Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
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.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
What fiat and cryptocurrencies are supported?
Supported fiat currencies:
Approximately 25 cryptocurrencies
Supported cryptocurrencies include:
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.
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.
eToro charges a spread on cryptocurrencies, which is essentially a fee placed on top of the market price for a given asset. Fees vary depending on the cryptocurrency being bought or sold and are subject to change. All fees are accurate at the time of writing (July 2021).
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Binance Coin (BNB)
Yearn Finance (YFI)
Basic Attention Token (BAT)
Withdrawal fee: eToro charge a flat 0.5% fee on the amount transferred, with a minimum of US $1 and a maximum of US $50.
The minimum for first-time deposits is $50. However, all transfers via bank transfer require a minimum of $500.
Minimum withdrawal of US $30.
Deposit and withdrawal fee: Free.
After 12 months with no login activity, eToro will charge a monthly US $10 fee on any remaining available balance. Open positions will not be used to cover the fee.
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?
Sign up, complete a trading knowledge assessment and verify your account. Account verification will require you to upload some documents and provide some personal information.
Click the “Trade Markets” link on the left of the screen and select “Crypto” to start browsing the cryptocurrency markets.
Browse the list of available cryptocurrencies.
Enter how much you would like to purchase. Make sure to review the details (such as fees) of your trade before hitting buy.
Buying cryptocurrencies on eToro means you are acquiring the underlying asset, and eToro will purchase and hold the crypto on your behalf. These long (buy) positions are unregulated products and eToro warns that they do not come with any investor protection. Cryptocurrencies can either be held in your eToro account or moved into the eToro Wallet for a small fee.
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.
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.
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
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.
Some high spreads. Certain cryptocurrencies have very high spreads.
No crypto deposits. You cannot deposit cryptocurrency.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.Back to top
Alternatives to eToro USA cryptocurrency trading
Frequently asked questions
All US residents can register for an eToro account and try virtual trading, but as of March 2021, real deposits and trading are only available in the following states:
District of Columbia
Yes. You can download the eToro app for crypto trading on the go.
The verification process for eToro involves creating an account, then uploading proof of identity and proof of address.
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.
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