Prices are updated live in the eToro platform
The dashboard gives you an overview of all eToro currencies with links to your watchlist, portfolio, and newsfeed. You can open a detailed page with stats, charts, research, and recent discussions from other eToro users for each currency.
An overview of Ethereum on the stats page
One unique feature is called CopyTrader, where you can view and mimic others’ trades on the platform. Automating this brings you new trading opportunities, but there are also unique risks involved.
With a similar feature set, you can easily trade or monitor your accounts in the eToro Android and iOS apps when you’re away from your PC. Note that the eToro trading app is not the same as the eToro Wallet, a digital cryptocurrency wallet to store, send, and receive. However, the wallet doesn’t get the same good reviews from users that the trading platform receives.
Overall, traders can seamlessly move between the desktop and mobile platforms with ease. The platform isn’t as advanced as some larger rivals, but it covers the basics and works perfectly for new traders and those who don’t need the most advanced charting and trading tools.
Order Types
Summary: eToro traders can use market orders and other types of trades in their accounts. Professional traders can access advanced order types on the eToroX platform.
eToro is a beginner-friendly crypto platform. It handles the basics you can expect, like market orders. You can also enter stop loss and take profit trades to trigger under certain conditions automatically. Stop Loss and Take Profit are not guaranteed.
You can also create orders through CopyTrader, where your trades automatically do the same as another user. If you use CopyTrader, consider adding on stop orders to limit your losses when you’re away from your account.
There are no advanced trading options with eToro, but that should be fine for most beginner and hobbyist traders. Serious crypto enthusiasts may want a more robust trading platform with more trade types supported.
If you’re an institutional investor, you may be able to get access to an advanced trading platform with more trade types and potentially lower fees. However, this isn’t available to the typical retail investor.
Banking
Summary: eToro doesn’t currently offer a banking product.
No banking product here. While you can “bank” your crypto in eToro and its companion eToro wallet, you can’t do regular banking activities in USD. You’ll need a bank account linked to eToro to deposit and withdraw funds.
Customer Support
Summary: Customer support is easiest to reach by online chat or email.
eToro is primarily a self-service trading platform for most users. There’s a limited help section on the website and embedded in the web trading platform. Current customers can reach a live agent using chat support. Non-customers can send an email ticket with questions. You can also find a customer service phone number if you hunt around.
Those with growing balances may qualify for eToro Club, a premium membership where you can access an account manager for improved customer service. Accounts are eligible once you reach a $5,000 balance or greater. Members also get enhanced staking rewards (like interest on cryptocurrency) for eligible balances.
Regulations, Reputation, and Security
Summary: eToro is a regulated financial company in the United States. It has a good reputation, but cryptocurrency accounts inherently have more risk.
You should have few worries when signing up with eToro. It’s a large, global financial company that works with regulators in the United States and other jurisdictions. As with other major brokerage firms, eToro is regulated by the Securities and Exchange Commission and FINRA in the United States. It’s also a registered money services business with FinCen, a financial crimes enforcement group.
eToro accounts are safe to keep and use. As with any other financial account, it’s important to use a unique password and follow other online security best practices to keep your account and assets safe from hackers and other criminals. Outside of the risks that come with trading cryptocurrencies, you shouldn’t have any added worries using eToro.
Research and Education
Summary: eToro features basic research tools and education resources, but CopyTrader and social features make it a great place to learn about crypto.
Cryptocurrency research is more about market movements than fundamentals, so eToro’s tools are focused on charting and analysis for those types of assets. There isn’t a ton to rave about here, but the basics of what you may want to know are all available.
The education and market guides resources give you more information to learn how the markets work and move up the learning curve. It isn’t as robust as what you would see with a major stockbroker, but it covers what any new trader needs to know to get started.
For learning about investing, however, eToro offers a few unique products. Those include features to view other traders’ portfolios and histories and mirror their trades automatically. The social features are a fun way to learn about the markets without investing completely on your own.
Trading Experience
Summary: eToro works for new to experienced cryptocurrency traders and investors.
eToro’s feature set and user experience make it a leading option for those new to cryptocurrency. Unlike some advanced cryptocurrency products that require a ton of tech knowledge, you can start with eToro as a beginner who only gets the basics of crypto markets without getting overwhelmed.
The social and copy trading features are also relevant for Advanced traders who should find their needs covered, but more advanced platforms are available from competitors that also cover more currencies depending on your charting and trading needs.
FAQ
Is eToro regulated?
eToro USA LLC is a registered Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States and holds Money Transmitter Licenses (MTLs) in the states where applicable.
Where is eToro based?
eToro’s US headquarters is in Hoboken, New Jersey. It operates international registered offices in London and Cyprus with additional offices in Tel Aviv, Sydney, and Shanghai.
When was eToro founded?
eToro started in 2007 and launched in the U.S. in 2018.
How does eToro make money?
eToro makes money from spreads on cryptocurrency trades.
How do I deposit to an eToro account?
ACH or wire transfer
How do I withdraw money from eToro?
ACH or wire transfer. Cryptocurrencies can be moved to external wallets.
How do I open an account with eToro?
Online at etoro.com or the eToro mobile app.
Does eToro offer margin accounts?
No.
Are funds at eToro secured or insured?
Uninvested funds are FDIC insured.
Overall
Summary: eToro is a great place to get started with cryptocurrency for traders in the U.S.
With predictable pricing, an easy-to-use platform, and a growing community of excited cryptocurrency users to help you learn and refine your strategy, eToro could be the right place to get started buying bitcoin online, among other currencies. With the addition of stocks and ETFs, it’s a more comprehensive and exciting place to invest.
New and experienced crypto traders may find a good home at eToro, but it’s a standout choice for newer traders. If you want to get started with one of the popular cryptocurrencies, you should certainly consider eToro as a home for your crypto account.
eToro securities trading is offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Empire Media Network LTD is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.
