we took: EToro is a social trading platform that enables users to trade a wide range of cryptocurrencies. It has a social trading feature that allows users to copy everything other traders are doing in real time based on their previous portfolio performance and degree of risk. The trading platform has an easy-to-use interface and a mobile app for traders on the go.
- Ease of use
- Availability of cryptocurrencies
- Mobile app / digital experience
How do we calculate this?
- Copy trading is available
- Low minimum deposit
- Intuitive interface and application
- Not available in six states
- Coins cannot be transferred back from the eToro wallet to the eToro trading platform
EToro’s full review for 2021
Founded in 2007, eToro is a global leader in social trading and multi-asset brokerage, with more than 20 million registered users globally. The broker was launched in the US in 2018 and is currently available in 44 states and in Washington DC, and is not available in Delaware, Hawaii, Minnesota, Nevada, New York and Tennessee.
While eToro offers a variety of assets, including stocks, exchange-traded funds, commodities, and other assets, only US users can trade cryptocurrencies on the platform.
EToro has registered offices in the UK, Cyprus and Australia. Although the platform is not currently licensed by the US Securities and Exchange Commission, as NerdWallet pointed out, it is regulated by the UK’s Financial Conduct Authority, giving US users more confidence in the broker than an unregulated entity.
How does eToro work?
Like any other online broker, eToro allows users to invest in the real-time markets of several cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Stellar, Chainlink, and Cardano. While these are more notable examples, there are a selection of other options available for cryptocurrency trading.
You can even copy the strategies of eToro’s top performing traders in hopes of having a greater chance of success in the world of cryptocurrency trading. With eToro’s CopyTrader, you can find an investor that you might want to copy by looking at the degree of risk and past performance.
EToro Features Review
EToro has noteworthy features that every investor and trader should know about. Here’s a look at what it offers.
Social trading enables you to follow the financial trading activity of other users on the platform. With eToro’s CopyTrader system, you can replicate everything other traders do in real time. You can choose an investor you want to copy based on the performance of his or her past portfolio and degree of risk. To copy a trader, you need at least $200 in your account, and you can copy up to 100 traders at one time.
EToro has ready-made wallets that you can copy. These portfolios contain selected assets and are often re-balanced to align with a pre-determined strategy. You can invest in a portfolio with a wide range of cryptocurrencies, including altcoins. However, there is a minimum capital requirement of $2,000 to $5,000, depending on which CopyPortfolio suite you choose.
EToro offers a selection of cryptocurrencies that you can trade on its platform, including:
- Bitcoin Cash
- chain link
Trading and transaction fees
When you use eToro to trade cryptocurrency, you will pay a fee per transaction based on the spread. The spread varies by currency and may fluctuate depending on market conditions. Below are the current eToro spread fees for the most popular cryptocurrencies.
Apart from keeping your cryptocurrency on the eToro trading platform, you can open a digital crypto wallet. However, you must have a fully verified eToro account to use the wallet service. As of this writing, the eToro wallet supports Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, and Stellar.
There is a 0.1% conversion fee to cryptocurrency 一 This fee applies when you transfer your cryptocurrency from your eToro account to your wallet.
Who is the best for eToro?
EToro is best for cryptocurrency traders who want to learn more about the cryptocurrency world. The platform has a very easy-to-understand user interface and allows you to copy other users’ trades if you don’t want to rely solely on your own research. It is also suitable for traders who want to diversify their investment portfolio because eToro allows you to invest in a variety of different cryptocurrencies.
Is eToro Right for You?
EToro is a good option for those who want to invest in cryptocurrency because it allows traders of all backgrounds and experience levels to participate. This includes those who have been involved in cryptocurrency trading for a long time, as well as beginners. In addition to this, there are a wide range of features available on eToro that make it special, such as CopyTrader and CopyPortfolio.
EToro is a great platform for cryptocurrency traders who are looking for unique investment opportunities. It is also user friendly and easy to use for beginners, so it is the perfect choice if you are looking for a way to start trading crypto assets.
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