Yoni Assia and Ronen Assia, two Israelis, founded eToro in 2007, intending to make it a global trading platform. They began with forex. Over time, it added more social features like CopyTrader and asset classes like cryptocurrency in 2017. The platform is currently used by millions of people in more than 140 countries.
eToro’s trading platform stands out because it offers a unique way to trade with other people. With eToro’s social network of exchange, people can see and copy the trades of more experienced investors in crypto, stocks, and ETFs.
Thanks to its user-friendly website, investors can find traders to join or make trades quickly on the platform. eToro is used in over 100 countries, showing that many people can use it. But investors can’t use eToro in all U.S. states. eToro also lacks many tools and features with more in-depth trading experiences.
This means that only more experienced investors will find the platform useful.
This service works well for traders focusing on social trading and cryptocurrencies.
A trader can find a better online broker if they want to do more.
Is eToro Safe?
As a top trading platform, eToro follows the rules of top regulatory bodies like CYSEC, FCA, CIF, MiFID, and AFSL. The service is one of the best places to trade cryptocurrencies because it keeps its clients’ money safe and secure.
As one of the trading platforms that must follow the law, eToro customers must send in real government documents to prove who they are. Traders can prevent scams and other crimes by following these steps. This lets the trading platform give traders a safe place to work. Anti-Money Laundering (AML) and Understand Your Customer (KYC) rules say that eToro has to ensure its users follow these procedures.
Signing up to eToro
Creating an eToro account
Step 1: Sign up with your email, Google, or Facebook.
Step 2: To add money to trade, you must confirm your identity. Upload official documents proving your identity and address.
Step 3: Your money will be converted because eToro only accepts U.S. bank accounts. Depositing money can be done with credit or debit cards, bank transfers, PayPal, Skrill, Neteller, and more.
Non-US citizens must pay $5 per withdrawal. Withdrawing money can be done in the same ways.
eToro Platform Features
- The top trading platform has features for both novices and professionals.
- Using the desktop or mobile interface, you can buy, trade, and keep EOS, LTC, ETH, XRP, BTC, and more.
- Observe the trades and portfolios of others.
- Automated trading with CopyTrader. Copy live eToro trades. Reduce risk before using.
- P.C. and mobile apps track your trades. The mobile wallet lets you keep coins.
- eToro does not impose any trading or account management fees.
- Digital Portfolio lets you practice trading without using real money.
- Debit, credit, PayPal, Neteller, Skrill, and wire transfers are all accepted for Bitcoin trading
eToro has two apps: a cryptocurrency trading app and a money wallet app.
Both are available on iOS and Android. The trading app mimics the website, and the wallet app lets users send and receive tokens and convert cryptocurrencies.
Coins can only be moved off the platform using the eToro Money wallet app. This is necessary to store crypto offline in a cold wallet.
Because you can move coins off its platform, eToro has an advantage over its competitors. Unfortunately, there is a price to pay. If you want to buy and store coins elsewhere, Gemini has lower trading fees and a certain number of monthly free transactions outside their platform.
The eToro Club is a VIP membership that gives customers access to additional benefits based on how much money they have in their budgets. Users of eToro can become members when they have $5,000 in crypto assets or investments in their accounts.
Based on your “realized equity,” membership is determined.
- Expert trading assistance
- A market newsletter and analysts discover
- Webcasts in real-time
- receiving new product lines, services, and features before anyone else
eToro Customer Support and Safety Measures
Users can contact eToro’s customer service team via email or online chat. Users are simply invited to chat when they call the number listed.
But only eToro Club members are allowed to join the chat. In practice, most users can only get customer service options via email. By visiting the Help Center, you can also sort through lists of frequently asked questions.
Cash assets are protected from loss by being placed in bank accounts covered by the Federal Deposit Insurance Corporation (FDIC).
A two-factor authentication system, state-of-the-art monitoring tools, and offline and online coin storage are all essential components of crypto security procedures.
Additionally, eToro employees cannot remove users’ cryptocurrency holdings from cold storage.
Risks and Phishing
“Phishing” is when criminals try to get personal information from people by pretending to be trustworthy entities, such as through fake websites, emails, phone calls, or SMS messages. The goal is to use this information to extort money from users. The letter “P” from “password” and the word “fishing” combine to form the word “phishing.” This is because criminals try to “hook” users into giving them their passwords, login information, or other words they normally keep private.
Unfortunately, some scams like these and others in digital trading and investing try to trick people out of their money. In May 2021, for example, Europol and a few other law enforcement agencies worked together to break up investment scams and money laundering rings that had cost hundreds of people across Europe a total of €30 million (US$36 million).
Criminals created fake online trading platforms that looked real and used social media and browser ads to get people to use them. They pretended to be experienced brokers when they called the victims from a fake call center. They also tricked them by using software that had been broken into.
So, you must always ensure you’re dealing with the real eToro platform and representatives and not a fake.
eToro is likely one of the best real stock and CFD brokers available. With eToro, you can trade or invest in assets from the American Stock Exchange and many other markets, including Europe. You can also copy the trades of well-known eToro traders using the Copy Trading feature. Just check how often they win before you put money into them.
Customers can learn about an asset before committing to trade by using free access to various tools and indicators offered by the eToro trading platform. You also get a free account to try eToro CFD trading strategies before depositing real money. So that you can figure out the best ways to play and not lose money.