Cryptocurrency is charging into the mainstream like wildfire, and it’s platforms like eToro that seek to make it easier and enjoyable to get involved in the beautiful world of coins.
Whether you’re a seasoned investor or looking to jump into the game for the first time, you may be overwhelmed with the options available to you.
In this eToro review, we’re going to be making one of those options crystal clear for you.
So, let’s take a deep dive into everything eToro, from their services to their support, and see if you just found your next home for crypto investing.
A brief overview
To start, let’s get a look at what exactly eToro is.
Short answer: eToro is an international, established, U.S. regulated trading platform that’s been in the crypto game for years.
Founded in 2007, eToro has been involved with cryptocurrency trading since 2013. So you can rest with the assurance that they’ve seen a thing or two in the crypto space.
Since the platform’s inception, they’ve grown to 12 million users and boast a trading volume of 1 trillion dollars.
You read that right: 1 trillion dollars.
One more crucial thing about the platform is that you’ll be trading with CFDs. If you don’t understand what that means, that’s okay. A contract for difference (CFD) is a simple security feature that gives traders the chance to profit from an investment’s price change without ownership of the actual asset.
eToro’s impressive stats and features speak for itself.
Now, let’s dig a little deeper into the platform and find out what kind of services eToro has to offer to you.
Services offered by eToro
You don’t just get a proven trading platform when you sign-up with eToro.
They also offer a variety of other services to help you along your way in your crypto investment journey.
Arguably one of the most popular services provided by eToro, CopyTrading, is just as it sounds.
You get to copy other traders!
We know that investing by itself is a whirlwind of information, even for those with experience, but add cryptocurrency to the mix? Now things are getting confusing.
CopyTrading lets you bypass this confusion — to an extent.
This system allows you to custom search for all kinds of different traders and allows you to choose traders to copy.
You can find someone who fits in precisely with your risk profile and automatically make the same trades they do.
This tool can be great for those of you that simply don’t have the drive or time to learn all the ins and outs of crypto investing.
Another service offered by eToro is the CryptoPortfolio investment product.
If you’re a long-term type of person, then check this out.
CryptoPortfolio is a fully managed, diversified cryptocurrency portfolio just for you!
No need to concern yourself with continually staring at candlesticks all day, you can learn how to spot a morning star on the 1-minute chart like a caffeinated squirrel with eToro.
If you didn’t understand anything I just said, then the CryptoPortfolio will be worth checking out.
There are also no management fees associated with CryptoPortfolio, no matter how long you decide to hold onto the portfolio. Therefore you get a professionally managed portfolio that’s tailor-made for long-term investors.
If you’ve been looking into the crypto space for more than 5 minutes, you’ve probably heard of a crypto wallet.
Crypto wallets are a secure device or app that allows you to store your cryptocurrency (pretty straightforward).
Well, eToro accounts come with their own wallet making the platform a one-stop-shop for crypto.
The eToro wallet comes in the form of an app that you can put right onto your phone.
When you download the app, you get a personal blockchain address and a secure private key that you don’t need to worry about losing.
From the wallet you can:
- Buy crypto
- Store crypto
- Monitor your eToro crypto trades
- Exchange currencies
This secure wallet has plenty of features making it an excellent tool for crypto investors.
eToro’s crypto selection
It’s no false claim that the variety of cryptocurrencies that you can get your hands on and trade is massive.
According to CoinMarketCap, there are over 5 thousand different coins listed. Most of us traders won’t even need to think about 99% of these altcoins.
Luckily for us, eToro has a much tighter selection pool for crypto assets. Sporting 15 of the top cryptocurrencies, eToro has narrowed the selection, so you don’t get overwhelmed.
Take a look at the selections:
For those of you unfamiliar with crypto, in order these coins are:
- Bitcoin Cash
- Ethereum Classic
This list is a fantastic selection of coins that any investor could leverage to build a robust portfolio.
Sure, it’s not 5000 coins, but it’s some of the best coins out there, and you don’t have to comb through tons of coins to find one you like.
Too many choices can lead to information overload, after all.
eToro trading tools
eToro provides traders and investors alike with lots of great tools that you can use to help you along in your crypto journey.
Watchlists and price alerts
Never miss a beat on your favorite cryptocurrencies with eToro’s custom watchlists and price alerts.
If you’ve taken a liking to individual coins, you can put them on your watchlist and keep a constant eye on them, so you’re always in the know on prices.
Don’t have time to sit and monitor coin prices so you know when to buy and sell?
Set a custom automated price alert to let you know as soon as your favorite coins pass a specific price threshold that you choose.
These two tools can help make your trading much more efficient — no need to sit and wonder what’s going on with your favorite coins with eToro. You can always keep tabs on them!
It’s no secret in the stock market that good or bad news can affect markets. The same rule applies to cryptocurrency.
Staying up to date on market and coin news is essential to being an informed investor/trader.
Knowing what’s what in the crypto world is valuable when making estimations of where the market is at.
It can also help you learn more about what new technologies are emerging in relation to the coins offered on eToro.
Markets are never definitive, but in this world, information is power, and this tool could give you a slight edge over those without it.
One of the most powerful tools when trading is technical analysis. This analysis is performed on eToro’s charts.
eToro offers you dozens of indicators to overlay and customize your charts so you can bring your technical analysis skills out of the stone-age.
Whether you’re a long-term analyst or a short-term investor, you can set up indicators and drawings to suit your trading strategy exactly how you want it.
Flexibility is a powerful tool in a trader/investor’s tool kit, and eToro’s custom charts give you that flexibility to tailor your analysis.
One of the toughest parts of trading is getting experience. But, if you lose all your money trying to get that experience, then how do you continue?
The answer is never to lose your money in the first place, while still gaining experience.
How is this possible?
This seemingly impossible task can be accomplished through eToro’s virtual trading.
eToro allows you to nail your strategy down before you start investing with real money.
With eToro’s virtual trading, you get all the same customizability, currencies, and tech that you would get with real trading — except it’s not using real money.
You get to play with $100,000 in virtual money so you can sharpen your strategy without the risk of going bankrupt.
Fees with eToro
When it comes to trading platforms, there’s always going to be fees somewhere. With eToro, you’ll have to pay fees on the platform. There’s just no way of escaping trading fees.
The good news is eToro will never charge you hidden fees or commissions.
eToro’s primary fee structure comes from spreads.
Take a look at the spreads yourself:
If you do some quick Googling, you’ll find that eToro has higher spreads than most other crypto trading platforms.
This higher spread is because they don’t charge you commissions or fees in other places like withdrawal.
There are, however, some withdrawal fees associated with the eToro wallet.
Is eToro available in my country?
When it comes to cryptocurrency, some governments are more pro-crypto than others.
While some countries want to ban cryptocurrency flat-out or place strict regulations on them, some embrace the digital currency.
So because of this, eToro may not be available in some countries.
These are the countries where eToro is available in:
- Andorra (AD), Angola (AO), Argentina (AR), Armenia (AM), Australia (AU), Austria (AT), Azerbaijan (AZ), Bahrain (BH), Barbados (BB), Belgium (BE), Bermuda (BM), Bhutan (BT), Bolivia (BO), Brazil (BR), Bulgaria (BG), Cameroon (CM), Cayman Islands (KY), Chile (CL), Colombia (CO), Côte d’Ivoire (CI), Croatia (HR), Cyprus (CY), Czechia (CZ), Denmark (DK), Dominica (DM), Dominican Republic (DO), Ecuador (EC), Egypt (EG), Estonia (EE), Finland (FI), France (FR), Georgia (GE), Germany (DE), Gibraltar (GI), Greece (GR), Greenland (GL), Grenada (GD), Guadeloupe (GP), Guatemala (GT), Guernsey (GG), Hong Kong (HK), Hungary (HU), India (IN), Ireland (IE), Isle of Man (IOM), Italy (IT), Jamaica (JM), Jersey (JE), Jordan (JO), Kazakhstan (KZ), Kenya (KE), Latvia (LV), Lebanon (LB), Liechtenstein (LI), Lithuania (LT), Luxembourg (LU), Macau (MO), Malaysia (MY), Maldives (MV), Malta (MT), Martinique (MQ), Mauritius (MR), Mayotte (YT), Mexico (MX), Moldova (MD), Monaco (MC), Mongolia (MN), Montenegro (ME), Morocco (MA), Netherlands (NL), New Caledonia (NC), Norway (NO), Oman (OM), Peru (PE), Philippines (PH), Poland (PL), Portugal (PT), Qatar (QA), Reunion Island (RE), Romania (RO), Russia (RU), Saint Lucia (LC), Saint Vincent (VC), Saudi Arabia (SA), Senegal (SN), Singapore (SG), Slovakia (SK), Slovenia (SI), South Africa (ZA), South Korea (KR), Spain (ES), Sweden (SE), Switzerland (CH), Taiwan (TW), Tanzania (TZ), Thailand (TH), Tunisia (TN), Ukraine (UA), United Kingdom (GB), United States (US), Uruguay (UY), Venezuela (VE), Vietnam (VN), Virgin Islands (VG/VI)
Although this is the complete list for countries eToro is available in now, the list is always subject to change due to laws and regulations constantly changing.
Notice for US citizens: Due to regulations, eToro cannot provide service to users outside of the United States.
eToro customer support
Customer service is always a big point for customers of any platform.
eToro’s customer support is comparable with most platforms, and reviews for these types of things are rarely good.
But eToro does their best to offer you knowledgeable support staff to help you with whatever your problems may be. And they try to promote fast response times in their customer support department to assist you in whatever is plaguing you at the moment gets resolved quickly.
Another bonus is that they are available 24 hours a day, five days a week, which is an excellent way to stop timezones from getting in the way of your problem getting solved.
Getting started on eToro
eToro is super simple to get started on.
That’s good news for people looking for something easy and less complicated than other platforms.
To sign up with eToro, all you have to do is head to their main site and click the sign-up button in the top right corner of the page.
After that, you’ll be asked to fill in a user ID, a valid email address, and a password. You’ll have to confirm the email address by clicking a link in a confirmation email that eToro will send to you.
After you confirm the email address — you’re in. That’s all it takes.
Of course, that’s not all there is to do with your profile. But that’ll get you an account.
If you want to get to buying crypto, you’ll need to link a bank account so you can deposit funds.
Your next best step will be to complete your profile. You can do this by clicking the blue complete profile button in the top left corner of the page once you’ve logged in.
Clicking this will prompt you to fill in a bunch of different information such as your social security number, address, name, and even your current liquid assets.
eToro states that the U.S. government requires the information they collect. Remember, eToro is regulated by the U.S. government and is one of the few platforms of it’s kind to be regulated.
After you’ve done those two things, your account is good to go. You can now start depositing funds and building a portfolio.
eToro review closing thoughts
eToro is a simple, cryptocurrency trading platform that makes it easy for everyone — even beginners.
Remember, investing is always a risk. Don’t play with money you aren’t willing to lose and consult with a financial advisor before making any investment decisions.
*DISCLAIMER* This article is NOT investment advice. What you do with your capital is your decision alone. Only risk capital you are willing to lose. Consult with a financial advisor before making any investment decisions.