eToro, a prominent online brokerage, has been at the forefront of cryptocurrency and stock trading since its inception. Founded in 2007 in Tel Aviv by brothers Ronen Assia and Yoni Assia, along with David Ring, the company quickly made its mark by embracing digital currency trading early on, becoming one of the pioneering platforms to support Bitcoin (BTC) in 2013. Over the years, eToro has expanded its offerings, adding support for Litecoin (LTC), Ripple (XRP), and numerous other digital assets in 2017.
Today, eToro boasts a robust online trading platform supporting 80 cryptocurrencies and offering a versatile multicurrency crypto wallet. Under the leadership of CEO Yoni Assia and executive director Ronen Assia, the company has continually innovated, launching its visual FX trading platform in 2007 and introducing groundbreaking social trading features in 2010, allowing users to replicate the trades of successful investors automatically.
In subsequent years, eToro broadened its scope to include stock trading and expanded its reach to encompass European, Asian, and Australian markets, alongside commodities and currency trading. The addition of Bitcoin trading in 2013 marked another milestone in its journey.
In 2017, eToro further diversified its digital asset portfolio, incorporating XRP, Litecoin, and an array of other cryptocurrencies. The company’s U.S. crypto platform debuted the following year, and in 2022, eToro introduced stock and ETF trading options for U.S. investors.
Today, eToro remains dedicated to enhancing its crypto trading services to solidify its position in the fiercely competitive crypto exchange landscape.
Here’s a glimpse into some of the top cryptocurrencies available for trading on eToro’s platform:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dash (DASH)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Polygon (MATIC)
- Solana (SOL)
- Stellar Lumens (XLM)
With support for a total of 80 cryptocurrencies, eToro provides a diverse range of options for crypto enthusiasts to explore and invest in.
Trading Experience
Experience seamless trading with eToro’s user-friendly web platform and sleek mobile app, where customers can initiate trades by depositing fiat currency from a debit card or bank account.
Navigating through the intuitive “Trading” tab, users can easily access current prices and execute buy, sell, or conversion orders for cryptocurrencies. Notably, eToro stands out for its social trading feature, allowing users to emulate the portfolios and trades of top-performing traders.
While eToro offers basic market and limit orders, as well as margin trading for non-U.S. users, it lacks some advanced functionalities like conditional orders and extensive charting tools found in competitors’ platforms.
eToro’s platform caters to eligible users in specific jurisdictions, offering a range of digital currencies from Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) to 1inch (1INCH), Aave (AAVE), and Compound (COMP). Leveraged trading options are also accessible to eligible users.
One of the most compelling aspects of eToro’s trading app is the ability to automatically replicate the trades of successful investors through its social trading function.
Fees
Fees on eToro’s crypto trading are relatively competitive compared to those of its rivals, though users should remain vigilant about currency conversion and withdrawal fees, which can vary depending on their location.
- When trading cryptocurrencies, a 1% fee is applied to both buying and selling transactions, factored into the bid-ask spread.
- Sending or withdrawing cryptocurrency to and from eToro does not incur a fee from the platform, though standard blockchain fees still apply.
- Cash withdrawals carry a $5 fee, with a minimum withdrawal amount of $30. However, this fee is waived for Platinum, Platinum+, and Diamond Club members.
- Transactions are conducted in USD, and any non-USD transactions attract a conversion fee based on the prevailing spot rate plus 50 basis points.
- Additionally, eToro imposes a $10 inactivity fee per month for accounts inactive for over a year.
Security
With a longstanding presence in the online trading industry, eToro provides a secure and regulated platform for cryptocurrency trading, boasting a history of safeguarding investor funds for more than a decade.
Crypto assets stored in the eToro Money crypto wallet are securely held on the blockchain, while assets on the company’s crypto trading platform are predominantly stored in cold storage, minimizing the risk of fund loss stemming from hacks or operational errors.
In addition to employing cold storage for user funds, eToro strongly recommends the use of two-factor authentication (2FA) as an additional security measure. Users are prompted to enable 2FA following their initial deposit.
Account Setup
Setting up an eToro account is a straightforward process that typically takes only a few minutes. Users are initially required to provide a username, password, and email address. After email verification, users must answer a series of questions to gauge their risk tolerance and trading experience.
Account verification is also mandatory for eToro users, involving the submission of personal details, proof of address, and a valid government-issued ID. Identity verification typically takes a few days, with eToro notifying users upon completion.
Customer Support
eToro offers customer support through help centers and support tickets, though phone support is limited. For users in the USA, the phone number is 888-271-8365; however, support tickets and live chat are the primary channels encouraged by the company.
Moreover, eToro assigns account managers to cater to the needs of its most active traders, those with an equity balance of $5,000 or more, enhancing the overall experience for eToro’s dedicated clientele.
Customer Satisfaction
With a user base exceeding 20 million worldwide, eToro garners generally positive feedback from online reviewers across various platforms. Nonetheless, the platform also faces criticism from some current and former users, particularly regarding challenges with fund withdrawals and extended withdrawal processing times. Additionally, complaints about undisclosed or higher-than-expected fees are not uncommon.
Comparison with Other Cryptocurrency Companies
eToro stands out as a professional cryptocurrency exchange, offering users a platform to execute diverse advanced trading strategies. As one of the pioneering fintech companies to embrace cryptocurrencies, eToro initially focused on social trading before expanding its services to include a crypto exchange and dedicated wallet.
Leveraging its extensive market experience spanning over 15 years and a substantial user base, eToro is poised to emerge as a formidable player in the crypto landscape. Its unique features, including the copy trading tool, set it apart from other exchanges.
Comparison with Coinbase
When comparing eToro to Coinbase, notable differences emerge:
- eToro facilitates social trading, enabling user interaction within its platform, a feature absent in Coinbase.
- While Coinbase supports over 250 cryptocurrencies, eToro currently supports 80.
- Unlike Coinbase, which solely focuses on cryptocurrency trading and investment, eToro offers a broader range of investment options, including stocks and ETFs.
Conclusion
Cryptocurrency traders will find eToro appealing due to its competitive fees and seamless fiat-to-crypto conversion, while newcomers will value the innovative feature allowing them to replicate the trades of established traders.
