eToro Review

eToro based in the U.K., has more than 20 million users in approximately 100 countries, including millions of registered users in USA. eToro was a graphic-intensive forex platform and it has adapted those tools for crypto trading.

Pros / Cons
  • Choose between two excellent trading platforms (xStation 5 or MT4 platforms)
  • A collection of 3000+ trading instruments across six asset classes
  • Low spreads
  • Fewer Forex pairs than some top competitors
  • No 24/7 support

 

Investor Protection & Regulation

eToro is financial services provider that is based in Cyprus, subjected to the regulatory oversight of the Cyprus Securities Exchange Commission (CySEC).

Authorized under the CIF license no. 109/10, eToro has “passported” its authorization to the UK and is registered with UK’s Financial Conduct Authority (FCA).

The European Securities and Markets Authority (ESMA) also oversee investment providers across Europe and influence regulatory rulings across the EU.

 

Pros

  • 15 cryptocurrencies that can be traded 24/7
  • Easy-to-use website and mobile app
  • Great community for cryptocurrency traders

Cons

  • Spreads for trading cryptocurrencies are relatively wide
  • $25 minimum to buy any cryptocurrency
  • Relatively high minimums required for most copy trading

 

Mobile Trading Platforms

Placing a trade on a mobile device is very similar to the web order entry experience. There are fewer analytical capabilities on mobile apps, but otherwise, the experience is similar.

Deposit & Withdrawals options

For your convenience, we’ve provided a range of payment methods.
Below is a list of the available methods:

Method Time Currencies Countries MAX Single Deposit* Withdraw Available? More info
Credit/Debit Cards Instant USD, GBP, EUR and AUD International $40,000 Y Supported cards: Visa, MasterCard, Visa Electron and Maestro.
Transactions will appear on your statement as: Etoro or www.etoro.com.
Transactions in the EEA region may require authentication.
PAYPAL** Instant USD, GBP, EUR and AUD International $10,000 Y Must have an active PayPal account with funds available on the account balance or a credit/debit card linked to it.
NETELLER Instant USD, GBP, EUR International*** $10,000 Y If you don’t have a Neteller account you can create one on www.Neteller.com
SKRILL Instant USD, GBP, EUR International**** $10,000 Y If you don’t have a Skrill account you can create one on www.Skrill.com
RAPID TRANSFER Instant USD, GBP, EUR EEA***** $5,500 N There is no need to register with Rapid to make a deposit, but you will need to have access to your online banking to complete the transaction.
iDEAL
Instant EUR The Netherlands $50,000 Y There is no need to register with Ideal to make a deposit, but you will need to have access to your online banking system to complete the transaction.
Klarna / Sofort Banking Instant EUR Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Belgium, Finland, France and Poland. $30,000 Y* There is no need to register with Klarna/Sofort banking to make a deposit, but you will need to have access to your online banking to complete the transaction.
BANK TRANSFER 4-7 days USD, GBP, EUR International Unlimited Y Please always quote the Transaction ID to prevent delays in crediting the funds.
When possible, please make sure you transfer funds to the bank account in the same currency as your own bank account (USD, EUR or GBP), to avoid unnecessary bank charges
Online Banking – Trustly (EU region) Instant* EUR, GBP, SEK, DKK, NOK, PLN, CZK Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, Germany, Latvia, Lithuania, the Netherlands, Norway, Poland, Slovakia, Spain, Sweden and the United Kingdom* $40,000 N There is no additional registration process for this payment option. You will be required to access your online banking account to complete the transaction. Powered by Trustly.
POLi
Instant AUD Australia $70,000 Y No additional registration process is needed for this payment option. You will be required to access your online banking account to complete the transaction.

 

*Unverified accounts are limited to a total deposit amount of $2,250.
In order to upgrade your account to Verified status, please contact Customer Service.
eToro reserves the right to change any of the deposit limitations indicated at any time.

**PayPal is not  available in the following countries:
Albania, Anguilla, Antigua, Bahamas, Barbuda, Argentina, Aruba, Barbados, Belgium, Belize, Bermuda, Bolivia, Brazil, Virgin Islands, Canada, Cayman Islands, China, Colombia, Congo, Costa Rica, Congo Republic, Dominica, Dominican Republic, Ecuador, ElSalvador, Falkland Islands, Grenada, Guyana, Honduras, India, Jamaica, Japan, Montserrat, Morocco, Nicaragua, Niger, Nigeria, Panama, Paraguay, Peru, Saint Vincent, Saint Kitts and Nevis, Saint Lucia, Turks and Caicos Islands, Saudi Arabia, Suriname, Trinidad and Tobago, Tunisia, United States and Venezuela.

***For a list of non-supported countries please click here.
****See the Skrill website for a full list of funding option in your country.
*****Rapid Transfer is currently supported in the following countries:
Austria , Belgium, Bulgaria, Estonia, Finland, France, Germany, Hungary, Italy, Latvia, Netherlands, Norway, Poland, Portugal, Spain, And UK.

*****Worldpay is one of the providers that we use for credit/debit card processing. For these credit card payments, Worldpay is the Data Controller of the information submitted. For more information and their privacy policy please visit Worldpay.

*******Transactions are completed instantly in most cases. However, completion may be delayed at times, as it is dependent on confirmation from the client’s bank.

*******Funds deposited using Klarna / Sofort Banking or Trustly become withdrawable within 7 business days of deposit.
********The following UK banks restrict deposits using Trustly to a daily limit of £5,000. However, bank account owners can increase the amount to up to £20,000 a day by contacting their bank and asking about the special Payments Limit page.
Affected banks:
1. Natwest Bank
2. Royal Bank of Scotland
3. Ulster Bank (Northern Ireland)

Privacy & Security

Security

Your security and privacy are of the utmost importance. Therefore, the eToro platform has many measures in place to protect our active trading community.

We protect your information by using data security technology and tools such as firewalls and data encryption.

All traders are required to use a personal username and password to access their accounts online.

We also offer an option to activate Two Factor Authentication (“2FA”) in your account which requires you to enter a verification code sent to your mobile phone via SMS in order to access your account. It is an additional layer of security which you can turn on or off in your Account Settings.

If you tick the ‘remember this device’ checkbox, your device will be remembered for 30 days. You will receive a new code after 30 days, or sooner if you switch your browser or device. This feature is optional.

Segregation of Client Funds

eToro provides its clients with free insurance purchased from Lloyd’s of London, one of the world’s leading providers of specialist insurance, giving coverage of up to 1 million Euro, GBP, or AUD (depending on the region). The insurance is given automatically to all eToro clients — there is no need to register.

The insurance covers claims of Eligible Clients (of eToro (Europe) Ltd., eToro (UK) Ltd. and eToro AUS Capital Limited) suffering losses due to the unlikely event of eToro’s insolvency and in case of Event of Misconduct (as defined in the applicable Policy).

The insurance covers: (i) up to 1 million Euro, GBP or AUD (depending on the regulated entity); (ii) up to the aggregate limit purchased by eToro; and (iii) subject to an excess amount (as defined per applicable Policy).

The insurance covers cash, all CFD positions, and securities. Note that cryptoassets trading (non-CFD) are not covered by the insurance, as set in the applicable Policy.

General Risk Disclosure 

This notice provides you with information about the risks associated with investment products, in which you may invest, through services provided to you by eToro Group entities. eToro provides a wide range of investment services in relation to a number of products through its regulated entities: eToro (Europe) Ltd., authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), eToro (UK) Ltd., authorised and regulated by the Financial Conduct Authority (FCA) and eToro AUS Capital Limited, authorised by the Australian Securities and Investments Commission (ASIC).

Investment products offered by eToro include stocks, Exchange-Traded Funds (ETFs) and cryptocurrencies, in which you gain ownership of the underlying asset. In addition, eToro offers contracts for differences (CFDs) that offer exposure to currencies, commodities and indices.

Any transactions relating to stocks, ETFs or cryptocurrencies in which eToro offers you leverage (which is not currently available for cryptocurrencies) or allows you to enter into short transactions, and/or some copy trading transactions (including CopyPortfolios), shall be considered CFD transactions.

eToro also offers investors the opportunity to buy the underlying cryptocurrencies, stock or ETFs (i.e., BUY transactions for said assets using leverage 1) hold such assets and subsequently sell such assets. All transactions relating to cryptocurrencies are subject to the Cryptocurrencies Trading Addendum (“Cryptocurrencies Trading Addendum”).

Since Cryptocurrency markets are decentralised and non-regulated, our Cryptocurrencies Trading Services as such term is defined in the Cryptocurrencies Trading Addendum, are unregulated services which are not governed by any specific European regulatory framework (including MIFID). Therefore, when eToro (Europe) Ltd. customers use our Cryptocurrencies Trading Service, they will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund for Customers of Cypriot Investment Firms and the UK Financial Ombudsman Service for dispute resolution. eToro (Europe) Ltd. customers will continue to benefit from the rules relating to best execution and client money and safekeeping of client assets. eToro (UK) Ltd. customers using the Cryptocurrencies Trading Service only will not benefit from the protections available to clients receiving regulated investment services such as access to the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service for dispute resolution. We will endeavour to enable you to benefit from rules relating to best execution and safekeeping of client assets.

All of these products carry a high degree of risk and are not suitable for many investors. This notice provides you with information about the risks associated with these products, but it cannot explain all of the risks nor how such risks relate to your personal circumstances. If you are in doubt, you should seek professional advice. It is important that you fully understand the risks involved before deciding to trade with eToro, that you have adequate financial resources to bear such risks and that you monitor your positions carefully. Trading involves risk to your capital. You should not invest money that you cannot afford to lose, however, you cannot lose more than the equity in your account.

NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE TERMS AND CONDITIONS AND/OR THIS GENERAL RISK DISCLOSURE, FRENCH RESIDENTS SHALL BE ELIGIBLE TO INTRINSIC PROTECTION. ACCORDINGLY AND INDEPENDENTLY OF MARKET VOLATILITY, THEIR MAXIMUM LOSS WITH RESPECT TO EACH TRANSACTION SHALL BE THE TOTAL AMOUNT INVESTED IN SUCH TRANSACTION, AS UPDATED BY SUCH USER FROM TIME TO TIME.

CFDs

CFD stands for “Contract For Difference,” meaning you are not buying the underlying asset, but, rather, purchasing a contract to settle the difference in the initial and ending price of the asset. When trading CFDs, you generally trade on margin, which means you only have to deposit a small percentage of the overall value of your position. This is known as “Leverage”, and even small market movements may have great impact, negative or positive, on your trading account.

If the market moves against you, you may sustain a total loss greater than the funds invested in a specific position. You are responsible for all losses in your account up to the equity in your account.

Before deciding to trade on margin, you should carefully consider your investment objectives, level of experience, and risk appetite. Our CFDs are not listed on any exchange. CFDs involve greater risk than investing in on-exchange products, as market liquidity cannot be guaranteed and it may be more difficult to liquidate an existing position. The prices and other conditions are set by us in accordance with our obligation to provide best execution as set out in our order execution policy, to act reasonably and in accordance with the applicable Terms and Conditions. The characteristics of our CFDs can vary substantially from the actual underlying market or instrument. Full details of all of our CFDs are set out on our website. In respect of corporate events, with respect to the underlying assets, we do not aim to make a profit from our clients from the outcome of corporate events such as rights issues, takeovers, mergers, share distributions or consolidations and open offers. We aim to reflect the treatment we receive, or, would receive if we were hedging our exposure to you in the underlying market. Ultimately, however, you are not dealing in the underlying market and, therefore, in relation to our CFDs, the treatment you receive may be less advantageous than if you owned the underlying instrument.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

CFDs are not suited to the long-term investor. If you hold a CFD open over a long period of time, the associated costs increase (such as overnight fees), and it may be more beneficial for you to buy the underlying asset instead. Sudden market movements, known as “gapping” may occur, causing a dramatic shift in the price of an underlying asset. Gapping may occur when the underlying market is closed, meaning the price on the underlying market may open at a significantly different level, and at a less advantageous price for you.

At all times during which you have open positions, you must ensure that your account meets our margin requirements, which may change from time to time. Therefore, if our price moves against you, or if our margin requirements have changed, you may need to provide us with significant additional funds to meet your margin requirement at short notice, to maintain your open positions. If you do not do this, we will be entitled to close one or more or all of your positions and you alone will be responsible for any losses incurred as a result.

Appropriateness

Before we open an account for you, we are required to make an assessment of whether the product(s) and/or services you have chosen are appropriate for you, and to warn you if, on the basis of the information you provide us, any product or service is not appropriate. If you decide to continue and open an account with us, you are confirming that you are aware of and understand the risks.

Position Monitoring

You should further ensure that you are able to monitor positions on your account at all times, as you are solely responsible for this. We are not responsible for monitoring positions on your account.

Execution

Although the eToro trading platform is automated, and we give you the best execution available, it is possible that the market price could have changed between order placement and execution time, and, therefore, we cannot guarantee that the price requested will be the same as the price at which the order is executed, therefore, the price you receive can be in your favour or against you.

To limit losses, we require you to choose ‘stop loss’ limits. These set limits to automatically close your position when it reaches a price limit of your choice. There are, however, circumstances in which a ‘stop loss’ limit is not fully effective — for example, where there are rapid price movements, or market closure.

In addition, there are risks associated with the use of online deal execution and trading systems including, but not limited to, software and hardware failure and Internet disconnection.

Copy Trading

eToro offers Social Trading Features. In making a decision to copy a specific trader or traders and/or follow a particular strategy, you must consider your entire financial situation, including financial commitments. You must understand that using Social Trading Features is highly speculative and that you could sustain significant losses exceeding the amount used to copy a trader or traders. The risks associated with Social Trading Features include, but are not limited to, automated trading execution whereby the opening and closing of trades will happen in your account without your manual intervention.

You can read more about copy trading risks here.

Cryptocurrencies

Trading risks

Since Cryptocurrency markets are decentralised and non-regulated, our Cryptocurrencies Trading Services are unregulated services which are not governed by any specific European regulatory framework (including MIFID). This means that there is no central bank that can take corrective measures to protect the value of Cryptocurrencies in a crisis or issue more currency. Therefore, when eToro (Europe) Ltd. customers use our Cryptocurrencies Trading Services, they will not benefit from the protections available to clients receiving regulated investment services such as access to the Investor Compensation Fund for Customers of Cypriot Investment Firms and the Financial Ombudsman Service for dispute resolution. eToro (Europe) Ltd. customers will continue to benefit from the rules relating to best execution and client money and safekeeping of client assets.

eToro (UK) Ltd. customers using Cryptocurrencies Services will not benefit from the protections available to clients receiving regulated investment services such as access to the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service for dispute resolution. We will endeavour to enable you to benefit from rules relating to best execution and safekeeping of client assets.

CRYPTOCURRENCY MARKETS ARE DETERMINED BY DEMAND AND SUPPLY ONLY. The  Cryptocurrency market is a dynamic arena and its respective prices are often highly unpredictable and volatile. The Cryptocurrency prices are usually not transparent, highly speculative and susceptible to market manipulation. In the worst-case scenario, the product could be rendered worthless.

It is important to make a distinction between indicative prices which are displayed on charts and dealable prices which are displayed on our trading platform. Indicative quotes only give an indication of where the market is. Because Cryptocurrency markets are decentralised, meaning they lack a single central exchange where all transactions are conducted, each market maker may quote slightly different prices. Therefore, any prices displayed on any chart made available by us or by a third party will only reflect “indicative” prices and not necessarily actual “dealing” prices where trades can be executed.

Cryptocurrency trading is prone to being misused for illegal activities due to the anonymity of transactions and investors would be adversely affected if law enforcement agencies were to investigate any alleged illicit activities.

ACCORDINGLY, CRYPTOCURRENCIES SHOULD BE SEEN AS AN EXTREMELY HIGH-RISK ASSET AND YOU SHOULD NEVER INVEST FUNDS THAT YOU CANNOT AFFORD TO LOSE.

Given the foregoing, Cryptocurrencies are not appropriate for all investors. You should not deal in these products unless you have the necessary knowledge and expertise, understand these products’ characteristics and your exposure to risk. You should also be satisfied that the product is suitable for you in light of your circumstances and financial position. In addition, use of our Services can never be considered a safe investment, rather, only an investment with a high risk of loss inherently associated with them.

Furthermore, our own spread is added to online quotes which makes a trade on our websites even more volatile.

The risk of loss in trading Cryptocurrencies can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware that you may sustain a total loss of the funds in your account. If the market moves against your position, we may ask you to provide a substantial amount of additional margin funds on short notice, in order to maintain your position. If you do not provide the required funds within the time frame required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.

eToro currently allows trading in cryptocurrencies over the weekend and it reserves the right not to do so. Should eToro so elect, trading in cryptocurrencies shall be allowed only from Monday through Friday. Given that the Cryptocurrency exchanges may operate over weekends, there may be a significant difference between Friday’s close and Sunday’s open. All such factors may result in you either not completing an order on a specific trading day or completing an order on a substantially less favourable price.

Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit (“limit move”), if there is insufficient liquidity in the market.

Blockchain Risks

Since blockchain is an independent public peer-to peer network and is not controlled in any way or manner by eToro, eToro shall not be responsible for any failure and/or mistake and/or error and/or breach which shall occur in blockchain or in any other networks in which the Cryptocurrencies are being issued and/or traded. You will be bound and subject to any change and/or amendments in the blockchain system and subject to any applicable law which may apply to the blockchain. We make no representation or warranty of any kind, express or implied, statutory or otherwise, regarding the blockchain functionality nor for any breach of security in the blockchain.

Operation of Cryptocurrency Protocols

eToro does not own or control the underlying software protocols which govern the operation of Cryptocurrencies available for trading on our platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. eToro is not responsible for the operation of the underlying protocols and eToro makes no guarantee of their functionality, security, or availability. The underlying protocols are subject to sudden changes in operating rules (“Forks”), and such Forks may materially affect the value, function, and/or even the name of the Cryptocurrency eToro holds for your benefit. In the event of a Fork, eToro may temporarily suspend eToro operations (with or without advance notice) and eToro may (a) configure or reconfigure its systems or (b) decide not to support (or cease supporting) the Forked protocol entirely. eToro may, but is not obligated to do so, adjust your account in respect of a Fork, depending on the circumstances of each event attributable to any specific Cryptocurrency which you hold.

Third-party Risks.

We may elect to execute any order and/or hold any fiat money and cryptocurrencies via a Third Party. Such Third Parties are not banks that hold their fiat money/virtual currency as a deposit. If any such Third Party loses any money, fails or goes out of business, there is no specific legal protection that covers you for losses arising from any funds you may have held with such a Third Party, even when such party is registered with a national authority. Depending on the structure and security of the eToro Money crypto wallet, some individuals may be vulnerable to hacks, resulting in the theft of virtual currency or loss of customer assets. eToro will not be responsible in the event of losses caused by those Third Parties.

Delisting and/or unsupported Cryptocurrencies: if at any time any of the Cryptocurrencies form the subject of your order are delisted and/or we no longer support the trading in such Cryptocurrencies for any reason, then the applicable order will be immediately closed. If eToro is notified that a Cryptocurrency you hold in your account is likely to be delisted and/or removed and/or cancelled from any of the exchanges (some of them or all) and eToro believes that it shall not be able to trade in such Cryptocurrencies, eToro shall make an effort to sell the Cryptocurrencies on your behalf at such time and price, and in such manner, as it determines.

Automated Trading & Internet Risks

While trading on our website and/or applications, system errors may occur. You should be aware of the risks that may result from any system failure which could mean that your order may be delayed or fail.

You acknowledge that there are risks associated with utilising an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connections, the risk of malicious software introduction, the risk that third parties may obtain unauthorized access to information and/or assets (including your Cryptocurrencies) stored on your behalf, cyber attack, Cryptocurrency network failure (such as blockchain), computer viruses, communication failures, disruptions, errors, distortions or delays you may experience when trading via the Services, howsoever caused, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. You should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from eToro.

Fees and Costs

Fees and charges are set out on our website etoro.com under the ‘Fees’ section. Please be aware of all costs and charges that apply to you, because such costs and charges will affect your profitability.

Information

Any opinions, news, research, analyses, prices, or other information contained on this website are provided as general market commentary, and do not constitute investment advice. eToro shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information provided.

Past Performance

Past performance is not an indication of future performance. The value of investments can go down as well as up.

Currency Risk

Your account with eToro will be held in USD which may be different from the currency you used to deposit.  Accordingly, you should be aware of currency fluctuations.

Stock Investment Risk

When you invest in stocks on eToro, including SPAC stocks, you gain ownership of the underlying asset. This also entails exposure to the risks involved in stock investment. For more information on SPAC investment on eToro, click here.

SPAC Risks

Investing in SPACs carries different risks to investing in other stocks on eToro. Unlike other listed companies, SPACs are shell companies when they become public and, therefore, they do not have an underlying operating business. This means that you are relying on the managers of the SPACs to realise your investment. There is no guarantee that SPACs will be managed by individuals and firms that may not be competent or qualified to do so. You should read the SPAC’s IPO prospectus and any reports or other key information documents filed or published to understand the terms of your investments and the economic interests and motivations of the SPAC you are investing in.  Moreover, SPACs that do not carry out an acquisition within a certain time period will be liquidated. As a result, there is a risk that you may not recover some or all of the money directly invested by you into the SPAC. The liquidation of the SPAC is also likely to render any stocks held in the SPAC worthless. For more information on the specific risks of investing in SPACs, please click here.

The eToro Mobile App

The eToro app is available for iPhone (iOS) and Android devices. The main features include:

Manage your cryptocurrency portfolio from your smartphone using the simple yet powerful eToro mobile app.

eToro’s user-friendly mobile app gives you access to the cryptocurrency market, community, stats and updates 24/7. Buy or sell crypto on the go and your portfolio will be completely synced to all your devices — mobile, tablet and desktop.

  • Buy top cryptos on the go

    Choose from the most popular cryptocurrencies on the market, including Bitcoin, Litecoin, Ethereum and more.

  • Join the conversation

    Connect with other members in our crypto community and copy their portfolios with just a tap.

  • Stay a step ahead

    In the crypto world, things move fast. Receive real-time market updates, wherever you are.

  • The smarter crypto strategy

    Ready-made CryptoPortfolios™ are managed by eToro’s experts, designed for maximum performance.