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eToro is an online social trading platform that allows users to copy the trading portfolios of other investors on the site. Initially a forex and stock trading platform, it has since shifted focus to cryptocurrency trading. While eToro makes it easy for beginners to buy crypto with fiat currency, it offers fewer crypto than other exchanges, and makes transferring crypto off the platform difficult.
- Pros & Cons
- Key Takeaways
Well-designed mobile app
Most crypto stored in offline “cold wallets”
Ability to copy popular traders
Availability of customer service
Margin trading not available in the U.S.
Limited number of supported crypto (58 total)
- eToro is a cryptocurrency exchange and social trading platform that allows users to buy, sell, and trade crypto.
- eToro is an international company, with global headquarters in Cyprus.
- It offers crypto trading to U.S. residents, but stock trading is currently in closed beta.
- It is a regulated exchange, complying with the U.S. Financial Crimes Enforcement Network (FinCEN) Know-Your-Customer (KYC) regulations.
- Year Founded 2007
- Official Website www.eToro.com
- Cryptocurrencies Available 45
- Customer Support Email, Phone
This review promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd.), UK (eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK, no EU or UK consumer protections & not supervised by the EU or UK regulatory framework. Investments are subject to market risk, including the loss of principal.
eToro is a cryptocurrency exchange that allows users to buy, sell, and trade supported cryptocurrency. eToro offers CopyTrading, allowing users to copy popular crypto trader portfolios. This feature makes it unique among crypto exchanges. However, there are only 58 cryptocurrencies currently available on eToro—far fewer than many exchanges offer.
New investors can easily purchase crypto with fiat currency (such as U.S. dollars) on eToro. Users can also join the eToro membership club for extra support, including a dedicated account manager, training webinars, and advanced trading tools.
We’ve reviewed eToro’s platform, fees, user experience, customer service, available crypto, and more to determine if it’s a good option for crypto investors and traders.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Founded in 2007 as a foreign exchange trading platform, eToro expanded its scope over time, adding stock trading and eventually cryptocurrency trading in 2017. eToro is known for its CopyTrading feature, which allows users to copy the trading portfolios of other investors on the site. In addition to providing a user-friendly online dashboard, eToro also lets users trade through its intuitive mobile app.
eToro is currently headquartered in London, and it's available in 60+ countries globally, as well as in 45 states in the U.S. (excluding Hawaii, Minnesota, Nevada, New York, and Tennessee).
Cryptocurrencies That Trade on eToro
eToro 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’re looking for on this exchange.
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 begin trading instantly. Wire transfer deposits may take up to seven days to become available.
Customers can access a list of crypto on the “Trading” tab, which allows them to view current prices, and buy, sell, or convert crypto. eToro 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 U.S.). But it doesn’t have some advanced trading features available on other platforms, including advanced charting, stop orders, or crypto trading pairs.
View eToro’s full list of crypto trading fees.
|Bank Account (deposit or withdrawal)||Free|
|Debit/Credit card (deposit)||Free|
|ACH Transfer (deposit)||Free|
|Wire Transfer (outgoing)||$5 (for non-U.S. residents only)|
|Purchases||up to 1%|
|Trades||up to 1%|
|eToro Money Wallet crypto withdrawal fee||0.5%|
eToro offers basic security features, including two-factor authentication, identity verification, and crypto cold storage.
Here are the details of some of eToro’s security features:
- Two-factor authentication: eToro 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, though it doesn’t say what percentage.
- FDIC insurance (up to $250K): eToro protects all USD funds with FDIC insurance up to $250k. This does not insure your cryptocurrency holdings.
Opening an eToro Account
Users can sign up for eToro by providing their name, email address, and password. After confirming their email address, users are required to verify their identity by providing personal information and documentation. This includes providing your address and Social Security or another identification number, as well as submitting a photo of a government-issued photo ID. As a further step, users must verify proof of residence by submitting a utility bill in their name or something similar.
Once verified, users can deposit funds and begin trading crypto or building their crypto watchlist.
Customer service assistance is available on eToro 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 education section on the eToro website with valuable guides and explainer videos. This makes it a great option for those looking to learn more about crypto and trading on the platform.
eToro stands out in the industry by offering phone and live chat support, as most crypto exchanges only offer email support and help documentation.
Overall, eToro has favorable reviews from users, though some complaints mention the lack of crypto selection as a downside. Reviewers state that the ease of use and the ability to copy trade make eToro an excellent platform for new investors to learn about crypto investing.
There are no formal rating agencies for cryptocurrency exchanges. User reviews are self-reported and may be anecdotal.
eToro offers both a web-based experience and a mobile app for buying, trading, and selling crypto. Desktop users can log into the eToro 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 the trades of their favorite trader.
Those who prefer to trade on the go can access eToro's simple mobile app. Users can buy, sell, and trade crypto; access their investing 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.
You cannot transfer crypto back to the eToro platform once it has been transferred to the mobile wallet.
How eToro Compares to Other Cryptocurrency Companies
eToro offers a simple way to invest in crypto and a unique CopyTrader feature. There are no hidden fees or commissions for investing in crypto on the platform.
This exchange is designed for beginners and doesn’t 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 large crypto exchange in the U.S.
eToro vs. Gemini
Both eToro and Gemini offer Bitcoin and other top cryptocurrencies for purchase and trading, as well as built-in digital wallets. Gemini charges high fees for credit and debit card purchases. Both also offer fewer crypto assets than most other crypto exchanges.
But while eToro is more of an investing and trading platform, Gemini offers the ability to take custody of crypto assets without the hassle of multiple transfers.
Here are a few other 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 onto its platform, while Gemini does.
- Gemini offers insurance on its crypto wallet, while eToro does not.
Gemini is more of a true crypto exchange, offering beginner and advanced trading platforms, the ability to earn interest on crypto holdings, and safe storage of crypto assets. eToro is better suited for casual investors who don’t want to take custody of their cryptocurrency but simply want to invest.
eToro is a decent option for investors and traders who want access to the most popular crypto options on a simple user interface. It also offers the CopyTrader program, which is unique in the industry and allows users to copy popular traders' investments.
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 mentioning good customer service and trading experiences.
Overall, eToro is a great option for investors who simply want to trade crypto, but don’t want to take direct custody of their currency. It offers a fun way to share your trading ideas, and follow popular traders to learn about trading crypto from others.
The Balance is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the data collection and review processes and weighted data points, is available for review.
FDIC. "Deposit Insurance FAQs."