eToro Review (December 2022) - Pros, Cons, Features, & Pricing - Comparewise
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eToro Review (December 2022) – Pros, Cons, Features, & Pricing

eToro is a digitized worldwide trading platform that allows you to trade currencies, cryptocurrencies, commodities, indices, and stocks. It now has more than 20 million users globally. eToro is a prominent broker founded in the United Kingdom in 2007, with over 17 million members in 100 countries. In this eToro review we’ll cover all the details about this platform.

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Last Updated: Nov 25, 2022

eToro

  • Not available to residents of Canada
  • Trade with no fees
  • Interact with other traders through social trading

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eToro Alternatives

eToro is not avilable in Canada. You might consider using another crypto exchange, such as:

Thanks for checking out our eToro review!

On this platform you can literally trade up to fifty different cryptocurrencies whenever you live in Canada or US, while non-US users have the option to even trade equities, and exchange-traded funds. When you are thinking what makes this platform different from others, is that it’s very based on social trading, basically there is a social networking platform, and that’s very good think for beginners.

Users can literally interact with other people in the community, there are traders who actually copy other traders move for move, which makes them profits, based on those successful traders way. That’s why eToro is actually more recommended for beginners, because they can easily learn and also make profits.

It’s no secret that eToro is one of the most popular trading platforms in the whole world that supports over forty cryptocurrencies and multicurrency crypto wallet too. Let’s get into our eToro review.

eToro Overview

Let’s get started with our eToro review. Co-founders of eToro are Ronen Assia, David Ring, and Yoni Assia who founded eToro in 2007. Assia is currently a forex online broker, but also the CEO of the firm. In the beginning of the firm, they changed the name to eToro, and started selling stocks, commodities and indices.

In 2010 it established itself as leading social trading network, and later on it did a phenomenal breakthrough in the world of trading and investing, because of the “mimic moves” that the beginners copied from the successful traders. eToro launched support for Bitcoin in 2014, giving users the ability to purchase and sell CFDs (on the top digital currency in the world) to users outside of the United States.

The availability of ETH and XRP on the platform did not occur until after a period of four years, and subsequent years saw the addition of other digital assets. However, eToro pushed fully into the cryptocurrency market. And today, eToro is striving to carve out a niche for itself in the very competitive market for cryptocurrency exchanges by consistently enhancing the quality of its cryptocurrency trading services.

Who is eToro for?

eToro is probably going to feel the most like home to cryptocurrency newcomers who want to learn by doing. eToro have quite a friendly and good community that is providing social features on a daily basis such as news feeds for individual cryptocurrencies.

A good way to get started in the realm of cryptocurrencies is by engaging in conversation with other people and delving into social feeds. At eToro, imitation is the highest form of flattery because it is so honest. The site provides functions that allow you to imitate the investment tactics of leading crypto traders, and you will be paid if other users replicate your trading techniques.

The second component may be appealing to more experienced crypto traders since they have the opportunity to earn yearly awards on the platform that are equivalent to up to 2 percent of their average balance for cultivating followers. eToro would not be considered as your choice, if you want rock-bottom fees and access to other assets, despite the fact that you are neither a beginner or someone who want to invest in cryptocurrency.

Etoro Review Crypto Desktop - Comparewise

eToro’s platform is not designed to be user-friendly for those who are not beginners. Users may discover cryptocurrency trading at reduced costs elsewhere. Check out the possibilities available to you online and search for the best ranking cryptocurrency exchanges. Check out and find all-in-one trading platform that gives you access to a diverse range of asset classes if that is what you are looking for.

Commissions and Fees for Using eToro

On cryptocurrency exchanges, especially ones that are geared toward novice users like Coinbase and Gemini, pricing may be difficult to understand. When you purchase cryptocurrency through eToro, the company charges fees, which are more accurately referred to as “spreads,” and this transparency is quite welcome.

Spreads may be different for each currency, and they shift often in response to changes in market circumstances. Having said that, the price strategy that is used by eToro is somewhat more intricate than the one that is provided by some of its competitors.

When you acquire or sell an asset, you will often be required to pay a certain spread. You are in need to pay for the “round trip” in full before using eToro. This indicates that you are paying a spread for the purchase of the coin in addition to a spread for the potential selling of the coin in the future.

This distinction may be a matter of semantics for you if you always want to maintain your cryptocurrency purchases on the eToro platform and never intend to transfer them somewhere else.

If you believe that the value of the cryptocurrencies you acquire will increase over the time that you keep them, you may be able to get away with paying a lesser sell charge in advance since the market value of your cryptocurrency will be lower at the time that you purchase it.

Etoro Crypto Mobile App - Comparewise

However one of the biggest disadvantages of eToro is if you want to take your coins into a cryptocurrency wallet, and out of the eToro trading platform, you will be no longer able to move them back into the platform. In this scenario, you have effectively thrown away the “sell” spread cost, and you will later be required to pay it again in some other capacity.

Spreads start at 0.75% for Bitcoin (BTC) and go as high as 5% for Tezos. Bitcoin (BTC) spreads are the lowest (XTZ). If you do the arithmetic, the spread cost that eToro charges on Bitcoin comes out to around 0.375 percent in both directions. This cost is on the upper end of what most cryptocurrency exchanges charge, but it is not prohibitively expensive. However, one may get other coins at a far lower cost in other locations.

Additional eToro Fees

eToro doesn’t impose any further fees for trading or account administration in addition to the ones mentioned above. While the firm has a $30 minimum cash withdrawal, there are no fees.

As a result, you’ll be charged a crypto transfer fee that ranges from 0.50 percent to over $50 if you want to transfer coins from the eToro platform to a third-party wallet. Converting crypto to crypto costs 0.1 percent, depending on eToro market prices.

eToro Technology and Platform

On the eToro platform there are standard brokerage services like watch lists, price alerts, news feeds that are available and free to use. However, its unique community and automated trading algorithms are what make it stand out from the others.

eToro Trading Expirience

The good thing is that after you make a deposit of fiat cash, you can instantly begin trading on the web-based platform or the well-designed mobile app. Users are able to monitor current prices, buy, trade, and convert cryptocurrency all inside the user-friendly “Trading” page of the website.

eToro’s social trading tool, which enables users to imitate the portfolio holdings and transactions of top traders, is perhaps the feature that has brought it the most notoriety. eToro does not offer some of the more advanced features that its competitors do, such as conditional orders, advanced charting capabilities, or cryptocurrency pairs.

However, it does offer the standard order types of market and limit, and it enables users who are not located in the United States to invest on margin. The platform also enables users in some other countries to trade Bitcoin, Ethereum, Litecoin, and other cryptocurrencies as well.

eToro is a financial trading platform that was founded in the year 2013. Users that meet the requirements may also participate in leveraged trading. The capability of the eToro trading app to automatically imitate the trades of successful traders via the use of the social trading function of the platform is, in our opinion, the most intriguing aspect of the app.

Etoro-Mobile-App-Comparewise

eToro Security

The platform is very safe and regulated trading platform, according to some studies, eToro may be one of the top safest five cryptocurrency platforms for beginners. For over ten years the company didn’t had a single hack in the system, which makes it a safe and proven track record of safely holding client assets.

The cold storage on EToroX is keeping the investor’s money safe, that way the assets couldn’t be lost as a result of a breach in the security system or simply a bad mistake in the operations procedures. The company GK8 which is a cybersecurity company is helping eToro, with a cold storage custody as a service solution.

Also the investors are strongly encouraged to activate a two-factor authentication as a good additional layer of security. This is in addition to the fact that user money are kept in cold storage by eToro. However, it is not quite necessary to enable two-factor authentication, but it’s very recommended.

How eToro Stacks Up Against Crypto Competitors

eToro provides its customers with access to a professional cryptocurrency exchange that enables them to carry out a variety of sophisticated trading methods. Before eToro reach its heights, the company was one of the Fintech companies to embrace cryptocurrency, so it’s a really early and reliable company, before deciding to go further with the creation of a cryptocurrency exchange and wallet for its customers.

eToro is well on its way to being a dominant player in the cryptocurrency industry given the scale of the firm, its 15 years of expertise in the field, and its large user base. Because of these characteristics and the copy trading tool that it offers, it stands out from the other cryptocurrency exchanges that are now accessible. Here is a look at how eToro stacks up in comparison to Coinbase, another famous cryptocurrency exchange

Coinbase1 - Comparewise

eToro vs Coinbase

  • eToro allows its members to communicate with one another and engage in social trading via its platform. There is no provision for social trading inside Coinbase’s interface.
  • On Coinbase, there are over 150 different cryptocurrencies, whereas eToro supports slightly more than 40 different cryptocurrencies.
  • Coinbase’s only purpose is to facilitate trading in and investment in cryptocurrencies. eToro users are able to invest in equities as well as exchange-traded funds (ETFs), in addition to cryptocurrencies.

eToro Education

As part of any eToro review, you should know what you can expect to learn while utilizing the platform, or any platform for that matter. eToro provides a number of tools for cryptocurrency traders to improve their trading, determine which cryptocurrencies are worth investing in, and make purchasing and selling choices.

eToro’s Trading Resources

The ability to open a “paper trading” account to test out your stock trading strategies is available on certain major trading platforms and brokers, but this feature is uncommon when it comes to cryptocurrencies. In reality, the virtual trading account is a replica of the genuine one.

With a $100,000 virtual practice account, you may practice your trading technique or practice placing buy and sell orders. New bitcoin traders may find this feature particularly helpful as they learn to understand indications and spreads.

Browse professional portfolios by asset, popularity, name and year-to-date results to find the best trader for your needs. You must, however, deposit at least $200 in order to use the CopyTrader feature. eToro’s trading interface makes it simple to keep track of all the many alternatives available to you.

  • Cryptocurrency prices fluctuate at a rapid pace. Create watchlists of currencies that interest you and set personalised alerts using the eToro platform.
  • It has recently been implemented that participants of the eToro Club will get educational rewards depending on the overall value of their portfolio. Exclusive marketing mailings and invites to in-person events will be among the many perks available to club members after COVID. There is no extra cost to join the eToro Club, and there are many levels of membership available. Your level of membership is determined by the initial amount of the assets you deposit into your portfolio; the most perks are available to customers who have more than $250,000 in assets under management.
Etoro-Review-Social-Portfolio-Comparewise

eToro Usability

Beginner traders often face hostility while attempting to enter the realm of bitcoin trading. eToro provides a platform that is user-friendly, easy to use, and can be mastered by anybody in as little as a few transactions. The following are some of eToro’s many great features, in our opinion

A simple, fast sign-up process

When you sign up for an account with eToro, all you need to do is input a few pieces of personal information and verify your identification. A trading account may be created in as little as ten minutes for the vast majority of traders.

A dashboard similar to that of social media

Have you ever found yourself curious in what other people are saying about cryptocurrencies such as Bitcoin, Litecoin, and others on social media? You are able to purchase and sell cryptocurrencies using the trading platform that eToro provides, but you are also able to speak with other traders and see the opinions of other traders about the coins that you are interested in trading.

To read more about what other traders are saying about a certain cryptocurrency, you need just click on the coin that you are considering purchasing or selling.

eToro’s site is easy to browse

With simple order placement and up-to-the-minute price information, making it ideal for newcomers. The platform also supports intuitive buy and sell order placing. In addition, eToro provides real-time charting and price updates through its ProCharts feature (which enables users to view several charts at once and get access to various charting tools), as well as a free sentiment calculator for each and every currency that is supported by the site.

Despite the fact that it does not have as many charting and analytical tools as some of its rivals, eToro’s ease of use might be a refreshing change for traders who are just starting their exploration into the world of cryptocurrency trading. When the eToro SPAC listing first becomes live, you could even have the intention of purchasing some eToro shares.

Even while purchasing eToro stock may not be at the top of your priority list, doing so may provide you with an opportunity to join in on the ground floor of a rapidly expanding business.

Offerings of Cryptocurrency by eToro

eToro Crypto gives investors access to 29 of the currencies and tokens that are the most widely traded, which is why they only received 4 out of 5 stars for their lack of diversity in the cryptocurrency market. While you are reading this eToro review, keep in mind that the cryptocurrency offers will have a significant influence on the way you invest.

If the tokens you wish to use are already stated above, then you are free to proceed. If this is not the case, you should conduct some further research to see what could be the most beneficial for you. Can you day trade crypto? Yes. Even though it has a large number of cryptocurrencies on its list, eToro is not the most exhaustive marketplace for buying and selling coins and tokens.

Binance-Mobile-App-Comparewise

Alternative exchanges like as Coinbase and Binance have added several dozen new currencies to their services over the course of the last year as part of their ongoing efforts to grow their currency and token markets. In addition, the money in the Metaverse Life Smart Portfolio on eToro, are invested in equities and cryptocurrencies that are connected to the Metaverse in some manner, shape, or form.

It is crucial for investors to have exposure to this market since the Metaverse is a component of the conceptual future of the Internet. The Metaverse uses augmented reality to connect people together in commercial and social situations. This well-diversified portfolio contains several industries such as computer hardware, computer software, and cryptocurrencies, amongst others.

Is eToro Available to Canadians

Unfortunately, Canadians are not able to use the platform eToro. However Interactive Brokers, Questrade, and others are some of the other options available for Canadians.

Is eToro coming to Canada?

eToro ceased all activities in Canada some years ago, and it is quite unlikely that the company would have any kind of presence in that country in the foreseeable future. After its inception in 2006, the site became accessible to residents of Canada; however, the company was not yet in a position to provide brokerage services inside the country since it lacked the appropriate registrations.

They were fined and achieved a settlement with the Ontario Securities Commission (OSC) in 2018, after a number of encounters with the OSC over the course of the previous year. eToro removed the option for Canadians to utilize their service earlier this year.

In point of fact, if you have an IP address from Canada, you won’t be able to visit their website. There is a very much strong possibility that they will not return to the Canadian market any time soon.

Social-Etoro-Profile-Comparewise

Pros and Cons of eToro

Next in our eToro review we’ll go over the pros and cons of their platform.

eToro Pros

  • Trade fifty different cryptocurrencies
  • Staking in cryptocurrency is actually provided so that you may earn interest on your assets.
  • Mobile app and the eToro Money wallet are both available for your use.
  • Interacting with other traders and even automatically replicating their deals is what’s meant by the term “social trading.”
  • Demo account where you may trade without taking any risks with a virtual sum of $100,000.

eToro Cons

  • Trading commissions of 1 percent or more
  • Trading in stocks or contracts for difference is not available in USA.
  • eToro Club members are the only ones who have access to the Live Chat feature.

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FAQs about eToro

Can I trade stock with eToro?

eToro is a well-known platform for online stock trading; however, citizens of the United States are unable to use the platform. Stocks, Exchange-traded funds, and bonds for differences are all available for trading by non-US citizens.

What is the eToro wallet?

The eToro wallet provides users with a safe and secure place to store cryptocurrency. You can literally move your cryptocurrency from the eToro trading platform to the eToro wallet, send and also receive cryptocurrency to and from other wallets. The eToro wallet is now being released in stages, one state at a time, and can be downloaded via the Google Play Store on Android devices and the Apple App Store on iOS devices.

Is it secure for eToro to store my personal information?

eToro protects your personal data by encrypting it using SSL, which is provided by reputable financial institutions.

How much longer will it take for me to collect my funds?

The seven-day holding period applies to any money that were first deposited utilizing online banking services. You will have the only option of having them delivered to you within the next two business days (Saturday and Sunday are not business days).

What are the advantages of participating in social trading using eToro?

You are able to see what other actual individuals are trading in real time with eToro's CopyTrader. It simply takes a few clicks to construct a genuine people-based portfolio, and you can grow it by finding the traders you like, following them, and copying the behavior they engage in while trading.

Is it actually free to use eToro?

The cost of using eToro's copy-trading service is included into the spreads offered by the company. Even while using eToro may be "free" in terms of fees, there are other charges associated with trading that you will be responsible for, such as the bid-ask spread. Commissions, spreads, or any mix of the two are how all online brokers generate revenue for themselves (and may receive rebates and the like). However you will not be subject to any additional fees beyond the spreads and carry charges, if you opt to hold positions overnight.

Is it easy to get started with eToro?

To answer this question, yes, eToro is actually a good option for novice traders. The trading platform may be learned quickly and does not include an excessive amount of complexity. eToro have many helpful tools and features for beginners and also for experienced traders, so it certainly does a fantastic job of striking that balance, but also it has an amazing online platform and easy to understand mobile trading app too. But that doesn’t have to mean that it is easy to generate profit, you can have all the tools and features, but if you don’t learn how to make profit and be cool on your losses than you will likely end up gamble a lot of your money. One of the challenges that beginners may encounter when using eToro is picking an investor to imitate. When deciding of mimicking some other successful investor, you have to take into consideration the risk score, which include your typical profit, loss, and the holding time of that investor you decided to mimic. So it’s quite a complex journey.

October 6, 2022
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