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Trade cryptocurrency on eToro – August 2020 review
eToro is now known as the world's leading social investment network offering cryptocurrency.
19
Fiat currencies
16
Cryptocurrencies
Details
| Product Name | eToro Cryptocurrency Trading & CFDs |
|---|---|
| Fiat Currencies | EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more |
| Cryptocurrencies | BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM & 5+ more |
| Deposit Methods |
Credit card Debit card Neteller PayPal Wire transfer Online banking |
| Trading Fee | Fees vary. Overnight and weekend fees apply |
| Deposit Fees | Fees vary (conversion fees for non-USD deposits) |
| Withdrawal Fees | US$5 (minimum withdrawal of US$50) |
Pros
- Buy or trade Bitcoin and 15 other cryptocurrencies on eToro's unique social trading platform.
- Copy the strategies of leading traders
- Buy crypto or purchase CFDs
- Trade 2000+ assets including FX, stocks and ETFs
- Get a free demo account
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: 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?
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.
- 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.
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.
- 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.
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
- 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.
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. 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.