Skip to content
Swen Keller
- Home
- /
- Cryptocurrency Exchanges
- /
- eToro Review 2023: Features,...
eToro Review 2023: Features, Fees & Security
Swen Keller
- URL: https://www.etoro.com
- Headquarter: Tel Aviv-Yafo, Israel
- Year Founded: 2007
- Platform App: Web, Mobile
- No. of Cryptos: 20+
- Fiats Available: USD, GBP, EUR
- Withdraw Method: eToro Money, credit/debit card, Skrill, Rapid Transfer, Neteller, Bank transfer, Online banking
- Payment Method: eToro Money, credit/debit card, Skrill, Neteller, Bank transfer, online banking, Rapid Transfer
eToro Review: Our Opinion
The eToro trading platform is a great option for intermediate crypto traders looking for online brokers and a copy trading platform.
eToro also targets users interested in investing in products like stocks, exchange-traded funds (ETFs), commodities, and margin trading.
However, its crypto trading services are quite limited when compared to top cryptocurrency exchanges. It only supports 20+ crypto assets and charges inactivity fees, and currency-conversion fees for non-USD deposits.
In general, eToro is an innovative trading platform that gives you adequate legroom for implementing varying trading strategies.
An Overview of eToro
The eToro platform was founded in 2007 by 3 individuals: David Ring, Yoni Assia, and Ronen Assia. Currently, the exchange is headquartered in Tel-Aviv-Yafo, Israel.
The eToro trading platform is a brokerage and portfolio management firm and not a regular cryptocurrency exchange.
The eToro platform offers its investment services in more than 140 nations and caters to over 26 million retail investor accounts and 2.3 million financed accounts.
Concerning services offered, the eToro platform offers the following: exchange-traded funds (ETFs), copy trading, commodities, margin trading, crypto assets, eToro wallet, and online investments. eToro’s securities trading is offered by eToro USA Securities Inc.
eToro is authorized and regulated by the following bodies: CySEC authority (European Union), FCA (United Kingdom), FinCEN (United States), and ASIC (Australia).
Pros
- It supports several payment and withdrawal methods
- It offers copy trading
- Suitable for intermediate traders
- It has a multi-crypto wallet
- Regulated through various major regulators
Cons
- A limited selection of cryptocurrencies
- It charges inactivity fees
Key Features of eToro
eToro Mobile App
The eToro mobile app gives users access to their crypto assets on the go. The mobile app is designed to emulate the eToro website and has a full range of crypto assets that are available on the eToro website.
Users can view their trading history, find their trading account and view all live prices from the mobile app. The mobile app also features customization, advanced charting and alerts. Users can set price alerts and receive notifications about market movements. The mobile app however does not offer crypto-to-crypto trading pairs.
Users can also view technical analysis, ProCharts, valuable market research, set volatility alerts, and create and customize their Watchlists all within the mobile app.
A major advantage of the mobile app is that it offers a demo account that mirrors real market trends. Inexperienced users or users who wish to test their trading strategies can do so from the demo account in the app. The demo account allows users to trade all cryptocurrencies available on eToro including Bitcoin, Ethereum, Bitcoin Cash, etc.
The demo account is credited with $100,000 in virtual money. The virtual money is used by the trader to practice trading and try their strategies before using real funds in the actual market.
Another key feature of the mobile app is the social trading feature. Copy Trader is part of eToro’s Popular Investor Program. Social trading or copy trading allows traders to automatically copy or duplicate the trade of an expert trader. By copying popular investors and experienced traders, social trading helps inexperienced traders profit from crypto trading.
Each trader’s portfolio, risk score, and track record are visible so that users can see how good the trader is before copying his trades.
The mobile app also allows users to invest in leading stocks from top exchanges. Users are not charged any mark-up ticketing or management fees for creating a stock portfolio. Where applicable, the eToro platform will absorb Stamp Duty and Financial Transaction Tax.
Users are also not charged broker fees for opening or closing the position. However, broker fees apply to short or leveraged positions, and FX fees and other fees apply to non-USD deposits and withdrawals.
eToro offers smart portfolios to its users. eToro’s Smart portfolios are ready-made, fully allocated resources that use cutting-edge technology to pick the best-performing assets. Smart portfolios are best for crypto investors who wish to minimize long-term risks.
The mobile app is available for download on the Google Play store and the Apple app store.
eToro Club
eToro club is an ongoing loyalty program created to show appreciation to eToro’s valued clients. It offers a variety of tools and services that enhance the trading experience of club members. Membership to the club is automatically granted to eToro clients who have a tier balance of at least $5,000.
eToro Club membership is divided into 5 tiers. Each tier has its own exclusive and premium benefits. Access to each tier is determined by the client’s tier balance.
Silver Tier: The minimum required balance for this tier is $5,000. Club members in this tier enjoy exclusive access to data-based Smart portfolios, in-depth market webinars, and a dedicated account manager who will help the user maximize their club membership offerings.
Gold Members: Club members in this tier enjoy all the benefits of the Silver tier plus eToro’s exclusive expert weekly market analysis updates and handpicked partner apps. The minimum balance for this tier is $10,000.
Platinum Members: Platinum Club members enjoy the same benefits as Gold members plus other advantages. This includes complimentary access to a top-tier digital publication, exemption from withdrawal fees, and access to platforms designed to help club members make timely, confident, and educated investment decisions. The required amount for this tier is $25,000.
Platinum + Members: Club members in this tier enjoy all the benefits of the previous tiers plus exclusive access to special sporting and cultural events, access to leading digital financial publications, etc. The minimum balance required for this tier is $50,000.
Diamond Members: This is the most exclusive tier of the eToro Club. The minimum balance for this tier is $250,000. Club members in this tier enjoy all the benefits of the previous tiers plus access to participate in eToro’s prestigious diamond events, complimentary access to premium digital publications, etc.
That said, the tier balance of all users is automatically checked every day at midnight GMT. If a change in the balance necessitates a change in the tier, the change will be made the following day.
The full tier balance is calculated as follows: Cash available in the eToro investment account + Total invested in the eToro investment account – Excluded Products. Excluded products include crypto holdings in the eToro Money crypto wallet. The eToro options portfolio value does not contribute to the eToro Club tier.
eToro Club membership is open to users for as long as they meet the balance requirement of a given tier.
Club members can move between different club tiers as far as they meet the requirements for the tier. However, if a user downgrades to a lower tier, they will lose access to any service or subscription available in the higher tier. Also, If a user’s balance falls below the minimum, they will continue their current membership status for a courtesy period of 90 days.
eToro Money Crypto Wallet
The eToro Money crypto wallet is a multi-crypto wallet that allows existing eToro users to buy, store, receive, and transfer cryptocurrencies. Users can access the wallet using the same login credentials they use on their trading accounts. The wallet allows them to store, receive and transfer crypto anywhere on the blockchain using their private on-chain address.
The eToro Money wallet has a conversion feature that allows users to convert one cryptocurrency to another. However, users can not send cryptocurrency from the eToro Money crypto wallet to the eToro trading platform.
eToro Money crypto wallet has a private key (security key) service that users can use to recover access to their crypto wallet when the need arises. The wallet also has high-level security features and standardization protocols.
The Wallet App has a transaction page where all eToro fees are specified. Blockchain fees vary and are determined at the time of the transaction.
The Wallet App is available for download on the Google Play store and the Apple app store.
Cryptocurrencies Available on eToro
The eToro platform supports the trading of over twenty cryptocurrencies. A rather small selection compared to most leading crypto exchanges. Available cryptocurrencies include Bitcoin, Ethereum, Shiba Inu, Stellar Lumens, Polkadot, Dogecoin, Bitcoin Cash, Binance Coin, etc.
eToro Review: Fees
Using eToro’s crypto trading services attracts a couple of fees and the fee structure is quite confusing. It has a lot of hidden or unclear fees that you’ll have to look deep enough to discover.
Now while the platform does charge fees for executing trades and investments, it does not charge users for the following:
eToro account opening
eToro account management fee
General eToro Fees
Deposit Fees: eToro does not charge deposit fees.
Withdrawal Fees: The brokerage service charges 5% on withdrawals.
Conversion Fees: Like most brokerage services, eToro charges conversion fees based on pips. In addition, eToro offers tiered discounts via the eToro club. For example, diamond club members are entitled to a 100% conversion discount, while platinum club members get a 50% discount. However, these discounts do not apply for transactions executed using the following payment methods and fiat currencies: PayPal, Skrill, AUD, EUR, and GBP.
Inactivity Fee: If you do not log into your eToro account for months, you will be charged a 10% monthly inactivity fee.
ETFs and Stock Trading Fees
Rollover fees: No fees
FX Conversion Fees: eToro charges dynamic fees for the conversion of non-USD deposits.
Broker Fee: No fees
Crypto Trading Fees
Using the eToro crypto trading platform costs 1% in trading fees for buying and selling. This isn’t for both types of transactions but for each one. So you’ll pay 1% in trading fees for buys and 1% for sales.
This isn’t hidden though as you’ll be able to see the 1% fee during an active transaction after closing or opening a position.
Now, there is an additional 0.2% tax burn mechanism, a market price (bid/ask) spread, and a 0.1% operations fee added to the 1% trading fee when carrying out a cryptocurrency transaction.
Unlike the normal crypto exchange (eToro is a brokerage), you’ll be charged a lot more in fees as seen above.
The eToro wallet also charges 0.1% for crypto-to-crypto conversions (cryptocurrency trading). However, eToro does not charge trading fees for sending or receiving crypto assets.
CFDs
For CFDs, eToro charges overnight fees and a spread. Currencies and CFDs commodities attract 1 pip in trading fees while CFDs indices start from 0.75 points in spreads. ETFs and stocks CFDs start from 0.15%.
Trading crypto CFDs attracts the same fees as regular crypto trading in addition to the overnight CFDs fees.
eToro Money
eToro Money is a product offered by the brokerage service to ease payments and manage your money on the platform. However, it does attract ATM fees for both EU and UK users.
EU eToro Money users will have to pay between €650 to €1,000 and a 1.5% fee. UK eToro Money users are charged up to £1,000 in ATM fees.
eToro Review: Payment Methods
eToro securities inc LLC offers a couple of payment methods for depositing fiat currency and these include credit and debit cards, online banking, Neteller, eToro Money, Rapid Transfer, Klarna/Sofort.
POLi, Bank Transfer, and Skrill.
Klarna/Sofort Banking
- Deposit Time: Instant
- Fiat Currency: EUR
- Supported Countries: Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Belgium, Finland, France, and Poland.
- Maximum Single Deposit: $30,000
- Withdrawal Available: Yes
eToro Money
- Deposit Time: Instant
- Fiat currency: GBP
- Country: United Kingdom
- Maximum Single Deposit: £250,000, however, this is unlimited for Black Card users
- Withdraw Availability: Yes eToro offers Instant withdrawal via this payment method
Credit/Debit Card
eToro supports Visa Electron, Maestro, MasterCard, and Visa.
- Deposit Time: Instant
- Fiat Currencies: USD, AUD, GBP, and EUR
- Countries Supported: Global
- Maximum Single Deposit: £33,500 (for eToro USD LLC it is $40,000)
- Withdrawal Availability: Yes
Bank Transfer
- Deposit Time: This payment method takes 4 to 7 days to reflect in your eToro account however eToro recommends quoting your transaction ID to eliminate delays in crediting your money.
- Fiat Currencies: USD, EUR, GBP
- Countries Supported: Global
- Maximum Single Deposit: Unlimited
- Withdrawal Availability: Yes
eToro recommends that you carry out the transfer to a bank account that operates the same fiat currency at your bank.
Skrill
- Deposit Time: Instant
- Currencies: USD, EUR, GBP
- Countries: Global
- Maximum Single Deposit: $10,000
- Withdrawal Availability: Yes
Neteller
- Deposit Time: Instant
- Currencies: EUR, GBP, USD
- Countries: Global
- Maximum Single Deposit: $10,000
- Withdrawal Availability: Yes
Online Banking
- Deposit Time: Instant
- Fiat Currencies: PLN, CZK, EUR, DKK, GBP, SEK, NOK
- Countries Supported: Latvia, Germany, Norway, the Netherlands, Finland, Lithuania, Spain, United Kingdom, Slovakia, Sweden, Czech Republic Estonia, Belgium, Austria, and Poland
- Maximum Single Deposit: £33,500
- Withdrawal Availability: No
POLi
- Deposit Time: Instant
- Fiat Currency: AUD
- Countries Supported: Australia
- Maximum Single Deposit: $10,000
- Withdrawal Available: Yes
Rapid Transfer
Rapid Transfer offers instant use as it does not require users to register before using the method.
- Deposit Time: Instant
- Currencies: EUR, USD, GBP
- Countries: UK and EEA
- Maximum Single Deposit: £4,614
- Withdrawal Availability: No
It’s important to note that if your account is unverified you’ll only be allowed to deposit $2,250.
eToro Review: Security
The eToro platform is regulated by various leading regulatory agencies. This includes the Financial Crimes Enforcement Network (FinCEN), The Cyprus Securities and Exchange Commission (CySEC), The Financial Industry Regulatory Authority (FINRA), The Australian Securities and Investments Commission (ASIC), and the Financial Conduct Authority UK.
The crypto exchange holds users’ cash in different locations for different types of accounts with varying Federal Deposit Insurance Corporation insurance coverage.
The exchange uses a combination of both warm and cold storage wallets. The funds in the cold wallets are appropriately secured and cannot be withdrawn by any eToro employee.
Customers’ cash holdings held in an eToro investing account for stock as well as ETF and cryptocurrency are deposited with eToro USA LLC where they are insured with FDIC insurance of up to $250,000.
The platform’s infrastructure is monitored and protected round the clock by a professional Security Operations Center and all data is only transmitted over encrypted Transport Layer Security.
eToro users’ accounts are secured with advanced encryption and masking technologies. There is also rate limiting on account operations such as login attempts.
eToro offers users an extra layer of security by allowing them to activate two-factor authentication on their accounts.
eToro Review: Staking Rewards
The eToro platform supports 3 crypto assets for staking and these include: Cardano (ADA), Ethereum (ETH), and Tron (TRX).
eToro offers staking rewards based on the eToro account level of the user. For example, bronze members receive up to 75% APY in staking rewards while silver, gold, and platinum users receive up to 85% on supported cryptocurrencies.
Platinum+ and diamond users receive up to 90% APY in staking rewards.
eToro requires users to hold some of its supported assets for a particular number of days before they can start receiving staking rewards. With Cardano, for instance, eToro requires the user to hold the coin for 9 days before they start receiving rewards.
It’s important to state that eToro makes money by keeping a percentage of the yield received on staking.
Supported Countries
eToro crypto exchange is available to users in over 140 countries. Supported countries include:
Australia, Argentina, Brazil, France, Italy, Germany, Angola, Hong Kong, Greece, Norway, Sweden, Peru, Mozambique, Singapore, the Philippines, the United States of America, Qatar, the United Kingdom, Finland, Seychelles, Denmark, Ecuador, etc.
Opening an eToro Account
To open an eToro account go to https://www.etoro.com.
Next, click on ‘Create an Account”.
Choose your username and enter your email and select a password.
Read the Terms and Conditions, Privacy Policy, and Cookie Policy and tick each box to accept each one.
Click “Create Account”.
Go to your email and click the verification link to verify the address.
On the page that opens, input your personal data and investment experience.
Click “Complete Profile” and then “Continue”.
Enter your data and hit “Continue”.
Next, enter your residential address and country of citizenship.
Once that is done, you’ve successfully created an eToro account. What’s left is the verification of your details, which includes uploading Proof of Address and Residency.
eToro Review: Trading Experience
eToro offers beginner and intermediate trading experience. Its trading platform is accessible via the web or the eToro mobile app.
The eToro mobile app is fairly easy to navigate even for complete newbies.
That said, cryptocurrency trading on the platform offers some complexities like being unable to withdraw assets from the platform without converting them to fiat.
eToro Customer Support
eToro offers customer service via support tickets, Chatbot and Live Chat. The automated Chatbot is available 24/7 while customer support via Live Chat is available 24 hours from Monday to Friday.
Users who wish to contact the support team via a Support ticket can do so from the Customer Service Center. Response to support tickets takes about 48 business hours. Note that eToro does not provide investment advice to customers.
Club members at the Platinum level or above also have direct access to their Account Manager via WhatsApp.
The crypto exchange also has a well-equipped Help Center with elaborate guides on how to navigate the platform and troubleshoot common problems.
Customer Satisfaction
eToro reviews on third-party review platforms indicate that the majority of eToro users are happy with the trading experience on the platform and the helpful service from the support team.
Does eToro Offer Education?
eToro offers education on its Online Trading and Investing Academy which supports resources for beginner and intermediate trading strategies. Beyond trading strategies, it also offers investment courses.
Is eToro Right for You?
eToro is right for investors interested in online brokers and not a traditional crypto exchange.
Final Thoughts
eToro is a brokerage service that offers a limited set of cryptocurrencies but an ample selection of advanced trading features to ease crypto investments.
FAQ
Most frequent questions and answers
Yes, eToro is good for beginners as it offers social trading features for users who cannot trade crypto perfectly on their own.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
