eToro Review: Crypto Exchange For Beginners 2022

eToro Cryptocurrency Exchange Analysis

Over the course of a decade, eToro has established itself as a leader in the worldwide Fintech revolution, making it the world’s largest online social trading network, with tens of thousands of active users and a diverse range of innovative exchange and investment mechanisms.

However, you must know that eToro didn’t invent these revolutionary features in a day; a chain of events has made eToro what it is today. 

Considering that the Internet is flooded with prolonged eToro reviews, you may wonder what makes this platform any different. Readers, in the following article, we will review eToro and show you how to be up and running and using this platform in less than a day. Bold claim? Sure it is. But before getting to the nitty-gritty, let’s pay some attention to the eventful history of what we call the BIGGEST online social trading platform. 

(Not interested? Skip to the review)

Is eToro Safe? A Brief History

It was January 2007 when three trailblazers attempted to alter the trading system to make it more accessible to the general public, regardless of location, and reduce the reliance on user-dependent financiers. After 7 seven months, in September, eToro was initially launched as an electronic trading system through visualizations of different financial products to make learning about financial instruments simple and even enjoyable. 

After the success of its cutting-edge trading platform, eToro launched a user-friendly trading app, WebTrader, in May 2009 to allow anybody to exchange financial assets digitally. Later, OpenBook was launched in July 2010 asthe first social exchange site globally, and in April 2012, a smartphone app was developed for both WebTrader and OpenBook. 

Along with commodities, currencies, and other assets, eToro added (and continues to add) a diverse choice of stocks in July 2013, allowing traders to diversify their portfolios further and increase their profits. In October 2015, the new eToro app was launched by combining the online banking elements of WebTrader with the social trading features of OpenBook into a single user-friendly and visually appealing graphical user interface. 

Using powerful machine-learning algorithms in February 2016, professionally managed portfolios and CopyPortfolios were introduced that integrated key traders or other assets to follow a predetermined investment strategy. In 2017, eToro added Ripple Net’s XRP, Bitcoin, Ethereum, Litecoin to feature different currency coins to its trading system. 

To summarize, the launch of the eToro exchange platform is the first step on the company’s blockchain journey, which began in 2012 with a collaboration with Colored Coins and continues today. Study shows that eToro was one of the first controlled financial institutions to offer cryptocurrency in 2014, allowing users to trade bitcoin for other currencies. As of right now, the eToro platform supports 15 distinct types of cryptocurrency assets.

eToro Review and Highlights

eToro, a cryptocurrency exchange, first extended its doors to investors in the United States in 2018. Since its inception in 2007, foreign investors have used eToro to trade worldwide currencies or commodities such as gold and equities. 

The creation of an eToro account is open to anyone in the United States; however, crypto trading is restricted to only 43 states. Those in Nevada, Minnesota, Hawaii, New York, or Tennessee cannot purchase or sell cryptocurrency on the eToro marketplace. 

Without further ado, here’s all you need to know about eToro.

eToro Overview

Pros:

• Straightforward fee structure (varies depending on cryptocurrency).
• Virtual Portfolio” and education hub for beginners.
• Social community network of users.
• Popular coins that aren’t on other major exchanges.
• Zero commissions on ETFs and stocks IF bought as accurate.
• Unlimited demo account with user-friendly options.
• The minimum deposit is just $50, depending on the country.

Cons:

• Service is only available in 43 states.
• High fees on some digital currencies.

If these features are what you are looking for then signup for free on the eToro site.

Cryptocurrencies Available on eToro

The cryptocurrency trading site eToro offers the most popular cryptocurrencies. You may currently purchase and trade over 20 different coins on eToro, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Uniswap (UNI), Cardano (ADA), Chainlink (LINK), Stellar Lumen (XLM), Polkadot (DOT), Dogecoin (DOGE), and Solana (SOL). 

Although eToro provides crypto trading pairs (if you want to swap Bitcoin for Ethereum), these pairs are only available to foreign (outside of the United States) customers. However, if you transfer your coins to the eToro Wallet, you will be able to perform crypto-to-crypto exchanges. The minimum purchase price for any cryptocurrency on eToro is $25. 

Still, you’ll also need to fund your account with at least $50 to start trading (this is also the minimum for any deposits you want to make later). There are no costs associated with withdrawing funds from your eToro account, but a $30 minimum withdrawal amount is required.

We also discuss eToro and Polkadot further in our Best New Crypto To Buy in 2022 article.

eToro Trading Experience

The trading experience provided by eToro’s primary web-based platform and well-designed mobile app is second to none. Depositing fiat currency from a bank account or card allows users to start trading right away with no delays. However, it may take up to seven days for wire transfer deposits to become available. Using the “Trading” option, customers may access a list of cryptocurrencies, allowing them to monitor current prices to buy, sell, and convert. 

As an additional feature, eToro also allows users to choose a CopyPortfolio, which invests funds in a portfolio built by a top trader and mocks their trades. Market and limit orders and margin investing are all available on eToro (outside the U.S.). However, it does not offer some advanced trading tools, such as stop orders, advanced charting, or crypto trading pairs.

Spread Fees Overview

Price transparency is essential for eToro, and the company takes pride in making it straightforward. However, rather than imposing a complicated two-part fee structure, as some of its competitors do, eToro makes its money by charging a spread between the offer price and the asking price on its site. 

For example, if eToro is willing to purchase $20 for a cryptocurrency and sell it for $20.20, there would be a 1 percent spread on the transaction. The spread varies depending on the cryptocurrency, and the following is an example of what you may expect for the cryptocurrencies offered on eToro:

• Bitcoin (BTC) – 0.75%
• Bitcoin Cash (BCH) – 1.9%
• Ethereum (ETH) – 1.9%
• Litecoin (LTC) – 1.9%
• Uniswap (UNI) – 3.9%
• Cardano (ADA) – 2.9%
• Stellar Lumen (XLM) – 2.5%

eToro Additional Charges (Mostly Free)

• Bank Account Deposit or Withdrawal (Free)
• USD Wallet (N/A)
• Debit/Credit Card Deposit (Free)
• ACH Transfer (Free)
• Wire Transfer $5 (Non-U.S. Residents) 
• Crypto Conversion (0.1%)
• Purchases (1%)
• Trades (1%)
• eToro Money Wallet Crypto Withdrawal (0.5%)

Click here for a full list of eToro Crypto Trading Fees.

Is eToro a Secure Trading Platform?

The forex industry is not free of scams. To avoid being taken advantage of, you must exercise extreme caution while selecting a broker. However, we are glad to reveal that eToro does not fall into this group. In addition to tight money protection features, such as two-factor authentication, identity verification, and cold crypto storage, it also has top-tier security procedures and regulations in place. 

The following are some of the specifics of eToro’s security measures:

• Two-factor authentication (2FA) via SMS.
• FDIC insurance protects up to $250K funds. 
• Cold storage allows cryptocurrency to be stored offline.
• Biometric access via Fingerprint scanning through its mobile app.

Opening an eToro Account

Open an account with eToro, as you would with any other online stockbroker. After clicking on the ‘Join Now’ button, you will be presented with a registration form similar to the one shown below. This will need the selection of a username and password as your account login information. In addition, you will be required to share your email address. 

 Visit to proceed:

eToro Free Account Signup

After confirming your email address, you will be asked to provide personal information and supporting documentation, such as Social Security and a snapshot of government-issued identification. 

To proceed to the next step, you must provide proof of residency in the form of a utility bill or other similar document. Finally, you can deposit funds and begin trading cryptocurrency or building a cryptocurrency watch list.

eToro Review Final Thoughts

eToro is suitable for investors and traders looking for easy access to the most popular cryptocurrency alternatives through a simple user interface. It provides customers with the CopyTrader program, which is unique in the business and allows them to duplicate the investments of well-known traders. There are no hidden fees or commissions on eToro, making it one of the more transparent cryptocurrency exchanges available today. 

Aside from that, eToro has received more positive user ratings than most cryptocurrency exchanges, with reviewers praising the company’s trading experiences. On the whole, eToro is a fantastic alternative for investors who want an opportunity to discuss their trading ideas with others and to follow famous traders to learn about cryptocurrency trading from their experiences. We hope this eToro review was helpful in your crypto exchange decision.

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