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Review: eToro cryptocurrency trading

Learn how to trade cryptocurrency on this popular social trading platform.

  • Great with flexible trading as you can find a wide range of asset types in one place.
  • Prices tend to be less competitive than dedicated cryptocurrency exchanges.

Check out our full list of pros and cons or read on.

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19

Fiat currencies

27

Cryptocurrencies

Details

Product Name eToro Cryptocurrency Trading
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 & 15+ more
Deposit Methods Bank transfer
Credit card
Debit card
Neteller
PayPal
Online banking
Skrill
Trading Fee Fees vary. Overnight and weekend fees apply
Deposit Fees Fees vary (conversion fees for non-USD deposits)
(US$200 minimum deposit)
Withdrawal Fees US$5 (minimum withdrawal of US$50)
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 27 cryptocurrencies
Go to 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.

    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.

    Go to 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.

    What’s it like to use eToro?

    eToro fees and limits

    For a full breakdown of fees, please see eToro’s website.

    Go to 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?

    Go to 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.

    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.

    Go to eToro's website

    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.
    Go to 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.
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    Alternatives to eToro cryptocurrency trading

    Name Product Deposit methods Fiat Currencies Cryptocurrencies
    eToro Cryptocurrency Trading
    Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
    EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

    27
    cryptocurrencies

    Disclaimer: Volatile investment product. You should consider whether you can afford to take the high risk of losing your money.
    Copy the trades of leading cryptocurrency investors on this unique social investment platform. $200 minimum deposit.
    FTX Cryptocurrency Exchange
    Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET
    USD,EUR,GBP,AUD,HKD,SGD,TRY,ZAR,CAD,CHF,BRL

    69
    cryptocurrencies

    FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
    Gate.io Cryptocurrency Exchange
    Cryptocurrency
    USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

    818
    cryptocurrencies

    Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
    A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
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    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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