Founded as RetailFX in 2006 in Tel Aviv, eToro is an online broker that prides itself on their social trading network a.k.a copytrading. Aside from cryptocurrencies, you can also use eToro to trade forex, stocks, commodities, indices and ETF’s. They are a company registered as an investment firm in Cyprus. In the EU, eToro is regulated under CySEC, the Cypriot regulatory body. eToro is regulated by the FCA in the UK. In May 2018 eToro announced their U.S. expansion, meaning they now accept U.S. based clients. They also announced they will be launching a cryptocurrency exchange as well as a mobile wallet.
Main Tradable Cryptos
- Mobile app for iOS and Android
- Demo account with lifetime access
- Regulated by the FCA but only if your equity is $5000 or more
- Stop losses are disabled
- Regulated in Cyprus for EU
- High spreads
- No other fiat currencies besides USD
Creating an account with eToro is the same as any other broker. You will need to provide your phone number, ID and proof of address to get verified.
Follow this link to sign up.
It’s a quick process and shouldn’t give you too much trouble.
You can easily switch between your virtual (aka demo) account and your real account. If you’re ready to trade with real money, eToro’s minimum deposit is $200 – $500 depending on your payment method.
eToro is big on copytrading. Not only can you follow and copy other people, they also have something they call the ‘CopyFund’. They offer two types of copyfunds.
One comprises the best performing and most sustainable traders on eToro, called the ‘Top Trader CopyFunds’.
The other bundles together CFD stocks, commodities, or ETFs under one chosen market strategy, called the ‘Market Copyfunds’.
eToro has quite an extensive range of cryptocurrencies on offer for a forex broker. You can trade Bitcoin, Ethereum, Bitcoin Cash, Dash, Ethereum Classic, Litecoin, NEO, Stellar, Ripple, Cardano, IOTA, and EOS.
You can find a multitude of crypto/fiat pairs as well as crypto/crypto pairs. This means eToro has by far one of the best cryptocurrency range we have seen by any forex broker.
All crypto/fiat pairs are traded as CFD’s with no leverage, whilst crypto/crypto pairs are traded as CFD’s with a leverage up to x2.
Know that when opening new non-leveraged buy crypto positions you will own the asset rather than a CFD. If you are a resident in China or a client of eToro Australia it will be a CFD.
This is quite confusing, because they claim that all their crypto/fiat pairs are traded as CFD’s.
Even though eToro offers real cryptocurrency trading you cannot move your cryptocurrencies off of the eToro platform. You need to convert them into a fiat currency.
This will likely change in 2018 as they have announced plans for a mobile wallet.
The platform itself is easy to understand. Everything looks neat and straight forward.
The only downside to the platform is that the charts are a bit hidden away. You have to click on the crypto you’d like to trade, and then click through to the chart tab.
In regards to stop losses, eToro disabled these for cryptocurrencies back in December 2017. This is a very unusual move by a broker. As far as we’re aware, no other broker has ever disabled stop losses.
There are currently no plans to enable them again, but as soon as any news comes out we’ll make sure to update this review.
Since March 2018, eToro has changed the take profit settings. When you open a crypto trade, you will not be able to apply a take profit until after you have opened the trade.
The customer support provided by eToro is a bit hit and miss.
We contacted them for two issues. We had to open another support ticket because the second never got a response.
The live chat is their best part of support, with quick, professional responses to our queries.
Overall, their support needs improvement.
eToro has a great cryptocurrency range and is available for U.S. clients, which makes it a great choice!
However, conflicting information regarding cryptocurrency trades, the lack of stop losses and the inability to apply a take profit right away makes us weary of eToro.
The lack of stop losses is a big deal. Stop losses are the best way to manage your risk. Without them you need to track your trades constantly.
No broker has ever disabled stop losses before. That alone shows how big of a deal this is.
On top of that, their support isn’t great either.
Aside from this, eToro heavily promotes their copytrading side. We are not fans of copytrading so for us this is another downside.
Below we have outlined the pros and cons for eToro. Have a read through and if you think you’d like to trade with this broker, you can sign up here.
We have other broker reviews available, so if you’d like to check out a few different ones have a look at the menu to the right.
- Fast and easy
- If you make a mistake you will need to contact support to get it fixed, even for something as simple as selecting the wrong gender
- Verification requires filling in a survey, some questions get quite personal
- Nice, sleek design
- Easy to use
- iOS and Android app
- You can change the default landing page
- Experienced some issues at the end of 2017 due to heavy load
- No customisation
- No desktop app
- Never been hacked
- DDOS protection with Incapsula
- Regulated with FCA for UK customers with equity equal to or over $5000
- No two factor authorisation
- Previous information leak wasn't handled very well
- Regulated in Cyprus for EU
- Conflicting information regarding cryptocurrency buy trades
- Quick and easy
- A lot of Cryptos available to trade
- Spreads are on the higher end
- Cryptos can't be moved off of the exchange
- USD only
- No stop loss for cryptocurrencies
- Take profit only available after putting in a trade
- Live chat with quick responses
- Friendly and professional
- When using the online contact form it can take a few days before receiving a response
- Support is low quality at times, with some issues taking multiple requests to fix
- Contradicting information regarding cryptocurrency CFD trades