eToro Review- A Social Trading Platform with Several Distinctive Features.
eToro is one of the latest cryptocurrency platforms available in the United States, with over a dozen cryptocurrencies available. It has a one-of-a-kind social trading function that allows you to replicate the trades of other investors. Unlike most competitors, the eToro platform provides a transparent pricing system that traders and investors like. Continue reading the eToro review to discover more about this platform and how it compares to other cryptocurrency platforms.
- eToro Company overview
eToro, situated in Tel Aviv, was founded in 2007 by Ronen Assia, David Ring, and Yoni Assia. Assia is still the CEO of the firm today. Initially operating as a forex online broker under the name RetailFX, the firm then changed its name to eToro and began selling products, indices, and stocks. It established itself as the world’s leading social trading network in 2010 once it introduced its innovative social trading function, which allows users to automatically mimic the moves of successful traders on the site.
eToro implemented BTC functionality in 2014, allowing users to purchase and sell CFDs (to non-US users) on the world’s top digital currency. After four years, ETH and XRP joined the platform, and additional digital assets were added in the years that followed. With the introduction of eToroX and a crypto wallet in 2018, eToro jumped headlong into the cryptocurrency market.
eToro is now attempting to establish itself in the extremely competitive crypto exchange market by constantly enhancing its crypto trading services.
- Type of platform
EToro earned a reputation for itself with its social investing platform, a unique technology that allows users to mimic the transactions of other investors. eToro and eToroX allow you to trade over 40 different cryptocurrencies. Here are some of the most popular eToro crypto assets.
- Bitcoin (BTC)
- Cardano (ADA)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Polygon (MATIC)
- Stellar Lumens (XLM)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Ethereum (ETH)
- Polkadot (DOT)
- Solana (SOL)
eToro is currently providing a $10 bonus to users who buy $100 in cryptocurrencies on its site. But this deal is only available in a few states in the United States.
Customers can deposit fiat currency from a debit card or bank account and begin trading instantly using eToro’s easy web-based platform and well-designed mobile app.
Users can examine current prices and buy, sell, or convert cryptocurrency using the simple “Trading” tab. eToro is perhaps most known for its social trading capability, which allows users to replicate top traders’ portfolio holdings and trades.
Although eToro provides basic market and limit orders, as well as the possibility for non-US users to invest on margin, it doesn’t include some of the more complex conditional orders, advanced charting features, and cryptocurrency pairs the rivals provide.
Stock and shares
There are just a few locations where you can trade cryptocurrencies and equities simultaneously and those that do tend to have a poor coin selection. eToro is among the best selections of digital assets that can be paired in the same account as a stock investment. eToro provides zero-commission stock trading as well as the possibility to purchase fractional shares. whether you’re new to investing or simply want to see if the platform is appropriate for you, eToro has a virtual brokerage account that allows you to try it out without putting your actual money at risk.
- Basic information
In 133 countries, eToro is available. The firm does not allow investors from several countries to register trading accounts. As more people want to get access to financial markets throughout the world, eToro has 13 million registered members worldwide. When compared to the same period last year, the platform experienced a 427 % rise in new customers globally making their first deposit on the platform in the first four months of the year.
Canada, Hong Kong, Iceland, Portugal, Taiwan, and Turkey are among the nations barred from accessing the eToro website.
Platform & Features
The premier platform provides a wide range of features for both novice and experienced traders, including the following.
- Trade 25+ Cryptocurrencies – Using the computer or mobile versions of the site, you can purchase, trade, and hold a wide range of cryptocurrencies such as EOS, LTC, ETH, XRP, BTC, and others.
- Follow Other Traders – You can observe a trader’s transactions and portfolio if you wish to observe and follow them.
- CopyTrader – This is similar to following other traders, but it completely automates the procedure. You have the option of copying other eToro users’ transactions in real-timetime. Before utilizing this feature, be sure you’re reducing your risk.
- Desktop and mobile platforms – You can monitor your transactions from anywhere using both desktop and mobile apps. There is also a mobile wallet where you may save your coins.
- Low Trading Fees – The platform allows you to trade with no commissions and there are no particular trade charges or repeating fees that you must pay to keep your account active.
- Virtual Portfolio – This feature helps users to find different trading methods and study without putting their actual money at risk.
- Payment Methods – The cryptocurrency trading service accepts a variety of payment methods, including debit cards, credit cards, PayPal, Neteller, Skrill, bank transfers, and more.
- What does eToro do?
eToro is only a cryptocurrency exchange. Users put fiat cash, like US dollars, into their accounts to utilize on the site. Individuals can link their bank accounts or deposit monies via wire transfer for smooth transactions. Withdrawals in US dollars can be done straight to the user’s bank account.
Once an account is formed, bitcoin trading may be done on eToro’s web-based platform or its user-friendly app. If you don’t know what to buy, you may use the CopyTrader tool to mimic the transactions of one of the traders in eToro’s Popular Investor program.
- Unique features offered
eToro is first and foremost a financial enthusiasts’ community. The eToro community is genuinely global, spanning dozens of countries and supporting more than 20 languages. Naturally, some users abuse the platform’s social features on occasion. Some do it maliciously, but more often than not, they do it because they are unaware that the community has norms in place. As a result, they’ve prepared a community guide to help eToro users maintain a healthy and useful community.
eToro has distinct customer support departments for eToro and eToroX. Both systems provide help centers and support via support tickets. However, just as in many other cryptocurrency exchanges, phone service is not accessible.