OVERALL SCORE
3.5
☆☆☆☆☆ 3.5/5
Main Features
- Regulated in the UK, Australia, and US
- Social trading and copy trading platform
- 94 cryptocurrency pairs available to trade
- Offers the option to buy real cryptocurrencies
eToro was founded in 2007 and is among the largest social trading and copy trading brokers on the market. They offered CFD trading on Bitcoin as far back as 2014, and now have their own wallet and exchange, eToroX. The company holds regulation in Cyprus, Australia, the UK and with some limitations, also in the US. The company has also received over $100 million in funding from Ping An, Commerzbank, and Spark Capital. They claim to have 12+ million users on their platform and their USP truly is that there is so much choice in both markets to trade and people to copy.
Pros and Cons
PROs
- Multi-regulated across Europe/UK, Australia and the US
- Thousands of active accounts to choose from to copy
- Offers thousands of CFD products including stocks
- Cryptocurrency offering is competitive (94 pairs)
- Offers managed CopyPortfolios baskets
- A lot of market content is available
CONs
- Spreads are high compared to industry standard
- There is a withdrawal fee (albeit low at $5)
- Markets are often locked during volatility
- KYC approval can take several days
Opening your account
Step 1
Click Sign Up to choose a username, enter your email address, and select a password
Step 2
Go to the Deposit button to fund your account; you can use the following methods
- Debit/credit card
- Paypal
- Wire transfer
- (Skrill, UnionPay, and Neteller are unlocked after verifying your account)
Step 3
You can start trading right away. Go to the Markets tab and then Crypto to explore what’s available, or head to CopyPortfolios for managed baskets that include crypto.
Step 4
You will have a couple of weeks to complete the KYC process so it’s best to get the ball rolling early on. To do so, click on the Complete Profile button to fill in your personal details, complete the suitability questionnaire, and upload your documents.
Submit the following documents:
- Both sides of your national ID card, driver’s license, or passport
- A recent utility bill or bank statement showing your address
Step 5
Once your account is approved, you will see a green check on your profile picture and all deposit and withdrawal limitations are lifted.
Cryptocurrencies
- BTC
- ETH
- BCH
- DASH
- XRP
- LTC
- IOTA
- ADA
- ETC
- XLM
- EOS
- NEO
- TRX
- ZEC
- BNB
- XTZ
Fees
- Variable spreads on all pairs
- Withdrawal fee of $5
- Inactivity fee
