eToro Crypto Trading Platform Review – Is It Easy for Beginners?
Team of STO Investment Platforms Reviewers
eToro is a new player in the block but is already making some noise. It’s a global platform that caters to clients from around the world. In this eToro review, we’ll have a critical look at the platform and conclude if it’s worth it. Let’s start:
eToro Review: introduction to the platform
Founded in 2007, eToro launched its cryptocurrency trading platform to US users in March 2019. It is a social trading network best known for giving users the option to copy the trades of other investors. It offers a variety of instruments and caters to users in 44 US states, in addition to other countries.
Based in Tel-Aviv, it was founded by three entrepreneurs: David Ring, Yoni Assia, and Ronen Assia. The company offers stocks and other investment options as well. Also, it allows CFD trading, which is riskier but can be more rewarding. Moreover, users can start with a demo account to see how it works and the features it offers.
eToro crypto exchange review: pros and cons
Here are some of the main pros and cons of choosing eToro:
- Social trading makes it easier to trade assets
- The platform is very easy to use
- Offers a high number of digital coins
- There are some good educational resources
Not available in some states
Doesn’t support multiple currencies
eToro crypto trading platform review: how to use
The first step is to open an account. The process takes a few minutes and involves uploading identity documents to verify residency and identity. The website only supports USD accounts and offers a number of payment methods including PayPal, bank transfers, Skrill, and debit or credit cards.
The minimum deposit is $50. Users will be able to trade currency once they have an active account. Go to the ‘Trade’ section and find the coin you wish to trade by using the ‘search’ feature. Certain coins such as Bitcoin can be bought fractionally.
Click ‘Trade’, enter the required details (investment amount), and proceed. Similarly, CFD trading is an option as well. Again, you can trade CFD on your own or copy from available trades. Both options are risky and CFD trading can end up being very costly so be careful.
eToro fees: is it expensive?
eToro is a little on the expensive side when compared to other options. Here’s a breakdown:
Withdrawals are free for US customers but non-residents must pay $5 per withdrawal.
Non-US users have to pay a conversion fee starting as low as 50 basis points (bps) for both deposits and withdrawals if they choose to deposit using any other currency.
eToro to eToro Money wallet conversions are not free and the fee depends on the coin transferred.
There is a $10 inactivity fee per month. You will have to pay this fee if you do not perform any transactions for a year.
How to sell crypto on eToro?
Here’s how to sell crypto on eToro:
- Sign in to your account.
- Click Portfolio (found on the left side of the screen)
- Choose the coin you wish to sell.
- You’ll see a ‘red’ cross icon on the screen. Click it and the trade will close.
The money will now show up in your account. You will be able to use it to trade or withdraw.
What crypto can you buy on eToro?
eToro offers more than 40 digital coins including:
Stellar Lumens (XLM)
Bitcoin Cash (BCH)
eToro crypto trading platform expert review: Is it safe?
eToro is in compliance with a number of regulatory authorities, including CIF, CYSEC, FCA, MiFID, and AFSL. It’s known to be a very reliable name and offers excellent security including 2-FA. However, we must mention that it has been a victim of data breaches and was recently in the news for a data hack that involves over 62,000 accounts.
All information is secure through SSL encryption and funds are stored in tier 1 banks. Plus, US users are protected by SIPC and FDIC insurance that covers cash deposits up to $250,000 per user and stock investments up to $500,000 per user. There are similar protections for users in some other countries as well.
eToro Review: Frequently Asked Questions
Here are some of the most commonly asked questions about eToro:
Can I make profit through Bitcoin trading on eToro?
You might be able to make a profit, however, there are no guarantees. Check Bitcoin forecasts and invest intelligently.
How to move crypto from eToro to wallet?
Here’s how to transfer crypto from eToro to wallet:
Open the eToro app, login to your account, and go to the Portfolio tab.
Choose the coin you wish to transfer and choose ‘Transfer to Wallet’.
The screen will show relevant information. Review it and confirm the request.
Transfers are not instant and can take a few minutes or hours to complete. They will appear to be processing until completed and you will have the option to cancel transfers till they’re completed.
Is there an eToro crypto wallet?
Yes, there is an eToro crypto wallet. It, however, supports a limited number of coins including Bitcoin, Ripple, Tron, Stellar, Litecoin, Bitcoin Cash, and Ethereum.
How do I sell my crypto on eToro?
Wondering how to sell on eToro crypto? The process involves multiple steps:
Transfer your crypto to your eToro wallet using the address.
Transfer currency from your eToro wallet to your eToro account.
Sell your cryptos on eToro.
eToro crypto review: Conclusion
All in all, eToro is a very reliable platform that offers some unique features. However, knowing how to choose the right trading platform is important. If you check any eToro testimonial, you will find that users love the ability to copy trades. However, we must mention that it doesn’t guarantee results. It might be a good idea to start with a demo and see how it goes before opening a real account.