hedgewithcryptohedgewithcrypto
AboutContact

    eToro Review 2022: Features, Trading Crypto, Pros & Cons

    Updated: Sep 16th, 2022
    Kevin Groves
    Kevin Groves
    eToro Review 2022: Features, Trading Crypto, Pros & Cons

    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. To help you decide if eToro is right for you, 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.
    StarStarStarStarEmpty Star
    Trading Fees:1%
    Country:Global (USA allowed)
    Currency:USD, GBP, EUR, AUD
    Promotion:None available at this time
    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."

    Read our full eToro Review

    Disclaimer: 78% 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.

    eToro Overview

    eToro is a popular multi-asset brokerage firm that covers financial investment services in stocks, bonds, commodities, exchange-traded funds (ETFs), foreign exchange, and cryptocurrencies. It has also become a popular social network for its users to connect with like-minded traders and join a community to discuss trading strategies. The social network is frequently used by traders to find and 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 crypto platforms to buy and sell cryptocurrencies.

    Note: eToro USA LCC does not offer CFDs, only real Crypto assets available.

    etoro websiteetoro website

    To summarize, the key features and products of eToro are:

    • Beginner-friendly platform
    • Competitive fees
    • Available worldwide and accepts multiple currencies
    • Supports 78 cryptocurrencies and offers traditional assets such as stocks, commodities and indices
    • Copy-trade successful traders and portfolios
    • Ability to stake crypto to earn interest
    Platform NameeToro
    Supported Cryptocurrency78 (BTC, ETH, AVAX, USDC, and 74 others)
    Accepted Fiat CurrencyUSD, GBP, EUR & AUD
    Deposit MethodsCredit / debit card, PayPal, Neteller, Skrill, Wire transfer
    Trading Fees1%
    Withdrawal FeesNone (network fees only)
    Mobile AppYes (Android and iOS)

    Our Review of eToro - Quick Verdict

    eToro offers a wide range of investment options, including 78 cryptocurrencies, as well as stock, ETFs, and even Forex trading. Users can copy the trades of popular traders, or invest in pre-built investment portfolios for longer-term investing. eToro charges a flat 1% fee for all trading, though there is also a spread fee, which can be high on small-cap cryptocurrencies with less liquidity. The mobile app is intuitive, and the overall platform is great for beginners.

    eToro has a few limitations when it comes to cryptocurrencies, including limiting withdrawal to only 7 of the 78 cryptocurrencies. Users in many jurisdictions also may not have any access to their own crypto, as eToro simply allows trading of crypto CFDs, which are a type of derivative product. Overall, eToro is ideal for beginners and intermediate investors, but advanced crypto traders will be disappointed at the lack of trading tools and features.

    Visit the eToro website

    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 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 game-changer 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, and allows staking to earn passive income on crypto assets. 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.

    eToro Pros:
    • Trusted and well-established brokerage for buying and selling crypto
    • Licenced platform in multiple countries with local deposit options
    • Social trading community to copy-trade profitable users
    • Competitive trading fees for cryptocurrencies
    • Earn staking rewards on crypto assets held on the platform
    eToro Cons:
    • Cannot deposit crypto to platform in most locations
    • Base currency is denominated in USD only
    • Lack of advanced trading tools and markets for serious crypto traders
    • Spread fees are quite high for less popular crypto assets
    • Customer service has delays and can be improved

    Review of the Top Features on eToro

    Exchange for trading crypto

    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 crypto trading platformeToro crypto trading platform

    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 in eToro ProCharts, 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.

    eToro CopyTrader

    eToro has one of the best social trading platforms for crypto that allows its users to discover other traders to copy and follow their positions. 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.

    list of eToro copytraderslist of eToro copytradersPast 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.

    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 crypto trader performance summaryetoro crypto trader performance summaryPast 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.

    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 detailed breakdown of copytrader statsetoro detailed breakdown of copytrader 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.

    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.

    eToro Smart Portfolios

    Smart Portfolios are pre-built investing portfolios, consisting mainly of stocks and ETF investments that allow users to follow to automatically invest in the portfolio. Each portfolio follows a specific investing strategy, and while some are created by other eToro users, many are pre-built by eToro or eToro partners. There are three main types of Smart Portfolios available:

    • Top Trader Portfolios
    • Thematic Market Portfolios
    • Partner Portfolios
    eToro smart portfolioseToro smart portfolios

    Smart Portfolios typically hold a diverse set of stocks, ETFs, and other investments, and are rebalanced regularly to stay on target for the investing strategy of that portfolio. Users can view a detailed portfolio breakdown to see the asset allocation, as well as the past performance of any Smart Portfolio. The minimum amount required to invest in a Thematic Market Portfolio or Partner Portfolio is $500. Top Trader Portfolios require a minimum of $5,000.

    eToro Money Crypto Wallet

    eToro offers a basic crypto hot wallet, allowing users to take custody of some of the cryptocurrencies on the platform. Users can also use this wallet to send crypto to another external wallet. The crypto wallet is built into the eToro mobile app and is the only way to withdraw crypto from the eToro platform.

    Currency, only a handful of cryptocurrencies are supported, including; Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, Tron and XRP. Users must first transfer crypto from the eToro platform to the eToro crypto wallet, and only then can they transfer crypto to another wallet service.

    Note: Once crypto is transferred off the eToro platform, it cannot be re-deposited back into eToro.

    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 (ETH). The benefit is that eToro users can grow their digital assets on the platform without having to trade or do anything special. Depending on the account level, users can earn up to 90% of the staking rewards.

    eToro crypto stakingeToro crypto staking

    Demo Trading Account

    eToro is free to register an account and new users can begin with a $100,000 crypto 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.

    The demo account allows users to use all of the same features of the regular platform, including CopyTrader, CopyPortfolio, and even leverage trading. Users can use the demo funds to trade stocks, crypto, CFDs, or even Forex. This is a great feature to help new users learn the ins and outs of trading without risking their own money.

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

    eToro Demo AccounteToro Demo Account

    eToro Comparisons & Alternatives

    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

    Binance

    600+0.1%
    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
    Up to $100 welcome bonusVisit BinanceBinance Review
    Coinbase Logo

    Coinbase

    250+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.
    4.8/5
    StarStarStarStarEmpty Star
    $5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
    FTX

    FTX

    3190.02% / 0.07%
    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.
    4.7/5
    StarStarStarStarEmpty Star
    5% off trading feesVisit FTXFTX Review
    eToro

    eToro

    70+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.
    4.6/5
    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

    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.

    Creating an Account with eToro

    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;

    • Creating a username
    • Providing an email address
    • Choosing a password

    Once the email address is verified, users will need to complete identity verification to complete the account setup process and unlock the ability to deposit funds and start trading.

    ID Verification Requirements

    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. To pass identity verification, users must provide personal details directly to eToro. Here are the details required for verification:

    • Personal information
    • Birth Date
    • Home address
    • Tax identification number
    • Proof of address
    • Photo ID (Drivers license, Passport, or Legal Identification)

    Once these documents are submitted, eToro will verify the documentation to approve the account (typically within a few days).

    Fiat Funding & Limits

    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.

    New users can begin their trading journey by funding a real account using a variety of deposit 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 on eToro 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.

    eToro supports 78 cryptocurrencies that can be traded against 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.

    Related: Best crypto exchanges for Australians.

    eToro Fees

    eToro trading fees for cryptocurrency coins are calculated based on a flat rate of 1% per order plus a trading spread that depends on the actual asset purchased and sold on the platform. For example, the cost to buy Bitcoin (BTC) will incur a trading fee of 1% plus a spread. 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 are 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.

    eToro also charges withdrawal fees, with a flat $5 fee to withdraw fiat currencies from the platform. Fiat currencies other than USD are also charged a conversion fee when depositing or withdrawing funds.

    eToro Mobile App

    The eToro mobile app offers most of the same functionality as the website, allowing users to create an account, verify, deposit funds, and trade stocks, crypto, and Forex. The app allows users to quickly build a portfolio, or access top traders and set up a copy trading portfolio.

    The eToro app is available for both Android and iOS devices. On the Android marketplace, eToro has a rating of 4.2 / 5 stars, making it a highly-rated app. There have been over 10 million downloads of the app, and over 120,000 reviews in total. Complaints center around KYC verification taking too long, and high minimums for purchases and withdrawals. Based on our testing, the eToro app is well-designed and responsive, ideal for beginner and intermediate investors.

    etoro mobile app screenshotsetoro mobile app screenshots

    Customer Support

    eToro offers a comprehensive help center for learning how to do almost anything on the platform. This includes help articles, as well as video tutorials on how to use the platform. eToro does not offer live chat or phone support, but a simple ticketing system to report issues.

    Without the ability to chat with a live human, eToro offers a slow and antiquated customer service experience, and customer complaints report delays in response times from the eToro support team. eToro also offers basic support via its social media accounts (such as Twitter).

    Frequently Asked Questions

    Yes, eToro is a great trading platform for beginners, with simplified charting, an easy-to-use mobile app, and the ability to copy professional traders instead of trying to trade on their own. eToro also has built-in education and a large help center with training videos on how to use the platform.

    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 safety 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 utilizes security features such as SSL encryption across the platform, two-factor authentication (2FA) for user accounts, biometric authentication for the mobile app, and cold storage of crypto assets.

    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 License issued by ASIC in Australia.

    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 safe hardware wallet for safety.

    Visit eToro

    eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

    Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

    78% 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.

    Past 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.

    Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.

    Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

    eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available
    non-entity specific information about eToro.

    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.

    You might also be interested in
    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.

    Share this post
    Or copy link