There is no doubt about it – cryptocurrencies, digital currencies, alternative currencies and everything in between are hot to trot.
Furthermore, with cryptocurrencies and the like, you can enjoy low cost and instant cross-border transfers instead of dealing with hefty and inconvenient bank fees.
Of course, many want to trade crypto and digital currencies as well – and in this eToro review, we will explain the whole thing to you.
Have you heard of Forex?
Forex is a multi-trillion-dollar market where people buy and sell global fiat currencies with the aim of making a profit.
The same concept can now be applied to cryptocurrencies, and you can trade one cryptocurrency for another, or even one cryptocurrency for dollars, euros, pounds or the like.
With multiple different trading platforms on the market, it can be difficult knowing which one to go for.
When it comes to a good all-rounder, eToro is one to remember.
One of the most popular available and with a reliable and respectable reputation, it is a firm favourite for beginners and professionals alike. To get a full overview and decide if it is for you, let us read on to find out more.
eToro Review: Overview
- Name: eToro
- Website: www.eToro.com
- Founded: 2006
- Country: Israel
- Regulation: CIF, CySEC, FCA, MiFID
- Trading Options: Forex, Cryptocurrency, Indices, CFD, Commodities
- Cryptocurrencies: BTC, BCH, ETH, LTC, XRP, XLM, DASH
The eToro story started back in 2006 in Tel Aviv, Israel where it was founded by two brothers – Ronen and Yoni Assia, and their business partner David Ring.
The broker was founded on the concept that it would work as a financial trading and investments platform that would be both suitable, and accessible to all.
Since its inception, eToro has experienced significant growth, and it is currently ranked as one of the worlds leading social trading platforms, as well as one of the most prominent and most well-known online Forex brokers in the world.
When it comes to regulation, eToro has taken significant steps to dot the “I’s” and cross the “t’s”. eToro is based in Limassol, Cyprus, and as such as a registered Cypriot Investment Firm (CIF) and as such as regulated by the Cyprus Securities and Exchange Commission (CySEC).
To date, the number of registered users exceeds 5 million, and eToro operates in over 170 countries worldwide.
Their online platform is incredibly popular, and it attracts thousands of new signups every day, therefore cementing its position as one of the world’s premier trading and investment networks.
Regarding countries that do not allow eToro to operate, eToroUSA is currently not active, and they are not currently accepting any new clients.
eToro Review: Features
When it comes to what you need trading that set apart eToro from the competition, there are quite a few that are worth a mention.
First up, if you are a beginner, don’t worry as eToro provide lots of educational information for a novice or even first-time cryptocurrency traders.
As well as its top quality educational programme, and it’s easy to use and intuitive trading platform, you can also access its online financial trading community. What this means is that you can connect with likeminded traders from all over the world without leaving the eToro interface.
When it comes to your deposits, that depends on where you are located.
It can range from a minimum of $50, up to $1000, but if you are feeling a bit nervous or unsure, eToro offers an excellent practice account.
It’s an entirely simulated version of the real reports where you can practice and get to grips with the ins and outs of the industry before putting your money where your mouth is.
You can deposit up to $100,000 in virtual currency and experiment with different trades. They also offer an Islamic account tailored to the requirements of Sharia Law, with a minimum deposit of $1000.
When it comes to commissions or trades, like most online brokers, eToro does not charge for this. Instead, then quote their clients a more full than usual dealer spread to cover their costs.
This varies depending on the pairings you chose to trade between can fluctuate quite substantially- from 2 pips to over 225 pips.
eToro Review: Trading Software
Back at the time of eToro’s inception, their startup trading platform was designed to suit beginner and inexperienced traders.
It included graphics, information, and videos that would provide useful information to clients as well as assist them with making their first trades and getting to grips with the industry.
They also used to use several different platforms, depending on the type of trading that was being done, but in recent years this has changed. Nowadays, all platforms have been consolidated into one award-winning platform which is available on PC, Mac, iOS and Android devices.
The software itself is still well designed with a simple user interface – striking an essential balance between simplicity and ease of use, while not deterring more experienced users. It adapts well to different screen sizes and different resolutions, and it is easy to navigate right from the get-go.
eToro Review: Deposits & Withdrawals
So when it comes to making your first deposit, there are a few things that you need to consider.
Firstly, eToro only allows deposits in dollars so if you are depositing any other currency; it will automatically be converted to dollars as soon as you put it in your eToro account.
When it comes to opening a live trading account, as mentioned earlier, it depends on your location and the applicable regional regulations that the user and their account may be subject to.
It also depends on the method you are using to deposit – for example, if you are using NETELLER, the minimum deposit is $50-$1000, Russian based Yandex has a maximum of $5000, and GiroPay offers a minimum of $1000 and a maximum of a whopping $50,000.
Luckily there are lots of different deposit methods to choose from, and the one you select should be based on the amount of money that you are looking to deposit. Options include Visa, MasterCard, bank or wire transfer, Yandex, NETELLER, Skrill, PayPal, and Webmoney UK, to name a few.
To withdraw your money, you need to fill out a withdrawal form which can be found in the “Cashier” section of the site, or app.
Once this has been submitted, eToro will fill you in on the details of the withdrawal purpose, and typically, they are deposited back through PayPal, bank transfer or back onto the nominated credit or debit card.
Of course, when it comes to withdrawals, security is slightly tight. For first time withdrawers, you must submit a colour copy of your passport, a copy of your signature, and proof of address such as a utility bill that is not older than three months.
Should you wish to have the money deposited back onto your credit or debit card, you must also provide a clear colour copy of both sides and submit it.
When it comes to fees, eToro is about on a par with other industry names.
You can expect a fee of $5 for withdrawals between $20 and $200, $10 for withdrawals up to $500, and $25 for withdrawals over $500.
The processing time of such requests is around five days, but this can vary depending on the withdrawal method used and any waiting times due to third-party payment processors.
eToro Review: Customer Support
When it comes to customer service, eToro pushes the boat out. One thing which sets them apart from other brokers is their easy to use customer service “wall” and the general feeling of transparency when you use their service.
Their customer support is available via telephone Monday-Friday, 24 hours a day. Should you decide to send them an email, they will get back to you within 48 hours.
As of yet, they don’t have a live chat in the traditional sense, but they do offer a highly personalised digital customer service feature that is available by clicking a button in the bottom left of the customer service section.
They also offer a customer service forum where you can be referred to online guides, FAQs and an eToro Knowledge Base that gives in-depth answers and assistance with a vast range of common issues and queries.
If you want to speak to a human being, you are issued with a ticket and you are contacted by a rep as soon as one comes available.
A rather cool feature is being able to pick your rep by reading their bio and clicking on their photograph.
Customer service is available in German, Spanish, French, Italian and of course, English.
eToro Review: Safety
As a result, one can be sure that eToro is operating to the highest of standards. Fully monitored throughout the whole of the EU and the UK, security, privacy and data protection are at the forefront of their ethos, and they also used SSL technology for client authentication and the transfer of data.
eToro Review: Final Rating
As far as I am concerned, eToro is at the forefront of the Forex and cryptocurrency trading markets.
It offers a superb platform for beginners and novices alike and its reputation as the leading online broker is well deserved.
With its newly integrated, one-stop-shop platform, as well as its social networking capabilities and slick mobile applications, it offers a fluid and easy foothold into the exciting world of online trading.
It is safe, secure, and eToro has client security and privacy at the forefront of everything they do Under strict supervision from the FCA and CySEC you can trade away to your heart’s content without worrying about your security.
It is easy to use, and the free practice account is a godsend for anyone who isn’t quite sure what they are doing and wants to avoid a costly mistake. eToro also offers their regular clients a range of incentives and bonuses such as prizes, competitions, and other exciting features.
Regarding drawbacks – the only ones that spring to mind are the lack of a live chat facility which can be a bit frustrating for those that are used to this on other sites and the five-day withdrawal period.
That aside, we give eToro a solid 4/5 and would fully recommend it to beginners and professionals alike.
If you are looking for a solid, easy to use, and highly reputable online broker for trading cryptocurrencies, fiat currencies and more, then eToro is the option for you!
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- Trading Software
- Deposits & Withdrawals
- Customer Support