The company began with a mission to make trading more accessible for people worldwide while reducing dependency on banks and other financial institutions. After many years of releasing products that led a fintech revolution, eToro finally expanded to support cryptocurrency on their platform in 2017; adding popular currencies such as Ethereum, Litecoin and XRP.
What’s Different about eToro?
Apart from the interesting history behind its inception and its place in the fintech revolution, eToro also stands out from others in the cryptocurrency exchange realm. Their platform provides a large number of investment and trading options that allow users to invest and trade cryptocurrency as well as traditional assets. Another striking aspect of eToro is its integration of socialization with copy trading. eToro allows for easy copy trading by featuring top traders from which clients can copy effective trading strategies.
How to Sign Up on eToro
1. Go to https://etoro.com and click “Join Now” or “Trade Now”.
2. eToro will prompt you to enter personal data to help you set up your account.
3. Fill in the relevant information and take a look at eToro’s terms & conditions and check Accept if you agree with them. You can also log in through Facebook or Gmail.
4. Submit the form by pressing Sign up.
How to Buy on eToro and the Supported Payment Methods
eToro customers can also buy cryptocurrencies directly from the eToro wallet by using a credit card. The investment platform has partnered with well renowned third-party payment provider Simplex, wich allows eToro to integrate Visa and MasterCard payments.
Here’s how you can buy cryptocurrency on eToro:
• Go to your eToro Wallet
• Click on Buy Crypto and select the amount and type of cryptocurrency you wish to buy.
• eToro partners with a third-party platform called Simplex. Here you will be asked to fill in your Simplex details as payment information.
At this point, Simplex may choose to approve or decline your purchase and ask for proof of identity of documentation. However, if purchase is successful then your coins will immediately be transferred to your eToro wallet. Upon successfully completing the process, your purchased coins will be transferred to your eToro wallet. Additionally, eToro users can buy cryptocurrency with credit card and PayPal without any added commissions.
eToro Trading Fees & Charges
There is no deposit or trading fee associated with eToro except for Spreads. For withdrawals, eToro charges $25 with a $50 minimum withdrawal amount.
They have provided a list of minimum spreads for each cryptocurrency which are not guaranteed and may be subject to change depending on market conditions and liquidity.
How Secure is eToro?
Here are a few ways in which eToro regulated its security policies:
• eToro follows guidelines of FCA and CySEC and is fully regulated.
• Offers a whole range of tools for multiple experience levels such as guidance to make traders responsible and risk management.
• Security mechanisms in place to protect the funds and personal information of clients.
With its additional features such as Copyportfolios and graphs, eToro is more than just a traditional cryptocurrency exchange. It is ideal for ones who wish to manage their cryptocurrencies and fiat assets all on one platform with a variety of added tools and capabilities.
|Pros of eToro
|Cons of eToro
|• Well-designed, intuitive and accessible interface.
|• Lower number of supported cryptocurrencies as compared to competitors.
|• Trustworthy and secure.
|• Reports of unreliable customer support.
|• Capability to trade fiat assets with cryptocurrency.
|• Limited financial information is disclosed.
|• A large variety of additional features and impressive copy trading services.