eToro Review Summary
In this eToro review we reviewed features, pros and cons, fees, and more. eToro is a leading social trading network and online brokerage that lets you trade cryptocurrencies, stocks, and ETFs. Its easy and safe to use, and, with it's CopyTrader platform, a great option for new traders. We gave eToro 4.5/5 stars.
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Key takeaways from our review:
- Invest in stocks, ETFs, and other options from as low as $10
- Automatically replicate trading activities and portfolio of successful investors in one click
- Buy, sell, and trade over 70 popular cryptocurrencies
To sign up for a free eToro account with a $100k demo account, USA-based traders can get started here.
Pros and Cons
What Is eToro?
eToro is a leading social trading network and online brokerage which offers you to trade cryptocurrencies, stocks, and ETFs.
Founded in 2007 by Ronen Assia, Yoni Assia, and David Ring, the company originally started as a forex broker, operating under the name RetailFX.
A few years later, they launched eToro and introduced an innovative feature that allows you to automatically copy trades from other successful traders on the platform.
Today, eToro offers its products to a user base of over 20 million users in 140 countries worldwide - including the United States. The platform allows customers to trade stocks, cryptocurrencies, and ETFs.
The platform is safe to use and is compliant with top-tier regulatory authorities such as Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), and Cyprus Securities and Exchange Commission (CySEC).
eToro’s unique proposition is its social trading feature, CopyTrader. This allows you to automatically replicate trades and portfolios of other successful investors. And if you’re not ready to take risks with your hard-earned money, you can take advantage of the eToro demo account funded with $100,000 play money to practice trading.
eToro Review Important Links
eToro Company Physical Address:
Tel Aviv, Israel
eToro Products & Features
eToro has tons of products you can invest in. Starting from stocks, bonds, cryptos, commodities like gold, silver, oil, CFDs and ETFs. You will get to know about all these products and features in detail.
eToro allows you to trade a wide variety of leading crypto assets with ease by providing a bunch of innovative tools.
This platform has a singular crypto exchange that offers a wallet along with trading tools to trade 75+ different coins.
eToro allows you to trade 500+ crypto pairs (such as ETH/BTC) and non-USD fiat currency pairs as well.
You can also follow each coin’s trend, create a custom watchlist, copy crypto trading strategies from top-performing traders with CopyTrader and expand your crypto portfolio by Staking.
However, crypto trading instruments are not available in every country, especially in the UK, Australia and some EU countries where crypto is unregulated.
From AMZN to TSLA, eToro makes investing in your favorite stocks accessible and easier for you.
eToro has over 3,000 stock assets from 17 top stock exchanges worldwide in various categories like retail, energy, technology, and healthcare.
You can simply deposit as low as $10, buy shares or fractional shares and build your portfolio.
And the best part is you don't pay any commission or trading fees. eToro charges zero brokerage or ticket fees for stocks. And when you buy shares of a company, you also get paid when the company issues dividends.
You can hold stock positions for as long as you like and also copy portfolios of top stock investors with Copy Trading feature.
Contract for Difference (CFD) trading lets you engage in a contract with a broker instead of buying the underlying asset directly.
Here you can leverage CFD commodities which might not be possible with traditional investing.
You also get access to analysis tools and risk management to take your CFD trading to a whole new level.
Exchange-traded funds (ETFs) offer you a flexible way of investing in the financial markets at a low-cost entry point. And etoro makes it super exciting to invest in ETFs on its platform.
It’s an ideal method to diversify your portfolio without excessive management fees.
eToro provides you an opportunity to invest in ETFs as the underlying asset.
eToro’s CopyTrader is a unique, innovative feature that allows eToro users to replicate the trading actions of other investors in real-time.
This game-changer technology is one of the key reasons why eToro is regarded as a leader in the fintech revolution.
You can automatically copy trading activities and positions of top-performing traders in your portfolio at no extra charge. The minimum amount required to copy a trader on eToro is $200.
For novice traders without relevant trading experience or time to monitor the markets, this feature will be a lot more useful.
Learn more about how it works here.
eToro Available Cryptocurrencies
eToro X offers you a wide selection of cryptocurrencies over 75 cryptocurrencies including the major ones like Bitcoin, Ethereum, Litecoin, and Solana. It also offers a wide selection of ready-to-trade stocks, commodities and investment options.
Here are some of the crypto assets available:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Binance Coin (BNB)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Shib Inu (SHIBxM)
And much more.
You can see the full selection of crypto assets available for trading here.
eToro Trading Fees
We have an in-depth eToro fees guide here, so we'll keep it brief in this review.
eToro charges a flat 1% fee per transaction for trading crypto on its exchange. This means that whenever you buy or sell any coin, the calculated fee is added to the market price before you open or close that position.
For stocks, eToro does not charge any commission. You get to invest in stocks for free with no broker, rollover, or ticket fees.
Deposits on eToro are free of charge whether via debit cards or bank transfer (for both the U.S and non-U.S customers). For non-US dollar deposits, there’s a conversion fee that varies depending on the currency.
eToro processes fiat withdrawals with a fixed $5 withdrawal fee to cover money transfer expenses. And you can withdraw a minimum amount of $30.
If your account is inactive for up to 12 months, the platform will charge a $10 inactivity fee per month from your available balance.
eToro Mobile App
eToro serves its customers through its user-friendly web platform and apps as well.
The platform has two individual apps: the eToro Cryptocurrency Trading app and the eToro Wallet app.
The eToro trading app houses the trading platform for stocks, crypto, and other commodities. It lets you monitor your trades on the go. While the eToro wallet lets you send money, receive money, and also hold your crypto assets.
eToro trading app is available on both Android and iOS.
How to Create an eToro Account? - Step By Step
Starting your trading journey begins with setting up an eToro account which takes only a few minutes.
To be eligible for an eToro investment account, you must:
- Be 18 years or more
- Be living in any of the countries where you can access the platform
- Have a valid email address and phone number
Here are the steps on how to open a new trading account on eToro:
- USA-based traders should open an account here. Fill out the sign-up form. You can also sign up with Google or Facebook.
- Once you’ve passed the email verification step, you need to complete your profile by adding more personal information including your address, place of birth, country of citizenship, and more. You’ll also need to complete an assessment on your investment experience.
- The next step is to verify your phone number. From your eToro account, add a valid mobile phone number and click “Send SMS” to receive a verification code. Enter the code you received on your phone and click “Verify” to complete this step.
- You’re required to verify your identity by submitting a high-resolution copy of your valid passport or a government-issued identification card. The copy must clearly show your full name, date of birth, photograph, and valid expiry date.
- To also verify your address, you can upload a valid utility bill or document (dated to the last 3 months) that shows your name and current residential address.
After completing all these steps, you can now deposit funds in your eToro account and begin trading.
eToro Blocked Countries
Due to regulatory requirements and risk management considerations, eToro is not able to offer its products and services to new users in some regions.
Here are some countries blocked from using the social investment platform:
- Burkina Faso
- North Korea
Want to check if your country is restricted from the platform? You can see the full list of eToro blocked countries here.
How to Join eToro Club?
eToro Club is an exclusive membership that offers an exceptional level of additional premium services.
The platform offers five membership tiers to aspiring club members which are:
- Silver ($5000 equity)
- Gold ($10,000 equity)
- Platinum ($25,000 equity)
- Platinum+ ($50,000 equity)
- Diamond ($250,000 equity)
eToro determines your membership tier according to your “realised equity,”. This is calculated from your cash balance plus the total purchase value of all your holdings at eToro.
As a member of the club and depending on your membership tier, you’d enjoy a varied range of benefits such as:
- Live webinars
- Daily market summary
- Discounted tax return
- Exclusive eToro money visa debit card
- Dedicated account trading manager
- Invitation to top-tier industry events
And much more.
eToro Platform Alternatives
Here’s how eToro stacks up against other close alternatives. Let's look at quick comparison of eToro with its competitors.
eToro vs Robinhood
eToro and Robinhood are similar fintech platforms offering their global user base an easy way to invest in crypto, stocks, exchange-traded funds (ETFs), and other options. eToro’s major selling point over Robinhood is its CopyTrader feature which allows you to copy trade positions of top-performing investors. Also, you get more ready-to-trade crypto coins (over 75), and better security on the Israeli-based fintech platform.
Robinhood, on the other hand, charges lesser fees for cryptocurrency trading, offers margin trading and is pretty easy to use. Overall, eToro is a better choice for traders of all kinds due to its innovative features, wide selection of crypto coins, security, and user-friendliness.
eToro vs Coinbase
While Coinbase is a US-based dedicated crypto exchange to buy, sell and trade popular crypto assets, eToro is a multi-asset brokerage and social trading platform. With eToro, you get to invest in stocks, ETFs, CFD, and crypto as well. Its fee-free deposits, strict security mechanisms, and CopyTrader feature that lets you replicate the trade positions of experienced traders make it unique.
You also get a demo account funded with $100,000 to practice trading strategies without risk. Coinbase is great if cryptocurrency trading is your main forte. The well-secured exchange comes with 200+ ready-to-trade cryptocurrencies bundled with the right charting tools in an extremely intuitive interface.
On trading fees, Coinbase charges way high on its basic tier. But if you upgrade to its advanced platform, you’ll pay 0% - 0.6% which is less than the 1% fee charged on eToro. Lastly, eToro isn’t available to some states in the US. If you want to focus on crypto, Coinbase is a better option. But if you need a multi-asset broker where you can invest in stocks, ETFs, and crypto as well, go for eToro.
Being a great financial software product, the eToro trading platform enjoys an excellent rating of 4.3 with over 16k reviews on TrustPilot.
Compared to other crypto exchanges, eToro also enjoys impressive ratings for its mobile apps, having 4.3 stars on Apple App Store and 4.2 stars on Google Play Store. This shows that a sizable chunk of its customers is satisfied with the social trading platform.
Independent financial publications such as NerdWallet, Forbes, and Investopedia all rated eToro above 4.0 stars and recognized the platform as a pioneer in social investment.
eToro enjoys an excellent reputation due to its focus on security, regulation, transparency, and customer service.
eToro Customer Reviews
eToro is the world’s largest social trading platform used by millions of customers around the world. Here are some of the reviews from eToro users.
“My experience with eToro to date has been faultless. My accounts manager Tom Williams is always on hand should I need advice and help on any matters. I find the platform very user-friendly and easy to use especially when new to trading.”
“Very easy to use and has heaps of features to help understand even for a beginner like myself.”
“Great for 1st-time investors! A great site to start in the investment game, easy to navigate, with all the help you need, easy explanations, scenarios…”
You can see more testimonials on the eToro reviews page.
eToro Trading Platform FAQs
Yes, eToro is a legitimate trading platform used by millions of customers worldwide to trade crypto, stocks, and commodities. The platform is well secured and highly compliant with top-tier federal regulatory authorities.
eToro charges a flat 1% fee per transaction for crypto trading. This is relatively moderate when compared to other mainstream crypto exchanges. Also, the platform supports fee-free fiat deposits and zero commission on stocks and ETFs.
No, eToro does not offer automatic verification. While signing up for a new account, you’ll be required to go through a verification process that involves submitting your phone number, proof of identity, and proof of address.
eToro provides a demo account to experiment with different risk levels, follow real-time trends, and experience all the platform has to offer. All eToro demo accounts are automatically credited with $100,000 in virtual funds.
Verdict - Is eToro A Best Choice for Online Trading?
As you’ve seen in this eToro review, eToro is an attractive platform for any serious investor interested in trading popular cryptocurrencies, CFDs, ETFs, and stock options.
With 75+ available crypto coins, a wide selection of stocks and ETFs, fee-free deposits, and a demo account funded with $100,000, eToro is one to consider for your trading journey.
The fintech platform takes a unique angle with its CopyTrader feature, allowing you to automatically replicate the trade activities of successful traders.
Overall, eToro is an excellent, well-rounded trading platform perfect for investors who are keen on diversifying their portfolios.