eToro cryptocurrency review

Trade a wide range of cryptocurrencies on this popular social trading platform.

  • Great with flexible trading as you can find a wide range of asset types in one place.
  • Crytoassets are highly volatile and aren’t regulated in the UK – there’s no consumer protection. Your capital is at risk, and you may have to pay tax on profits.

19

Fiat currencies

41

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 & 25+ 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)
(US$50 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 warning: Cryptoassets are highly volatile and unregulated in the UK. There’s no consumer protection. Your capital is at risk. Tax on profits may apply.

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.

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 41 cryptocurrencies
Go to eToro's website
  • Cryptocurrency warning: Cryptoassets are highly volatile and unregulated in the UK. There’s no consumer protection. Your capital is at risk. Tax on profits may apply.

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 warning: Cryptoassets are highly volatile and unregulated in the UK. There’s no consumer protection. Your capital is at risk. Tax on profits may apply.

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 warning: Cryptoassets are highly volatile and unregulated in the UK. There’s no consumer protection. Your capital is at risk. Tax on profits may apply.

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 warning: Cryptoassets are highly volatile and unregulated in the UK. There’s no consumer protection. Your capital is at risk. Tax on profits may apply.

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 essentially like sending an email and waiting for a reply.

Additionally, there is a help centre 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. However, cryptocurrency is not regulated in the UK and there’s no consumer protection.
  • 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. 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.

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 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 such as lending or staking, you may want to look at some of the other options available.

eToro cryptocurrency review in a nutshell

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. For a better look at what this is like, read our full review of eToro.

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 warning: Cryptoassets are highly volatile and unregulated in the UK. There’s no consumer protection. Your capital is at risk. Tax on profits may apply.

Compare eToro against cryptocurrency exchanges

Table: shows partner brands and other brands, sorted by popularity
Name Product Deposit methods Fiat Currencies Cryptocurrencies
eToro Cryptocurrency Trading
Credit card, Debit card, Neteller, PayPal, Wire transfer, Online banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

41
cryptocurrencies

Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Copy the trades of leading cryptocurrency investors on this unique social investment platform.
CoinJar Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Faster Payments (FPS)
GBP, AUD

49
cryptocurrencies

CoinJar offers a simple way to buy, sell, or trade cryptocurrency with GBP. Trade from your desktop or mobile with a 1% fee and withdrawals are free to your bank account.
GlobalBlock Cryptocurrency Broker
Bank transfer, Cryptocurrency
GBP, EUR, USD

97
cryptocurrencies

Buy and sell 100+ cryptocurrencies with the option of cold storage and insurance on this UK-based cryptocurrency broker.
loading

Compare up to 4 providers

Frequently asked questions

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets. Past performance is not an indication of future results. Cryptoassets are volatile instruments that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Trading cryptoassets is unregulated in the UK. There’s no consumer protection. Your capital is at risk. Tax on profits may apply.
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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site