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eToro Review

By Arthur Crowson10/03/2022

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One of the oldest stock trading platforms on the market, eToro originally launched in 2007 before the Bitcoin whitepaper was even released. 7 years later, you could start to buy Bitcoin on eToro, and they’ve been expanding their crypto support and offerings ever since. eToro is an interesting investment platform option for users with their wide selection of stocks, indices, ETFs, and crypto, all with CopyTrading options. This Cryptocurrency Help eToro review will help you decide if the platform is right for your trading needs.

Pros

  • eToro Money Wallet allows withdrawals of crypto from the platform

  • No deposit fees for all deposit methods

  • CopyTrading options

  • Trusted platform

Cons

  • High fees for transferring crypto from platform to eToro Money Wallet

  • Only 8 crypto assets are supported by the eToro Money Wallet

  • Not available in all countries and not available in all US states

What You Need to Know About eToro

eToro is a one stop shop for all your investment needs as they offer traditional investment options like stocks, indices, ETFs, and currencies, while also offering crypto buying, selling, and trading. The platform is easy to use for beginners, making it a good option for those looking to learn how to buy Bitcoin for the first time. With zero deposit fees and many instant transfer options, you can buy Bitcoin on eToro in minutes.

eToro offers its users their eToro Money Wallet app, which allows you to withdraw crypto assets from the trading platform to a wallet where you have more control and that is on the blockchain. This means that you can send and receive the supported digital assets to and from the wallet, giving you more control over your assets. However, currently this is only available for 8 of the 76 supported assets, but more support will be added.

One of the best features of eToro is their social trading and CopyTrading options. These allow you to either see what other traders are doing or mirror their trades, respectively. This is especially attractive for new traders, as rather than trying to make trades themselves, they can simply mirror the trades of successful traders. Before CopyTrading a user you can check their history to see how they’ve done over time in order to help ensure it is a good decision to copy their future trades.

eToro History

eToro was founded way back in 2007 in Tel Aviv by brothers Ronen Assia and Yoni Assia, in addition to businessman David Ring. Yoni Assia is still currently the CEO.

The platform was revolutionary in its approach to stock trading compared to its competitors. This is thanks to its CopyTrader feature that allows retail investors to follow successful traders.

In 2014, eToro added cryptocurrency trading options to the platform. This made it one of the earliest adopters of cryptocurrency on the institutional side. They’ve since added support for over 70 crypto assets while also creating the eToro Money Wallet app which supports crypto and allows users to easily buy and sell from within the app.

eToro now operates in 140+ countries with offices in the United States, Cyprus, Australia and the United Kingdom. eToro’s central headquarters are still in central Israel. eToro is quite popular in Europe as well as many Latin American countries such as Brazil, but is not available to certain countries like Canada and Japan.

eToro Services

eToro offers a variety of services on their platform. As you can see in the image above, there are many things on offer in addition to the services. Below you will find brief explanations of each services offered on eToro:

Custody

Assets on eToro are in their custody, this includes fiat, crypto, and traditional investment options. Withdrawing crypto assets to the eToro Money Wallet still leaves the assets in their custody, as they hold the private keys.

Virtual Portfolio

When you create a new account on eToro, you’re given a $100,000 demo account. This allows you to learn how to trade without any risk.

Smart Portfolios

Smart Portfolios/ Investment Portfolios are groupings of several assets. This includes things such as stocks, cryptocurrencies, ETFs, and more, bundled together based on a predetermined theme or strategy (such as renewables or commodities). Some eToro portfolios combine machine learning and data science, while allocated based on tailor-made methodologies. The minimum investment in this service is $500.

CopyTrader

CopyTrader lets you replicate other traders’ actions in real time. The Popular Investor Program encourages top traders to get copied by providing them with additional perks, income, and rewards (image below).

eToro Money Wallet

An app available for iOS and Android, the eToro Money Wallet allows you to buy, store, receive, and transfer supported crypto assets. You can swap crypto for crypto from within the wallet and eToro provides a service to help you recover your wallet with your private key if necessary.

Trades

eToro allows users to swap fiat for any of their supported assets, while also allowing crypto-to-crypto trades, and swap any supported asset back to fiat as well. There are no commissions on trades but there are trading fees that vary depending on the type of asset. There are no fees at all for stocks and ETF trades, while crypto and CFDs both have differing fees.

eToro Staking

eToro staking allows users who own and hold supported cryptocurrency assets to earn rewards for holding them. eToro executes the staking process on behalf of its users. The rewards are more of the asset being staked, which allows users to grow their digital asset holdings, like earning interest on money held in a bank account. The supported assets for staking on eToro are Cardano, Ethereum, and Tron.

eToro Money Card

The eToro Money Card is a Visa debit card that allows eToro users to spend funds that are in their eToro Money Account. It can be used anywhere Visa is accepted.

Is eToro Safe?

eToro is in compliance with CySEC, FCA and ASIC regulations, making it one of the safest companies in the cryptocurrency space. All customer fiat funds are held in secure banks and personal information is guarded under SSL encryption. The addition of eToro Money Wallet support for crypto deposits and withdrawals from the eToro platform increases the security and legitimacy of the platform.

eToro Supported Cryptocurrencies

eToro supports over 70 cryptocurrencies for buying, selling, and trading on their platform. They also support 8 crypto assets with their eToro Money Wallet. Of those 8, you can transfer, send, receive, buy, and convert:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Stellar (XLM)

The last two assets supported by the wallet are Tron (TRX) and Cardano (ADA). However, these two assets can only be transferred, sent, and received using the eToro Money Wallet.

Some of the other digital assets available to buy, sell, and trade on the main eToro platform are:

  • Avalanche (AVAX)
  • Solana (SOL)
  • Ethereum Name Service (ENS)
  • Shiba Inu (SHIB)
  • Cosmos (ATOM)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Dogecoin (DOGE)
  • Basic Attention Token (BAT)
  • Axie Infinity (AXS)

For a full list, check out the eToro Market page.

eToro Payment Options

eToro supports a wide variety of payment options for funding your trading account, all of which have no deposit fees. Below is a table showing all the supported eToro deposit/payment options and whether they can be used for withdrawals:

MethodTimeCurrenciesCountriesMax Single DepositWithdrawal Available?
eToro MoneyInstantGBPUK250k GBPYes (instant)
Credit/Debit CardsInstantUSD, GBP, EUR, and AUDInternational$40,000Yes
PayPalInstantUSD, GBP, EUR, and AUDInternational (restrictions found here)$10,000Yes
NetellerInstantUSD, GBP, and EURInternational (non-serviced countries here)$10,000Yes
SkrillInstantUSD, GBP, and EURInternational (more details)$10,000Yes
Rapid TransferInstantUSD, GBP, and EUAustria, Belgium, Bulgaria, Estonia, Finland, France, Germany, Hungary, Italy, Latvia, Netherlands, Norway, Poland, Portugal, Spain, and UK$5,500No
iDEALInstantEURNetherlands$50,000Yes
Klarna / Sofort BankingInstantEURGermany, Austria, Netherlands, Switzerland, Italy, Spain, Belgium, Finland, France, and Poland$30,000Yes
Bank Transfer4-7 daysUSD, GBP, and EURInternationalUnlimitedYes
Trustly Online BankingInstantEUR, GBP, SEK, DKK, NOK, PLN, and CZKAustria, Belgium, Czech Republic, Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Netherlands, Norway, Poland, Slovakia, Spain, Sweden, and United Kingdom$40,000No
POLiInstantAUDAustralia$10,000Yes
Przelewy 24InstantPLNPoland$11,500Yes
PayoneerInstantUSDArgentina, Brazil, Egypt, Morocco, Philippines, Thailand, Ukraine, United Arab Emirates, Vietnam$40,000Yes

eToro Fees

eToro has somewhat reasonable fees for their cryptocurrencies, with a flat 1% fee for buying and selling any crypto asset they support. While this is a lot higher than what you’d get through a crypto exchange like Binance (0.1%), it’s not unreasonable and is more in line with other platforms that offer both stock and crypto options to their customers. Crypto-to-crypto conversion fees are only 0.1%, so it may be better to swap for other crypto assets rather than selling for fiat.

The Coin Transfer fees eToro charges for transferring from the trading platform to the eToro Money Wallet are somewhat high, with it being 2% of the total transaction size. Most platforms only charge the blockchain network fees, but with eToro you have to pay both the Coin Transfer fee and the blockchain network fee. When transferring from the wallet to the trading platform you only pay the network fees, as with moving from the eToro Money Wallet to another blockchain address.

There are also minimums for withdrawing from the platform to the eToro Money Wallet which can be seen in the image below. There is a flat $5 withdrawal fee for fiat with a minimum of $30 being able to be withdrawn. There is also an account inactivity fee of $10 per month after a year of inactivity.

eToro Customer Service

eToro has a strong customer service program that has been developed over the many years of its existence. There is a comprehensive help center that should contain answers to most of the questions you may have, though you can also create a support ticket for more specific issues. Registered users also have access to a live chat option, but there is no phone support for eToro.

eToro Supported Devices

eToro is available through their website platform through mobile or desktop web browsers. It is also available as an app for Android and iOS mobile devices. The eToro Money Wallet app is available for Android and iOS as well.

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Arthur Crowson

Editor

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