Pros & Cons
- Social trading platform where you can socialize with other traders and even look into the best practices followed by the best traders
- Crypto currency exchange market + a wide range of other trading markets at your fingertips
- Several withdrawal and deposit options
- Fiat currencies supported so first – time users can buy into crypto currencies using fiat currencies
- Highly secure platform which has never been hacked
- No minimum deposit imposed
- Scalping not allowed
- Bitcoin withdrawals and deposits not supported at this time
- Live chat feature not yet integrated
Our Expert Rating
Average User Rating
- One of the only social trading platforms on the world wide web
- Education program to get you to speed with the basics of trading
- Trading platform is tied to the trading website
- Change from real trading portfolio to virtual trading portfolio with just one click
- Copy people page gives you an insight into popular investors and allows you to mimic them
- Referral program with exclusive support managers and detailed reporting features
- Country Where eToro is Based
- eToro (Europe) Ltd. is based in Limassol, Cyprus
eToro (UK) Ltd. is headquartered in London
- 2006 – website, 2010 – investment platform
- Available Currencies
- BTC, ETH, DASH, ETC, LTC, XRP
- Deposit Methods
- Withdrawal Methods
eToro social trading platform – an overview
It is not uncommon for people to perceive eToro as just an exchange platform, but in actuality, it is a social trading platform which introduces a social aspect to trading. Furthermore, it is not only crypto currencies that you can trade on eToro. eToro is home to several different markets including, but not limited to Crypto coins, ETFs, Stocks, Indices, Commodities and regular fiat currencies such as the US dollar and the British Pound, among others.
This global financial broker allows you easy access to several hundreds of different types of financial tools. eToro, being a social trading platform, finds innovative ways to get their traders to interact and learn from one another unlike most other crypto exchanges where the only form of interaction usually comes in the shape of a forum.
When it was founded in 2006, the company was initially registered in 2006 as RetailFX. However, they then repackaged themselves as eToro and vastly encompassed several more services and trading markets becoming one of the most popular global financial trading platforms on the internet.
Why eToro is in the CoinTrust Trust list
There is transparency as to who founded the companies, where it is registered and who regulates it. These are all green flags that generally suggest that an exchange platform is secure and legitimate. When it comes to scam exchanges, this information is usually not readily available or openly published for obvious reasons. The company was founded in 2006 by two brothers, namely, Ronen Assia and Yoni Assia, and they worked closely with a partner named David Ring.
Not only is eToro listed as one of the top, if not the top social trading platform, but also as one of the most popular and highly used online forex brokers in the world.
However, one of the main reasons that I have eToro listed on the CoinTrust trust list is because it is regulated by the Cyprus Securities and Exchange Commission or CySEC and they hold the license number of 109/10. If that does not ease your concerns about the legitimacy and authenticity of eToro, then you should also know that it is registered in the United Kingdom as well and is authorized and regulated by the Financial Conduct Authority (FCA) and eToro has been assigned the license or reference number of 583263. Both the Cyprus registered and the UK registered eToro’s abide by the standards and requirements as prescribed by Markets in Financial Instruments Directive or MiFID.
Furthermore, eToro has a registered user base which comprises over 5 million users across 170 different countries.
Therefore, it is naïve to think that this exchange platform could be a scam website.
The verification procedure at eToro
In order to secure the platform and its users from unscrupulous trades and traders, there are certain verification procedures that are put into place by most trading and exchange platforms. Usually, there are different levels of verification and as your account passes each level, the restrictions imposed on the account are eased level by level. Therefore, if you are new to the website and have not really completed verification procedures then you may be allowed to trade, but there will be a cap on the amount that you can trade.
However, verification at eToro is a little different and honestly much more convenient. In fact, most individual traders may not even find the requirement to complete verification procedures as even new accounts are allows breathing space of up to 2000 Euros. All that is required is that you are above the age of 18.
If you would like to complete the verification procedure, it is pretty straight forward and easy to do. Just click on complete profile and fill in the required information. This information is usually things like your address, phone number, and proof for the same by the means of a government issued ID card, address proof and so on. You just need to upload your documents, it will be reviewed and approved in a matter of days.
Some cool features at Etoro
If you are used to trading crypto coins on a normal crypto exchange platform, then you will find eToro to be a real breath of fresh air. The best part of eToro is the fact that it is highly social in nature. It is almost like a social networking platform where you can also trade, follow traders, see what people are trading, view trends and learn all the best practices, dos and don’ts of trading.
Copy People feature –let’s face it, there are traders out there that have been in the business for longer and have more experience and tact at trading. Not everyone is as good as them, however, with the Copy People feature at eToro you can learn from such traders and improve your own trading skills and intuition and take it to the next level. The Copy People feature, as the name suggests, allows you to follow popular traders and mimic their trade deals so you can benefit yourself. This not only is profitable but also a great learning experience where you can pick up patterns and things to look out for while buying and selling different altcoins.
For the veteran traders, not to worry, eToro will not give away all your secrets. You may choose to share your activity or keep it private. Traders that don’t mind sharing their trade information and details will be classified under different categories for easy searching and finding, these categories are generally risk levels, return percentage, number of followers, and more.
Referral Program at eToro –you get rewarded for referrals. In fact, eToro claims to have paid out over an astonishing $50 million US dollars as rewards for referrals so far. Firstly, the website and all the services it offers is not a hard sell, anyone that reads about it and knows a thing or two about trading will automatically be interested in signing up, therefore, to refer people and have them sign up is usually just a matter of word of mouth, the website and its amazing features will take care of the rest.
Mobile application – being that mobile devices are rapidly becoming the device of choice for most people over the computer or the laptop, eToro has launched a mobile application where you can carry out most of the basic trades and it even supports most of the functionalities of the full fledged desktop website.
Education program –it must be reiterated that eToro is one of the best platforms for rookie traders because it teaches them a great deal of things in a very pragmatic and hands on manner. Apart from the copy people feature where amateur traders can follow successful, well established traders and learn the tricks of the trade, eToro also has an excellent education program which is geared towards educating and training traders about the basics of trading.
Virtual portfolio –eToro understands that it can be intimidating for traders starting off to put real money on the line and make trade deals without much or any prior experience. Therefore, the offer a virtual portfolio which can be thought of as a demo mode wherein you can go ahead and make trades and deals with virtual currency that is provided to your virtual portfolio for practice and just to get a hand of things and comprehend how everything works. Please note that the money you make or lose on this virtual portfolio is not real, so you cannot expect to actually make gains or suffer loss while trading on the virtual portfolio.
Fees, Deposits and Withdrawals at eToro
When it comes to fees, I must concede that eToro is comparatively on the higher side when you contrast it against other crypto exchanges. However, in my opinion, the little bit extra that you pay to use the services at eToro is well worth it. Not only are you going to be equipped with better tools to make better decisions and profitable trades, but you will also learn as you go and become a better trader with each passing trade. eToro is bang for buck. Switching to cheaper exchange just because the fees are a tad bit high is essentially being penny wise and pound foolish.
Payment methods accepted for deposits are China Union Pay, Credit Card, Debit Card, Neteller, PayPal, Skrill Limited UK, WebMoney, Wire Transfer, Wirecard – Wire and Credit Card and Yandex. However, this list is only as on time of writing and it continues to grow as eToro expands to encompass more and more payment and withdrawal options. We have reason to believe that payments using crypto currencies or at least bitcoins are in the pipe line and will soon be supported by eToro.
The fact that you can pay using traditional fiat currencies means that first time investors looking to buy into cryptocurrencies can do so using normal fiat currencies unlike many other crypto exchange platforms where fiat currencies are not supported and you need at least one crypto coin to sell for another.
eToro customer service
Given that they have millions of users worldwide, it is not surprising that eToro has an extensive customer support network setup. The customer support department at eToro is operational on weekdays and work around the clock. They can either by reached out to via a telephone hotline or email support. However, live chat is begging to be added at eToro and it is most peculiar why eToro still haven’t integrated live chat support onto their website.
When you step back and weigh the pros and cons at eToro, it is plainly evident that this is easily one of the best trading platforms with unique features that are actually extremely useful. The site is practical, user friendly and the user interface is intuitively designed. Now that they have a mobile application, you can also eToro on the move. For both amateur traders and veterans alike, there is a lot that eToro brings to the table. If eToro is able to add live chat support and accept Bitcoins for deposits in the near future, it is going to be very difficult to actually point out any flaws in this social trading platform.
I would highly recommend eToro for anyone interested in trading crypto coins. The fees maybe slightly on the higher end, but rest assured that it is worth every penny.
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.