eToro Review

eToro LogoAfter the success in the world of cryptocurrency and CFDs, eToro offers much more now. They are the leading social trading platform in the world and have revolutionized the financial technology to what it is today. They started as just a trading platform, later on, added cryptocurrency and different trading instruments to meet the growing demand and market changes. They have added numerous social features to their platforms like CopyPortfolio and CopyTrading. Today, eToro is an industry leader with six million registered users.

Three entrepreneurs had a dream to make trading easy for everyday users and they made their dream a reality in the form of eToro in 2007. Initially, it was an online platform for trading with an intuitive interface that showed graphs using different financial instruments. The timeline of initiatives by eToro throughout their history is as below:

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  • WebTrader was another trading platform by eToro launched in 2009, that had various professional tools for traders for all levels.
  • OpenBook in 2011 was another big step forward. It was the first social trading platform that had the CopyTrader.
  • eToro added stocks to its assets in 2012.
  • eToro launched their mobile application for both iOS and Android in 2013. In the same year, they started working with cryptocurrency that made trading Bitcoin via CFDs possible.
  • The platform was updated in 2015 to be more interactive and innovative.
  • They added the CopyPortfolio feature in 2016 that enabled the users to manage portfolios with different assets and portfolios of top traders.
  • In 2017, eToro enabled trading cryptocurrency like Litecoin, XRP, and Ethereum, to the platform.
  • eToroX was launched in 2019 with an exchange between cryptocurrencies.eToro Review

Cryptocurrencies supported by eToro

Instead of focusing on a single type of cryptocurrency, eToro supports multiple cryptocurrencies and that is why the list of the supported cryptocurrencies is limited. But even this limited list contains all the popular cryptocurrencies like Ripple, Litecoin, Ethereum Classic, Bitcoin Cash, Ethereum and Bitcoin.

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What’s different in eToro?

The numerous trading and investment options in eToro sets it apart from similar platforms. Users can invest and trade their traditional assets as well as their cryptocurrencies using the eToro platform. Another distinct aspect of eToro is its social elements. CopyPortfolio, for example, is a thematic investment that enables the users to manage portfolios with different assets and portfolios of top traders. It is also an exclusive feature of eToro that lets the users copy the strategies of top traders.

Trading tools offered by eToro

Helping users for easy trading is not the only purpose of the eToro platform, it also intends to educate the beginners in trading. It offers virtual money to new users which they can use to get familiar with the platform and learn strategies before investing real money. Even with real money trading, it provides tools to aid the trading process like an economic calendar. How the economic calendar works is quite simple, you just need to select the time, date and the assets you want to trade, it will inform you how your assets are going to be affected by the upcoming events.

Moreover, eToro also delivers regular analyses of the market as quick overviews as well as detailed reviews. Every tradable asset on the platform has information about recent research, current charts and updated news.eToro Security

What is a contract for difference (CFD)?

A contract for difference or a CFD is a type of derivative trading. It helps the investors to speculate on whether the global financial market will fall or not. The CFDs also the speculation on commodities, treasuries, fiat currencies, shares, indices and cryptocurrencies. It is important to notice that with CFDs you are not selling or buying the associated assets. You only buy or sell certain units of the instruments depending upon your prediction of the price. If your prediction is correct, you get units of CFDs of the associated assets, similarly, you lose CFDs with every wrong prediction.

In the eToro platform, cryptocurrency and CFDs work together. As we have already seen that eToro started supporting cryptocurrency by allowing users to trade Bitcoin CFDs in 2013. Even today, CFD trading is a vital part of eToro as most of the cryptocurrencies are traded with CFDs rather than actual assets.

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CopyPortfolios

eToro added CopyPortfolio to its platform in 2016. Traditional fiat as well as cryptocurrency traders can utilize this feature. This feature creates a single tradable asset that is a combination of particular assets or traders of certain strategies. The Investment Committee of eToro constitutes these CopyPortfolios and arranges them periodically. The eToro platform has a list of CopyPortfolios for cryptocurrency for the invertors. This feature snow has balanced portfolios for supported cryptocurrencies like Ripple, Dash, Litecoin, Ethereum Classic and Bitcoin.

CopyTrading

CopyTrading is another feature for traditional fiat and cryptocurrency trading on the eToro platform. It is an innovative feature that enables users to observe the trading strategies of top traders and apply those strategies to their trade. The top traders are the ones with consistent returns and low-risk scores. They get rewards for sharing their trading strategies. The CopyTrader can be very beneficial for beginners in trading as it allows them to have market exposure without a lot of research.

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The target audience of eToro

eToro is useful for all levels of traders and everyone can use it as long as it is not banned in their country. Some countries have regulations in their trading laws that restrict the use of the eToro platform. These countries include Sudan, Albania, Serbia, Turkey, Syria, Iran, North Korea, Japan, Cuba, Canada and the United States.eToro advantage

Does eToro Have a Minimum Trade Size?

Although eToro claims to be a platform for all levels of traders, it has limitations on the minimum investment needed to trade through the platform. These limitations are different for every type of trade:

  • You would be required to invest at least $25 for commodities and currency trading.
  • A minimum of $50 invest is required or trading stocks.
  • The participation in CopyTrading, as well as ETFs and indices, requires $200.
  • A minimum investment of $5000 for CopyPortfolios.

However, for the registrations on or after April 2, 2017, the minimum investment requirements have changed as follows:

  • $200 for cryptocurrencies
  • $500 for stocks and ETFs
  • $2,500 for commodities
  • $5,000 for Forex and indices
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eToro Charges

eToro makes its profits through different charges for its various services. It does not charge anything for opening a position rather on the spread. There are minimum spreads for cryptocurrencies but these are not guaranteed. The spread varies according to market conditions and liquidity. The daily break spreads are as follows:

  • 3 percent for XRP
  • 5 percent for XLM
  • 5 percent for NEO
  • 3 percent for LTC
  • 5 percent for ETC
  • 2 percent for Ethereum
  • 3 percent for DASH
  • 5 percent for BCH
  • 5 percent for BTC

Despite all these charges, cryptocurrency trade is available 24/7 without any fee. The company only charges for BTC positions, leveraged Ethereum or shorting cryptocurrencies.eToro success

Customer Reviews on eToro

All the users of eToro agree that it is very convenient for use. People can use it even without any prior trading experience because of its intuitive design. The platform is available for all types of devices including MacBook, PCs, iOS and Android, which makes it readily available and easy to use. eToro is well-established with a good online reputation. The general complaints are about not about the platform itself but rather the traders they are associated with. Although there is a problem with the advertising campaign of eToro. Most of their advertising is about cryptocurrency but the traders do not own the cryptocurrency themselves. You can only own the cryptocurrency by buying it through the exchange that offers it for example Binance or Coinbase.

Money Deposit and Withdrawal with eToro

You can choose a depositing method of your convenience from a list of available options. Although there are varying minimum deposits for different methods. You can make a deposit using Skrill, Webmoney UK, Yandex, PayPal, NETELLER, MasterCard, VISA and others.

You can withdraw by filling out a form for withdrawal, you can receive your money through your debit or credit card, bank transfer or PayPal. You are required to present a color copy of your passport, proof of address and your signature.

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Cryptocurrency Expansion

Thirty-five new pairs of fiats were added to the eToro platform recently which makes the total count forty-four trading pairs available for the users. The updated list of trading pairs covers a range of regions and currencies. It targets people from various countries, the updated pairs for countries are:

  • The EU BCH/EUR, ETC/EUR, LTC/EUR, XRP/EUR
  • United Kingdom BCH/GBP, ETC/GBP, LTC/GBP, XRP/GBP
  • Switzerland BTC/CHF, ETH/CHF, XRP/CHF, LTC/CHF, BCH/CHF, ETC/CHF
  • New Zealand BTC/NZD, BCH/NZD, ETH/NZD, ETC/NZD, LTC/NZD XRP/NZD
  • Japan ETC/JPY, BCH/JPY, LTC/JPY
  • Canada BTC/CAD, ETH/CAD, XRP/CAD, ETC/CAD, BCH/CAD, LTC/CAD
  • Australia BTC/AUD, ETH/AUD, XRP/AUD, ETC/AUD, BCH/AUD, LTC/AUD

Moreover, there is an official announcement by eToro about a platform for US customers that will be focused on cryptocurrency. The platform will have an integrated mobile application, crypto wallet and the ability to purchase cryptocurrency using a credit card. The platform was revealed in May, it works for 32 US states and supports popular cryptocurrencies like Neo, Dash, XRP, Litecoin, Ethereum and Bitcoin. At the same time, the multi-signature crypto wallet supports six cryptocurrencies, namely Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), Litecoin (LTC), Stellar (XLM) and XRP with additional currencies set to be added in the future. It has also been announced by the eToro team that the mobile wallet for the cryptocurrency is available on Android as well as iOS. The eToro users can log into the mobile wallet to manage their cryptocurrency and other asset conversions. The features of eToro Wallet are:

  • Transfer crypto from their eToro accounts
  • Exchange one cryptocurrency for another cryptocurrency
  • Store and manage multiple cryptocurrenciesetoro Cryptocurrency Expansion

Buying Crypto with a Credit Card

Cryptocurrencies can be bought directly through your credit card using eToro Wallet. The payments from Visa and MasterCard have been made possible after the company has partnered with a third-party payment provider, Simplex. You can follow these simple steps:

  1. Open and log into your eToro Wallet.
  2. Click on the “BUY CRYPTO” section of the wallet and select your preferred coin and amount that you would like to buy
  3. Enter your payment details into Simplex’s billing form.

You will have you purchased coins in your eToro Wallet after a successful transaction. You should keep in mind that Simplex can approve your transaction right away or ask for further documentation to prove your identity. The transactions are subjected to the following list of charges:

eToro Wallet Charges:

Fiat to Crypto conversion charges

  • eToroX fee 1%
  • Simplex fee 4%

Currency       Min transaction     Max transaction     Max / Day    Max / Month

GBP                £96                             £7,350                       £14,700        £36,750

EUR                €112                          €8,624                       €17,248        €43,120

USD                $125                          $10,000                    $20,000        $50,000

After the transaction is approved by Simplex, eToroX determines the actual market rate. Blockchain fees are deducted from the crypto purchased in addition to the above fees and are applied to every crypto transaction. Your bank or credit card issuer may charge you separately for these transactions.

eToro Review

eToro has officially launched its blockchain subsidiary for the traditional investing platform, eToroX, in Gibraltar. It is regulated and managed by the Gibraltar Financial Services Commission (GFSC). This exchange aims to handle crypto trades and integrate the feature from the social trading platform.

With an intuitive interface and a mobile wallet application, the crypto to crypto exchange has enhanced security protocols and various trading options for crypto enthusiasts.

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☑ Social trading
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Supported Currencies

Initially launched with a limited number of currencies, the eToroX platform now supports 37 crypto-to-fiat pairs and 16 digital assets. It has also incorporated 8 stable coins to protect traders from the volatility of the market. The list of eToro-branded tokens attached to fiat currencies is as follows:

  • the eToro United States Dollar (USDEX)
  • eToro Japanese Yen (JPYX)
  • eToro Euro (EURX)
  • eToro Pounds Sterling (GPBX)
  • eToro Australian Dollar (AUDX)
  • eToro Canadian Dollar (CADX),
  • eToro New Zealand Dollar (NZDX)
  • the eToro Swiss Franc (CHFX)

Other than these stable currencies, there are digital assets associated with the price of commodities including SLVRX and GOLDX coins. The inclusion of these digital assets help eToroX to remain crypto to crypto exchange, and more familiar cryptocurrencies such as Bitcoin (BTC), Bitcoin cash (BCH), Ether (ETH), Litecoin (LTC), Dash (DASH), and XRP also feature with more cryptocurrencies, stable coins, and tokens scheduled to be added in the coming weeks.

Exchange charges and Limits

There is no deposit fee for eToroX and the withdrawal charges are:

Currency                   Quick withdraw limit        Withdrawal fee

AUDX                         50,000                                   3.75000

BCH                            166                                        0.01000

BTC                            10                                          0.00060

CADX                         50,000                                   3.90000

CHFX                          50,000                                   3.00000

DASH                         400                                        0.02500

ETH                            278                                        0.01700

EURX                         45,000                                   2.65000

GBPX                         40,000                                   2.30000

JPYX                           5,500,000                             330.00000

LTC                             555                                        0.03300

NZDX                         50,000                                   4.25000

USDEX                       50,000                                   3.00000

XRP                            166,667                                8.50000

 

The schedule of charges for the exchange is a tier-based approach. The tiers are based on the monthly volume of the trading. When the monthly trading volume grows beyond Tier 1 (over $100,000), a rebate will be applied during the first week of the month, and depending on the Tier Level, the rebate will be calculated based on the percentages in the following table.

  • The Rebate will be given during the 1st week of the month.
  • The rebate will be given in ETH
  • The calculation will be done for each calendar month.

There is also the Taker and Maker charges in the eToroX where the Taker incur their charges and remove liquidity from the order, the Maker is charged for trades where their orders add liquidity to the exchange. As the Maker orders add liquidity to the exchange, their charges are lower. An example of a Maker trader order includes placing an order for pending execution, such as a limit order which is not automatically filled (partially or fully). The maker’s actions ‘make’ the market by adding liquidity to the order book whereas the taker order is the one that is not added to the order book. This can “take” the liquidity from the order book.etoro Account Verification

eToro Security

The eToroX exchange has state-of-the-art security measures that include data encryption for all the transactions and a dedicated security mechanism to prevent CSRF attacks. Moreover, the team has also developed a backlog analytic mechanism using the N.N Machine Learning Algorithm which helps in decision making, and incorporates multiple PT and Code reviews as well as a bug bounty program. All of the user accounts require secure multi-level identity verification and a separate verification process for every update in financial account information. The platform has a two-factor-authentication (2FA) that limits login attempts and uses whitelisting attribution models to prevent automation attacks.

The security process is not just limited to transactions and user accounts, the employee workstations are verified and protected using stringent security measures. The exchange’s custody solution is based on a three-level military-grade FIPS140 custodian process with multi separation between the different environments. These include a warm environment, or process engine secured solution, a cold, secured isolated gap environment, and a deep, military-grade secured isolated environment.

Along with all these security measures, eToro is operated in Fintech since 2007 and it has UK, USA, Australia, Cyprus, South Africa and now Gibraltar as its regulating entities. The Government of Gibraltar and the Gibraltar Financial Services Commission (GFSC) have set out regulations covering distributed ledger technology (DLT) businesses and eToroX operates under the framework administered by the GFSC. eToro has the most transparency when it comes to cryptocurrency and ETORO X LIMITED is a limited liability company incorporated in Gibraltar with a registration number 116348, and a registered office at 57/63 Line Wall Road, Gibraltar. The company is authorized by the GFSC as a Distributed Ledger Technology Provider under the Financial Services (Investment and Fiduciary Services) Act, with a license number of FSC1333B.

Account Verification

The regulation authority of Gibraltar requires that every account must be verified at the time of registration, the eToro exchange intends to make these verification process simple for its users. The verification process required two working days after you have submitted your duly filled form with all the required documents. New registrants are required to provide the following documents as the proof of identity and residence

  • Proof of Identity (POI) Document: you are required to provide a POI document that has your name, date of birth, your photograph, the date of issuance and expiration of the document. A passport, driving license or a government-issued ID are accepted as POI documents.
  • Proof of Identity and Selfie (POIS): you are required to provide a selfie with the POI document you uploaded.
  • Proof of Address (POA) document: the POA is required to be in the recent 6-month period and all 4 corners of the document should be visible. The POA should have your name, address, date of issuance and expiration and the name and logo of the issuing authority. Your bank account statement, utility bill or tax bill can serve as the POA document.

How beginner-friendly in eToroX?

As compared to other trading platforms, the intuitive and interactive interface of eToroX makes it easier for beginners to learn quickly. There is also the Help section with the answers to the most common questions, and you can reach the team through customerservice@etorox.com. eToroX also aims to educate its users and incorporates a Blockchain Academy and Glossary Section which include a range of clearly written guides and definitions that help users to both navigate the platform and gain a better understanding of blockchain technology.

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The best choice
☑ 15+ cryptos supported
☑ No deposit or commission fees
☑ CySEC & FCA license
☑ Social trading
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Competitors of eToro

With the increase in crypto trade, the competition has also increased. eToro has the following competitors:

  • IQ Option
  • ExpertOption
  • Vantage FX
  • Pepperstone
  • NordFX
  • com
  • XTB
  • FXTM
  • ATFX

Conclusion

While eToro has multiple trading options available for the users, it is quite beneficial for crypto trading. The features like CopyTrading and CopyPortfolio make it unique from its competitors. It can be very useful for traders that want the same platform for crypto and fiat trades. It’s also a great platform for trading regular stocks and Forex or just invest in pre-built portfolios in different industries.

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