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eToro USA cryptocurrency trading review
Trade a range of popular cryptocurrencies on eToro and connect with the trading community.
- Great for social trading
- Not so great for spreads on certain coins
Check out our full list of pros and cons or read on.
1
Fiat currencies
29
Cryptocurrencies
Details
| Product Name | eToro USA LLC Cryptocurrency Trading |
|---|---|
| Fiat Currencies | USD |
| Cryptocurrencies | BTC, ETH, BCH, XLM, DASH, LTC, UNI, ETC, NEO, EOS & 16+ more |
| Deposit Methods |
Wire transfer Online banking |
| Trading Fee | Fees vary |
| Deposit Fees | None. Minimum deposit amount is $10. |
| Withdrawal Fees | None. Minimum withdrawal amount is $50. |
What is eToro?
Launched in 2007, eToro is best known as a social trading platform that caters to traders of all experience levels. It encourages users to seek advice from each other and offers the CopyTrader service, which lets users copy the trades of leading investors.
In the US it only offers access to cryptocurrency trading, unlike other regions where the platform offers access to other investments such as stocks and commodities.
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD
- Supported cryptocurrencies: Approximately 29 cryptocurrencies
Which payment methods are accepted?
eToro supports a wide range of payment methods bank transfer, including credit/debit card, PayPal and wire transfer. Available methods depend on the currency you are transferring and will be shown to you on the deposits page once you select your currency.
What it’s like to use eToro USA?
eToro USA vs. the global eToro exchange
If you visit the eToro site in the US, you’ll automatically go to the eToro USA site, which is the site we’re reviewing here. It has fewer features than the company’s global platform, but it abides by US laws and is accessible to US residents.
If you’re not a US resident and you’re looking for information on how eToro works in other countries, read our review of eToro’s global exchange.
eToro fees and limits
The fees below are accurate as of July, 2021.
For a full breakdown of fees, please see eToro’s website.
Fees for buying US $1000 of Bitcoin
At the time of writing (July 2021), eToro charges a 0.75% spread on Bitcoin (BTC) purchases.
This equates to a fee of US $7.5 for the purchase of US $1000 of Bitcoin.
How do I create an account at eToro?
eToro CopyTrading
CopyTrading allows you to copy the trades of other users on the platform.
You are only able to copy traders who have been verified by eToro and given special account status. CopyTrading is automated, which means once you begin copying another trader the system will follow and copy their trades on your behalf until you close the trade.
In addition to CopyTrading, eToro also offers a social media platform that lets you interact with other traders. You can also see what trades other users have made.
For more information on CopyTrading, visit the eToro website.
Customer Support
eToro uses a ticket based customer service. This is essentially like sending an email and waiting for a reply.
Additionally, there is a Help Center that includes frequently asked questions and educational articles on how to use the platform.
eToro Club members have access to a live chat service.
Is eToro USA safe to use?
- Regulation. eToro is a prominent, well-known business beyond cryptocurrency. It is registered with the SEC and operates in line with AML/KYC obligations such as the PATRIOT Act. As of September 2019, eToro USA holds some sort of license in 22 states.
- Verification process. eToro USA requires user verification through proof of identity, such as a valid US passport, driver’s license or state ID.
- Security features. eToro practices cryptocurrency industry best security practices. There are no known cases of eToro ever being hacked and user cryptocurrency being stolen.
What else do I need to know about eToro?
eToro is an international company with registered offices in Limassol (Cyprus) and London (UK). The eToro Group also has offices in Tel Aviv, New Jersey, Sydney and Shanghai. It’s best known for coining the “copy trade” feature, where users can copy other people’s trades.
Verdict
eToro is a unique platform that is designed to make trading a more social activity, allowing new users to hone their skills by learning from other traders or even copying their exact trades using the CopyTrader feature.
As for cryptocurrency in particular, eToro is not an exchange so prices and fees may be less competitive than specialised cryptocurrency exchanges. Cryptocurrency can only be withdrawn to the eToro Money crypto wallet, which means an extra step (and extra fees) if you want to withdraw your funds to a personal wallet or exchange.
In a nutshell
Pros
- Simple trading. eToro offers a smooth and intuitive interface.
- Easy deposits and withdrawals. Linked bank accounts make USD deposits and withdrawals easy.
- Social trading. eToro is designed to let people discuss trading strategies, browse other user’s portfolios and copy people’s trades.
Cons
- Some high spreads. Certain cryptocurrencies have very high spreads.
- No crypto deposits. You cannot deposit cryptocurrency.
Alternatives to eToro USA cryptocurrency trading
Frequently asked questions
Disclaimer: 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.
