.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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