eToro is a social trading company that specializes in financial and copy trading services. Founded in January 2007, this company has registered offices in Cyprus, Israel, United Kingdom, and Australia, with an estimated revenue of 800 million. With millions of registered users, eToro is undoubtedly one of the most established trading platforms out there.
eToro is recognized as a social trading platform and offers its users to trading options like stocks, currencies and commodities, and even cryptocurrency. The platform was developed with an idea to offers to cater to both newcomers and experienced traders and offer them ideal trading opportunities regardless of their experience.
The standout service in their ecosystem is easy to access to beginners and improved elements for experienced traders. Backed by professional investors, this platform has gained a lot in terms of credibility and reputation.
eToro is an Israeli fintech startup which offers a wide variety of trading options which includes 47 currency pairs and 19 commodity/index CFDs. It also covers 1,500+ shares as well as 77 cryptocurrency CFD. IT also offers 15 different cryptocurrencies in the U.S. and 16 in other countries. In 2019, the company launched its blockchain wallet for both Android and iOS operating systems.
Cryptocurrencies available on eToro include:
- Bitcoin Cash
- Ethereum Classic
- Binance coin
Signing up with eToro is effortless and does not take more than five minutes. You can locate the 'sign-in' option on the platform's homepage itself. As soon as you're signed up and logged in, you'll be presented with an intuitive dashboard. Navigation is buttery smooth and simplified. On the left, you'll notice the profile menu, from where you can switch between different tabs and options.
If you want to start trading right away, click on the "Deposit Funds" button, where you can enter your investment plan, investment amount, and payment mode. Opening an account requires just $200 ($50 for U.S. and Australia). Being an internationally available service, there are plenty of payment methods: Credit & Debit Card, Bank transfer, PayPal, NetLetter, Google Pay, Union Pay, and more.
Once your deposit is accepted, you can kick start trading. On the dashboard, you'll find the "Trade Markets" button. This will help you to opt between various trading markets available on the platform.
One of the most popular investment vehicles on this platform is cryptocurrency, so let's talk about that a little.
Popular currency pairs available on eToro:
- Australia BTC/AUD, ETH/AUD, XRP/AUD, ETC/AUD, BCH/AUD, LTC/AUD,
- Canada BTC/CAD, ETH/CAD, XRP/CAD, ETC/CAD, BCH/CAD, LTC/CAD
- Japan ETC/JPY, BCH/JPY, LTC/JPY
- New Zealand BTC/NZD, BCH/NZD, ETH/NZD, ETC/NZD, LTC/NZD XRP/NZD
- Switzerland BTC/CHF, ETH/CHF, XRP/CHF, LTC/CHF, BCH/CHF, ETC/CHF
- United Kingdom BCH/GBP, ETC/GBP, LTC/GBP, XRP/GBP
- The EU BCH/EUR, ETC/EUR, LTC/EUR, XRP/EUR.
The web platform offered by eToro is extremely simple and is very easy to use. It can be used by both experienced as well as novice traders. The platform is a fully featured one with 66 different indicators, and uses performance data from CopyTraders and CopyPortfolio. Since eToro uses custom software, users who prefer using standardized tools like MetaTrader might be disappointed.
The eToro mobile app allows you to manage your account, trade in commodities, and exchange stocks. This app lets you leave your laptop at home and helps just like a mobile finance app does. However, the full-fledged services from the desktop site aren't available on mobile. On the upside, the UI is very intuitive, and the security is robust enough to protect your money.
The app allows users to set custom price alerts as well as lets users get push notifications about important events like account issues or market events.
Fees and charges
eToro deals in multiple investment plans and an extensive range of trading options, and thus the fees vary significantly from one product to another. Exiting a position or selling your stocks will charge you the imposition of a fee of 0.70%. This is comparatively higher than most other Cryptocurrency based trading.
On the other hand, withdrawing money from eToro relies on the same methods as a deposit. The withdrawal payment can be made using Credit Card, PayPal, Net Banking, and direct bank transfer. The platform allows withdrawals of over $50. However, the fixed withdrawal charges for any amount is $25 per withdrawal. Moreover, there are additional charges for converting your monetary unit from USD to another currency.
There is an inactivity fee of $10 for no activity of 12 months. The eToro Club program offers some additional benefits and services which are based on the account size.
For customer support, eToro has a dedicated customer service, where not only users but also non-users can submit their queries. They've also have a help centre to provide easy assistance with numerous FAQs on their portal.
However, eToro has experienced rapid growth in recent years due to cryptocurrency investments. Thus with tons of users and engagements, there may be delays in communication with each query.
eToro does standout itself as one of the leading social trading platform, commonly famous for cryptocurrency trading. This service is fluid, particularly user-friendly, and provides all the bells and whistles for newcomers and experienced investors. This makes it a really easy and accessible platform to start trading on. However, as always, the caveat remains that investments can go down as well as up, and inexperienced traders should take care in volatile market conditions.
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