Trade cryptocurrency on eToro – October 2019 review

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eToro is now known as the world's leading social investment network offering cryptocurrency.

In the world of social trading, few names stand out like eToro. The company was founded in 2006 as RetailFX before rebranding and rapidly expanding its services.

Details

Cryptocurrencies Listed BTC, BCH, DASH, ETC, ETH, LTC, XRP, MIOTA, XLM, ADA, NEO, EOS, LCC, BNB, ZCASH
Payment Methods Credit card, Debit card, Neteller, PayPal, Skrill, WebMoney, Wire transfer
Supported Fiat Currencies USD
Trading Platforms Online Trading Platform
Minimum Deposit USD$200
Leverage 1:2-1:400

Pros

  • Advanced social trading functionality allows you to interact with and follow leading traders
  • Access to a wide variety of markets in addition to cryptocurrency
  • Lots of withdrawal options and large monthly trading limits

Cons

  • Cryptocurrency CFDs are an extremely high-risk investment
  • No investor protection
  • Higher spread fees when compared to other brokers
  • Does not yet support cryptocurrency deposits
  • Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
  • CFD disclaimer: 66% 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: 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. 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.

What is eToro?

Put simply, eToro is a globally recognised online broker offering access to hundreds of financial instruments.

The platform emphasises “social trading,” or online user-generated financial content. eToro actively encourages traders to interact with and seek advice from one another through its platform. This is best reflected in the CopyTrader service, where users can copy all the trades of leading investors. Since eToro now offers cryptocurrency, it allows buyers to copy-trade more experienced crypto investors.

Supported currencies

eToro users can trade the following currency pairs:

  • BTC/USD
  • ETH/USD
  • BCH/USD
  • XRP/USD
  • DASH/USD
  • LTC/USD
  • ETC/USD
  • ADA/USD
  • XLM/USD
  • EOS/USD
  • NEO/USD
  • BTC/EUR
  • ETH/EUR

Available countries

eToro is available globally, with a few exceptions. It recently blocked trading in seven countries due to conflicting regulatory requirements. As such, it is not available in the following countries:

  • United States
  • North Korea
  • Syria
  • Iran
  • Canada
  • Turkey
  • Serbia
  • Myanmar
  • Cuba
  • Sudan
  • Japan
  • Albania
  • North Korea

Which payment methods are accepted?

eToro offers three major funding methods: credit card, bank transfer and PayPal. Due to anti-money laundering regulations, funds must be withdrawn using the same method as the deposit, and transfers must go back to the same kind of account.

For example, you are not permitted to send payments through a credit card and then withdraw money with PayPal.

When it comes to funding your account, there’s a lot more flexibility. In addition to the methods mentioned above, you can fund your account through Skrill, WebMoney, Neteller and others, depending on your location.

Go to eToro's website
  • Cryptocurrency disclaimer: Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Your capital is at risk.
  • CFD disclaimer: Note that 66% 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.

How much will it cost me to use eToro?

All withdrawals are subject to a US$25 fee. Any withdrawals sent in currencies that are not US dollars are also subject to conversion fees.

Accounts that are inactive for 12 months or more are also subject to a monthly fee of $5.

Like other exchanges, eToro charges spreads on financial instruments. A full list of average spreads is available on the eToro website.

How quickly can I withdraw funds?

It normally takes eToro one business day to process your withdrawal request. The length of time it takes to receive your funds depends on the withdrawal method.

For credit or debit card withdrawals, processing time is up to five business days. The same timeframe applies to wire transfers.

Payments via PayPal, Neteller, Skrill and WebMoney are processed within one or two business days.

Are there any transfer limits?

eToro has a minimum withdrawal limit of US$50. There are no deposit limits.

Go to eToro's website
  • Cryptocurrency disclaimer: Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Your capital is at risk.
  • CFD disclaimer: Note that 66% 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.

Is eToro safe to use?

As a regulated broker, eToro is generally considered to be safe to use. The broker also safeguards consumer privacy using advanced SSL technology for authentication and data transfers.

However, the platform doesn’t appear to offer 2-factor authentication, which has become the standard for safeguarding user accounts.

Customer support

As a full service broker, eToro offers comprehensive customer support, including telephone and email services 24 hours a day, 5 days a week between Monday and Friday.

Users wishing to speak with a representative can contact customer support and create a ticket. The representative will then call the client at the earliest availability.

Pros and Cons

Pros

  • Advanced social trading functionality allows you to interact with and follow leading traders
  • Access to a wide variety of markets in addition to cryptocurrency
  • Lots of withdrawal options and large monthly trading limits

Cons

  • Higher spread fees when compared to other brokers
  • Does not yet support cryptocurrency deposits
Go to eToro's website
  • Cryptocurrency disclaimer: Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Your capital is at risk.
  • CFD disclaimer: Note that 66% 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.

Start trading

To start trading, simply head over to the eToro website and select “Join Now” in the top, right-hand corner. After signing up, you’ll get access to the world’s biggest social trading platform.

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. 66% 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: 66% 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.

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