eToro crypto review
Trade a wide range of cryptocurrencies on this popular social trading platform.
- You can copy trades of experienced users. eToro is registered with the UK watchdog, the FCA, for crypto.
- Non-US dollar transactions incur extra exchange fees.
|Product Name||eToro UK Cryptoasset Investing|
|Fiat Currencies||EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 11 more|
|Cryptocurrencies||BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM & 62 more|
|Trading Fee||1% plus spread|
|Withdrawal Fees||$5 (min. withdrawal $30)|
What is eToro Crypto?
eToro Crypto is an experienced player in the digital trading market, having been founded in 2007. Though it started in Tel Aviv, Israel, eToro has gone international, with headquarters in Cyprus, the UK, the US and Australia among others.
The platform is known for its wide range of features, notably its CopyTrader feature for “social trading”. This gives users the ability to track, interact with and copy other traders on eToro. In that sense, eToro is like social media for investors.
The fee structure can be confusing, and there isn’t the huge range of cryptocurrencies that you might see on other popular exchanges. However, eToro compensates by presenting its users with a suite of advanced features.
eToro also offers stocks and shares – we’ve reviewed its share trading platform in a separate eToro review.
eToro Uk is registered with the UK finance watchdog, the Financial Conduct Authority (FCA). Crypto trading isn’t regulated, but the FCA keeps a register of firms and they must pass checks for anti-money laundering and anti-terrorism activity.
- If this is your first exchange: eToro’s social trading feature is naturally appealing for first-time traders as it gives you a sense of what experienced investors are looking for. However, this can be dangerous for beginners as it discourages independent research. If you simply want to buy and sell major cryptocurrencies, eToro is a fine option.
- If you’re switching exchanges: More experienced users will find features like the training academy and free demo account useful, allowing them to deepen their understanding of crypto trading. That said, the fee structure isn’t completely transparent and trading on the platform can be a bit pricier than some alternatives.
Pros and cons of eToro Crypto
- Unique features like copy trading
- Long-running and large clientele – a well-trusted exchange
- Registered with the FCA
- Easy to navigate
- Insurance fund
- Tiered membership options for advanced traders
- No live chat for customers without a deposit
- Higher spreads than other exchanges
- Non-US customers pay extra exchange fees
- Limited altcoin representation
Our verdict: Is eToro good for crypto?
Creating a platform that is suitable for both beginners and advanced cryptocurrency traders is a difficult task, but eToro Crypto has done an admirable job. eToro has created one of the most active social trading networks in the world and finds a good balance between complex features and an intuitive UI. However, the exchange fees can be crippling and make it a less optimal choice for non-US users.
Finder ratings for eToro Crypto
|Transferring money or assets||★★★★★|
|Fees and costs||★★★★★|
|Ease of use||★★★★★|
What to know about eToro Crypto
eToro uses spreads in its pricing. Spreads are the difference between a buy and sell price – which essentially becomes a fee on all cryptocurrency trades. Additionally, all transactions made on the platform are done in US dollars. This means that deposits and withdrawals in different currencies are subject to exchange rates, which can slash potential profit margins for lower-volume traders.
eToro’s CopyTrader for crypto
eToro’s CopyTrader feature doesn’t just let you view and mirror someone else’s trades. Instead, think of it like investing in that user. It’s an automated process that follows the copied trader’s positions, whether new or historic (but active). That said, copiers can manually close specific trades or stop the copy-trading process at any time.
- Supported fiat currencies: EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK
- Supported cryptocurrencies: Approximately 71 cryptocurrencies
eToro fees and costs for crypto
With eToro, you’ll pay a withdrawal fee of US$5, along with an exchange fee for deposits/withdrawals in fiat currencies other than US dollars.
Fiat withdraw and deposit fees
|0.5% conversion fee for non-US$||US$5 + conversion fee|
eToro is known for providing commission-free trading to its customers on stocks and commodities. Instead of charging commission, its cryptocurrency fee structure relies on variable “spreads” that can be as high as 4.9% on trades.
|Bitcoin Cash (BCH)||1.90%|
|Ethereum Classic (ETC)||1.90%|
|Binance Coin (BNB)||2.45%|
|Yearn Finance (YFI)||2.90%|
|Basic Attention Token (BAT)||2.90%|
Transferring fiat and cryptocurrency
eToro Crypto offers close to the broadest range of fiat withdrawal/deposit options of any cryptocurrency exchange. Customers from nearly every supported nation will find an instant web transfer option available to them.
Transferring cryptocurrency to eToro’s external wallet is much less efficient and can take up to 5 business days. It’s also worth noting that you cannot transfer cryptocurrencies from the eToro wallet back onto the exchange.
You can, however, send and receive supported cryptocurrencies from other wallets using the eToro Money crypto wallet.
What is it like to use eToro Crypto?
The dashboard is the first thing you will see when you log into your eToro account. It works a lot like a news feed and provides you with updates on your social circle.
Users can find answers to the most common questions as well as access live support on the same page.
eToro users can refine their “watchlist” to a specific set of assets. Once set, they can watch the market move live, without having to constantly refresh the page.
eToro Money card
Users can sign up for an eToro Money account card, which lets them make transactions across the globe. This feature is only available for UK users.
eToro offers its customers $100,000 fake dollars to “virtually trade”. This gives newcomers trading experience without putting themselves at risk of financial loss.
Does eToro have good customer support?
eToro offers live customer support for users that have deposited money into their accounts.
They also run a “ticket system”, where you can email unique enquiries to the team who will typically reply within 24 hours.
A thorough help centre exists that will answer most questions.
|Support offered||Wait times|
|Contact us form||6+ hours|
List of services on eToro Crypto
Earning on eToro
eToro gives its customers the option to stake their crypto assets.
This process is done by the eToro team on behalf of the user and is only available for a select few cryptocurrencies (Ethereum, Cardano and Tron).
eToro takes a percentage of the monthly yield from staked assets, ranging from 10-25%.
Visa debit/credit on eToro
British eToro members that have subscribed to their Club program are given access to a debit card associated with their eToro Money accounts. These cards can be used like any normal Visa – internationally, digitally and in-store.
Promotions on eToro
eToro has a long-running “Refer-a-friend” promotion accessible to UK residents. Customers who sign up a new user that makes a trade of at least $100 will receive a $50 reward.
eToro Uk is registered with FCA. Registered firms have to pass checks for anti-money laundering and anti-terrorism activity.
eToro is a trustworthy platform with excellent security measures in place to prevent fraud and theft. It has been running for 15 years without a major hacking or fraud incident. eToro undertakes regular third-party audits and offers insurance to all of its clientele.
No hacks have ever taken place on the eToro platform.
eToro has a dedicated audit and risk committee. Also, its financial records are frequently audited by Ernst & Young.
eToro provides all of its clients with free insurance from specialist insurer Lloyd’s of London. This covers theft, hacking and insolvency losses up to $1 million.
Signing up on eToro Crypto
Getting started is simple. Navigate to the eToro home page and select “Sign up” and then fill out the relevant details.
Step 2 (KYC)
Next, verify your email address and begin the KYC (know your customer) process.
This includes the following:
- Filling out your residential address and passport number.
Typically, this will be enough to get verified on eToro. Occasionally, this process will fail and you will need to provide images of government-issued identification like a driver’s licence or passport.
Complete your profile by answering the “Trading Knowledge Assessment” questionnaire. This process determines how experienced you are and therefore what products and features eToro will offer you.
Once eToro has verified your account, you will be able to begin trading.
Compare eToro Crypto to other cryptocurrency exchanges
Frequently asked questions
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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