Pros, Cons, Fees & Features Explained

Summary

eToro is one of the best platforms for seamlessly trading eToro stocks, exchange-traded funds (ETFs), cryptocurrencies, and more, all within a single platform. This popular online trading platform also has an amazing investor community.

eToro supports over 4,000 stocks, 430 ETFs, cryptocurrencies, commodities, currencies, and indices. It has a market-leading eToro social trading network that allows beginner traders to copy the moves of experienced ones. It also provides the traders exclusive perks for sharing their trading strategies.

This article has the eToro review, diving into the platform’s features, Etoro Pros and Cons, and other aspects in detail.

eToro Features

Here are some of the top features as per the eToro review research:

• Multiple Investment Options: eToro provides access to global assets for trading, including fiat currencies, ETFs, eToro stocks (both domestic and international), cryptocurrencies, forex, and commodities.
• Cryptocurrency Trading: The platform supports 76+ cryptocurrencies for trading, including CFD trading and staking. Along with that, a dedicated platform and wallet are provided for a seamless crypto trading experience.
• Diversified Portfolios: eToro supports ‘Smart portfolios’ that help ensure a diversified trading portfolio. This can also be categorized by industry or strategy based on the traders’ preferences.
• News Feed and CopyTrading Features: It has a news feed section that is just like that of social media platforms. This enables direct discussions, personalized alerts, and the ability to follow and copy successful investors directly from their feeds. 
• Educational Resources and Tools: eToro Academy provides educational content, demo accounts, investment analysis, crypto round-ups, and podcasts. This helps the traders enhance their skills and have a more learned trading experience. 
• SMSF Access: There is an option for users to open a self-managed superannuation fund via eToro. This is one of the top retirement plans that people are currently choosing. 
• eToro Club Membership: eToro has membership tiers with benefits based on realized equity. It also includes investment guidances, webinars, fee discounts, and more. As the traders increase their levels, they may unlock more benefits and privileges.
• Mobile Compatibility: It supports mobile applications for Android and iOS devices. This enables convenient and on-the-go investing.
• Platform Security: It is regulated by ASIC in Australia, with advanced encryption and optional two-factor authentication for enhanced security for the traders.

Setting up an account on eToro

Here are the steps to follow for setting up your account on eToro:

Step 1: Visit eToro – Visit the eToro homepage and look for the buttons labeled “Join eToro“.

Step 2: Share details- A user-friendly electronic form will open. Here, fill in the required personal details to create your new trading account.

Step 3: Read terms – Before sharing your information, once go though eToro’s Terms & Conditions and privacy policy. Understanding and agreeing to these guiding principles is essential to begin trading on eToro.

Step 4: Confirm – Once familiar with the terms, check the appropriate box for the same. And finally, click the “Create Account” button.

eToro KYC

Newly registered traders are required to complete a KYC process by submitting the following:

• Residence Proof – a utility bill from the last three months
• Identity Proof – a valid passport or other officially issued photo ID

Sometimes, during the KYC process, the trader may also be asked to fill out a questionnaire. This is to personalize eToro’s services for each individual trader’s profile, considering factors like profession, capital market knowledge, liquidity, risk tolerance, and investment goals.

eToro Availability

eToro is available across 70+ countries, connecting a global traders’ community. Check the whole list here:

eToro Security

eToro showcases a strong commitment to safety. It is regulated by ASIC (Australia), ensuring that it offers a secure and well-regulated platform for diverse trading options, including crypto trading.

eToro Money also has a crypto wallet, and its assets are directly stored on the blockchain without any interference from eToro as an entity. This enhances the security of the trader’s assets. Furthermore, the platform also supports two 2-factor authentication and encourages account holders to enable it. This is to add an added layer of protection for the funds.

eToro Customer Support

eToro provides customer support within easy reach for the users, like:

• Help centers and support tickets
• Live chat feature
• WhatsApp support is available for eToro Club members and users with an equity balance of over $5,000.

eToro Fees and charges

Here are the applicable eToro fees and charges for the users leveraging eToro for their trading experience:

• Crypto trading fees on eToro are relatively low, but the users must check the currency conversion and withdrawal fees, as at times they may be significantly high.
• A 1% fee is applied to cryptocurrency trades, but it is also dependent on the bid-ask spread.
• No fees are charged for sending/withdrawing cryptocurrency from eToro, but standard gas fees are applicable as per the market status.
• For cash withdrawals, a $5 fee is applicable, with a $30 withdrawal minimum, except for some level of Club members.
• In the case of any other currencies apart from USD, transaction fees also include a conversion fee based on the prevailing spot rate plus 50 basis points.
• If the user is inactive for over a year, an inactivity fee of $10 per month is applicable to the account.

Is eToro the best exchange for you?

eToro review indicates that it provides a user-friendly interface that caters to beginners and intermediate traders. The fee structure is easily understandable, along with added features like customizable charts, buying indicators, eToro copy trading, and a risk-free eToro demo account, enhancing the overall trading experience for the diverse trading options.

Trading opportunities on eToro may vary based on location and regulations, but it is widely known for offering a diverse array of features, making it appealing to a broader audience.

If you’re looking for more options, check out our comprehensive review of the best cryptocurrency exchanges in 2024.

Martin Nganga is a seasoned crypto writer and blockchain enthusiast with a passion for simplifying complex concepts in the ever-evolving world of cryptocurrencies. With years of experience in the fintech and blockchain industries, Martin brings a unique perspective to his writing, combining his technical knowledge with a knack for breaking down intricate topics into digestible insights for both newcomers and seasoned crypto veterans.You can reach me out here : [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.