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EToro Review: Pros and Cons

EToro Review

A pioneer in social trading, eToro has launched in the U.S. The company offers its investors the ability to copy the trades of experienced traders, however, it currently happens on cryptocurrency trading only, which has notorious volatility.

Founded back in 2007,  eToro has more than 13 million users in 140 countries around the world and the U.S. is now part of that list.

The broker started as a Forex trading company but it really disrupted the market when rebranding a social investing platform, with innovative tools that allow users to copy the trades of other successful investors.

While eToro runs multi-asset brokerages (stocks, commodities, and forex trading) in other countries, in the U.S. customers can only trade cryptocurrencies on the platform. The company plans to expand its U.S. offerings shortly.

EToro is registered in Cyprus, is a regulated Financial Conduct Authority in the U.K., and retains a cross-border license to operate in other European countries, but it’s important to remember cryptocurrency brokerages are not insured by the Securities Investor Protection Corporation or SIPC.

EToro is best for:

  • Cryptocurrency traders.
  • Social or copy trading.

EToro features to know

Social trading: EToro’s CopyTrader allows users to copy and trade automatically from each other based on the moves other traders do. The way it works is like this: User chooses an investor they want to copy, and with a click of a button, they can begin mirroring their positions. The minimum amount to copy a user is USD 200, and the maximum amount is USD 500,000. Users can copy up to 100 traders at the same time. Even without using CopyTrader, they are allowed to see other users’ portfolios, stats, and risk scores. (While they have full access to all public profiles worldwide, U.S. clients can copy only U.S. users.

Cryptocurrencies offered: Today, eToro has a selection of 18 cryptocurrencies. EToro clients can trade these cryptocurrencies: Bitcoin, Ethereum, Cash, Classic, XRP, Litecoin, Dash, Stellar Lumens, NEO, EOS, Cardano, IOTA, Zcash, TRON, Tezos,  Dogecoin, Uniswap, and Chainlink.

Crypto trading costs: EToro charges fees through spreads that may rise and fall with market conditions. Unlike some other providers, eToro charges round-turn, one spread for both buying and selling crypto assets. The spread ranges from 0.75% for trades to 5% for trading Tezos. Most of the other cryptocurrency spreads range between 1.9% and 2.9%.

Digital wallet: EToro provides a free digital wallet to store cryptocurrency, the eToro wallet, and is available in iOS and Android. The cost to convert crypto into fiat currency and vice versa is 5%, which some users may find a little high in any potential profits. The minimum transaction is $125 and the maximum is $10,000.

Users can transfer cryptocurrency from the eToro platform to their own digital wallet, but eToro clarifies that coin transfers are one-way, meaning any coins transferred can’t be returned back to the eToro trading platform.

Cryptocurrency trading is available in 43 US states except for Delaware, Hawaii, Minnesota, Nevada, New Hampshire, New York, and Tennessee.

Is eToro right for you? 

For cryptocurrency investors who want to mirror the moves of serious crypto traders, eToro’s social trading platform is the right choice. With 18 cryptocurrencies to buy and trade, eToro has a greater selection than some other U.S. crypto brokerages.


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