eToro: Crypto trading - 2018 review | finder.com

Trade cryptocurrency on eToro – April 2018 review

eToro is now known as the world’s leading social investment network offering cryptocurrency.

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In the world of social trading, few names stand out like eToro. The company was founded in 2006 as RetailFX before rebranding and rapidly expanding its services.

Today, eToro has millions of accounts globally. It’s based in Israel with legal entities in Cyprus and the United Kingdom.

Product Name eToro Social Crypto Trading
Available Fiat Currencies USD
Available Cryptocurrencies BTC, BCH, DASH, ETC, ETH, LTC, XRP
Payment Methods Credit card, Debit card, Neteller, PayPal, Skrill, WebMoney, Yandex Money

Pros

  • Advanced social trading functionality allows you to interact with and follow leading traders
  • Access to a wide variety of markets in addition to cryptocurrency
  • Lots of withdrawal options and large monthly trading limits

Cons

  • No longer supports US residents
  • Higher spread fees when compared to other brokers
  • Does not yet support cryptocurrency deposits
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is eToro?

Put simply, eToro is a globally recognized online broker offering access to hundreds of financial instruments.

The platform emphasizes “social trading,” or online user-generated financial content. eToro actively encourages traders to interact with and seek advice from one another through its platform. This is best reflected in the CopyTrader service, where users can copy all the trades of leading investors.

eToro now offers cryptocurrency, allowing you to copy-trade more experienced crypto investors.

What cryptocurrency pairs can I trade?

In addition to traditional financial assets, eToro offers the world’s leading cryptocurrencies, including:

Available countries

eToro is available globally, with a few exceptions. It recently blocked trading in seven countries due to conflicting regulatory requirements. As such, it is not available in the following countries:

  • United States
  • North Korea
  • Syria
  • Iran
  • Myanmar
  • Cuba
  • Sudan

Which payment methods are accepted?

eToro offers three major funding methods: credit card, bank transfer and PayPal. Due to anti-money laundering regulations, funds must be withdrawn using the same method as the deposit, and transfers must go back to the same kind of account.

For example, you are not permitted to send payments through a credit card and then withdraw money with PayPal.

When it comes to funding your account, there’s a lot more flexibility. In addition to the methods mentioned above, you can fund your account through Skrill, WebMoney, Neteller and others, depending on your location.

How much will it cost me to use eToro?

All withdrawals are subject to a US$25 fee. Any withdrawals sent in currencies that are not US dollars are also subject to conversion fees.

Accounts that are inactive for 12 months or more are also subject to a monthly fee of $5.

Like other exchanges, eToro charges spreads on financial instruments. A full list of average spreads is available on the eToro website.

How quickly can I withdraw funds?

It normally takes eToro one business day to process your withdrawal request. The length of time it takes to receive your funds depends on the withdrawal method.

For credit or debit card withdrawals, processing time is up to five business days. The same timeframe applies to wire transfers.

Payments via PayPal, Neteller, Skrill and WebMoney are processed within one or two business days.

Are there any transfer limits?

eToro has a minimum withdrawal limit of $50. Verified traders can deposit up to $10,000 per month into their account. A full list of deposit limits is presented below:

Credit card deposit
Amount
Minimum single deposit limit$50
Maximum single deposit limit$1,000
Maximum deposit limit per month$5,000
Wire transfer
Amount
Minimum single deposit limit$500
Maximum single deposit limit$5,000
Maximum deposit limit per month$10,000
PayPal
Amount
Minimum single deposit limit$50
Maximum single deposit limit$5,000
Maximum deposit limit per month$10,000
Skrill
Amount
Minimum single deposit limit$50
Maximum single deposit limit$5,000
Maximum deposit limit per month$10,000
Western Union
Min/Max DepositAmount
Minimum single deposit limit$500
Maximum single deposit limit$5,000
Maximum deposit limit per month$10,000

Is eToro safe to use?

As a regulated broker, eToro is generally considered safe to use. The broker also safeguards consumer privacy using advanced SSL technology for authentication and data transfers.

However, the platform doesn’t appear to offer 2-factor authentication, which has become the standard for safeguarding user accounts.

Customer support

As a full service broker, eToro offers comprehensive customer support, including telephone and email services 24 hours a day, 5 days a week between Monday and Friday.

Users wishing to speak with a representative can contact customer support and create a ticket. The representative will then call the client at the earliest availability.

Pros and Cons

Pros

  • Advanced social trading functionality allows you to interact with and follow leading traders
  • Access to a wide variety of markets in addition to cryptocurrency
  • Lots of withdrawal options and large monthly trading limits

Cons

  • No longer supports US residents
  • Higher spread fees when compared to other brokers
  • Does not yet support cryptocurrency deposits

Start trading

If you’re not a US resident, simply head over to the eToro website and select “Join Now” in the top, right-hand corner. After signing up, you’ll get access to the world’s biggest social trading platform.

Frequently asked questions

Image source: eToro

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