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eToro Review: The Best Crypto Trading Platform for Beginners?

3.7
| by
Ian Lee
-

eToro is a publishing partner of CoinGecko

Since 2007, eToro, an international brokerage platform, has been giving traders from all over the world the ability to trade assets like stocks, ETFs, indices, FX, and commodities. It has also recently introduced cryptocurrencies to its list of tradable assets.

In this review, we’ll be focusing on the crypto trading side of the eToro platform.

Is eToro Regulated?

The main eToro entity is registered in Cyprus and regulated by CySEC, the Cyprus Securities and Exchange Commission. In the US, eToro USA LLC is registered with the Financial Crimes Enforcement Network (“FinCEN”) as a Money Services Business (“MSB”), as well as with applicable state-level regulators. In Australia, eToro is registered as eToro AUS Capital Limited, regulated by the Australian Securities & Investments Commission (ASIC).

First Impressions: A Beginner-Friendly and Easy-to-Use Interface

Once you’ve created your account and logged in, the first thing you’ll notice is how clean the interface is. eToro is obviously a very beginner-friendly platform.

eToro main interface
The main interface

Clicking on the “Crypto” tab brings us to the list of tradable cryptocurrencies, of which there are currently  24 offered in the U.S., and more than 70 outside of the U.S. (The account used in this review is U.S. based, the image is not.)

eToro crypto trading interface
Snapshot of the cryptocurrencies trading interface

Again, the interface is kept simple: recent changes, a 52-week range, and a consensus score. The consensus score is an eToro innovation—it tells you the percent of investors investing in the asset.

Purchasing Crypto on eToro: A Straightforward Process

Simply click the ‘Buy’ button and the following will pop up.

 
The buy popup

Clicking the “Units” button will allow you to buy amounts quoted in BTC (or whichever crypto) instead of USD. As long as you’ve deposited enough funds in your account, all you need to do is click ‘Open Trade’ to finish.

eToro Prices – How Closely Do They Match the Spot Price?

Unlike more mainstream assets, there is no singular price reference for crypto. Sites like CoinGecko simply aggregate the price on various exchanges to give an approximation of the spot price. So, how far off are eToro’s prices from what’s listed on CoinGecko?

The good news is, differences are slight. Here’s the price for BTC and ETH compared to CoinGecko.

BTC Spot price

Eth spot price 
eToro prices

CoinGecko Price
CoinGecko prices

Of course, you should understand that eToro makes it revenue through spreads on each trade, so prices on the platform will always be slightly higher than the spot price. eToro keeps its spreads transparent—you can view all of them on their fees page. With crypto, there is a 1% fee for buying or selling assets on eToro. This 1% fee is added to the market price (bid-ask spread) and is included in the price you are shown when you open or close a position.

eToro’s Advanced Charting Features

Although eToro serves the beginner market well, there’s plenty for the more advanced trader too. If you click on the graph icons for a specific crypto, you’ll be brought to this page, which would look more familiar to experienced traders.

 
‘Charting’ interface for specific assets

From here, clicking on the various icons at the top will allow you to access advanced charting and technical analysis tools. Here’s a quick sampling of what eToro offers.


Advanced charting tools

eToro’s Unique Strength – Copy and Social Trading

Copy and social trading—which are features allowing you to copy the portfolio of other traders—is nothing new. But it is eToro’s unique strength (they were the world’s first social trading platform) and is probably what they are best known for.

This is where eToro truly shines. Clicking on the ‘Copy Traders’ button on the left sidebar will bring up this interface, showing you the ‘Popular Investors’ that you can copy.


The main Copy Trading interface

Selecting an individual Popular Investor will bring up their profile, from which you can view their trading and portfolio performance as well as some basic information about themselves.


A sampling of a popular investor’s performance stats and portfolio details

There’s also a social media-like ‘Feed’ feature, much like Facebook, that Popular Investors can post on to better connect with the other traders. Since Popular Investors do receive incentives the more people that copy their trades, this is one way they can try to build a larger following.

To copy a Popular Investor’s trades, simply click the Copy button on the top of their page. This will bring you to a ‘Buy’ page, which also allows you to set a Stop Loss to limit the downside on your copied trades. There is no additional cost for using eToro’s copy features.

Deposits and Withdrawals – Can You Withdraw Crypto from the Platform?

When you buy crypto on eToro, you are actually buying the underlying asset. eToro also has its own cryptocurrency wallet—the eToro Money Crypto Wallet. If you have the eToro Money crypto wallet, you can send crypto purchased via the platform to the wallet. However, note that this is still a one-way street; at the moment, you cannot send crypto from the wallet to the platform.

Important note: eToro has specified that their wallet is a custodial, hot wallet, meaning you will not have control over your own private keys. However, coins stored on the platform follow accepted cold storage best practices. Read the full FAQ about the wallet here.

Other than that, you can use the eToro wallet as a regular wallet. You can send funds into the wallet from other crypto wallets or send it out from the wallet. Do note that other than fees charged by each respective crypto’s blockchain, eToro also imposes additional fees. Speaking of which…

What are the Applicable Withdrawal Fees?

For fiat withdrawals, the minimum amount is US$50, and each withdrawal incurs a US$25 fee. For crypto-to-crypto conversions, there is a 0.1% fee, while for crypto-to-fiat conversions fees can go up to 5%. You can find the full list of applicable crypto fees here.

Conclusion: eToro is a Great Way for Beginners to Get into Crypto Trading

With its clean and intuitive interface and ability to easily mimic the trades of successful traders, eToro is a great way for beginners to get into crypto trading. Even more advanced traders might learn a few things from the popular investors. However, there is no denying that eToro’s withdrawal fees are on the higher end of the range. That said, if you don’t do frequent withdrawals, this should be more than manageable.

All things considered, especially if you’re new to crypto trading, eToro is definitely worth giving a shot.

eToro is a publishing partner of CoinGecko

Join 30 million users and enjoy a simple, smart & secure crypto trading experience with powerful trading tools

Cryptoasset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

CoinGecko's Content Editorial Guidelines
CoinGecko’s content aims to demystify the crypto industry. While certain posts you see may be sponsored, we strive to uphold the highest standards of editorial quality and integrity, and do not publish any content that has not been vetted by our editors.
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Ian Lee
Ian Lee
Ian Lee is a freelance writer specializing in the areas of finance and all things crypto. He also has over five years of experience in investment banking. Follow him at Ian Lee.

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