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eToro is an online trading platform that lets customers trade some of the world’s most popular digital currencies. The eToro app provides access to innovative investment tools and solutions that other companies don’t. With its online trading community, which offers users access to knowledge sharing and engagement, eToro provides a unique social trading platform for users who want more out of investing.
Pros & Cons
- $50 minimum
- CopyTrader options
- Good for beginners
- Not nationwide
- Only 15 currencies
eToro is an investment platform that focuses on social trading. Its CopyTrader program gives beginners more options, but its limited currencies and availability mean it may not be the best choice for everyone.
What is eToro?
eToro is an investment company that offers many of the world’s most popular digital currencies, including Bitcoin, Ethereum, XRP and Litecoin, with plans to continue adding new ones in the future. It offers a variety of ways to invest, including through online cryptocurrency trading and with predetermined market strategies through CopyPortfolios.
What sets eToro apart from some other platforms is its social trading abilities. Its proprietary system, called CopyTrader, lets users copy investment strategies from popular traders on the platform in their country to mirror their positions automatically and in real time.
Customers can copy up to 100 traders at one time with a minimum of $200 per copy. CopyTraders get paid by the platform when their investments perform well, not by the traders, so everyone has an incentive to succeed.
eToro maintains a transparent pricing model that includes no hidden fees. The company uses a pricing structure based on spreads, or the gap between the bid and the asking price of the cryptocurrency — basically, it’s how much the seller wants to make on the trade.
These spreads or fees are changing constantly, but the eToro pricing page stays up to date on all current spreads, so check the company's website for reliable information.
eToro charges other fees, including a 0.1% conversion fee. The company charges a $5 withdawal fee, and there is an eToro minimum deposit: $50 with a maximum of $10,000 per day. This applies to first-time deposits and redeposits.
Is eToro regulated?
Yes, eToro is regulated in Europe and Australia. The platform is registered by the Cypriot Investment Firm (CIF) and is licensed in some areas of the United States.
Can you make money on eToro?
Yes, you can make money both as an investor and by having people copy your trades through the CopyTrader program. Investors are ranked by how many people copy their account and earn $2 per copier as a Cadet. As an Elite, they make 2% of assets under management per year.
Is eToro legal in the U.S.?
Yes, eToro is legal in the United States.
Is eToro good for beginners?
Yes, with caution. Its CopyTrader program is a great way for new investors to see what successful investing looks like, but relying too heavily on this system without truly understanding investing can be a bad idea.
Is eToro safe?
eToro is licensed and regulated by many leading regulators, and funds are secured by leading banks. Plus, personal information is highly protected.
How long does it take to withdraw money from eToro?
For processing, eToro withdrawals can take up to one business day. It can take up to eight business days for the money to appear in your account.
Is eToro legit?
eToro is a good online trading platform for individuals who prioritize the social aspect of investments. The company offers unique insights and engagement to beginners that can help boost their bottom line. Some users may rely too heavily on these insights without fully understanding what investing means and how returns work, however. For that reason, it's a good platform for beginners who understand the risks associated with investing but want a bit of guidance in the process.
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Reviewed Feb. 14, 2021
eToro doesn't let me to transfer most of my cryptocurrencies to "eToro Wallet", even if they let me, they don't allow me to send the crypto to other wallets. When I tried to withdraw my fiat money (EUR), the form asked about where to withdraw it, so I've chosen to bank account. I've filled the form with my IBAN, name, and the amount, accepted the 5$ withdrawal fee, and waited for 2 days... Then I got the mail, that I got money on my PayPal! Etoro just sent the money to my PayPal, yet I've asked to send to bank account! Now I have the problem again, to get my money out of the claws of PayPal, because of etoro...
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