eToro Review for 2023

Adam Morris
— Last Updated on September 26, 2023

Quick Summary: You’ve probably already heard of eToro. Well, it’s no surprise, after all they are one of the most popular broker and crypto platforms in the world with more than 17M users. What sets eToro apart from its competitors is their focus on social trading, where users can interact with others in the community. The best part about social trading is that users can copy successful traders automatically and have a piece of the pie.

And if you’re also interested in CFDs, eTFs, and stocks, then eToro is surely one of the best platforms, if not the best!

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AFSL 491139.Capital at risk. See PDS and TMD

It might be hard to imagine that Israeli crypto exchange giant eToro precedes Bitcoin and cryptocurrency as a whole, but the fact of the matter is that eToro was founded in 2007 as part of the Fintech movement. No, it wasn’t an online calf faring service that rebranded and pulled a 180 when crypto hit the masses.

Yoni Assia, Ronen Assia, and David Ring created eToro as an alternative to traditional financial banking. Sound familiar? Yes, they basically created a cryptocurrency platform without the crypto, two years before the advent of Bitcoin.

etoro logo

eToro began by offering much of the same services as its competitors. The only difference was that the currency was mostly stocks and financial instruments; which in its own vein was a basic form of futures trading. Once Satoshi Nakamoto brought Bitcoin to the fold in early 2009, the concept of a cryptocurrency exchange platform all but fell into eToro’s lap.

Today, eToro might be one of the most widely known, respected, and revered CFDs and a cryptocurrency trading platform with over 6 million active traders, but it didn’t arrive on the scene with a bang. Let’s take a closer look at how things unfolded.

On a side note, you can also check out our comparison of the best Australian cryptocurrency trading platforms here. 

eToro Platform at A Glance

  • Website: www.etoro.com
  • Country: Tel Aviv-Yafo, Israel
  • Mobile App: Yes
  • Deposit Methods: PayPal, Debit/Credit Card, Online Banking, Wire Transfer
  • Fiat Currencies: USD, EUR, GBP, AUD, RMB, THB, IDR, MYR, VND, PHP, SEK, DKK, NOK, PLN, CZK
  • Cryptocurrencies: 75+

List of Features

  • CopyPortfolio – invest in leading, ready-made crypto portfolios
  • Forex trading available with minimal pips
  • Etoro club and webinars
  • Offers a lot of trading tools and trading strategies to monitor your watchlists
  • You can trade stocks and just buy fractional shares
  • Secure, safe and legally recognized as a cryptocurrency broker
  • eToro Money crypto wallet to secure your coins
  • Demo account – virtual trading with $100,000 of virtual money
  • No deposit fees if you use PayPal, Online Banking, debit/credit card or Wire Transfer
  • eToro app for iOS and Android
  • Social media platform that allows trading with other traders
  • Interface that is user-friendly
  • 75 different cryptocurrencies available
  • Earn interest on your crypto coins
  • CopyTrader automatically copies the trades of the best-performing investors

Pros

  • Social Trading features allow you to communicate with other traders and copy their trades by a computer
  • Trade 75 different cryptocurrencies
  • You can set a stop-loss to minimize loss
  • The crypto staking option allows you for you to make interest from your investments
  • Demo account in which you can trade without risk with virtual $100,000
  • Mobile app and the eToro wallet for your convenience

Cons

  • USA residents are not able to access CFDs or trading in stocks.
  • The high trading fee of 1percent

About the Trading Platform

eToro began its journey as a social trading platform that offered its users a convenient and easy way to understand stock and finance tool trading. With the introduction of the eToro mobile app in 2012, the platform expanded into social trading, financial services, and portfolio management.

eToro homepage

They were basically on track to create a social media platform for market traders or potential market traders, however, in 2017, the platform decided to finally join the crypto craze and diversified its offer by adding cryptocurrency trading to their offer. Users were now able to exchange currencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Nevertheless, the platform never abandoned its social angle on currency trading and it still serves as a hub for traders who wish to compare their ventures with other traders from around the globe.

eToro offers all users demo accounts that feature $100,000 Monopoly money that they’re free to spend in any way without actually losing a penny. This way they get insight into how the market functions and familiarise themselves with the news feed, stock trading options, risk management strategies, online brokers, pricings, past performances, track records, popular investors, retail investor accounts, and hopefully come out the other side a lot more savvy and street smart than when initially signed up.

eToro exchange features

Additionally, the platform offers users detailed market analysis and investment advice so that they can be in the know about the latest developments, exchange updates, and offers.

eToro has a leg up on most of its competitors because even though they added cryptocurrency-based services, they never abandoned their traditional financial stock and tool support. Whether you’re up for digital or analog assets, they’ve got you covered.

Supported Cryptocurrencies

eToro does not support a wide array of crypto coins and currency pairs, however, some of the most popular and established cryptocurrencies such as Ethereum (ETH), EthereumClassic (ETC), Litecoin (LTC), Stellar (XLM), Dash (DASH), Bitcoin (BTC), XRP, NEO (NEO), and IOTA are available and at your disposal.

eToro supported cryptocurrencies page

The platform offers an enjoyable trading experience when setting up and executing trades. eToro users are two taps and one swipe away from any trade that’s available on the platform. eToro also has a library of educational videos and an active support community that has even absolute beginners up and running in a matter of hours.

The platform supports bank transfers, credit or debit card deposits in four fiat currencies (EUR, USD, AUD, and GBP), or instant payment providers such as Skrill, iDEAL, Neteller, PayPal. Wire transfers are also available and should you require information on thresholds per method you’re able to access the platform’s FAQ section and find exactly what you need in no time.

When it comes to experienced traders, the exchange platform supports high-risk CFD asset trades, which means that veteran users can have a field day if their stars align.

Fees and Limits

Deposit FeesTrading FeesWithdrawal FeesCrypto Transfer FeesOther eToro Fees
  • FREE
  • 1%
  • Withdrawals for US residents are FREE.
  • Non-US residents incur a $5 withdrawal fee.
  • 0.5%
  • Inactivity Fee: $10 per month
  • CopyTrader Fee: FREE
  • CopyPortfolio: $0

eToro doesn’t employ crypto trading fees or fees on deposits so users only need to worry about the spreads when dealing in USD and the currency conversion fee when it comes to all other fiat currencies.

eToro trade and investment page

The exchange platform offers real-time detailed charting on spreads and indications of future results that can be found under their Market Hours & Fees section. Minimum deposits start at $50, however, they are closely tied in with regional operations, so users should always check the platform’s website before attempting to deposit funds on eToro.

eToro exchange crypto charges a fixed $5 withdrawal fee, with a minimum withdrawal amount of $30. There is also the sneaky $10 inactivity fee that eToro’s administers should users leave their trading accounts dormant for more than 12 consecutive months.

Customer Support

Even though eToro has 24/7 support, users have found that it can be somewhat difficult to get in touch with the customer support team on short notice. The platform doesn’t feature a dedicated phone number through which users can reach support on a dime.

The around-the-clock support comes in the form of online ticketing, through which users get resolutions via email. This might solve their problem instantly or they might have to wait for a couple of hours to get in line. Nevertheless, the platform does offer support in a multitude of languages, including Italian, German, English, Spanish, Polish, Chinese, Russian, French, and Arabic.

Sometimes, users may find that contacting their peers on the website or taking a stroll through the FAQ library might be the quickest route to the salvation of their quarry.

Security

The crypto brokerage service employs the latest and greatest technologies when it comes to protecting, storing, and ensuring that user funds remain where they should be. eToro hasn’t provided a lot of detail on its security protocols, stating that should it do so, the information might serve as a shatterpoint crypto in the hands of a malicious third party.

eToro stocks page

The platform is regulated by the ASIC (Australian Securities and Investments Commission), FCA (Financial Conduct Authority of the United Kingdom), ESMA (European Securities and Markets Authority), and the CySEC (Cyprus Securities & Exchange Commission).

Does eToro Require KYC?

The platform employs eToro two-factor authentication (2FA), Google authenticator and SSL encryption and administers regular Know Your Customer (KYC) checks.

Because eToro has obtained a license from a number of financial regulators, the platform is obliged to meet their anti-money laundering policies in order not to tarnish its reputation. One of these requirements is the KYC eToro check, included as a final step of the registration process.

eToro KYC Requirements

In order to register an eToro account, users will have to provide the platform with a government-issued ID, in the form of a valid national ID card, passport, or driving license, and provide proof of residence by verifying their address by providing a recent bank statement or utility bill. The verification process can take up to 48 hours after which users are welcome to start trading.

Sign Up with eToro

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD

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Frequently Asked Questions

Yes, the platform has a highly popular mobile app with an intuitive interface where users can swap digital assets and link their user accounts with their bank accounts. The mobile app is available for both Android and iOS devices and can be downloaded through Google Play or the iOS Apple App Store.

Most countries around the globe can access eToro, however, the platform has a list of countries that aren’t supported due to legislation and regulations. The list features The United States, Canada, Cuba, Japan, Turkey, Serbia, Albania, North Korea, Iran, Syria, and Sudan.

The platform is offline in the United States (specifically in New York) because the SEC (Securities and Exchange Commission) forbids trading CFDs. Since the United States is a big market, the platform has worked tirelessly to provide a separate offering that doesn’t include CFDs and is currently available in 30 states.

Yes, the trading platform does provide a native cryptocurrency wallet for depositing and storing crypto assets. Simplex allows users to add crypto funds directly to their wallets in the form of credit card payments. The caveat is that once the coins are in the wallet, they cannot be transferred back to the eToro trading platform.

Yes. eToro USA LLC is a reliable firm that is trusted by millions users across the globe. They've been at the forefront in fintech and online investing since.

Absolutely, eToro is good for beginning traders. eToro offers a wide range of trading options, instruments and special services that make it perfect for novices. Beginning investors can invest in over three thousand assets, which include the 0% commission stocks, ETFs cryptocurrency, crypto-trading pairs commodities, indices, currencies and CFDs.

Yes, you do.

No, it's not. Customers can take money out of the eToro account at anytime.

Yes. eToro is in compliance of FCA, CySEC and ASIC regulations, which means that the company has measures implemented to safeguard investors. With eToro our customers can trust that their funds are safe at top-quality banks, and their personal data is protected by SSL encryption.

After the first deposit, you'll be required to pay the minimum amount you can deposit of 50$ ($10 for the UK and USA). Any deposits made through Bank Transfer must be at minimum $500. If you're registering a business accounts, the minimum initial amount of $10,000 is needed.

The majority of users will be able to find the most extensive range of cryptocurrency options on Coinbase However, transactions and trading cryptocurrencies costs can be more expensive. EToro is a standout for those seeking advice about their investments by using its social investing feature that allows you to replicate trades made through other investment funds.

eToro is the most suitable option for crypto-focused and community-oriented traders, since it has more assets , including automated investment options such as CopyPortfolios as well as it's CopyTrader(tm) methodology. Robinhood is, on the other side, is best suited to traders who are active and those who are looking for low-cost fees and user-friendly.

Yes, you can!

  1. Simply click on the Withdraw Funds button located in the menu on the left.
  2. In the box 'How much money you'd want to draw? In the box, type in the amount you would like to withdraw.

  3. Click 'Continue'. Choose the currency.

  4. Verify that the default payment method to ensure it is exact.

  5. Click 'Submit'.

Every withdrawal request is subject to a fee of $5. All withdrawals in foreign currencies other in excess of USD will be subject to exchange charges.

Contrary to many of its competitors, eToro applies an inactivity fee of $10 per month following an entire year inactive.

Yes, it is!

eToro Alternative Australia

How we review crypto exchanges.

We test, review and rate exchanges by looking at their ease-of-use, trading features, customer support, and fees. Analyzing user reviews helps us assess the overall sentiment and finalise our opinion and review.

Stocks via eToro Service ARSN 637 489 466 promoted by eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Investing in shares via a managed investment scheme does not result in direct ownership of the underlying assets. Capital at risk. See PDS, TMD and full disclaimer.

eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Crypto assets are unregulated and highly speculative. There is no consumer protection. You risk losing all of your capital. Refer to our Terms and Conditions. See full disclaimer.

Adam Morris

Adam is a seasoned crypto expert who has been researching and writing all about the topic since 2017.

He’s spoken on crypto podcasts as well as being featured in large media publications such as Yahoo, Fortune, TheStreet, Coindesk, and many others.

He’s passionate about blockchain technology and how it’s going to change the world for the better.

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