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eToro Review 2023: Copy Investments From Successful Traders

Ashley Jackson

eToro originally was named RetailFX and operated as a foreign online broker, and it now offers commodities and indexes for global customers and stocks and ETF trading. The broker has also made its name as one of the highly competitive crypto exchanges in the market.

Overall rating

4.6

Summary: eToro is an online social trading platform that offers cryptocurrency trading along with stocks, ETFs, and indexes. This is a great option for anyone looking for these features along with an active trading community. 

eToro

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$0

Fee Per Trade

$0

Account Minimum


Reviews

5

Account Opening

4.5

Fees

5

Deposits & Withdrawals

5

Trading Platform

4.5

Markets & Products

4.5

Research Tools

4

Education

4

Customer Service

5

Safe & Secure

Pros

  • Amateur traders
  • Virtual trading
  • International presence

Cons

  • Not available in all States
  • Limited number of cryptocurrencies
  • Certain tools and research is only available to club members

Best For

  • Free debit card deposits
  • Social or copy trading

Features

HQTel Aviv, Israel
AccountsTaxable brokerage account
InstrumentsStocks, Indexes, ETFs, Currencies, Commodities, Cryptocurrencies
RegulationMember of SIPC & FINRA
Minimum Deposit$10
FeesCommission-free on Stocks & ETF’s. Fees vary according to instrument and location
Demo AccountAvailable
LeverageAvailable
Trading PlatformsAndroid, iOS
State RestrictionsUnavailable in New York, Hawaii, Minnesota, and Nevada

In depth review on eToro 

eToro is an online trading platform launched in 2007 by co-founders Ronen Assia, David Ring, and Yoni Assia.

eToro is one of the leading online brokerages wherein you can trade various instruments like cryptocurrency trading, stock trading, etc. Initially, it operated as a forex online broker but later it introduced stocks. It is well known for its advanced social trading feature introduced in 2010, which enables the trader to automatically copy the trades of any popular trader on the platform. This has led to eToro becoming one of the leading social trading networks.

It was also one of the first platforms to support digital currency and introduced Bitcoin as one of the instruments in 2014. Later on, it also added Ethereum (ETH) and Ripple (XRP). As of today, eToro offers over two dozen cryptocurrencies for trading on its platform with a multi-currency crypto wallet. 

eToro is best for

  • Free debit card deposits: Other crypto platforms charge a small fee for debit card deposits, but it is free on eToro. Traders can make fee-free deposits either by debit card or through bank transfers.
  • Social or copy trading: eToro’s social trading platform was one of its kind when launched in 2010. It enabled the users to mimic the movements of known investors, which has been an extremely attractive feature for many.    

eToro benefits

  • Amateur traders: This platform is a great option for those who are new to trading. If you can invest $200 or more, the fully automated trading strategies can move the money for you and you just have to choose one experienced investor among the thousand investors who are present on the platform. However, keep to note this isn’t fail-proof as your portfolio will be still subject to market risks.
  • International presence: eToro was founded in 2007 and today it has more than 20 million users in 140 nations all over the world. The company offers access to stocks and ETFs to U.S. customers. 
  • Virtual trading: eToro offers a virtual trading experience with $100,000 in virtual money, so traders can practice trading. It is also called a demo account.

eToro drawbacks

  • Not available in all States: The broker is not available in all the states of U.S. It is still not available in the state of New York, Hawaii, Minnesota, and Nevada. 
  • Limited number of cryptocurrencies: eToro does not showcase a wide selection of cryptocurrencies. U.S. traders can only trade with two dozen cryptos whereas non-U.S. investors have access to around 75 cryptos.
  • Certain tools and research is only available to club members: Trading central research and tools are made available only to eToro Club members who are in higher club tiers. 

Account opening 

5

It takes only a few minutes to open an account on eToro. Firstly, you will be needed to provide a username, password, and email address. Once the process of verification is done, eToro would require you to answer several questions to access your risk tolerance and trading experience. 

Fees 

4.5

eToro charges a fee of 1% for purchasing and selling cryptos. However, for users trading in stock and ETF, there is no commission and the bill of regulatory fees is footed by the broker when you sell the stock. Further, there is also a $75 account transfer fee for full or partial transfers. eToro does not charge any other account management fee or trading commission. 

There is no cash withdrawal fee but you’ll need to withdraw a minimum of $30. 

Deposits and withdrawals

5

The minimum amount that can be traded on the platform is $10, and similarly, the minimum deposit amount is $10 as well if made by debit card or bank account. Deposits can also be made by wire transfers.

Withdrawals can also be made directly to the investor’s bank account. 

Trading platform

5

There are two distinct apps that the eToro platform supports, namely the eToro Cryptocurrency trading App and the eToro Money Wallet App. Both these apps are available on Android and iOS. It is important to note that the trading app replicates the web platforms whereas the wallet app facilitates the transfer of tokens and conversion of cryptocurrencies into other coins.   

Markets and products

4.5

This platform is a good option for all those who seek a full-featured platform with various options for investment products. eToro is known to offer various cryptocurrencies along with other investment products such as stocks and ETFs. Fractional shares have also been made available for the investors which means you can purchase a small portion of a share with any amount more than $10. 

Research tools

4.5

eToro provides several research tools to help you make better-informed decisions about your investments. You can view information on fundamental data and charting. Including the investment community that shares ideas.

There is a news and analysis section that provides updated market news and insights on investing.

Only higher club tiers get access to certain tools.

Education

4

Making trading more interesting and competitive, eToro offers many resources for researching and understanding various coins, the cryptocurrency market, and investment in general. The material is customized in order to fulfill the requirement of beginners as well as advanced users. eToro provides various online guides and videos explaining how to use eToro, coin profiles, and investment schemes.

Only higher club tiers get access to trading central research.

Customer support

4

eToro offers an extensive “Help Center Page” that includes information on a large number of frequently encountered issues by customers. You can also visit this “Help Center Page” and go through the list of FAQs. eToro also has a reliable team of customer service representatives if you are looking to receive assistance. You can connect with customer service through email or online chat. However, the chat feature is only available for eToro club members.

Safe and secure

5

eToro is a renowned trading platform that offers its client base a safe and regulated platform. It has been storing the funds of investors for over a decade. The cash assets are held by Federal Deposit Insurance Corp. (FDIC)- insured bank accounts. Security measures include offline and online storage of coins, two-factor authentication, and various monitoring tools. Further, no member of eToro can transfer users’ crypto from storage. Altogether, eToro has put many security measures in place to ensure that its clients’ funds and information are protected.

Is eToro right for you?

eToro is an amazing platform for both beginners and advanced investors, and it can be a good choice for those who want to benefit from the social trading feature and replicate the trading moves of accomplished traders. In addition, eToro offers various products from stocks to crypto if you’re looking to trade multiple assets.