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eToro Cryptocurrency Trading review
Dive into the details of eToro Crypto and discover if the cryptocurrency exchange is right for you.
- Great with flexible trading as you can find a wide range of asset types in one place.
- Not so great with fees because there are a lot of costs to watch out for.
See our full list of pros and cons below.
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Fiat currencies
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Cryptocurrencies
Details
| Product Name | eToro Cryptocurrency Trading |
|---|---|
| Fiat Currencies | EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more |
| Cryptocurrencies | BTC, ETH, BCH, LTC, XRP, ETC, ADA, XLM, EOS, BNB & 45+ more |
| Deposit Methods |
Bank transfer Debit card Neteller PayPal Online banking Skrill |
| Trading Fee | Fees vary. Overnight and weekend fees apply |
| Deposit Fees |
Fees vary (conversion fees for non-USD deposits) (US$200 minimum deposit) |
| Withdrawal Fees | US$5 (minimum withdrawal of US$50) |
What is eToro Crypto?
eToro Crypto is an experienced player in the digital trading market, having been founded in 2007. Though it started in Tel Aviv, Israel, eToro has gone international, with headquarters in Cyprus, Britain, the US and Australia among others.
The platform is known for its wide range of features, notably “social trading”. This gives users the ability to track, interact with and copy other traders on eToro. In that sense, eToro is like social media for investors.
The fee structure can be confusing, and there isn’t the huge range of cryptocurrencies that you might see on other popular exchanges. However, eToro compensates by presenting its users with a suite of advanced features, such as contracts for derivatives trading and copy trading. eToro also offers customers the ability to add traditional stocks and commodities to their crypto portfolios (or vice versa).
- If this is your first exchange: eToro’s social trading feature is naturally appealing for first-time traders as it gives them a sense of what experienced investors are looking for. However, this can be dangerous for beginners as it discourages independent research. If you simply want to buy and sell major cryptocurrencies, eToro is a fine option.
- If you’re switching exchanges: More experienced users will find the ability to trade CFDs (where legal) and foreign assets appealing. That said, the fee structure isn’t completely transparent and trading on the platform can be a bit pricier than some alternatives.
Pros and cons of eToro Crypto
Pros
- Unique features like CFD trading and copy trading
- Long-running and large clientele – a well-trusted exchange
- Easy to navigate
- Insurance fund
- Tiered membership options for advanced traders
Cons
- No live chat for customers without a deposit
- Higher spreads than other exchanges
- Non-US customers pay extra exchange fees
- Limited altcoin representation
Verdict: Is eToro Crypto any good?
Creating a platform that is suitable for both beginners and advanced cryptocurrency traders is a difficult task, but eToro Crypto has done an admirable job. eToro has created one of the most active social trading networks in the world and finds a good balance between complex features and an intuitive UI. However, the exchange fees can be crippling and make it a less optimal choice for non-US users.
What to know about eToro Crypto?
eToro uses spreads in its pricing. Spreads are the difference between a buy and sell price – which essentially becomes a fee on all cryptocurrency trades. Additionally, all transactions made on the platform are done in US dollars. This means that deposits and withdrawals in different currencies are subject to exchange rates, which can slash potential profit margins for lower-volume traders.
eToro’s copy-trading feature doesn’t just let you view and mirror someone else’s trades. Instead, think of it like investing in that user. It’s an automated process that follows the copied trader’s positions, whether new or historic (but active). That said, copiers can manually close specific trades or stop the copy-trading process at any time.
Finder ratings for eToro Crypto
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| Staking/earn rating? | N/A |
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Fees and costs
eToro is known for providing commission-free trading to its customers on stocks and commodities. Instead, its cryptocurrency fee structure relies on variable “spreads” that can be as high as 4.9% on trades.
There is a withdrawal fee of US$5, along with an exchange rate fee for deposits/withdrawals in fiat currencies other than US dollars.
Fiat withdraw and deposit fees
| Deposit | Withdrawal |
|---|---|
| Free | $5 USD |
What is it like to use eToro Crypto?
User dashboard
The dashboard is the first thing you will see when you log into your eToro account. It works a lot like a news feed and provides you with updates on your social circle.
Customer service
Users can find answers to the most common questions as well as access live support on the same page.
Markets
eToro users can refine their “watchlist” to a specific set of assets. Once set, they can watch the market move live, without having to constantly refresh the page.
eToro money card
Users can sign up for an eToro money account card, which lets them make transactions across the globe. This feature is only available for UK users.
Virtual trading
eToro offers its customers $100,000 fake dollars to “virtually trade”. This gives newcomers trading experience without putting themselves at risk of financial loss.
Does eToro have good customer support?
eToro offers live customer support for users that have deposited money into their accounts.
They also run a “ticket system”, where you can email unique enquiries to the team who will typically reply within 24 hours.
A thorough help centre exists that will answer most questions.
| Support offered | Wait times | |
|---|---|---|
| Contact us form |  | 6+ hours |
| Live chat | |
List of services on eToro Crypto
Earning on eToro
eToro gives its customers the option to stake their crypto assets.
This process is done by the eToro team on behalf of the user and is only available for a select few cryptocurrencies (Ethereum, Cardano and Tron).
eToro takes a percentage of the monthly yield from staked assets, ranging from 10-25%.
Visa debit/credit on eToro
British eToro members that have subscribed to their Club program are given access to a debit card associated with their eToro Money accounts. These cards can be used like any normal Visa – internationally, digitally and in-store.
Promotions on eToro
eToro has a long-running “Refer-a-friend” promotion accessible to US residents. Customers who sign up a new user that makes a trade of at least $100 will receive a $50 reward.
Trust rating
eToro is a trustworthy platform with excellent security measures in place to prevent fraud and theft. It has been running for 15 years without a major hacking or fraud incident. eToro is regulated by relevant government authorities, undertakes regular third-party audits and offers insurance to all of its clientele.
Past Hacks
No hacks have ever taken place on the eToro platform.
Security Audits
eToro has a dedicated audit and risk committee. Also, its financial records are frequently audited by Ernst & Young.
Insurance
eToro provides all of its clients with free insurance from specialist insurer Lloyd’s of London. This covers theft, hacking and insolvency losses up to $1 million.
Signing up on eToro Crypto
Step 1
Getting started is simple. Navigate to the eToro home page and select “Sign up” and then fill out the relevant details.
Step 2 (KYC)
Next, verify your email address and begin the KYC (know your customer) process.
This includes the following:
- Filling out your residential address and passport number.
Typically, this will be enough to get verified on eToro. Occasionally, this process will fail and you will need to provide images of government-issued identification like a driver’s licence or passport.
Step 3
Complete your profile by answering the “Trading Knowledge Assessment” questionnaire. This process determines how experienced you are and therefore what products and features eToro will offer you.
Step 4
Once eToro has verified your account, you will be able to begin trading.
Compare eToro Crypto to other cryptocurrency exchanges
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Frequently asked questions
Is eToro trustworthy?
eToro is one of the most trusted exchanges out there. It has been running for 15 years without a major hacking or fraud incident. Additionally, it is regulated by relevant government authorities, undertakes regular third-party audits and offers insurance to all of its clientele.
Is eToro safe for beginners?
eToro’s airtight track record suggests it is safe for beginners. As far as cryptocurrency investment goes, cryptocurrency is an extremely volatile asset and there is risk no matter which exchange you use to buy it.
Is eToro legal in the USA?
eToro is legal in the USA. However, residents in Minnesota, Hawaii, Nevada, New York and Tennessee cannot use the platform.
What’s better, Binance or eToro?
Binance and eToro are very different and which is better will likely come down to personal taste.
Binance is chock-full of features and has one of the widest ranges of supported cryptocurrencies. However, it lacks social trading and can be overwhelming for beginners due to its busy UI. Which one you use depends entirely on what you are trying to accomplish.
