eToro Review 2022: Is it Still the Best Social Trading Platform?

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eToroeToro is a cryptocurrency trading and investing brokerage that’s ideal for those looking to learn about digital currencies. The easy-to-use web and mobile brokerage include social features to learn from other crypto enthusiasts. And you get a free paper trading account with $100,000 virtual dollars to trade. eToro supports 50+ cryptocurrencies, including Bitcoin, XRP, Ethereum, and others. This review will help you decide if it’s right for you.

Commissions & Fees - 8
Customer Service - 4
Ease of Use - 9
Tools & Resources - 7
Investment Options - 6
Account Options - 7

7

eToro is a cryptocurrency trading platform that supports 50+ currencies, social features, virtual trading accounts and user-friendly mobile and web trading platforms. Fees are built into cryptocurrency prices through spreads of 0.75% to 4.9% depending on the currency you’re trading. Overall, it’s a good choice for new cryptocurrency traders as well as aficionados looking to improve their market knowledge.

Start Trading with eToro
Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.


What Is eToro?

eToro is an international trading platform founded in 2007. It came to the U.S. in 2018 with a cryptocurrency-only offering. The website says it plans to add additional assets in the future. But for now, it offers support for 50+ digital currencies for traders in the U.S.

eToro offers platforms for the web, Android, and Apple iOS devices. Once logged in, you can buy and sell currencies in your own account. Or test and practice strategies in a virtual account where you can trade with no risk. And you can view and copy the trades of other eToro members.

eToro doesn’t charge any commissions. Instead, when you sell, it takes a percentage of your proceeds using a system called “spreads.” Depending on the currency you choose, you can pay up to 4.9% of the value you sell back into dollars. If converting between cryptocurrencies, you pay 0.1% of the transaction total.

The social features, straightforward interface and relatively low fees make eToro best for new crypto traders and traders looking to learn the ropes. On any platform, fees add up quickly for active traders. So keep an eye on costs (and risk) when trading cryptocurrencies.

eToro Features

Trading and transaction fees1%
Supported Countries140+, including U.S.
Minimum Trade
  • Crypto, stocks and ETFs: $10

  • Currencies, commodities, and indices: $1,000
  • Minimum Copy Trade$200
    Payment MethodsCredit/Debit Cards, PAYPAL, NETELLER, SKRILL, RAPID TRANSFER, iDEAL, Klarna / Sofort Banking, BANK TRANSFER, Online Banking – Trustly (EU region)
    Mobile AppiOS and Android
    Customer ServiceLive Chat and tickets are available 24 hours a day from Monday to Friday
    Supported CurrenciesBTC, BCH, ADA, DASH,
    EOS, ETHEREUM, ETC, MIOTA, NEO, XRP, XLM,
    XTZ, TRX, ZEC, LTC,
    BNB, COMP, LINK,
    UNI, YFI, DOGE, AAVE,
    MANA, ALGO, BAT, MATIC
    • Buy, sell and hold 50+ cryptocurrencies — Turn your USD into BTC, XRP, ETH, LTC, EOS and other popular cryptocurrencies.
    • Follow other members — If you have a friend on the platform or a favorite trader, you can see their trades and monitor their portfolio and decide if you want to follow their lead.
    • CopyTrader — Turning on CopyTrader allows you to literally copy another eToro member’s trades in real time. Following top traders is an interesting prospect, though the semi-automated trading strategy comes with unique risks.
    • Desktop and mobile trading — Manage your cryptos from your favorite easy chair, your desk or the breakroom. Or literally anywhere you have an internet connection. With both web-based and mobile trading, you can keep tabs on your holdings and enter trades 24/7.
    • Low fees and no commissions — There are no specific per-trade fees and no recurring fees to keep an account at eToro.
    • Virtual portfolios — When you sign up for a new account, you also get a virtual account with $100,000 paper-money dollars. You can use the virtual account to test a strategy with no risk.
    • Advanced charting — Use advanced charting features to put a technical analysis strategy to work without leaving the platform.

    eToro doesn’t have quite as robust an offering as some competing brokerages. But the slim and focused product makes it easy for newbies to get their feet wet with cryptocurrency trades.

    Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.


    Stock and ETFs Are Now Available

    International users have been able to trade stocks, ETFs, commodities and forex assets on eToro for quite some time. But until recently, U.S. users were only able to trade crypto.

    In January 2022, eToro announced that it was launching stock and ETF trading in the United States as well. Both trade commission-free and fractional shares are supported.

    You can take a peek at the web-based platform here to get an idea of what it’s like to use eToro. But you need to create an account and sign in to access all features.

    Is eToro a Scam?

    eToro is definitely not a scam. eToro comes from a legitimate international company that supports millions of traders around the world. The U.S. arm is registered under the name eToro USA LLC with the main office in Hoboken, New Jersey, just outside of New York City. Internationally, it is registered in Cyprus and Australia.

    But because this isn’t a traditional bank or brokerage, funds are not SIPC or FDIC insured. And keep in mind that trading cryptocurrencies are very risky because it is a highly unstable and volatile market.

    How Does eToro Work?

    eToro users can manage their accounts and investments using an online interface with their computer or smartphone. Here’s a brief look at the eToro trading interface:

    eToro Desktop Platform
    eToro Desktop Platform
    Bitcoin homepage on eToro desktop platform Bitcoin homepage on eToro desktop platform[/caption]

    What Can You Invest in Using eToro?

    Here are some of the top cryptocurrencies available on the eToro platform:

    • Bitcoin (BTC)
    • Bitcoin Cash (BCH)
    • Cardano (ADA)
    • Dash (DASH)
    • Eos (EOS)
    • Ethereum (ETH)
    • Ethereum Classic (ETC)
    • Iota (MIOTA)
    • Neo (NEO)
    • Ripple (XRP)
    • Stellar (XLM)
    • Tezos (XTZ)
    • Tron (TRX)
    • Zcash (ZEC)
    • Litecoin (LTC)
    • Binance Coin (BNB)
    • Compound (COMP)
    • Chainlink (LINK)
    • Uniswap (UNI)
    • Yearn.finance (YFI)
    • Dogecoin (DOGE)
    • Aave (AAVE)
    • Decentraland (MANA)
    • Algorand (ALGO)
    • Basic Attention Token (BAT)
    • Polygon (MATIC)
    • Algorand (ALGO)
    • Basic Attention Token (BAT)
    • Polygon (MATIC)

    eToro Fees

    In the past, eToro used spread-based pricing. Depending on the coin traded, the spread would range from 0.75% to 5%. We didn't like this model as it wasn't as transparent as the fee structures that are used by some of eToro's competitors.

    Thankfully, eToro has switched to a more objective fee model. It charges 1% on all buy and sell orders. That's quite bit higher than some the lowest-cost exchanges like Binance and Kraken. But at least eToro is being clear and up front about the cut that it's taking.

    U.S. users don't pay withdrawal fees, but international users are charged a fee of $5. eToro Wallet users are also charged a 0.1% crypto-to-crypto conversion fee.

    eToro Alternatives

    eToro is just one option in a crowded cryptocurrency marketplace. You may also want to consider one of these alternatives:

    HighlightsE*TRADEAlly InvestTD Ameritrade
    Rating9.5/109.5/109/10
    Min. Investment$0$0$0
    Stock Trades$0/trade$0/trade$0/trade
    Options Trades$0/trade + $0.65/contract ($0.50/contract for 30+ trades/quarter)$0.50/contract$0.65/contract
    Crypto Trades
    Mutual Funds
    Virtual Trading

    pros

    • Multiple asset types – Trade crypto, stocks, ETFs all from the same place.
    • Social aspect – Learn from other traders using multiple social features.
    • Easy to use – Simple and easy-to-use web and mobile platforms.

    cons

    • Trade fee for crypto is on the high side  – Crypto traders always pay a 1% fee regardless of their monthly trade volume.
    • No crypto interest accounts – While eToro does support staking (for Cardano and Tron), it does not currently allow users to lend out their crypto to earn interest.

    The Bottom Line on eToro

    eToro has long been a solid choice for cryptocurrency investors and traders who wanted access to social features like copy trading. But the platform is even more useful now that it's added U.S. support for stock and ETF trading.

    eToro gives you options to limit your risk and learn from other traders as you develop your own trading strategy. If you’re happy with the platform’s features and trading costs, it could be a great fit for your trading needs.

    Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.


    Eric Rosenberg

    Eric Rosenberg is a finance, travel and technology writer in Ventura, California. He is a former bank manager and corporate finance and accounting professional who left his day job in 2016 to take his online side hustle full time. He has in-depth experience writing about banking, credit cards, investing and other financial topics and is an avid travel hacker. When away from the keyboard, Eric enjoys exploring the world, flying small airplanes, discovering new craft beers and spending time with his wife and little girls.

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    3 Comments

    1. I deposited some money in eToro, I am new in this world of trading. I was reading many tutorials to be somehow prepared to begin. When I tried to copy a trader, I couldn’t, it was not permitted for me, the traders I wanted were not available. When I tried to invest directly, I couldn’t, the market was close for me. I do not understand this platform, in my opinion they need a better web site design because it has a big lack of information.

    2. I deposited Php 1million where i was charged about a different of 100usd 3 weeks ago which totalled USD 20, 640.38. Filed 2 complaints re 2 long positions I had which their system did not execute TP because it was “down” and the other where TP was somehow miraculously reactivated when I deleted it already after their system was down again for repairs. Was told to file complaint and would get compensation but up to now almost 2 weeks later no resolution. Closed all positions since they did the false TP and they wont allow me to transfer shares to another brokerage. Withdrawing and was told they do not allow withdrawal to my USD account. Just checked withdrawal process and now they charged me without my approval USD390.96 usd to withdraw 21,114.66usd. Remember they only charged me about $100 usd based on actual exchange rate to put my money in and it was within the same day. Withdrawal on the other hand would take 4 business days or longer!

    3. Don’t use eToro. Showed its true colors today by closing GME buy trades (only sell allowed), like Robinhood. Down for two hours yesterday. Horrible broker

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