Trade cryptocurrency on eToro – May 2018 review

eToro Social Crypto Trading

• Over 5 million users worldwide
• Open trades in only 3 minutes
• Copy top-performing traders
  
  All trading involves risk. Losses can exceed deposits.

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eToro is now known as the world's leading social investment network offering cryptocurrency.

In the world of social trading, few names stand out like eToro. The company was founded in 2006 as RetailFX before rebranding and rapidly expanding its services.

Today, eToro has millions of accounts globally. It’s based in Israel with legal entities in Cyprus and the United Kingdom.

What is eToro?

Put simply, eToro is a globally recognised online broker offering access to hundreds of financial instruments.

The platform emphasises "social trading," or online user-generated financial content. eToro actively encourages traders to interact with and seek advice from one another through its platform. This is best reflected in the CopyTrader service, where users can copy all the trades of leading investors. Since eToro now offers cryptocurrency, it allows buyers to copy-trade more experienced crypto investors.

What cryptocurrency pairs can I trade?

In addition to traditional financial assets, eToro offers the world's leading cryptocurrencies, including:

Available countries

eToro is available globally, with a few exceptions. It recently blocked trading in seven countries due to conflicting regulatory requirements. As such, it is not available in the following countries:

Which payment methods are accepted?

eToro offers three major funding methods: credit card, bank transfer and PayPal. Due to anti-money laundering regulations, funds must be withdrawn using the same method as the deposit, and transfers must go back to the same kind of account.

For example, you are not permitted to send payments through a credit card and then withdraw money with PayPal.

When it comes to funding your account, there's a lot more flexibility. In addition to the methods mentioned above, you can fund your account through Skrill, WebMoney, Neteller and others, depending on your location.

How much will it cost me to use eToro?

All withdrawals are subject to a US$25 fee. Any withdrawals sent in currencies that are not US dollars are also subject to conversion fees.

Accounts that are inactive for 12 months or more are also subject to a monthly fee of $5.

Like other exchanges, eToro charges spreads on financial instruments. A full list of average spreads is available on the eToro website.

How quickly can I withdraw funds?

It normally takes eToro one business day to process your withdrawal request. The length of time it takes to receive your funds depends on the withdrawal method.

For credit or debit card withdrawals, processing time is up to five business days. The same timeframe applies to wire transfers.

Payments via PayPal, Neteller, Skrill and WebMoney are processed within one or two business days.

Are there any transfer limits?

eToro has a minimum withdrawal limit of US$50. Verified traders can deposit up to US$10,000 per month into their account. A full list of deposit limits is presented below:

Credit card deposit

Wire transfer

PayPal

Skrill

Western Union

Is eToro safe to use?

As a regulated broker, eToro is generally considered to be safe to use. The broker also safeguards consumer privacy using advanced SSL technology for authentication and data transfers.

However, the platform doesn't appear to offer 2-factor authentication, which has become the standard for safeguarding user accounts.

Customer support

As a full service broker, eToro offers comprehensive customer support, including telephone and email services 24 hours a day, 5 days a week between Monday and Friday.

Users wishing to speak with a representative can contact customer support and create a ticket. The representative will then call the client at the earliest availability.

Pros and Cons

Start trading

To start trading, simply head over to the eToro website and select “Join Now” in the top, right-hand corner. After signing up, you'll get access to the world's biggest social trading platform.

Frequently asked questions

• What additional information do I need to provide to withdraw funds from my account?

  If you're submitting a withdrawal request for the first time, be prepared to provide a copy of your photo ID and proof of address. If you initiated a credit card withdrawal, a copy of both sides of that card must be provided.

• Where can I find the eToro withdrawal guidelines?

  For step-by-step instructions on eToro's withdrawal procedures, visit eToro.

Image source: eToro