Etoro cryptocurrency exchange review – How does it work?

Review:
Regulated:
Supported cryptos:
Demo account:
Min. deposit:
5 out of 5 stars (5 / 5)
CySEC, FCA, ASIC
15+, the wallet supports 120 coins+
Yes
$ 200

Etoro is one of the largest platforms for trading cryptocurrencies. Many new investors who want to invest in digital currencies are searching for a reliable and trusted platform. It should be a user-friendly and easy-to-use exchange for newbies. Etoro tries to serve all these features with an innovative self-developed trading platform.

In this review, we want to present you with the cryptocurrency exchange and how to trade digital currencies with Etoro. Learn about the fees, features, and offers for new clients. Is it really worth investing your money with the Etoro Exchange or not? – Find out in our review.

Etoro cryptocurrency trading

Etoro cryptocurrency trading

Security and safety for customer funds
0%
Offers for clients
0%
Reliable customer support
0%

What is behind the Etoro exchange?

Etoro is a high-end professional cryptocurrency exchange offering cryptocurrency trading to algorithmic traders, institutional investors, and experienced crypto traders. It is a high-end cryptocurrency exchange that provides an advanced cryptocurrency trading experience to algorithmic traders, institutional investors, and experienced cryptocurrency traders. Launched in 2007, the broker is active in Bitcoin and has been providing Bitcoin trading services since 2013. Etoro offers a wide range of cryptocurrencies to investors from beginners to experts in a powerful yet easy-to-use platform. The Etoro exchange allows traders to purchase cryptocurrencies without deposit fees with a variety of payment methods, including credit cards and PayPal.

Etoro cryptocurrency exchange and wallet

Etoro cryptocurrency exchange and wallet

Etoro is a global multi-asset platform that allows consumers to trade CFDs on the most popular stocks, commodities such as petroleum, indices, and more than 15 major cryptocurrencies. It is a fully regulated exchange and brokerage with over 10 million registered users worldwide. Compared to other cryptocurrency trading services, Etoro does not accept cryptocurrency withdrawals unless you are using a custom Etoro storage wallet available for iOS and Android.

The Etoro platform can be used in many countries around the world, and in 2019 we also launched the US cryptocurrency trading and wallet platform. Etoro is more than just a shopping place. It is called a social trading platform and is best suited for new traders and investors who want to explore and experience the best in the world with cryptocurrency and traditional financing. So, you can connect with more than 15 million users around the world using our award-winning social trading features and find top-performing cryptocurrency traders to copy with CopyTrader.

  • User-friendly trading platform
  • Support cryptocurrency trading and wallet
  • Trade more than 2,000 different markets
  • Social trading
  • High security
  • Low fees

Our tip: Never trade cryptocurrencies with high fees again on Etoro

# Regulated & safe broker

# Minimum deposit $ 200

# Free demo account

# More than 17 cryptocurrencies and 120 coins supported

# No commissions

# Wallet, broker, exchange, and trading platform

# Our review: 5 out of 5 stars (5 / 5)

Open your free trading account now

(Risk warning: 71% of trading accounts lose money)

How to start with Etoro:

In the following, we want to give you a quick tutorial on how to start with the Etoro cryptocurrency exchange.

1. Sign up

Registering for eToro is easy and free. Click “Sign Up” and enter your personal information. Check the Terms and Conditions box and go to “Create Account”. You can then go through the KYC process required to create your profile and access your account.

Signing up with Etoro

Signing up with Etoro

2. Deposit funds

Deposit funds in the Etoro trading account

Deposit funds in the Etoro trading account

To deposit money into your eToro account, click “Deposit” and choose your currency, deposit amount, and method. It’s easy and fast. Deposit methods available include credit card, bank transfer, and e-wallet (PayPal, Netteller, Skrill).

It may take up to 7 business days for funds to be credited to your account before they are deposited by bank transfer.

  • The minimum deposit is $ 200
  • Credit Cards
  • E-Wallets
  • PayPal
  • Bank transfer
  • and some more
  • No fees for deposits

3. Start trading

Start trading with Etoro

Start trading with Etoro

Funding your account allows you to trade bitcoin and many other cryptocurrencies as well as over 2,000 assets. Shop anywhere, anytime, on your phone, or on the Internet. If you are a beginner, use a demo account to familiarize yourself with trading before depositing real money. It is important to note that trading CFDs is risky and you can lose all your money.

Buy or sell cryptocurrencies

Buy or sell cryptocurrencies

First, choose the cryptocurrency you want to trade and insert the investment amount you want to trade. You can buy or sell the asset as you want. Note that short trades (selling) are processed by CFDs (contract for difference).

(Risk Warning: 71% of retail investors lose money)

Etoro user interface and experience

What makes eToro a great broker for all potential traders is not a simple registration process. The innovative interface lets you try out features such as creating a watchlist with your favorite crafts, checking your portfolio, or accessing the news feed page for the latest market developments.

You can use the filter button on the main toolbar to select the asset (stock, cryptocurrency, or currency) you want to trade. You can also use the Settings button to set up price alerts, launch ProCharts, or enable one-click trading.

If you’re new to shopping, don’t worry. Easily switch to a virtual portfolio or demo account to test your cryptocurrency trading skills. This is an important step for all experienced traders to advise beginners who want to get a feel for the platform before using their hard-earned money in real business.

See the whole interface in the picture below: 

Easy navigation and more than 2000 markets with Etoro

Easy navigation and more than 2000 markets with Etoro

Key features of eToro cryptocurrency exchange

eToro is a complete trading platform for social assets and multiple assets for investors new to the world of investment. The platform has been a pioneer in online investment since 2006 and has earned a reputation as a reliable broker. The Etoro platform is a good option if you are interested in trading traditional assets such as cryptocurrency or stocks, commodities such as oil, gold, or ETFs, and serve as a one-stop shop for all these products.

Experienced traders can take advantage of eToro’s edge trading, which provides access to a variety of leverage instruments. Inexperienced traders can benefit from eToro social trading. Here you can follow and imitate experienced investors, their research, and ideas. The recently launched U.S. eToro platform only accepts cryptocurrency trading, but other asset classes will be launched soon.

Etoro social trading – possible with cryptocurrencies

Etoro is the premier social trading platform for traders by providing a unique social trading experience. You can follow, copy, interact with your favorite sellers, and create a news feed that you can customize to follow your favorite assets and their news.

Select Trade Copy with eToro to copy any trader you want. Experienced merchants from all over the world shop for you. You can follow specific traders on social media, track their actions in real-time, and agree to copy everything they do.

Etoro social trading

Etoro social trading

So, eToro is a social network for traders that bridges the gap between you, your favorite traders, and your favorite marketers. Surprisingly, there are investors who trade cryptocurrencies and creating digital currency portfolios. You can also copy them.

Best trading platform for learning

Etoro offers traders lots of trading materials, including a portfolio for virtual learning.

Security and trust

Regulated and secure, eToroX is based on the extensive experience, knowledge, and expertise of some of the best-known security, blockchain, and crypto experts, and we use it to our advantage.

Tight spreads, competitive fees, and high liquidity

EToroX has high liquidity and tight spreads on the eToro trading platform. There are no fees for cryptocurrency payments and the transaction fee is only 0.03%.

A unique collection of assets

Etoro offers a growing list of cryptocurrency, currency trading pairs, and iconic dummy coins, including USDEX, GOLDX, EURX, GBPX, and more.

In addition to 16 cryptocurrencies, you can study and trade traditional markets such as stocks, bonds, foreign exchange, ETFs, commodities, and other markets.

Outstanding customer support

If you have any issues, you can reach out to the eToro team via phone, chat, or support. Additionally, the platform has been translated into more than 20 languages. Customer service is available 24 hours a day, Monday through Friday.

Mobile trading app

EToro is easily accessible on the go, so you can negotiate on your Android or iOS phone. EToro’s global trading tools include 16 crypto coins including XLM, bitcoin, IOTA, Ethereum, EOS, NEO, Bitcoin cash, TRX, Ripple, DASH, Litecoin, ADA, ZEC, and BNB.XTZ.

Mobile Etoro cryptocurrency app

Mobile Etoro cryptocurrency app

Etoro platform security:

While reviewing the Etoro website and trading platform, we discovered that there were no major scandals against eToro before. However, security is not Etoro’s most important strength. This is because the cryptocurrency was not directly traded or transferred with the Etoro platform until 2017. Instead, the consumer has received a Contract for Difference (CFD), which means they have agreed to pay or accept the difference if the coin price falls or rises.

That said, Etoro didn’t store any cryptocurrency owned by its customers. Therefore, it doesn’t need the security measures applicable to competing for crypto platforms like cold wallets and multi-signature authentication were required.

Currently, they offer direct cryptocurrency transactions, but the website has not stated what cryptocurrency security measures should be taken to protect customer assets. The Etoro wallet stores private keys, so you have to rely on the trading platform to keep your money safe. However, it keeps the client’s assets separate from the bank account. Additionally, eToro only works with large internationally recognized financial institutions such as Barclays Banks and Coutts. Additionally, Etoro is one of the most secure platforms for compliance with general financial regulations regulated by CySEC in Europe, FinCEN in the US, and FCA in the UK.

The usefulness of Etoro

Etoro offers several important features that are very suitable for beginners and new traders alike. It offers a virtual portfolio, a “demo mode” where consumers can shop without investing real money. This way, you can buy as many “virtual”, virtual, or XRP bitcoins as you like and see how each cryptocurrency works.

Use a virtual Etoro Portfolio

Use a virtual Etoro Portfolio

Using copy trading on Etoro is great for traders who are not sure of their ability to consistently choose a winner. Through the CopyTrader system, Etoro allows you to copy top-performing traders across a variety of asset markets (e.g. commodities, stocks, ETFs, and cryptocurrencies). Choosing the amount to invest will reflect each step the trader takes. Also, users can make adjustments here and there (e.g. copy only new business, not all open jobs).

The design of the Etoro trading platform is easy to use and easy to navigate. Users have a control panel on the left side of the screen. On the right, you will see all the charts, data, and profiles you need to make your investment selection. Similarly, the Etoro mobile app allows you to do almost anything you can do on the desktop version of the trading platform. Being able to receive messages on the go means you can track offers wherever you are. You can use the app on both Android and iOS devices.

  • Free virtual portfolio
  • Easy to navigate
  • Huge variety of assets
  • Copy Trading
  • Mobile app

Laws and regulations:

It is advisable to check the regulatory status of the platform when due diligence on which broker to use. Simply put, you need to make the platform reliable.

Etoro is licensed to operate in the UK by the Financial Conduct Authority (FCA). The company’s license number is 7973792. This means that consumers in the UK are protected by laws governing all financial markets, including the Financial Services Compensation Scheme (FSCS).

Etoro is FCA regulated

The brokerage firm operates as eToro (Europe) Ltd with license number HE20058 issued under the approval of the Cyprus Securities and Exchange Commission (CySEC).

In the United States, Etoro USA operates as a financial services company under license from FinCEN and is regulated by the Commodity Futures Trading Commission (CFTC) registered with the American Futures Association (NFA) Ltd. ID 0382918.

The platform is also registered as eToro AUS Capital Pty Ltd and licensed for financial services (No. 491139). Operators are regulated by the Australian Securities and Investments Commission (ASIC).

Etoro fees for cryptocurrency trading

Like brokers and other platforms that offer cryptocurrency trading services, consumers receive a small fee to complete the transaction. Compared to “regular” crypto platforms (e.g. Coinbase, Kraken, Binance), Etoro’s fee structure is slightly different and slightly more complex.

And for all advanced traders who open their credit positions in cryptocurrency, Etoro charges an “overnight transfer fee” often referred to as a “position transfer fee” on other cryptocurrency trading platforms. EToro charges interest because traders borrow money from eToro to hold the transaction item.

Spreads and overnight fees:

Spread fees for cryptocurrency transactions vary by currency. It is 0.75% for Bitcoin (BTC) and 5% for Tezos (XTZ). Let’s take a look at the spread and transfer fees for one of the most popular cryptocurrencies currently listed on eToro.

Cryptocurrency:
Spread:
Overnight fee (Only when trading with leveraged CFDs per unit):
Bitcoin
0.75%
4.38
Bitcoin Cash
1.9%
0.16
Ethereum
1.9%
0.11
XRP
2.45%
0.000158
Cardano
2.9%
0.000033
EOS
2.9%
0.002339
Dash
2.9%
0.062788
Binance Coin
2.45%
0.013054
Tron
3.5%
0.000013

As you can see from the table above, bitcoin’s transfer fees are quite high. However, traditional crypto platforms are cheaper. Kraken, for example, charges 0.01% every 4 hours for BTC/EUR or BTC/USD transactions. So, if someone trades 1 BTC on Kraken, holding that position for 24 hours will have to pay about 0.00056 BTC and eToro customers will have to pay about 0.0075 BTC.

Likewise, spread fees generally mean that trading, buying, or selling cryptocurrencies on Etoro is more expensive than trading on other platforms. Binance and Bitstamp, for example, charge 0.1% every time a consumer trades, which of course is cheaper compared to Etoro’s 0.75% spread fee for BTC.

Finally, Etoro also charges withdrawal and inactivity fees. The withdrawal fee is $5, and users can withdraw amounts of $50 or more. However, the inactivity fee is $10 per month. All users whose account is inactive for 4 or 12 months will be charged based on whether they have deposited or not.

Etoro adjusts fees to reflect market conditions, so reading this review may already be different.

Our tip: Never trade cryptocurrencies with high fees again on Etoro

# Regulated & safe broker

# Minimum deposit $ 200

# Free demo account

# More than 17 cryptocurrencies and 120 coins supported

# No commissions

# Wallet, broker, exchange, and trading platform

# Our review: 5 out of 5 stars (5 / 5)

Open your free trading account now

(Risk warning: 71% of trading accounts lose money)

Inactivity fee

Users should note that an inactivity fee will be charged if the account is not used for 12 months. In this case, eToro charges $10 per month.

Transfer fee of the Etoro cryptocurrency exchange

Users are charged a fee when transferring crypto assets to the Etoro wallet. It also depends on the cryptocurrency you can find on the trading page of the company’s website.

Cryptucurrency:
Minimum transfer:
Fee:
Bitcoin
0.008 BTC
0.0005 BTC
Ethereum
0.26 ETH
0.006 ETF
XRP
25 XRP
Free
LTC
0.68 LTC
0.001 LTC
BCH
0.18 BCH
0.001 BCH
XLM
534 XLM
0.01 XLM

Overnight fees when trading cryptocurrencies CFDs

There is a fee that consumers receive when they are shortened overnight (which acts as a CFD). If a job is opened on the weekend, the service is charged a weekend fee, the amount depends on the underlying asset.

Deposit and withdrawal

Etoro does not charge a deposit fee, but a $5 flat fee applies to all withdrawals. Currently, Etoro users can only deposit fiat currency into their Etoro account, unless the cryptocurrency is transferred directly to the Etoro wallet. You can also use credit/debit cards and many other options like bank transfer and PayPal. All statutory funds held by Etoro are US dollars, so if you deposit euros or pounds into your account, Etoro converts them to US dollars. Therefore, there is a conversion fee.

Deposit money on Etoro

Deposit money on Etoro

Withdrawals are pretty much the same for credit/debit cards, bank transfers, and PayPal options. However, there is a fixed fee of $5 for each withdrawal, so you should plan your withdrawal to avoid extra charges. eToro Crypto Wallet also allows platform users to store and extract cryptocurrencies supported by them.

How to withdraw money on eToro crypto exchange

Before withdrawing money from eToro, you need to verify your account. New users who wish to open an account through this broker should note that they cannot withdraw money until the account is approved by KYC (verification). Make a deposit only after verifying your profile.

Before withdrawing money from eToro, you need to verify your account. New users who wish to open an account through this broker should note that they cannot withdraw money until the account is approved by KYC (verification). Make a deposit only after verifying your profile.

With everything else in place, the process of withdrawing money from your eToro account is relatively easy and quick.

  • Click “Withdrawal” from the Account menu.
  • Enter the amount to withdraw
  • Fill out the withdrawal form
  • Click “Send”.

In order to transfer cryptocurrency to the broker’s wallet and then to an external wallet, 2FA must be enabled in the mobile app.

You can then withdraw your cryptocurrency by following these steps:

On the Account Portfolio tab, select the asset you want to transfer, then choose Edit Transaction. Then click the “Send to Wallet” button and confirm your selection by clicking the “Send to” button. If the cryptocurrency is in your eToro wallet, you can send it to another address.

Support and service for customers

Strong customer support is an attractive feature of Etoro that competing brokerage firms often lack. Customer service is available 24 hours a day by email, phone, and chat. The site is multilingual with updated frequently asked questions and handwritten pages.

If you have a professional account, you can access a dedicated account manager who can get additional customer support through webinars and live streams.

However, this doesn’t mean that Etoro customer support offers excellent service. Consumers have identified the need for brokers to improve overall response time as an area for improvement. It can take up to a day to answer your current customer support questions.

Pros of the Etoro exchange:

  • Adjustable platform
  • Easy to use and convenient for beginners.
  • Social trading
  • No deposit fee
  • Platform with multiple assets
  • Graphics tools
  • Supports mobile apps and desktops.
  • The demo account doesn’t expire
  • Islamic account support
  • Easy to use
  • Highly regulated and social platform
  • Opportunity to follow and copy other traders
  • Useful virtual “virtual account” virtual operation

Cons of the Etoro exchange

  • Inactivity fee
  • A limited number of crypto coins
  • US dollar accounts only
  • Withdrawals do not apply to all crypto coins
  • This is not an exchange, so there is no buy/sell market.
  • Only crypto coin transactions are supported in the US.

Conclusion of our review about the Etoro cryptocurrency exchange – Innovative platform

Etoro is a unique social trading platform with a variety of investment products. This requires a higher cost compared to traditional cryptocurrency trading services, but the benefits outweigh the cost as eToro offers so much more. All in all, Etoro is a great place to explore the world of online investing, diversify your portfolio, connect with other investors, and build a career as a good trader.

Etoro might have higher fees than other exchanges. But the platform is very user-friendly and easy to use. 5 out of 5 stars (5 / 5)

(Risk Warning: 71% of retail investors lose money)