eToro is a social trading and multi-asset brokerage platform with offices in Cyprus, Israel and the United Kingdom. The platform allows users to watch trading strategies of others and copy them.The company’s products OpenBook and WebTraders allow traders to learn from each other. The features are user friendly and simple to use while the fees depend on market dynamics.
What is eToro?
Put simply, eToro is a globally recognized online broker offering access to hundreds of financial instruments. The platform emphasizes “social trading,” or online user-generated financial content. eToro actively encourages traders to interact with and seek advice from one another through its platform. This is best reflected in the CopyTrader service, where users can copy all the trades of leading investors. eToro now offers cryptocurrency, allowing you to copy-trade more experienced crypto investors.
eToro is available globally, with a few exceptions. It recently blocked trading in seven countries due to conflicting regulatory requirements. As such, it is not available in the following countries: x United States x Myanmar x North Korea x Cuba x Syria x Sudan x Iran
What cryptocurrency pairs can I trade?
In addition to traditional financial assets, eToro offers the world’s leading cryptocurrencies, including:
eToro offers three major funding methods: credit card, bank transfer and PayPal. Due to anti-money laundering regulations, funds must be withdrawn using the same method as the deposit, and transfers must go back to the same kind of account. For example, you are not permitted to send payments through a credit card and then withdraw money with PayPal. When it comes to funding your account, there’s a lot more flexibility. In addition to the methods mentioned above, you can fund your account through Skrill, WebMoney, Neteller and others, depending on your location.
How much will it cost me to use eToro?
All withdrawals are subject to a US$25 fee. Any withdrawals sent in currencies that are not US dollars are also subject to conversion fees. Accounts that are inactive for 12 months or more are also subject to a monthly fee of $5. Like other exchanges, eToro charges spreads on financial instruments. A full list of average spreads is available on the eToro website.
Trading on eToro.com
After all the talk of their history, features, how to deposit and withdraw, we think it is appropriate to talk about trading and how to start a trade with eToro.com. First, we need to log into our account and go to our user dashboard. On the screenshot provided above, users can see the important parts of the account. We’ve got the trade market tabs located on the upper part of the account page. We can see that there’s the Crypto Currency tab, followed by the ETFs and etc. The panel located on the left-hand side of the page has a little button (underneath the username and picture) named “Real” since the default page should show your real money account. Click on the “Real” button and select “Virtual” to start trading with virtual currency. For the benefit of everyone that is also trying their website out as they read our review, we will be using a virtual account today for the demo. Having a virtual account accessible any time is one of their great features available in eToro.com. What’s great about their virtual account is that everything that you have access to in a real account can be done with their virtual account, making learning a fun experience! Shown in the screenshot we’ve got the DISCOVER tab wherein Trade Markets, Copy People, Invest in CopyFunds can be found. Below that, under the MORE tab, we’ve got the most important tab on this website, the “Guide” tab where you will be walked through their website by following prompts.
To start a trade just click on the Trade Markets tab located on the side panel and select which market is interesting for you to try out. For this demo, we are going to select Crypto. In order to do that, just click on the Crypto market located in the upper part of the dashboard. After clicking, you will be redirected to a page just like the one shown in the screenshot above. The screenshot shows the squared part wherein the BUY and SELL buttons can be found. One thing to note is color green and red buttons. This means that Crypto is doing great against the US Dollar if it goes green, when it’s Red this means that it is doing badly against the US dollar. On the page shown in the screenshot above, you are able to choose between BTC, DASH, ETC, ETH, LTC, and XRP. Buying and selling are very easy! You just need to click on the Crypto that you want to trade and a separate window will be provided. On the buying/selling tab, you are able to select how many units you are going to buy/sell or change it to the amount you are willing to trade. This page also contains information about the trade in general like how much leverage is being provided, and the stop loss and profit can also be viewed here. Everything can be tweaked for the perfect trade and once the adjustments have been made, click on “Open Trade” to start the trade.
Once a trade has been successfully placed, this will show up under your Portfolio which can be found on the left-hand side panel shown in the screenshot above. Here you are able to open a new trade, close trades, view charts, and set new price alerts for your convenience. Their trading experience is really easy and refreshing compared to the cluttered trading platforms that exist today. The simplicity and full support when it comes to providing guides and educational material about trading are just great!
How quickly can I withdraw funds?
It normally takes eToro one business day to process your withdrawal request. The length of time it takes to receive your funds depends on the withdrawal method. For credit or debit card withdrawals, processing time is up to five business days. The same timeframe applies to wire transfers. Payments via PayPal, Neteller, Skrill and WebMoney are processed within one or two business days.