eToro review | 🥇 The Official step-by-step Guide 2020

While eToro has a vital position in trading CFD and cryptocurrencies, the company is also well-known for many other things as well. The company has been pioneering the fintech revolution for over a decade and has built its reputation as the world’s leading social trading platform during that period.

When it comes to the world’s biggest and best-known broker, eToro, a number of questions come to mind. eToro, one of the most popular brokerage firms, has been featured and reviewed in places like reddit, facebook and even instagram.

All your questions and queries will be answered in this detailed article about eToro broker and how it can be used by both beginners and professionals.

The company started as a general trading platform back in 2007. Over time, however, cryptocurrencies and other trading instruments have been added to the repertoire to adapt to the changing markets and to keep up with growing demands. eToro has made a name for itself by adding more and more social functions to its trading network and could almost be described as the Facebook of trading platforms.

We, therefore, recommend: Buy your cryptocurrencies from eToro

  • Wallet is included
  • You can use your wallet to buy and sell cryptocurrencies
  • Regardless of whether you want to use PayPal, credit card, or instant transfer. All of these payment methods are included.
  • A provider that is safe and well-regulated.
  • Here you can trade real cryptocurrencies and CFDs.

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How can I invest in eToro?

Investing in eToro is becoming easier and more attractive, but to make a sound and worthwhile investment you need to follow some basic steps known as the four rules for successful stock investments:

  • Step 1: Registration
  • Step 2: Confirm your identity
  • Step 3: Deposit balance
  • Step 4: Invest

 

What is eToro?

etoro

eToro was founded in 2007 by three entrepreneurs who wanted to make trading stocks and cryptocurrencies an easily accessible business for the average consumer.

Currently, eToro has over 6 million registered users, making the company one of the industry leaders. Below, we will give you details about the advantages and disadvantages of eToro, details about the costs and profit opportunities, as well as tips in connection with customer support and your eToro account. To get a comprehensive eToro review, read on!

You can trade a wide variety of assets, stocks, and cryptocurrencies on the eToro trading platform. Therefore, diversification plays a major role at eToro, and for this reason, eToro is also known as a multi-asset platform, as you can invest in a wide variety of assets here.

We have listed some of these different trading opportunities below to give you an overview of what you can trade on the eToro trading platform.

Company details

eToro was founded in 2007. The company’s current value is estimated at over $800 million. It has its headquarters in Tel Aviv, Israel. The company’s CEO is Jonathan Assia, and it has 1248 employees and currently has a turnover of 6.15 million euros (2019).

Step by step instructions: Starting with eToro

Step 1: Registration

To register an account with eToro, go to eToro and click on the “Register now” or “Trade now” button. After that, you will be redirected to the next page, where you will find an electronic form in which you have to fill in your personal data. You can also log in via Google or Facebook for simplicity. Before you submit the information by clicking on the “Register” button, you should read the terms of use beforehand.

registration etoro

Step 2: Confirmation of identity

You should also make sure that you have up-to-date proof of address and identity at hand, as you will need to provide these as part of the registration process.

Step 3: Deposit

The deposit can be made by credit or debit card, an electronic wallet such as PayPal, or a bank transfer. Except for the transfer, which can take up to 7 days, all other payment methods are carried out immediately. There are pre-defined deposit amounts, with a minimum deposit of € 250. However, user-defined amounts can also be set.etoro screenshot

Step 4: Trading

You can trade stocks on eToro, which is often an excellent medium to long-term investment. Besides that, you can also trade bitcoins, which are often short-term investments and have a much higher leverage effect.

etoro watchlistYou will also find a watchlist function. You can add stocks and cryptocurrencies to your watchlist, as well as commodities so that you can always keep an eye on them. You don’t have to keep looking for the same assets. Instead, they will all neatly be listed on your watchlist.
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What is the minimum deposit?

As mentioned earlier, the minimum deposit at eToro is € 250. This is the minimum amount of capital you will need to deposit into eToro to start trading.

Tradable cryptocurrencies (eToro exchange review)

As far as cryptocurrencies are concerned, you can buy or sell the following: Bitcoin, Ethereum, Bitcoin Cash, Dash, Ripple, Litecoin, Ethereum Classic, Cardano, IOTA, Stellar, EOS, NEO, TRON, ZCASH, Binance Coin, Tezos. You can also transfer some of these cryptocurrencies to your eWallet.

Buying stocks on eToro

On eToro, you will find, among other things, well-known stocks of large companies such as Google, Apple, Facebook, and Microsoft. You can also buy derivatives of popular commodities such as gold, silver, cocoa, and coffee, or even the so-called black gold – oil.

eToro Review: Advantages and disadvantages

  • eToro allows the use of many different deposit methods
  • Excellent customer service that is at all times helpful to the user
  • EWallets such as PayPal can also be used for payments
  • The trading platform is pervasive, and it is modern and clear
  • Social functions make the trading platform a communal place
  • A wide range of different trading options are available
  • The special eToro CopyTrading is very successful
  • Unfortunately, there are only 16 cryptocurrencies available
  • In addition, you cannot make deposits with cryptocurrencies

eToro Bitcoin Review

Step 1: Buy Bitcoin

When it comes about eToro review cryptocurrency, we can say that buying Bitcoins from eToro is extremely simple. First, click on “Markets” in the left menu of the platform.
Then, click on “Crypto” in the top menu. All the crypto-currencies available on the site are listed, including Bitcoin.
To buy Bitcoins, just click on “Buy” under the crypto-currency.

how to buy bitcoins

Then follows the menu to open the purchase position. Here you have to enter the amount of Bitcoins to buy, or change units to choose the number of Bitcoins to buy.
Finally, you must click on “Open Position” to start your first Bitcoin purchase.

Step 2: Creating a Bitcoin wallet

Before buying a Bitcoin, you need to have a place to store it.
A wallet is the place where you can store Bitcoins and other crypto-money after you buy them. You can compare a wallet with a bank account. In the same way that one stores traditional currencies (EUR, USD, GBP…) in a bank account, one stores Bitcoins purchased in a Bitcoin wallet.

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eToro social trading review: Social trading experiences (Copyfunds eToro review)

etoro social trading

The review eToro trading was overall positive, and this is one of the favorite features among traders. Social trading adds a community component to trading and ensures that traders can support each other and benefit from it.

eToro Copy trade Review

etoro copy trader
Another excellent trading tool available for you on eToro is the CopyTrading feature. CopyTrading enables you to copy other traders’ trades and thus benefit from trading cryptocurrencies and other trading options even without much prior knowledge.
You also have the chance to become a popular trader yourself. Traders who can show high success rates have the opportunity to enable other traders to use CopyTrading on their trades, and these popular traders earn additional money for every successful trade.

eToro App Review

etoro appThe eToro app gives you the flexibility when trading with the eToro platform. It can be used on Apple and Android devices. The app has already been downloaded over 1 million times and currently has a rating of 4 out of 5 points. The app is easy to use and very clearly laid out so that you shouldn’t have any problems with trading on the eToro platform even when you’re on the move. If you don’t want to use the app, you can log in to the website normally, as it works on every common browser on PCs and smartphones.

eToro Demo

etoro demoThe eToro demo account is easy to open. In a few moments you’ll have it ready and it will allow you to get familiar with the trading platform and eToro’s social trading network without putting your money at risk. By default it comes with $100,000 of dummy money so you can trade with the same features available in a real account.

eToro Review: The Payment Methods

eToro allows the use of the most popular credit cards, such as Visa and MasterCard. You can also use eWallets such as PayPal, Skrill, Neteller, and Payoneer. The latter is still offered as an option despite the recent Wirecard scandal. Hopefully, it stays that way. Some other payment methods in the form of UnionPay, Webmoney, and Yandex are also available.

eToro Experience: License & Security

eToro is used by traders from over 140 countries around the world. In 2018, the Dutch blockchain company called Firmo was bought, and in 2019, the Belgian crypto portfolio tracker and app developer Delta for the cryptocurrency sector was added.

eToro Europe is under the jurisdiction of the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) oversees eToro UK, the Australian Securities and Investments Commission (ASIC) regulates eToro AUS Capital, and eToro USA is registered with FinCEN. Customer accounts are segregated from company funds per legal requirements and are held with European Tier 1 banks. So the entire trading environment is very safe and trustworthy.

eToro Review: Customer Service & Support

While customer support is a feature that most traders never or almost never need, good customer support makes it easier for traders to use the platform. At eToro, most of the support is provided through the Help Center. Here, you will find a FAQ section and an option to submit a help ticket. Customers can also call eToro directly or contact the service staff via live chat, which is available around the clock as is customary in the industry. According to a blog post published by this broker in 2012, the most convenient form of getting support is through the OpenBook, and the response time here is a few hours. Overall, we are very delighted with our customer support.

eToro Review Fees

It comes with no surprise that the spreads make up the majority of the fees on eToro. This is a common practice on many trading platforms. These fees apply to over 2000 of the assets found on eToro. The ratio for the spreads on the EUR/USD currency pair amounts to 3.0 pips. This is actually higher than what you’ll find on most other trading platforms within the industry. We assume that the higher fees are connected to the social trading function that is offered on eToro. On the other hand, we can gladly announce that neither commission fees nor administration fees for the account itself are applied.

eToro Review: Payout

You can withdraw your money from eToro through credit card, PayPal, or bank transfer. We would recommend withdrawing to PayPal, as both bank transfers and credit cards take a relatively long time of 8 days.

In addition to withdrawal processing fees, which you can see in the checkout area, conversion fees may also apply if, for example, USD has to be converted into EUR.

eToro Trusted Reviews

As is often the case with trading platforms, the ratings for eToro are quite mixed, and so you can find ratings from 2 to 5 stars on many different rating portals. There are definitely many users who have made a lot of money trading on this platform.

Our review for this platform is actually quite positive too.

Although eToro focuses on more than just trading cryptocurrencies, the platform is worthwhile for all people who want to invest in or trade cryptocurrencies.

The additional functions offered on the eToro platform will give traders many special advantages. For example, this includes the function of the CopyPortfolio and the various graphics that illustrate the whole thing far better than many other platforms. This makes the platform very intuitive for both beginners and veterans, no wonder so many traders use this trading platform.

Conclusion: Our opinion about eToro & eToro rating

We really like the eToro platform because of its ease of trading.

The CopyPortfolios, in particular, make trading with this platform into a child’s play.

By the way, investors in cryptocurrencies now also can buy and hold assets in the form of cryptocurrencies directly. This is a great addition to the platform and ensures that eToro will remain well-positioned in this industry for years to come.

Reviews among different users paint a pretty clear picture of the trading platform and its advantages. Almost every user agrees that the platform is rather intuitive, and this makes trading with eToro very simple.

This simplicity is one of the reasons why eToro is so popular among traders and generally receives favourable scores.

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FAQs

What is a copy stop loss?

A copy stop loss (CSL) works in a similar way to a normal stop loss. So if you copy one or more trading strategies of a popular trader, you can set a stop loss for each copied trade in order to avoid higher losses if a popular trader is wrong with his forecast.

What is a Bitcoin?

Bitcoin is a so-called digital cryptocurrency. Bitcoin, like most cryptocurrencies, is a highly volatile currency. This means that Bitcoins can often be subject to high price fluctuations. This carries a corresponding risk, but on the other hand, it ensures extremely high leverage and thus possibly high profits.

How do I get paid as a popular trader?

Popular traders are paid once a month. The money will be transferred to your trading account. This money can then be paid out as usual with the normal payment methods. The amount of these profits relates to your level as a popular trader, and the level, in turn, depends on how many other traders copy your trading positions and use them themselves.