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eToro crypto exchange review and features

eToro crypto exchange review and features

  • 25 March 2022
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AlsoeToro is an online social trading platform that allows users to copy other investors’ trading portfolios on the site. Originally a forex and stock trading platform, it has since shifted to cryptocurrency trading. While eToro crypto exchange makes it easy for beginners to buy crypto with fiat currency, it offers less crypto than other exchanges, charges high spread fees, and makes it difficult to transfer crypto off the platform.

eToro crypto exchange pros and cons

Advantages

  • Well-designed mobile app
  • Most cryptos are stored in offline “cold wallets”.
  • Ability to copy popular traders
  • Customer Service Availability

Disadvantage

  • High spread fees (up to 5%)
  • Margin trading is not available in the US
  • A limited number of supported cryptos (total 58)

eToro crypto exchange Introduction

eToro is a cryptocurrency exchange that allows users to buy, sell and trade supported cryptocurrency. eToro crypto exchange offers CopyTrading, which allows users to copy popular crypto trader portfolios. Also, This feature makes it unique among crypto exchanges. However, only 58 cryptocurrencies are currently available on eToro – far fewer than many exchanges offer.

New investors can easily buy crypto with fiat currency (like US dollars) on eToro. Users can also join the eToro Members Club for additional support including a dedicated account manager, educational webinars, and advanced trading tools.

We reviewed eToro’s platform, fees, user experience, customer service, available cryptos, and more to determine if it’s a good option for crypto investors and traders.

eToro crypto exchange: Company overview

Founded in 2007 as a forex trading platform, eToro crypto exchange expanded its scope over time, adding stock trading in 2017 and eventually cryptocurrency trading. eToro is known for its CopyTrading feature, which allows investors to invest in an automated portfolio that follows popular investors’ platforms. Aside from providing an easy-to-use online dashboard, eToro also allows users to trade through its intuitive mobile app.

Also, eToro is currently headquartered in London and is available in over 60 countries worldwide and in 45 US states (excluding Hawaii, Minnesota, Nevada, New York, and Tennessee).

Cryptocurrencies traded on eToro crypto exchange

eToro crypto exchange offers a small selection of popular cryptocurrencies on its platform, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE). There are currently only 55 supported cryptocurrencies on the platform, but new ones are occasionally added.

At the time of publication, popular cryptocurrencies like Terra (LUNA) and VeChain (VET) were not available on the eToro platform. And in general, those interested in smaller crypto projects may not find what they are looking for on this exchange.

Trading experience

eToro’s simple web-based platform and a well-designed mobile app provide an intuitive trading experience. Users can deposit fiat currency from a debit card or bank account and start trading immediately. Also, It can take up to seven days for deposits via wire transfer to become available.

Clients can access a list of crypto from the Trade tab, which allows them to view current prices and buy, sell, or convert crypto. eToro crypto exchange also allows users to select a CopyPortfolio, which invests funds in a portfolio designed by a top trader and copies their trades as they happen.

eToro offers market and limit orders as well as investing with margin (outside the US). However, some advanced trading features are not available on other platforms, including advanced charting, stop orders, or crypto trading pairs.

eToro Fees

eToro’s trading fees are based on the spread, which is the difference between the seller’s bid price and the buyer’s bid price. While spread fees vary between cryptocurrencies, they can be as high as 5% per transaction. So now View eToro’s full list of crypto trading fees.

Action eToro Fee 
Bank Account (deposit or withdrawal) Free
USD Wallet N/A
Debit/Credit card (deposit) Free
ACH Transfer (deposit) Free
Wire Transfer (outgoing) $5 (for non-U.S. residents only)
Crypto Conversion 0.1%
Purchases Spread fees (up to 5%)
Trades Spread fees (up to 5%)
eToro Money Wallet crypto withdrawal fee 0.5%

eToro Security

eToro crypto exchange offers basic security features including two-factor authentication, identity verification, and crypto cold storage.

So here are the details of some of eToro’s security features:

  • Two-Factor Authentication: eToro crypto exchange users can enable two-factor authentication (2FA) via SMS.
  • Biometric Access (mobile apps): eToro supports biometric verification via fingerprint scanning through its mobile app.
  • Cold Storage: eToro states that most of their cryptocurrency is stored offline, although it doesn’t say what percentage.
  • FDIC Insurance (up to $250,000): eToro crypto exchange protects all USD funds with up to $250,000 of FDIC insurance. Your cryptocurrency holdings are not insured.

Opening an eToro account

Users can log into the eToro crypto exchange by providing their name, email address, and password. After confirming their email address, users must verify their identity by providing personal information and documentation. So This includes providing your address and social security number or other identification number and submitting a photo of an official photo ID. In a further step, the user must prove his place of residence by submitting a utility bill in his name or something similar.

After verification, users can deposit funds and start trading crypto or create their crypto watch list.

Customer service

Customer support is available on the eToro crypto exchange 24 hours a day, five days a week. This includes phone, live chat, and email support. There is also a library of help articles and an educational section on the eToro website with valuable guides and explainer videos. So This makes it a great option for those who want to learn more about crypto and trading on the platform.

Also, eToro differentiates itself in the industry by offering phone and live chat support, as most crypto exchanges only offer email support and help documentation.

Customer satisfaction

Overall, the eToro crypto exchange has positive reviews from users, although some complaints mention the lack of crypto selection and high spread fees as downsides. Reviewers state that the ease of use and the ability to copy trades make eToro an excellent platform for new investors to learn about crypto investing.

Account management

eToro offers both a web-based experience and a mobile app for buying, trading, and selling crypto. Also, Desktop users can log into the eToro crypto exchange website, access their dashboard, and review their portfolio and watchlist. They can also find popular traders to follow or invest in a CopyPortfolio that mimics their favorite trader’s trades.

Those who prefer to trade on the go can access eToro’s simple mobile app. Users can buy, sell and trade crypto; access their investment portfolio; and follow popular traders. The mobile app is also the only way to withdraw crypto from the eToro platform, allowing users to move their crypto to the eToro Money wallet. From the eToro Money wallet, you can then transfer those cryptocurrencies to another third-party wallet.

How eToro compares to other cryptocurrency companies

eToro crypto exchange offers an easy way to invest in crypto and a unique CopyTrader feature. There are high spread fees, but there are no hidden fees or commissions for investing in crypto on the platform.

This exchange is designed for beginners and does not offer advanced trading tools such as stop orders, advanced charting, and futures trading. It also supports very few cryptocurrencies compared to many major crypto exchanges. Here’s how eToro compares to another major crypto exchange in the US.

eToro vs Gemini

Both eToro crypto exchange and Gemini offer Bitcoin and other top cryptocurrencies to buy and trade, as well as integrated digital wallets. Both also charge high fees for buying crypto directly, with Gemini charging high fees for credit and debit card purchases and eToro charging high spread fees. Also, Both offer fewer crypto assets than most other crypto exchanges.

But while eToro crypto exchange is more of an investing and trading platform, Gemini offers the ability to hold crypto assets without the hassle of multiple transfers.

So here are a few more differences between eToro and Gemini:

  • Gemini is available in all 50 states while eToro is only available in 45.
  • eToro offers stock trading on its platform, while Gemini is crypto-only.
  • eToro does not allow users to transfer crypto to its platform, while Gemini does.
  • Gemini offers insurance for its crypto e-wallet, while eToro does not.

Gemini is more of a true crypto exchange that offers beginner and intermediate trading platforms, an opportunity to earn interest on crypto holdings, and the safekeeping of crypto assets. eToro is better suited for casual investors who don’t want to hold their cryptocurrency but simply want to invest it.

Is eToro worth it?

When investing in cryptocurrency, eToro crypto exchange takes a unique approach to what you can do through interactions with others. Also, Being able to follow a top-quality trader (on the eToro platform) and have the platform trade the same trades automatically is an interesting concept.

Just remember that a trader who has done well in the past does not mean they will do so in the future. However, you can set limits on drawdowns and the amount of risk you are willing to take. And using the CopyPortfolio feature is another way to diversify risk.

If you are not sure about the eToro crypto exchange, you can test it. Also, Each user gets $100,000 in virtual currency to use to try CopyTrader. Easily compare eToro’s options and fees to other cryptocurrency exchanges like Coinbase, Binance, and Robinhood.

Final Verdict

eToro is a decent option for investors and traders who want access to the most popular crypto options through a simple interface. It also offers the CopyTrader program, unique in the industry, which allows users to copy the investments of popular traders.

With spread fees of up to 5%, eToro crypto exchange charges higher fees than many other crypto exchanges. However, there are no hidden fees or commissions, making eToro one of the more transparent crypto exchanges out there. eToro also has more positive user reviews than most crypto exchanges, with reviewers citing good customer service and trading experiences.

Overall, eToro crypto exchange is a great option for investors who just want to trade crypto but don’t want to directly store their currency. Also, It offers a fun way to share your trading ideas and follow popular traders to learn about crypto trading from others.


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One response to “eToro crypto exchange review and features”

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