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eToro review

eToro Review 2021: The Social Crypto Trading Exchange

eToro is one of the world’s newest crypto exchanges. While the company started as a brokerage for Forex and stock trades, which it still offers in some locations, the period between 2016 and 2020 resulted in a massive boom for the company as its overall worth and userbase skyrocketed. 

eToro is an Israel-based company with offices located around the world, and it services a large number of countries including the US. However, its features can differ dramatically based on what country the user resides in. 

Other than that, this crypto juggernaut shares many of the same features, pros, and cons of its closest competitors like Coinbase, and despite its shortcomings, it has become a favorite of crypto traders around the world. 

Let’s dive into this full eToro review. 

Table of Contents

  1. eToro UI and Ease of Use
  2. Cryptocurrencies available on eToro
  3. eToro Supported Countries
  4. How to Open an eToro Account
  5. Notable eToro Features
  6. Buy, Sell, and Trade Experience on eToro
  7. eToro Fees
  8. Is eToro Safe and Secure?
  9. eToro Wallet
  10. Is eToro Gold Worth It?
  11. Who is eToro Best For?

Summary of eToro Review

Supported Crypto AssetsMore than a dozen of crypto assets, Bitcoin, Dogecoin, Ethereum, Litecoin
PlatformYes, (iOS, Android)
Account Minimum$50 minimum for US traders; $200 minimum to invest in a trader
Commission and Fees0.75% to 2.90%
(Based on the coin’s spread)
Withdrawal Fee$0
Digital WalletYes
eToro Quick Summary

eToro UI and Ease of Use

eToro’s user interface can be a little more cluttered and complex in countries that receive its full set of features, but it maintains a uniform design that is easy to navigate regardless of which version of the platform you use. 

For the most part, each feature is well-defined and clearly labeled to prevent misunderstandings or hours wasted looking for something basic.

And the most necessary information is kept upfront to make quick visits to check your assets a breeze. For the record, it’s often praised as a great starting point for beginners due to how well the UI is designed and its ease of overall use. 

This is true for both versions of the platform, too. The website-based platform loads quickly and is easy to navigate, and the mobile app is well optimized to ensure a smooth and enjoyable experience. 

Cryptocurrencies Available on Etoro

eToro doesn’t have the largest selection of cryptocurrencies, but it does offer all the main coins that most investors are interested in, and they plan to add more over time. So, by the time you start reading this review and sign up for yourself, they might have more than the 17 coins currently available. 

  • Bitcoin
  • Etherium
  • Bitcoin Cash
  • Ripple
  • DASH
  • Litecoin
  • Etherium Classic 
  • Cardano
  • IOTA
  • Stellar
  • EOS
  • NEO
  • Zcash 
  • Tezos
  • TRON
  • Compound
  • Chainlink
  • Uniswap
  • Dogecoin
  • Aave
  • Yearn.finance
  • Algorand
  • Decentraland
  • Basic Attention Token
  • Polygon

This list is likely to expand at any time, but it is the most complete and up-to-date list possible as of the time of this writing. 

eToro Supported Countries

eToro is available in many places, but it is banned or otherwise unavailable in some countries and regions. Furthermore, some features are unavailable in specific regions. We’ll note those unavailable features in the feature section of this review. 

eToro is available in more than 140 countries, and listing them all out with their exceptions is quite the endeavor. So, we’ll be listing the countries that eToro isn’t available in.

It is also necessary to understand that some countries can use the Forex and stock exchange features while others can’t. While the platform may be available in your country, you may not be able to access all of its features. 

eToro is currently looking to expand its supported countries, but this is the most current list of unsupported countries and regions available. It is worth checking each time you try to make an account. 

How to Open an eToro Account

Making an eToro account is extremely simple, and it can all be done from the comfort of your favorite internet browser. Before you start, you’ll need a government-issued photo ID to prove your identity, as well as basic information about yourself and your financial information. 

  • Click “create account”. 
  • You’ll have to answer questions about your basic information. This includes your name, email address, address, and even your government-issued ID to ensure you are who you say you are. 
  • Now, you’ll have to verify your email. You’ll be sent a “no-reply” email from eToro with a link. To confirm your email, simply click the link. 
  • Now, you’ll have to verify your phone number. This requires you to enter your phone number and receive an SMS message with a code included. Once you receive the message, input the code into the field and hit continue. This will register your phone number with eToro. 
  • Confirming your identity is as simple as giving the platform your ID card information and allowing them to confirm it. 
  • Finally, you’ll be asked to add your preferred payment method. This is just like adding a debit card to PayPal, Amazon, or any other online service. 

Notable eToro Features

eToro has a number of notable features. Some of them are positive, but their limitations make them less desirable. 

  • Brokerage Platform: eToro isn’t exactly a crypto exchange. It’s a brokerage that dabbles in both stocks and cryptocurrency. However, the United States is only capable of trading cryptocurrency, and only 41 states can access the platform at all. 
  • Fair Selection: eToro has 17 of the top cryptocurrencies for you to choose from. This isn’t the largest selection, but it covers all the bases of beginners and pros alike. 
  • Tracking Features: Unlike other platforms, eToro provides advanced tracking features to all of its users from the get-go. 
  • Streamlines UI: The eToro UI is extremely easy to navigate, and it’s been praised by both beginners and experts alike. 
  • Stock Functions: Most supported countries can use eToro for not only cryptocurrency trading but for trading international stocks, too. This makes the platform more flexible than most other brokers and exchanges in countries that support both features. 
  • Reasonable Crypto Rates: Crypto gas prices and other fees are typically very expensive. Etoro has effectively balanced its fees for crypto to create a fair middle-ground for its users. However, its stock fees and similar fees are more costly than other stock-based platforms and brokers. 

Buy, Sell, and Trade Experience on eToro

eToro trade markets
eToro Trade Markets. Screenshot: eToro

A platform’s features and bonus offerings don’t matter if you can’t enjoy the trading experience. After all, that’s what you use platforms such as eToro to do in the first place.

You’ll be happy to know that eToro provides a simple and rather enjoyable trading experience. However, it’s an unnecessarily limited experience for US customers. 

In general, eToro allows you to trade crypto, Forex, and other assets with ease. The interface used to do so is simple, free of clutter, and fairly straightforward.

You even get advanced tracking features that give you long-term and short-term statistics for every coin you want to trade in the blink of an eye.

And those tracking statistics are easily readable once you spend a few moments trying to understand them. This allows you to make smart, informed decisions as you trade. 

You also get a built-in eToro wallet to hold your coins. This built-in digital wallet suffers from the same issues many other built-in wallets suffer from, though.

It can only hold the 17 coins eToro offers, and you don’t get the security keys to autonomously control your own wallet. Luckily, you can use a third-party “hard” wallet to remedy this. 

eToro Trading Restrictions

The most unfortunate feature of eToro is that US users can only trade crypto. The Forex and other stock options are completely unavailable to US citizens due to international trade laws that haven’t been worked out, and this leaves US users at a bit of a disadvantage.

In fact, only 41 states can use eToro at all. Some can’t even make use of the cryptocurrency exchange provided. This is a huge setback when compared to Coinbase and other crypto juggernauts that have put in the effort to make all states eligible for participation. 

Luckily, eToro is a continuously growing platform, and it constantly strives to correct these shortcomings. So, it might very well fix these issues in the near future. 

Etoro Fees 

eToro trading fees
eToro trading fees. Screenshot: eToro

The fees demanded by eToro are based on which coin you trade. This makes eToro great for certain coins, but horrible for coins where you can get a better exchange rate from other brokers.

In general, you can expect to pay between 0.75% and 2.9% depending on the currency. This fluctuates, and as new coins take center stage, it will likely become vastly different. Always check eToro’s fee guide before choosing to trade. 

For example, if you want to buy $100 worth of Bitcoin, you’ll need to pay $100.75 on eToro.

Is eToro Safe and Secure?

eToro is exceptionally safe. The platform uses tier 1 banks to protect your assets, and you’re protected by SSL encryption every time you log in.

This encryption isn’t even found on sites where you share a lot of personal information such as Facebook or Twitter, and it does a great job of deterring hackers or thieves. 

However, eToro has been hacked, and a lot of users have been affected in the past. This isn’t entirely eToro’s fault, though.

The data breaches in question were mostly brought about by phishing scams that require inappropriate user behavior to result in a successful scam. Unfortunately, some of the hacks were completely due to a data breach. 

This should make you somewhat wary, but eToro has gone the extra mile to correct and prevent these issues. It’s still one of the safest platforms available.

Does eToro have a Built-In Wallet?

Yes, eToro does have a wallet available for all users. It’s called eToro Money, and it can handle all the coins eToro trades on its exchange section. However, it suffers from the same uncontrollable security keys many other platforms have.

And it’s recommended to look into a “hard” third-party wallet that gives you complete control over your assets. At least with that setup, if something happens, you can only blame yourself. 

Is eToro Gold Worth it?

Etoro offers its eToro club, which allows you to choose from multiple tiers of paid subscriptions to unlock little bonuses. Gold is the equivalent of most other apps’ Pro tier. eToro Gold is pretty much on par with everyone else.

You get extra tracking features that are important to professional traders, and you get fewer fees to make your trades more profitable in the long run. 

Who is eToro Best for?

eToro is for crypto and stock investors of all experience levels. It has the advanced tracking features pros need, but it’s simple enough to understand that beginners can easily start investing.

However, it has a limited selection of coins available, and half of its features are off-limits to several states in the US. So, it’s worth looking into to see if you can even use everything eToro has to offer. 

Conclusion

eToro is a great option for investors of all experience levels, and if you live outside the US, you can typically enjoy everything it has to offer. However, this quickly growing platform needs to create a more equal service for all its users, and the lack of altcoins might frustrate some pros. 

eToro review
eToro
Verdict
eToro, one of the world's new crypto juggernauts, offers more than a dozen cryptocurrencies and comes with a unique social trading feature that lets you copy the trading strategies of top traders.
Liquidity
8.5
Supported Currencies
8
Security
8.5
Fees
8
Customer Support
7
Good Stuff
Reasonable rates
All major coins supported
Easy for beginners but helpful for pros
Can trade both crypto and stock in most countries
Has a built-in wallet
Bad Stuff
US users are at a clear disadvantage
Customer support could be improved
Limited coin selection with very few altcoins
8
Gotechtor Score