eToro Review: A Complete Guide for The Beginners

If you are in search of a broker that would make you able to trade cryptocurrencies, sooner or later more probably you would find eToro as effective. Just as plenty of other Forex brokers in the USA work amazingly, eToro also successfully performs all around the world. Although every broker has some features and characteristics, still you must read their reviews before getting involved with them. We are presenting eToro review in detail for the beginners so that they can have a more clear idea about it.

eToro Review: Overview of the History of eToro

All of it was started in 2007, even before the emergence of cryptocurrency. People who want to use eToro for cryptocurrency trading must have to know the background of this platform. Three entrepreneurs stared it, and they wanted to make accessible to get to the trading, without having the need of who you are or from where you are. Meanwhile, they wanted to minimize the dependency on banks and other institutes of traditional finance. eToro was started as an online platform for trading that presents financial instruments in terms of graphs and a perceptive interface. WebTrader is a trading platform that eToro launched in 2009. It has a huge variety of professional tools for traders of all skill levels.

etoro review

 

In 2011, OpenBook was a huge step of eToro, which is the first social trading platform in the whole world. It includes the then-new feature of CopyTrader that allows you to copy booming traders. eToro in 2012 added stocks into its other assets, for instance, commodities and currencies. For both Android and Apple users, the eToro app launched successfully in 2013.

In 2015, the eToro platform boosted the interface for an even more innovative and intuitive experience. Later on, in 2016, it included CopyFunds, and managed portfolios, which can bundle several different assets within the market. Finally, in 2017 eToro updated its reach in the cryptocurrency world while adding support for crypto trading to the platform. It started with a variety of acceptable cryptocurrencies such as Litecoin, Ethereum, and XRP.

Leading Player Now

Well, now eToro is a leading player of CFDs and cryptocurrency in the whole world of trading, whereas the company is more than that as we have discussed its history above. Precisely, for over a decade, eToro has directed the fin-tech revolution and earned status as one of the leading social trading platform around the globe. The company began as a general trading platform, and later on, it added cryptocurrency and other instruments of trading to keep on establishing records for changing markets and growing demands. As an honor, recently over 6 million users were registered on eToro, pushing over its value as a leading industry.

Which Cryptocurrencies are supported with eToro?

After reading the history in eToro review, let’s have a look at the cryptocurrencies that are supported by eToro. As compared to other platforms, supported cryptocurrencies on eToro are relatively limited. As a general trading platform, it is the result of its nature as it opposes to exclusively focused cryptocurrency. On the other hand, you can own or short any popular cryptocurrencies. Well, supported cryptocurrencies with eToro are Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Ripple, and Ethereum Classic.

etoro review

 

What Makes eToro to stand out from other platforms?

The sheer number of investment and available trading options are one of the most prominent ways that make the eToro apart from other platforms. Users can have the benefit of the same platform for cryptocurrency trading as well as for trading assets, just because of the several different ways for investing and trading.

eToro is unique because of its social elements, and CopyFunds is an example of it. It is long term thematic investment in terms of managed portfolio making assets and expert traders with preset strategy. The ability to copy the investments of thriving traders is pioneering.

What Extra Trading Tools Does eToro Offer?

The eToro review shows that the platform aims at educating traders besides providing a platform for investment. Unluckily, almost all of the tools are directed towards traditional trading assets just like contrasting to crypto. Even then, they are helpful if you want to expand the portfolio to add more than just cryptocurrency.

All eToro users while making registrations will get “virtual money accounts” at $100,000. It is because they can efficiently work on skills and strategies before using their real money. Some other multiple tools are also there that can help you with actual trading for instance economic calendar. Just enter the date and set the time zone that you want to look as well as your trading assets. Later on, the schedule will display how the events will impact on your assets. Moreover, it also offers regular analyses of the market, which include excellent details along with quick overviews.

Who Can Use eToro?

Everybody can use eToro as long as they are in an eToro-supported country. eToro has a list of countries where it is banned because of the regulation changes conflicted with trading laws. So, people cannot use eToro legally if they are in Iran, Japan, Cuba, the United States, Canada, Syria, Albania, Serbia, and Sudan.

What Do eToro Charges?

As a substitute, eToro makes the profit from a huge range of charges. While opening a position on eToro, you don’t have to pay any fees. For each currency, it has a list of minimum spreads, and those prices are not assured. The eToro review points out that the spreads can vary depending on the liquidity and conditions of the market. Here are the daily break spreads; 3 percent for DASH, 1.5 percent for BTC, 3 percent for LTC,2 percent for Ethereum, 3 percent for XRP, 5 percent for NEO, and 5 percent for XLM.

It is available 24/7 just because of the nature of cryptocurrency trading. For overnight or weekend trades there are no charges to pay. As a substitute, eToro charge only fees to users who carry leveraged Ethereum or BTC positions. According to the team, various fees can be changed.

What are the Customer Reviews and Feedbacks for eToro?

According to users and reviewers of eToro, it exposes that this platform seems very user-friendly. It was designed to be instinctive, and people who want trade without any experience can grab the information they need to execute trades. The eToro review makes it clear that you can use this platform on your Android, iOS, PCs, or Macs. You can always take benefit of its intuitive functionality and keenly shown information on the subject of cryptocurrencies and assets through graphs and much more.

On the other hand, eToro has an excellent reputation online as the company is outsized and well established. It makes sure that your funds are safe and secure. Undoubtedly, traders are not responsible if there’s any loss because trading is a complicated business and everybody know that loss or gains happen are normal.

Other issues that eToro review highlights are the fact that eToro greatly publicizes that you can buy Cryptos with them. However, in reality, you don’t carry the assets themselves. Well, it happens with all of the brokers belongs to this category. If you want to own the crypto assets physically then, you have to buy then, on an exchange that provides this, such as Binance or Coinbase.

How Can you Deposit or Withdraw Your Money With eToro?

Well, plenty of ways exist for depositing on eToro, and you can just choose one that suits best to your needs. However, you must keep in mind that different deposit methods vary minimum deposits. You have options to deposit through bank transfer, wire transfer, Yandex, NETELLER, MasterCard, Visa, PayPal, Skrill, Webmoney UK, and others. In the case of withdrawing, you have to fill a form and then typically receive the money through credit card, bank transfer, PayPal or debit card. You need a color copy of passport, your signature, and your address proof, to make withdrawals on eToro.

etoro review

Who are the Competitors of eToro?

According to an in-depth eToro review, it has some competitors of the brokers that are previously reviewed in Forex brokers USA page. They are as follows;

eToro USA

According to eToro review, its main establishment is located in Israel, and it has two more facilities available in the UK and Cyprus. The company proudly serves its European and UK customers, but what about eToro USA. Recently, a new BETA version of a US-based marketplace has released with eToro. Unfortunately, if you live in the US, you are unable to place any funds for executing a trade. However, the company promises that it will make sure to provide this feature soon. Simply just register as an official eToro user and get $100 thousand in virtual credits. You can play with these credits and make an effort in the marketplace to become familiar with the trend. Well, it is smart business and eToro has guts to drag the potential customers without any actual service offerings. So, in the near future, eToro USA is coming soon so stay tuned.

Is eToro Safe?

At the end of the eToro review, now a question must be arising, is eToro safe for you? Well, eToro takes multiple steps for the peace of mind and guarantee of providing security to its users. Overall the company is regulated and sticks to the guidelines of FCA and CySEC. Making responsible decisions really help the traders and eToro offers a wide range of tools for all the levels. It includes guidance and risk management features for the first steps. Other than that, eToro takes safety measures to make sure the funds and personal information of clients are secure. In European banks of tier 1, the traditional funds remain safe and secure.

etoro review

Keep in mind all of the above information and remember that no regulations required for cryptocurrencies. Due to this, if you want to involve in crypto related investments or cryptocurrency trading, no insurance from the investor compensation schemes exist within the UK or Cyprus. The lack of regulations means that in case if you have a complaint, you cannot file with your financial authority service. Regardless of this, eToro feels honored in working to resolve issues as effortlessly as possible. Moreover, several social platforms exist, where you can record complaints to pressure other users.

Final Thoughts

Undoubtedly, the eToro review also focuses on other aspects of cryptocurrency trading, and it demonstrates it as a suitable platform. People who want to invest in crypto can get benefit out of it. Well, lack of supported cryptocurrencies is unsatisfactory, to some extent. The additional features of eToro give it extra worth, which includes CopyFunds as well as numerous graphs. eToro platform is significantly intuitive, and that is the plus point of it. Everybody would appreciate it, and eToro will not be suitable for those who want to invest in the least popular cryptocurrencies. On the other hand, people can have benefit, which cares about major ones or intends to use this platform for both crypto trades and fiat.

Do NOT hesitate and open an account with this great platform, eToro HERE. Let us know after your experience. Many websites only want to hear about bad experiences, we urge you to also share your GOOD experiences.

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eToro Reiew

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3 Comments

  1. I use the etoro platform since 2 years now. It’s the perfect broker for social trading. And the customer service is pretty awesome. One of the top indeed.

  2. It’s an awesome paragraph designed for all the online
    people; they will take benefit from it I am sure.

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