eToro social cryptocurrency trading - 2021 review | Finder UK

Review: eToro cryptocurrency trading

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Learn how to buy and 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.
  • Virtual currencies are highly volatile. Your capital is at risk.

19

Fiat currencies

16

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 & 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)
(US$200 minimum deposit)
Withdrawal Fees US$5 (minimum withdrawal of US$50)

Pros

  • Buy Bitcoin and 15 other cryptocurrencies on eToro's unique social trading platform.
  • Copy the strategies of leading traders
  • 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
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.

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.

Beyond cryptocurrency, eToro provides access to other markets including stocks, commodities and foreign currency.

Buy and sell cryptocurrency

eToro allows you to buy and sell a small selection of cryptocurrencies which are then held in your eToro account on your behalf. This means you can trade with them, but cannot withdraw them to an external wallet, use them for payments or move them to another exchange.

What fiat currencies and cryptocurrencies are supported?

We have more than 10 million users, so each and every coin that we introduce to the platform has very high demand – Guy Hirsch, eToro US managing director

  • Supported fiat currencies: EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more
  • Supported cryptocurrencies: Approximately 16 cryptocurrencies
Go to eToro's website
  • Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.

Which countries can I use eToro from?

eToro is available in many countries around the world, including the UK. However, it is not available to residents in certain regions.

Which payment methods are accepted?

Deposit methodHow long it takesLimit per transaction
Credit/debit card (Visa, Mastercard, Diner’s Club)InstantUS$40,000
PayPalInstantUS$20,000
Wire Transfer3-5 business daysUnlimited
Local online bankingInstantUS$10,000
China Union PayInstantUS$20,000
SkrillInstantUS$10,000
NETELLERInstantUS$10,000
WebMoneyInstantUS$50,000
YandexUp to 5 business daysRUB5,000
GiropayUp to 1 business dayUS$40,000
Go to eToro's website
  • Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.

eToro fees and limits

eToro does not charge fees for purchasing cryptocurrency, but a fee is charged for selling, which varies depending on the individual cryptocurrency being sold.

All fees are current at the time of writing (January 2021), but are subject to change at any time.

Deposit and withdrawal fees

eToro minimum first-time deposits range from $200 to $10,000 depending on your country and its regulations. Your minimum deposit will be visible when you create an account.

The conversion fees incurred will depend on the transfer method and the currency.

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.

How much is a pip?

A pip is a forex term that refers to the smallest measurable price change of a foreign currency trade.

The actual value of a pip, in dollar terms, will vary depending on the currencies involved, how prices change and the size of the “lot” – in this case how much you’re depositing or withdrawing.

eToro offers a pip calculator that you can use to calculate the cost of a pip, and work out your fees, for a given transaction.

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Instant or up to 5 business days

Wire deposits will take up to five business days, but many other deposit options can instantly put money in your account.

Wallet transfers

Clock icon for transfer speed

Varies

The time taken to transfer cryptocurrency in and out of eToro will vary depending on network activity, the cryptocurrency and other factors. Generally it should be no more than a few minutes though.

Withdrawals

Clock icon for transfer speed

Up to 8 business days

Withdrawal times depend on the method used and will be one to two days at the quickest or up to eight days for wire transfers at the upper end.

Is eToro safe to use?

  • Regulation
    eToro is regulated and licensed by the relevant financial authorities in the UK, Europe, Australia and the United States. In the event of eToro not being able to pay back your funds for reasons such as insolvency or theft, your protections under existing laws will vary. 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.
  • Security
    eToro client funds are not used for 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 with frequent fluctuations in price. The technology behind some most coins is still in development, which poses additional risks such as software bugs or security flaws.

What’s it like to use eToro?

How do I create an account at eToro?

Go to eToro's website
  • Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
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What else do I need to know about eToro?

eToro is a major player in the cryptocurrency ecosystem through charitable efforts such as the GoodDollar universal basic income project, which leverages cryptocurrency technology with the goal of helping ease global wealth inequality.

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.
  • 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.

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 disclaimer: Highly volatile investment product. Your capital is at risk.
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Alternatives to eToro cryptocurrency trading

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

16
cryptocurrencies

Disclaimer: Virtual currencies are highly volatile. Your capital is at risk.
Copy the trades of leading cryptocurrency investors on this unique social investment platform.
CoinJar Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Faster Payments (FPS)
GBP, AUD

15
cryptocurrencies

Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

26
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
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Frequently asked questions

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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