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Review: eToro cryptocurrency trading and CFDs
Last updated:
Learn how to buy and trade cryptocurrency CFDs on this popular social trading platform.
- Great for its wide range of markets and features
- Not so great for its complex fee structures
Check out our full list of pros and cons or read on.
19
Fiat currencies
16
Cryptocurrencies
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Details
| Product Name | eToro Cryptocurrency Trading & CFDs |
|---|---|
| Fiat Currencies | EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more |
| Cryptocurrencies | BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM & 5+ more |
| Deposit Methods |
Credit card Debit card Neteller PayPal Wire transfer Online banking |
| Trading Fee | Fees vary. Overnight and weekend fees apply |
| Deposit Fees | Fees vary (conversion fees for non-USD deposits) |
| Withdrawal Fees | US$5 (minimum withdrawal of US$50) |
Pros
- Buy or trade Bitcoin and 15 other cryptocurrencies on eToro's unique social trading platform.
- Copy the strategies of leading traders
- Buy crypto or purchase CFDs
- Trade 2000+ assets including FX, stocks and ETFs
- Get a free demo account
Cons
- Cryptocurrency CFDs are an extremely high-risk investment
- No investor protection
- Higher spread fees when compared to other brokers
- Does not yet support cryptocurrency deposits
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
- Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
- CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Learn more about:
What is eToro?
Launched in 2007, eToro is best known as a social trading platform that caters to traders of all experience levels. It encourages users to seek advice from each other and offers the CopyTrader service, which lets users copy the trades of leading investors.
Beyond cryptocurrency, eToro provides access to other markets including stocks, commodities and foreign currency.
Trade cryptocurrency CFDs or buy and sell crypto
eToro lets you buy cryptocurrencies or trade contracts for difference (CFDs) – the two are very different.
CFDs
- You can take a position on cryptocurrency prices without actually owning crypto
- You can trade with leverage, which will magnify your losses and gains
- You can short cryptocurrency by betting on a price decrease
- You can use advanced trading features such as stop loss and take profit
Buying and selling cryptocurrency
- You can take a position on cryptocurrency prices by purchasing cryptocurrency
- eToro holds the cryptocurrency on your behalf
- There are no advanced trading features – you simply own your chosen crypto and can sell it whenever you like
- You can add a Stop Loss or Take Profit when buying and selling crypto, even if you own the underlying asset
What fiat currencies and cryptocurrencies are supported?
We have more than 10 million users, so each and every coin that we introduce to the platform has very high demand - Guy Hirsch, eToro US managing director
- Supported fiat currencies: EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more
- Supported cryptocurrencies: Approximately 16 cryptocurrencies
- Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
- CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Which countries can I use eToro from?
eToro is available in many countries around the world, including Australia. However, it is not available to residents in certain regions.
Which payment methods are accepted?
The below payment method information is correct at the time of writing (February 2020), but may be subject to change. The first deposit may be limited to lower amounts, and certain payment methods may restrict the maximum number of deposits per day.
| Deposit method | How long it takes | Limit per transaction |
|---|---|---|
| Credit/debit card (Visa, Mastercard, Diner's Club) | Instant | US$20,000 |
| PayPal | Instant | US$10,000 |
| Wire Transfer | 3-5 business days | US$100 million |
| Local online banking | Instant | US$10,000 |
| China Union Pay | Varies | US$50,000 |
| Skrill | Instant | US$10,000 |
| NETELLER | Instant | US$10,000 |
| Yandex | Up to 5 business days | RUB5,000 |
| Giropay | Up to 1 business day | US$30,000 |
- Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
- CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
eToro fees and limits
Fees do not apply to non-leveraged buy positions on individual cryptocurrencies, but they do apply to leveraged buy positions, sell positions and all crypto pair positions, including overnight rollover fees.
All fees are current at the time of writing (February 2019), but are subject to change at any time.
Deposit and withdrawal fees
eToro minimum and maximum first-time deposit limits may vary depending on your country and account verification status, while the conversion fees incurred will depend on the transfer method and the currency.
For a full breakdown of fees, please see eToro's website.
- Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
- CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
How much is a pip?
A pip is a forex term that refers to the smallest measurable price change of a foreign currency trade.
The actual value of a pip, in dollar terms, will vary depending on the currencies involved, how prices change and the size of the "lot" – in this case how much you're depositing or withdrawing.
For example, the US$1,000 AUD/USD pip value on eToro is 10 cents at the time of writing (February 2019).
So, a US$1,000 withdrawal would incur a conversion fee of US$10 (100 pips).
How fast will my funds be available?
Deposits
Instant or up to 5 business days
Wire deposits will take up to five business days, but many other deposit options can instantly put money in your account.
Wallet transfers
Varies
The time taken to transfer cryptocurrency in and out of eToro will vary depending on network activity, the cryptocurrency and other factors. Generally it should be no more than a few minutes though.
Withdrawals
Up to 8 business days
Withdrawal times depend on the method used and will be one to two days at the quickest or up to eight days for wire transfers at the upper end.
Is eToro safe to use?
- Regulation
eToro is regulated and licensed by the relevant financial authorities in Europe, the United Kingdom, Australia and the United States. Australian users access eToro's trading products and services via eToro Australia, which is authorised by the Australian Securities & Investments Commission (ASIC). eToro Australia arranges for its customers to trade on eToro Europe, which is a registered Cypriot Investment Firm. In the event of eToro not being able to pay back your funds for reasons such as insolvency or theft, your protections under existing laws will vary. As a general rule of thumb, your protections will fall into two categories:- There are no investor protections for loss of your cryptocurrency holdings, except as may apply in specific circumstances such as if eToro goes bankrupt and you have a claim. There are no investor protections for cryptocurrency itself.
- There are investor protections for losses associated with cryptocurrency CFDs in the event of eToro being unable to pay your "winnings." This is because when you buy a CFD, you're not actually buying a cryptocurrency – you're entering into a contract. These are provided to non-professional investor customers under the Cypriot Investors Fund, up to a maximum of EUR€20,000.
- Verification
Verification is required to trade on eToro, which includes providing contact details and identification. All eToro users are classified as either retail or professional clients. Customers are initially classified as retail by default, but can get re-categorised as professionals by passing a knowledge test. Professional traders have access to additional features, such as higher leverage, but waive certain legal protections. - Security
eToro client funds are not used for margining or hedging purposes, which is in keeping with eToro's duty to be a responsible guardian of user funds. These funds are kept in segregated accounts, and deposits are communicated using SSL technology. - Risks
Cryptocurrency is a high-risk asset class, and CFDs and margin trading add another layer of exposure. In fact, 75% of retail investor accounts lose money when trading CFDs on eToro. While eToro aims to be an entry point for beginner traders, it can also be a quick way to lose money if you're not experienced or unaware of the fees that may apply.
What's it like to use eToro?
1. Getting started
Sign up to get started or explore the site to copy other traders, look for tips from users and more.
2. Cryptocurrency markets
Browse the marketplace to find current trading info, filter the findings to get what you’re looking for and set up alerts, news feeds and more through your account.
3. Copy crypto traders
Search for other people trading cryptocurrency, see how and what they’re doing, filter the results and join the community.
4. Browse trader portfolios and statistics
See what the most (or least) successful traders are doing with their portfolios on eToro.
How do I create an account at eToro?
- Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
- CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
What else do I need to know about eToro?
eToro is a major player in the cryptocurrency ecosystem through charitable efforts such as the GoodDollar universal basic income project, which leverages cryptocurrency technology with the goal of helping ease global wealth inequality.
It also offers a range of features that go beyond the norm and brings its experience in more traditional markets to the world of cryptocurrency.
- STP. eToro uses both STP (straight through processing) technologies and NDD (no dealing desk) practices. This ensures that all trades are executed in real time and without any interference.
- Markets available. As well as a range of cryptocurrencies, eToro provides access to stocks, commodities, foreign exchange, exchange-traded funds (ETFs) and indices.
- Trading Academy. This online platform provides live webinars, online courses and a range of trading videos to help you gain a deeper understanding of the ins and outs of trading.
- Social trading features. eToro offers the CopyTrader system, which allows users to copy the trades of other platform users as well as a social newsfeed and a Popular Investor program.
- Practice trades. Users can get the benefits of a free demo account to learn the basics and test strategies before risking real money.
In a nutshell
Pros
- Flexible trading. Buy and sell crypto, trade CFDs and find a wide range of asset types in one place.
- Social and educational. Copy individual traders, AI trades and even special portfolio strategies, and learn online at the eToro Trading Academy.
- Easy interface. Despite the wealth of functions, eToro's user interface manages to keep things easy.
Cons
- Complex fee structure. Between the trading fees, deposit fees, withdrawal fees, overnight fees and spreads, there are a lot of potential costs to watch out for.
- High risk. Cryptocurrency is always high risk, but margin trading adds further exposure and should only be attempted by experienced traders.
- Conversion fees may apply. The conversion fees may take a bite out of your funds.
- Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
- CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Alternatives to eToro cryptocurrency trading
Frequently asked questions
- Cryptocurrency disclaimer: Highly volatile investment product. Your capital is at risk.
- CFD disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.