Since 2007 eToro has served 17 million customers in over 100 countries. eToro serves US customers from 43 states and they are limited to trading cryptocurrencies only. Non US customers can trade CFDs, stocks and additional asset classes depending on where they are based. The unique feature that makes eToro stand out is the ability to copy other popular traders move for move. eToro ranks well in our guide to the best US crypto exchanges & brokers.
My overall opinion on eToro
eToro is a great choice if you want to buy and sell the most popular cryptocurrencies quickly and easily. They're platform is geared towards ease, they have incorporated their fees into the spread which means you get a 'what you see is what you get' type scenario which is always popular. They're fees are competitive when you compare them against other platfroms and you get access to a great community that share lots of knowledge. On the down side, you only have access to 15 cryptos and no options on CFDs or stocks.
Who is eToro for?
If you're based in the US you only get access to cryptocurrency trading, however eToro has made it as easy as possible for you to trade the most popular cryptos. Simply log on, navigate your way to the crypto market and you will be faced with a simple list of cryptos that you can buy and sell.
eToro account types:
eToro offer two simple account types; a demo account, where all the money traded is play money. The other account type is a standard account, where you need to deposit real money to begin trading.
Opening an eToro account:
Opening an account is pretty easy and can be completed online, you may need to wait a day or two for them to confirm your documents, this usually depends on the demand at the time. US customers can start off with a minimum of $50. The minimum in other countries fluctuates depending on the demand, the highest is $1000 but in non peak times its around $200.
Cryptocurrencie fees (USA)
For USA customers, the fees are included in the spread. The spread is the difference between the buy and the sell price, so with eToro you will buy a fraction above mid market value and sell a fraction below, but you will not be subject to any trading fees or commissions. Below you can see the average spreads:
When compared to other platforms, these fees are pretty low.
Deposit & withdrawal fees:
eToro charge no deposit or withdrawal fees, the minimum deposit for US customers is $50. Withdrawal is only available through domestic wire transfer or online banking. It's worth nothing that your bank may charge fees for a withdrawal.
eToro charges a inactivity fee of $10 USD per year for accounts that have had no activity for 12 months.
eToro does not provide a research hub on their platform. You can learn about specific characteristics of the available cryptocurrencies, this includes charting and technical analysis but thats as far as it goes for their website. You can find posts from other eToro users in the news feed.
eToro customer service:
Accounts under $5,000 can access help online and in limited scenarios submit a support ticket to the customer service. Online chat is available for all members, just located it on the customer service page. When you have balance of $5,000 or higher you begin unlocking levels in eToro's club, once there you are assigned a dedicated account manager. Accounts with $25,000 or more unlock the Platinum Club level. Platinum Club level and higer get additional perks that include priority customer support. This is much appreciated because normal customer support can take 14 days to reply.
Is eToro safe to use?
Firstly eToro is a global brand that operates in over 100 countries with millions of customers so they are highly unlikely to be interested in some illegal scam that involves funds being stolen. Lets look at some other trust factors:
Regulation: eToro is registered with the SEC and aligns their procedures with AML/KYC obligations such as the PATRIOT Act. eToro USA holds some sort of license in 11 different states.
Verification: eToro requires all their customers to undergo verification so they can confirm the identity of every trade.
Security: eToro is known to follow all the best security practices and have had 0 hacks in their lifetime.
eToro Pros and Cons
- Access to 15 cryptocurrencies 14/7
- Easy to use website with a smooth and intuitive trading platform
- Access to a community style feed where you can learn
- Easy to deposit and withdraw by linking bank accounts and using USD
- Low minimum account ($50)
- Services only available in 43 states
- US residents limited to crypto
- Spreads can be smaller on other platforms
- Min $25 to buy a cryptocurrency
US residents living in any state can register for a demo account, but if you live in the following states, you can make deposits or real trades: Delaware, Hawaii, Illinois, Louisiana, Minnesota, Nebraska, Nevada, New Hampshire, New York, and Tennessee.
Yes, there is an eTor app, so you can trade from a mobile device if you choose.
The eToro account verification process is easy. All you need to do is open an account and then upload proof of ID and address.