eToro was launched back in 2006 as “RetailFX”. It was in 2010 that eToro first launched its social trading features, including the ability to automatically copy others’ trades. Since then, the platform raised a significant amount of funding.
eToro first introduced cryptocurrencies to its platform in 2018. Crypto assets available on the platform today include Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS.
It may be of interest to some that eToro is based out of Cyprus. The platform is registered with the Cyprus Securities & Exchange Commission, and also has UK and Australian branches registered with the appropriate regulatory bodies.
eToro mandates a minimum deposit of more than $200. This shouldn’t be a problem for most, but if you just want to get a feel for how the platform works, or if it’s your first foray into the world of trading/investing, this minimum certainly is off-putting.
Supported and Restricted Countries
eToro supports a wide range of countries. In fact, it’s a lot easier to list the countries which the platform doesn’t service…
Restricted countries on eToro include: Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Botswana, Brunei, Burundi, Canada, Chad, Congo Republic, Crimea Region, Cuba, Ethiopia,
Guyana, Guinea, Guinea-Bissau, Iran, Japan, Laos, Libya, Mali, Myanmar, Namibia, Nicaragua, North Korea, Palau, Samoa, Serbia, Somalia, Sudan, Syria, Turkey, Uganda, and Yemen.
eToro recently began rolling out its services in the United States. So far, the supported states are: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.
Unfortunately, eToro is unable to service US residents living outside of the country.
eToro Transaction, Withdrawal, and Inactivity Fees
eToro’s transactions fees are 0% for European clients, but 0.09% on most assets for non-European clients. The platform also charges a withdrawal fee of $25, plus an inactivity fee of $10 per month after a year of inactivity.
Before you can begin using eToro, you’ll need to verify your account. This includes providing proof of identity (a passport, driving license, or other state-issued ID) and proof of address (such as a bank statement or utility bill). After this, you’ll be free to use all of the platform’s features.
eToro Review Summary
Overall, we think eToro is a pretty good platform for trading and investing in assets of all kinds — including cryptocurrencies. Its patented social trading features make it an attractive choice for less-experienced investors, who can now automatically “copy” others’ trades. The platform is easy to use and boasts low fees, but the support process definitely leaves something to be desired.
Ease of Use 5/5
eToro is primarily aimed at less experienced traders and investors. As such, it’s no surprise that the platform is extremely intuitive, right from the sign-up form. Not only is the eToro interface pleasantly easy-to-use, but the social trading features make managing your money a lot more straightforward.
Overall, eToro’s fees are relatively low. European clients can enjoy free stock, cryptocurrency, and ETF trading, while non-European clients pay only a marginal fee included in the spread. However, eToro charges an unattractive $25 withdrawal fee on all withdrawals — no matter their size — which definitely puts off smaller investors.
Both support and customer service at eToro are notoriously bad. There are no phone numbers to call or live chat features to use when you run into a problem; instead, you need to manage with eToro’s old-fashioned, ticket-based support system. There’s a reason why other financial platforms have moved on from this outdated approach…