Andrew Munro was the global cryptocurrency editor at Finder, covering all aspects of cryptocurrency and the blockchain. Andrew has a Bachelor of Arts from the University of New South Wales.
Disclaimer: 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.
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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 addition to trading cryptocurrency, eToro provides access to non-cryptocurrency CFD markets including stocks, commodities and foreign currency.
What fiat currencies and cryptocurrencies are supported?
Supported fiat currencies:
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more
Supported cryptocurrencies:
Approximately 31 cryptocurrencies
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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.
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
What’s it like to use eToro?
1. Getting started
Sign up to get started or explore the site to copy other traders, look for tips from users and more.
2. Cryptocurrency markets
Browse the marketplace to find current trading info, filter the findings to get what you're looking for and set up alerts, news feeds and more through your account.
3. Copy crypto traders
Search for other people trading cryptocurrency, see how and what they're doing, filter the results and join the community.
4. Browse trader portfolios and statistics
See what the most (or least) successful traders are doing with their portfolios on eToro.
eToro charges a spread on cryptocurrency purchases, 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).
Cryptocurrency
Spread
Bitcoin (BTC)
0.75%
Ethereum (ETH)
1.90%
Bitcoin Cash (BCH)
1.90%
Ripple (XRP)
2.45%
Dash (DASH)
2.90%
Litecoin (LTC)
1.90%
Ethereum Classic (ETC)
1.90%
Cardano (ADA)
2.90%
IOTA (MIOTA)
4.50%
Stellar (XLM)
2.45%
EOS (EOS)
2.90%
NEO (NEO)
1.90%
Tron (TRX)
3.50%
ZCASH (ZEC)
3.50%
Binance Coin (BNB)
2.45%
Tezos (XTZ)
5.00%
Compound (COMP)
3.90%
Chainlink (LINK)
3.90%
Uniswap (UNI)
3.90%
Yearn Finance (YFI)
2.90%
Dogecoin (DOGE)
2.90%
Aave (AAVE)
3.90%
Algorand (ALGO)
3.90%
Decentraland (MANA)
4.90%
Basic Attention Token (BAT)
2.90%
Polygon (MATIC)
3.90%
Withdrawing cryptocurrency from eToro to a personal wallet is a two-step process.
You must first withdraw your crypto from the eToro trading platform to the eToro Money crypto wallet, which is a cryptocurrency wallet for smartphones (iOS and Android).In order to withdraw to the eToro Money crypto wallet, you will need to have fully verified your eToro account as well as phone number verification.
Once you have withdrawn your funds to the eToro Money crypto wallet, you may then send your funds onto your personal cryptocurrency wallet or an exchange.
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.
Note: The eToro Money crypto wallet is unavailable to customers in some countries.
eToro uses US dollars on the platform, which means all non-USD deposits are converted to US dollars upon deposit. A fee is charged for conversions, which is outlined in the table below.
US dollars are used when calculating fees regardless of the currency deposited.
The minimum for first-time deposits range from US $50 to US $10,000 depending on your country and its regulations. Your minimum deposit will be visible when you create an account.
Deposit fee: Free. Currency conversion fees may apply.
Withdrawal fee: US$5 (minimum withdrawal of US$50). Minimum withdrawal of US $30. Currency conversion fees may apply.
The conversion fees incurred will depend on the transfer method and the currency.
Currency converted to/from
Applies to
Fee
Any
Wire deposits only
50 pips
GBP
Deposit and withdrawal
50 pips
EUR
Deposit and withdrawal
250 pips
AUD
Deposit and withdrawal
100 pips
CAD
Deposit and withdrawal
250 pips
JPY
Deposit and withdrawal
250 pips
RMB
Deposit and withdrawal
50 pips
RUB
Deposit and withdrawal
50 pips
SEK
Deposit and withdrawal
50 pips
DKK
Deposit and withdrawal
50 pips
NOK
Deposit and withdrawal
50 pips
PLN
Deposit and withdrawal
50 pips
CZK
Deposit and withdrawal
50 pips
MYR
Withdrawal only
200 pips
PHP
Withdrawal only
2500 pips
THB
Withdrawal only
35 pips
IDR
Withdrawal only
150 pips
VND
Withdrawal only
25000
How much is a pip?
A pip is a forex term that refers to the smallest measurable price change of a foreign currency trade.
The actual value of a pip, in dollar terms, will vary depending on the currencies involved, how prices change and the size of the “lot” – in this case how much you’re depositing or withdrawing.
eToro offers a pip calculator that you can use to calculate the cost of a pip, and work out your fees, for a given transaction.
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.
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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.
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Derivatives
eToro is primarily used for trading Contracts for Difference (CFDs). These are derivative products that track the price of an underlying asset such as stocks, commodities or forex. The advantage of CFDs is they allow you to speculate on the price of assets without needing to own the underlying asset. This allows eToro to offer a wide range of assets.
CFDs also allow you to go long or short on an asset, which means you can bet on the price going up or down, allowing traders to make money when prices go down instead of just up.
eToro does not offer cryptocurrency CFDs. Instead, any cryptocurrency purchased on the platform is backed by the actual coins and tokens, which can be withdrawn to the eToro Money crypto wallet.
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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.
eToro offers margin accounts and leverage trading of cryptocurrencies, as well as of CFDs of other assets.
A margin account allows you to borrow money from the broker, which in this case is eToro, to increase your purchasing power through leveraged trading. Leverage is expressed as a ratio, such as 1:10, 1:20, 1:30 which refers to how much borrowing power you have.
For instance, if using leverage of 1:10 (10x leverage) on eToro, you could open a $10,000 long position on Bitcoin with only needing to risk $1000 of your own money. This allows you to make larger profits or losses relative to your capital.
The catch though is that because you are leveraged, changes in market conditions are also amplified by the same ratio. So if the market goes against you, you have to close your position earlier than you would if you had traded without leverage. This increases your potential for losses as well as gains.
Leveraged trading is considered high risk, as it amplifies your losses as well as potential gains.
If you plan on trading with leverage on eToro, make sure to familiarise yourself with the rules around margin calls, maintenance fees and the risks involved. See eToro’s website for more information.
Additional features
It also offers a range of features that go beyond the norm and brings its experience in more traditional markets to the world of cryptocurrency.
STP. eToro uses both STP (straight through processing) technologies and NDD (no dealing desk) practices. This ensures that all trades are executed in real time and without any interference.
Markets available. As well as a range of cryptocurrencies, eToro provides access to stocks, commodities, foreign exchange, exchange-traded funds (ETFs) and indices.
Premium Membership. eToro offers a premium membership service called eToro Club which offers five different tiers. Club members gain access to cryptocurrency staking. It is not a paid service, and instead, eligibility is based on the amount of funds in your account, starting from US $5000.
Trading Academy. This online platform provides live webinars, online courses and a range of trading videos to help you gain a deeper understanding of the ins and outs of trading.
Social trading features. eToro offers the CopyTrader system, which allows users to copy the trades of other platform users as well as a social newsfeed and a Popular Investor program.
Practice trades. Users can get the benefits of a free demo account to learn the basics and test strategies before risking real money.
Customer Support
eToro uses a ticket based customer service. This is a 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 safe to use?
Regulation: eToro is regulated and licensed by the relevant financial authorities in Europe, the United Kingdom, Australia and the United States. As a general rule of thumb though, cryptocurrency is not protected by investor protections.
Verification: Verification is required to trade on eToro, which includes providing contact details and identification. All eToro users are classified as either retail or professional clients. Customers are initially classified as retail by default, but can get re-categorised as professionals by passing a knowledge test. Professional traders have access to additional features, such as higher leverage, but waive certain legal protections.
Security: eToro client funds are not used for margining or hedging purposes, which is in keeping with eToro’s duty to be a responsible guardian of user funds. These funds are kept in segregated accounts, and deposits are communicated using SSL technology.
Risks: Cryptocurrency is a high-risk asset class, and CFDs and margin trading add another layer of exposure. In fact, 75% of retail investor accounts lose money when trading CFDs on eToro. While eToro aims to be an entry point for beginner traders, it can also be a quick way to lose money if you’re not experienced or unaware of the fees that may apply.
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.
If you are looking to purchase a few leading cryptocurrencies and keep them on the platform, then eToro is straightforward and easy to use. Plus it gives you access to additional non-cryptocurrency CFD markets, so if you are looking to trade more than just cryptocurrencies then it is an excellent choice. However, if you want a fully-featured cryptocurrency exchange with features lending or staking, you may want to look at some of the other options available.
Pros and cons
Pros
CopyTrading. eToro pioneered social trading which allows you to follow the moves of other traders and even copy their trades with the CopyTrader feature.
Instant buy and sell. The market rate offered may not be competitive, but orders are filled instantly.
Access to multiple markets. Your single eToro account allows you to access other markets beyond cryptocurrency.
Cons
Complex and numerous fees. Between the trading fees, deposit fees, withdrawal fees and other fees, there are a lot of costs to watch out for.
Limited range. eToro offers a rather limited range of coins compared to most exchanges.
USD and crypto only. The conversion fees may take a bite out of your funds.
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Overnight fees apply to open, leveraged orders only. It is a fee charged as interest for the money eToro is lending you for your leveraged position.
The fee is incurred daily when a leveraged position is held open at 5pm New York time (GMT -5). It is tripled for positions carried over Wednesday nights at the same time.
The fees are charged in US dollars according to the amount of cryptocurrency in your open position.
For example, if you buy Bitcoin with leverage, and leave that position open overnight (past 5pm New York time), you will be charged US$1.39 per Bitcoin held in that position.
eToro makes money from a combination of trading fees and the spreads (the difference between buy and sell prices) on some trades.
Yes, PayPal is a supported deposit method.
Yes, credit card payments are accepted.
eToro offers an online Customer Service Centre where you can submit a support ticket if you have a problem with your account. Customer support is available 24/7, while there’s also an online help centre with answers to a wide range of frequently asked questions.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Past performance is not an indication of future results. Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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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