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Forex Trading

eToro Review 2023: Is it Still the Best Social Trading Platform?

By October 8, 2020February 9th, 2023No Comments

New investors, or investors with limited experience, in particular, should always go into this with that thought at the forefront of their minds. Yes, there is potential here, and yes, there is much anecdotal evidence to suggest inventors without experience can do very well. But the user-friendly interface has been designed with investors of all experience ranges, both new and seasoned, which can cause a carefree, haphazard approach to those on unfamiliar ground.

Alejandro is a full-time financial writer with more than 7 years of experience in financial management and analysis. He trades options, stocks, and ETFs regularly following a value-driven investment philosophy. Based on our analysis and research, eToro is great for beginners. Their trading platform is easy to use, intuitive, with clear fees and a safe login. EToro offers a demo account, low minimum deposit and a great mobile trading platform, which makes it perfect for beginners. ETorois a multi-asset brokerage company and cryptocurrency exchange known for its copy and social trading.


If you’d like to use eToro’s CopyPortfolio feature, you’ll need to make a minimum investment of at least $200, and each individual trade must be valued at at least $1. Margin trading is currently not supported for cryptocurrency trading. You can trade stocks and cryptos directly and not via Contract for Difference.

etoro review

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What about the minimum deposit?

Newcomers to cryptocurrency who want to learn by doing so might be most at home on eToro. There are over 150 supported cryptocurrencies on Coinbase, and there are just over 40 cryptocurrencies supported on eToro. There are 25 cryptocurrencies available to trade on eToro. At BrokerChooser, we consider clarity and transparency as core values. BrokerChooser is free to use for everyone, but earns a commission from some of its partners with no additional cost to you . Is eToro legit features all the key aspects you need to look at to see if a broker is safe and legit.

An inactivity fee is a downside, although it’sveryeasy to avoid this fee. Overall, eToro’s Smart Portfolios are almost a middle-ground between using a robo-advisor and a stock recommendation service like The Motley Fool. The variety is excellent however, and there are some ESG-friendly options as well.

If you’re solely focused on exchanging cryptocurrencies, eToro USA could be right for you. It currently offers more than 25 cryptocurrencies, including bitcoin, ethereum, ethereum classic, dash, litecoin, stellar lumens, dogecoin, and much more. However, it isn’t the best option for those in search of margin trading, nor is it a good idea for traders who value larger cryptocurrency selections. EToro does explain its fee structure on its site, but it is far from transparent. When you make a trade, it isn’t clear how much you’re actually paying. Unlike other crypto platforms which clearly display the fee, on eToro it’s all automatically built into the price you see on screen.

As you invest more through eToro, your Club perks improve. Notable ones include a dedicated account manager, free subscriptions to various financial magazines, and priority customer support. You can also get a subscription to Delta Pro, which a crypto portfolio tracker eToro owns that’s similar to Kubera.

  • Simplicity – eToro provides simple and easy-to-use web and mobile platforms.
  • In Australia, Diamond members are exempt from FX conversion fees, whereas Platinum and Platinum+ members receive a 50% discount.
  • Investor Junkie strives to keep its information accurate and up to date.
  • This site does not include all companies or products available within the market.
  • EToro is a privately-owned fintech startup, with owners including venture capital funds like Commerz Ventures Gmbh, the VC arm of Commerzbank, as well as Israeli, US and Chinese investors.

What we know is that eToro does not have any banking parent company . EToro operates three legal entities and serves customers based on their residency. This matters because the entity you belong to defines the amount ofinvestor protectionyou get. The content discussed is intended for educational purposes only and should not be considered investment advice. EToro Academy offers a variety of resources including written guides, videos, webinars and podcasts, as well as in-person and online training courses.

Identity verification can take a few days, and eToro notifies new users once verification is complete. EToro also charges a $10 inactivity fee per month for accounts that have been inactive for over one year. EToro’s platform allows eligible users in certain jurisdictions to trade digital currencies ranging from Bitcoin , Ethereum , and Litecoin to 1inch , Aave , and Compound . For a limited time, you can earn a bonus of $10 when you deposit at least $100 in your eToro account. EToro’s standard customer support is limited, offering only email contact or a support ticket option. EToro Club members can also receive customer support via live chat and phone, though methods of contact depend on the level of club membership.

Compare to Similar Brokers

Investors can access over 2,500 stocks including international equities, as well as EFTs. It also allows users to buy fractional shares, so you could choose to buy $100 worth of a particular stock rather than buying a whole share. Investors can access advanced trading features such as margin and leverage, as well as commodities such as gold and silver. EToro has long been a solid choice for cryptocurrency investors and traders who wanted access to social features like copy trading.

etoro review

However, there are some country-specific rules as discussed above. For example, as a US resident, you can only go long on the real coin; trading CFDs and therefore going short on cryptocurrencies is not allowed. Another way to invest via Smart Portfolios is to invest in a portfolio comprised of multiple “star” traders. So, does that mean that eToro acts like a traditional stockbroker just with zero commission when you buy stocks? Check out our separate, detailed review of the eToro mobile app.

EToro is planning to go public soon, with a possible listing on the stock exchange. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers.

If you’re a buy-and-hold investor who plans to buy crypto and leave it for a long period of time, be aware that eToro charges an inactivity fee for accounts that have not been active for a year. Today, eToro supports 40+ cryptocurrencies on its popular online trading platform, provides an enterprise-grade crypto exchange for professional traders, and offers a multicurrency crypto wallet. EToro is the first cryptocurrency broker to place a focus on social trading.

eToro Usability

EToro has an external crypto wallet called eToro Money for users who want to move their crypto off the platform. Some crypto investors leave their funds on the exchange where they bought them in what’s called a custodial wallet. This is certainly easier, but it can be risky — it means your funds would not be at risk if Toro collapsed or was hacked. However, using a non-custodial crypto wallet isn’t for everyone. There are fees involved in moving your crypto around, depending on which crypto you move. The wallet doesn’t support all the same cryptos as the exchange.

The level of benefit depends on what eToro calls your “realized equity,” which is basically the amount of money you’ve deposited or traded into a realized profit. The more you hold with eToro, the higher your level in the program, ranging across five levels from silver to diamond. EToro is a fully regulated platform serving traders around the world.

I am very happy using EToro app and it’s customer support. I like the fact that there are no costs for keeping the account open, or for holding stocks, shares & crypto. I have an account manager, Stefan, that calls me regularly to keep me up to date with important events and news.

EToro offers one of the best selections we’ve seen of digital assets that can be combined in the same account as stock investing. EToro offers zero-commission stock trading with the ability to buy fractional shares. And if you’re new to investing or just want to see if the platform is right for you, eToro offers a virtual brokerage account to let you test-drive it without putting real money at risk.

Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees. Yes, eToro is available in Australia, with full access to eToro’s entire range of investment instruments, including stocks, ETFs, crypto and CFDs . For more information, read this breakdown of eToro Australia.

There’s no fee to participate—popular Investors are compensated by eToro—and once you’ve made your trading portfolio, you can apply to be a Popular Investor yourself. Users can only contact eToro customer service via a help ticket or online chat. Unless a user is at Platinum level or higher, the user’s equity holdings determine levels on the platform. First, you’ll need to provide a username, password, and email address.

The process takes less than a day to be completed when they recieve all the required documents. You’ll have to take a quick survey intended to assess your trading knowledge and experience. For cyptocurrencies, their wallet is available , which is a multi-currency crypto wallet. Both versions include real-time market price alerts and notifications and can be sent via push notifications. In 2019 they launched a crypto exchange called eToroX, regulated by the Gibraltar Financial Services Commission and registered with FinCEN as a Money Service Business. The company is not listed on a stock exchange and is not a publicly-traded company.

The broker charges no commissions but makes money on a spread markup . The broker gives you access to 52 different cryptocurrencies, including some of the most popular, such as Bitcoin, Ethereum, Dogecoin and dozens more. The trading layout is easy to use and navigate around on the website interface, and you’ll etoro review see all trading options presented cleanly. EToro is best for individuals in search of hands-off investment options, flexible investment choices, and social trading features. Coinbase, on the other hand, best suits crypto-focused traders in search of a larger selection of assets and crypto products.

No Crypto Interest Accounts – While it supports staking, eToro doesn’t have any crypto interest account. Paper Trading– Test your trading strategies with a $100,000 virtual portfolio. Multiple Asset Types – Trade crypto, stocks, ETFs all from the same place. Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry.