There are plenty of decent crypto brokers out there, but few are as successful as eToro. This brand has quickly become one of the biggest crypto brokers in the world, and for good reason.
After all, eToro has revolutionised the ease with which people can trade stocks online. However, we’re more interested in seeing what eToro is like for trading the NFTs that you get from your crypto games. Plus we’ll let you know what kinds of cryptocurrency you can buy and sell at eToro. So take a look below and see what we discovered in our eToro review!
How eToro became one of the top crypto brokers
We thought that it was probably best to give you a bit of background about eToro. First of all, you should know that eToro prides itself on being a social trading platform. This means that it not only lets you buy and sell assets like stocks and cryptocurrencies, but it does so in a social manner. What this means is that eToro makes it easy for you to copy what other traders are doing or even have others follow your trading and make a tidy income on the side. The full range of trading options at eToro includes forex currency pairs, indices, ETFs, stocks and cryptocurrencies.
Secondly, you should know that eToro lets you buy and sell CFDs. This means that you don’t actually buy the specific asset like a share in Apple or a Bitcoin, but instead, your investment in the CFD will be tied to the price movement of that asset. So while you don’t own the asset, you won’t have to deal with any commission fees and you can buy fractional shares in anything from Ethereum to Amazon stock.
Such a trading model has clearly worked well for eToro as there have been over 360 million trades since the brand started up in 2007. eToro currently operates in over 140 countries and it is fully regulated by all of the relevant financial authorities. So let’s continue this eToro review and see whether this broker is the right fit for your trading needs.
Crypto trading options at eToro
eToro is one of the world’s leading crypto brokers for good reason. Its top instruments are currently Bitcoin and Ethereum and these two cryptos are even more popular for trading at eToro than shares in Apple and Amazon or even gold.
As such, crypto trading is at the heart of eToro’s exchange. The full range of cryptocurrencies featured is too lengthy to list here, but you’ll be able to trade in the value of Bitcoin, Ethereum, Cardano, Litecoin, Binance Coin, Ripple, Dash, Stellar Lumens, NEO, EOS, IOTA, Zcash, Tron, Tezos, Dogecoin, Shiba and so on. Again, the social features of eToro come into play here as you could simply check out what other traders are doing and then copy their buying and selling patterns.
The actual crypto trading interface may take a little getting used to, but we’d recommend starting off by creating your own custom watchlist that’ll keep you updated with all of the changes of value such as if Bitcoin falls, Ethereum rises and so on. Plus don’t forget that eToro even includes a cool demo feature that let you try out the trading platform with $100,000 in a virtual portfolio – perfect for all of those newbies who’ve never used a crypto broker site before.
We should note that our eToro review also found that this broker hosts a decent staking service which basically means that you get rewards simply for holding onto your crypto investment.
Room for improvement for NFTs in our eToro review
So let’s get the bad news out of the way, there is no kind of NFT marketplace at eToro. This might come as a bit of a disappointment to anyone who read our Binance review as that broker gave customers a quick and easy way to buy or sell NFTs. We’re hoping that eToro introduces some kind of NFT marketplace soon as such a feature would definitely be of interest to all crypto gaming fans.
While eToro doesn’t have an NFT marketplace, it is still closely linked with these digital assets. This is because eToro is one of the world’s best places for buying Ethereum – the cryptocurrency whose blockchain most NFTs are based on. So you can simply come to eToro, buy Ethereum, send it to your MetaMask wallet and then connect it to a regular NFT marketplace where you can start NFT trading.
Plus we should note that many of the stocks featured at eToro have exposure to NFTs. So if you were to invest in a CFD for stocks in anything from DraftKings and Coinbase to eBay, then you would be investing in the future success of NFTs.
Safe payments found in our eToro review
As part of our eToro review, we realised that we should let you know how you’ll actually be funding your trades at this site. While we found a good range of trusted payment options in our Crypto.com review, we were pleased to see that eToro features even more secure payment providers.
This means that you can deposit money to your account with standard credit and debit card brands like Visa and MasterCard, or use an e-wallet such as PayPal, Skrill or Neteller. We found that all of our deposits went through almost instantly and we were glad to see that there weren’t any sneaky fees for adding money to our account. Making withdrawals was equally simple, and we were able to request a payout and have our funds back in our account in just a couple of working days.
We should note that eToro won’t charge you commission fees for whatever you buy and sell on its trading platform. However, you should know that there might be fees if you decide to make deposits or withdrawals in a currency other than US dollars. Thankfully eToro is very clear about any fees so you shouldn’t get caught out by any unexpected charges.
Should you trust eToro?
While most crypto brokers are completely trustworthy, it never hurts to be too cautious. After all, you will be investing your own real money at these sites and so you will want some guarantees that they aren’t just going to run away with your cash.
So we were pleased to see that eToro is fully regulated by respected financial authorities such as the FCA and CySec. Such regulation gives you a pretty good guarantee that the broker is legit and that you won’t be throwing your money down a hole.
eToro also contains plenty of supporting evidence on its site that illustrates how your deposits will be protected by industry-recognised security protocols. Plus you can be assured that your personal data stays in safe hands as eToro will never share your information without your permission.
Getting help from eToro
We’re happy to say that we managed to carry out much of this eToro review without requiring anything in the way of help. However, we were pleased to see that eToro runs a top-class customer support team. Getting in touch is simple as you just have to hit the customer service link in the site footer and this will give you a ticket and the opportunity to directly message one of the customer care team. We should note that eToro is also on social media channels like Facebook, Twitter and Instagram.
Beyond these customer support options, eToro features a range of tools and tutorials that will help you get the best out of the trading site. You’ll find a good range of articles that tell you how to open and verify your account, how to trade, withdraw, and there’s even a good guide that explains the principles of buying and selling. So be sure to check out the handy help centre when you first sign up to eToro.
Getting Started at eToro
Now that you know what eToro is all about, you’ll probably be keen to get started at this social trading platform. Here are the basic steps you can take to go from reading this guide to putting down your first online trades:
- Create your customer account: This can be done simply by clicking on the Start Investing tab on the eToro homepage. From here you will have to enter your email address, and then create a username and password.
- Verify your identity: This means uploading some forms of proof of identity and proof of address to eToro. Such information could be a passport or driver’s license, and then a bank statement or utility bill from the past three months. The easiest way to do this is to upload the forms via the eToro app, and it should only take a few days for your account to be verified.
- Make a deposit: Once your account has been set up, you can add some funds to make your trades. This just requires you to log into your account, click on the Deposit Funds tab, and then select your preferred payment method. From here, you can simply enter how much you wish to deposit and the money should show up in your account instantly without any charges.
- Start trading: Now you can get started with trading anything from Amazon shares to Bitcoin. Once you have successfully traded, you can then make your withdrawals from a minimum of $30 at a time. eToro will prefer to pay you back to the same payment method used for making your deposits. Just so you know, the withdrawal processing times will vary between two and 10 working days according to the payment method used.
A Quick Word About CopyTrader
CopyTrader is a big reason why so many people sign up to eToro. It’s a service that basically lets you pick which traders you want to copy, decide how much you want to invest, and then everything will be copied in real-time. This means that you can learn some great trading strategies from the best of over 30 million customers worldwide.
Just note that you will only be able to invest a minimum of $200 in any trader you are copying, and you’ll be kept to copying up to a maximum of 100 traders at one time.
Conclusion – Positive findings in our eToro review
By now you’ll see that eToro is a trusted online broker that’s equally adept at letting you invest in cryptocurrencies like Bitcoin and Ethereum, as well as regular stocks like Apple, Amazon, Facebook and so on. The lack of a regular NFT marketplace is disappointing, but you can still come here to get the Ethereum crypto required to carry out your NFT trades. Plus there’s every reason to suspect that some kind of NFT marketplace might be coming to eToro sooner or later.
Our overriding impression is that eToro is a professional online broker platform that is unafraid to try new things out. The social trading side of things might take some getting used to but it can be an invaluable way for trading newcomers to follow the lead of someone else with more experience.
Plus we shouldn’t forget that eToro has a great demo feature that lets you try out the trading platform without risking your own money. All of which means that we have no hesitation in suggesting that you sign up to eToro and give crypto trading a try.
FAQ
Is eToro good for beginners?
Yes, eToro is a great choice for anyone new to online trading. This is because the brand has put together a nicely user-friendly trading platform where you can get started from as little as $10. From here, you’ll gain access to buying and selling over 3,000 assets, and there’s even a cool CopyTrader feature that’ll help you learn from those with a little more trading experience.
Is eToro safe and legit?
Yes, eToro has been successfully operating for well over a decade and it operates according to FCA, CySEC and ASIC regulations. This makes eToro one of the safest places for trading forex and CFDs.
Who owns eToro?
This is a privately owned company that is operating under the name of eToro Group Limited. It is an Israeli online trading platform that has its main headquarters in Israel, as well as offices in Cyprus, Australia, the UK and the US.
How many users does eToro have?
eToro is currently used by well over 30 million people worldwide. This is good news as it means that you can use the CopyTrader feature to learn trading tips from the best of these users.
Is eToro available in the US?
Yes, as long as you are a resident in the US, you can sign up to eToro for free and start trading. However, we should note that you cannot use eToro if you are based in certain states such as Nevada, Minnesota or New York.
Does eToro require ID?
Yes, you will need to provide proof of identity and proof of address to verify your account at eToro. Proof of identity usually means supplying a scan of either a passport or driver’s license, while proof of address can include anything from a bank statement to a utility bill from the past three months.
Does eToro pay dividends?
Yes, eToro will pay out dividends to anyone who holds certain stocks on their platform. This means that your account might be credited or debited if you trade certain stocks, indices or even ETFs that pay a dividend. So if you are holding a buy position, you’ll then get a divided payment to your account, whereas those holding a sell position will get a divided payment taken away from their balance. As such, it can be smart to pursue stocks with dividends if you are looking to make long-term gains over your investment strategy.
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