eToro USA Cryptocurrency Trading
- Great for social trading
- Not so great for spreads on certain coins
Check out our full list of pros and cons or read on.
| Product Name | eToro USA Cryptocurrency Trading |
|---|---|
| Fiat Currencies | USD |
| Cryptocurrencies | BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, XTZ |
| Deposit Methods |
Wire transfer Online banking |
| Trading Fee | Fees vary |
| Deposit Fees | None. Minimum deposit amount is $50. |
| Withdrawal Fees | None. Minimum withdrawal amount is $50. |
What's in this guide?
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD
- Supported cryptocurrencies: Approximately 15 cryptocurrencies
Which payment methods are accepted?
- Online banking
- Wire transfer
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.
Fees and limits
The fees below are accurate as of 30 September 2019.
Platform trading fees
The trading fees on eToro USA take the form of a spread. The spread is the difference between the buy and sell price. So when you buy or sell, you are doing it slightly above or below the mid-market price, but without other fees.
| Cryptocurrency | Spread |
|---|---|
| BTC | 0.75% |
| ETH | 1.90% |
| XRP | 2.45% |
| LTC | 1.90% |
| BCH | 1.90% |
| EOS | 2.90% |
| XLM | 2.45% |
| ADA | 2.90% |
| TRX | 3.50% |
| XTZ | 5.00% |
| DASH | 2.90% |
| MIOTA | 4.50% |
| NEO | 1.90% |
| ETC | 1.90% |
| ZEC | 3.50% |
Deposit and withdrawal fees
Deposit fees
The minimum deposit amount is $50, and deposits can be made with online banking or wire transfer only.
Note that your bank may charge transfer fees.
Withdrawal fees
Withdrawal is available through online banking or domestic wire transfer.
eToro USA does not charge any withdrawal fees, but your bank may charge a fee for receiving the money.
How fast will my funds be available?
Deposits
24 hours
Deposits will often be completed within 24 hours, depending on factors such as which bank you use and whether it’s a business day.
Withdrawals
Up to 7 days
Withdrawals are processed by eToro USA in one day, and then it takes 3 days for the bank to transfer it. Wire transfer withdrawals may take up to 7 days in total.
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 11 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.
How do I create an account at eToro USA?
What else do I need to know about eToro?
eToro is a UK-based company that’s expanding globally. It’s best known for coining the “copy trade” feature where users can copy other people’s trades.
eToro has been involved in Bitcoin and other cryptocurrencies since early days, and has taken an active role in the development of the technology.
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.
