eToro is one of the best platforms to seamlessly trade eToro stocks, exchange-traded funds (ETFs), cryptocurrencies, and more, all within a single platform. This popular online trading platform also has a great investor community.
eToro supports over 4,000 stocks, 430 ETFs, cryptocurrencies, commodities, currencies, and indices. Featuring the market-leading eToro social trading network, it allows novice traders to copy the moves of experienced traders. We also offer special benefits to traders for sharing their trading strategies.
This article provides a review of eToro and details the platform’s features, Etoro’s pros and cons, and other aspects.
Evaluation of eToro
Customer support and security
Advantages and disadvantages
- It is a top performer in Social Copy Trading and Cryptocurrency Trading, securing annual awards in both categories in 2024.
- We offer a user-friendly web platform and mobile eToro app to ensure ease of use for traders.
- We are continuously expanding our services in the market and are the multi-asset broker of choice. We also have a wide range of asset trading options for top cryptocurrencies.
- Since the SEC recently approved spot ETFs, eToro now also offers spot Bitcoin ETFs.
- Club members on the eToro app enjoy VIP benefits based on their tier status.
- We offer powerful research content, including our Digest & Invest series, Market Bites podcast, weekly videos, articles, and more. This will improve your overall trading experience and make you more informed.
- Supports zero-commission stock investing, saving costs and maximizing profits for traders.
- eToro supports copy trading and smart portfolios that reduce reliance on technical analysis. Therefore, it caters to diverse trading preferences.
- A $100,000 eToro demo account is also available for users to practice and improve their trading skills.
- Trading Forex and CFDs on eToro is expensive compared to competitors despite recent spread reductions and zero commissions
- Automated trading strategies are not supported by the platform.
- Mandatory stop loss and take profit may be required and certain trading strategies may be limited.
- Access to Trading Central’s research and tools is restricted to higher level eToro Club members.
- Many features are not available to users in the United States.
- There is a $5 fee for withdrawals.
Features of eToro
According to eToro review research, some of the main features are listed below.
- Multiple investment options: eToro provides access to global assets for trading including fiat currencies, ETFs, eToro stocks (domestic and international), cryptocurrencies, foreign exchange, and commodities.
- Cryptocurrency trading: The platform supports trading in over 76 cryptocurrencies, including CFD trading and staking. In addition to that, a dedicated platform and wallet will be provided for a seamless cryptocurrency trading experience.
- Diverse portfolio: eToro supports “smart portfolios” that help you ensure a diversified trading portfolio. This can also be categorized by industry or strategy based on trader preferences.
- Newsfeed and copy trading features: It has a newsfeed section, just like any social media platform. This allows for direct discussions, personalized alerts, and the ability to follow and copy successful investors directly from your feed.
- Educational resources and tools: eToro Academy offers educational content, demo accounts, investment analysis, cryptocurrency summaries, and podcasts. This allows traders to improve their skills and get a more learned trading experience.
- SMSF access: Users have the option of opening a self-managed pension fund via eToro. This is one of the top retirement plans that people are currently choosing.
- eToro Club Membership: eToro has membership tiers with benefits based on realized capital. It also includes investment guidance, webinars, fee discounts, and more. As your trader level increases, more benefits and privileges may be unlocked.
- Mobile compatibility: Supports mobile applications for Android and iOS devices. This allows for convenient on-the-go investing.
- Platform security: It is regulated by Australian ASIC and features advanced encryption and optional two-factor authentication for added security for traders.
Setting up an account with eToro
Here are the steps to set up your account with eToro:
Step 1: Visit eToro – visit Etro Visit the home page and look for the button labeled “.Join eToro”.
Step 2: Share your details – A user-friendly electronic form opens. Now enter the personal information required to create a new trading account.
Step 4: Confirm – Once you understand the term, please check the appropriate box. And finally click on the “Create Account” button.
Newly registered traders must complete the KYC process by submitting the following:
- proof of residence – Utility bills for the past 3 months
- Identification – A valid passport or other officially issued photo ID
In some cases, traders may be asked to fill out a questionnaire during the KYC process. This is because eToro personalizes its services to each individual trader’s profile, taking into account factors such as occupation, capital market knowledge, liquidity, risk tolerance, and investment goals.
Availability of eToro
eToro is available in over 70 countries and connects a global community of traders. Check the full list here:
|isle of man
|United Arab Emirates
eToro demonstrates a strong commitment to safety. It is regulated by ASIC (Australia) and provides a secure and well-regulated platform for a variety of trading options, including cryptocurrency trading.
eToro Money also has a crypto wallet, whose assets are stored directly on the blockchain without any interference from eToro as an entity. This increases the security of traders’ assets. Additionally, the platform also supports two-factor authentication and recommends that account holders enable it. This is to add an extra layer of protection to your funds.
eToro Customer Support
eToro provides customer support that users can easily access:
- Help center and support ticket
- Live chat function
- WhatsApp support is available to eToro Club members and users with equity balances above $5,000.
eToro fees and charges
The following eToro fees and charges apply to users who use eToro for their trading experience.
- Cryptocurrency transaction fees on eToro are relatively low, but users should check currency conversion fees and withdrawal fees, as they can be quite high in some cases.
- A 1% commission applies to crypto trading, which also depends on the bid and ask spread.
- Cryptocurrency transfers/withdrawals from eToro are free of fees, but standard gas fees apply depending on market conditions.
- For cash withdrawals, a $5 fee applies and the minimum withdrawal amount is $30, except for certain levels of club membership.
- For currencies other than USD, transaction fees also include a conversion fee of 50 basis points above the prevailing spot rate.
- If a user is inactive for more than one year, an inactivity fee of $10 per month will be applied to the account.
Is eToro the right exchange for you?
According to eToro reviews, it offers a user-friendly interface that is suitable for beginners and intermediate traders. The fee structure is easy to understand and additional features such as customizable charts, buying indicators, eToro copy trading, and a risk-free eToro demo account enhance the overall trading experience for a variety of trading options.
Trading opportunities on eToro may vary by location and regulations, but it is widely known for offering a variety of features and appealing to a wider audience.
If you’re looking for more options, check out our comprehensive review of the best crypto exchanges in 2024.
The published content may include the personal opinions of the author and may be subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
Frequently asked questions (FAQ)
eToro is based in Tel Aviv, Israel.
eToro was founded in 2007. Initially, it offered very limited services, focusing on traditional financial products.
As of the latest information, eToro is a privately held company. Yoni Assia serves as Founder and CEO. Asia still owns the majority of the company’s shares.