Millions of people already use eToro’s trading platform and the diverse functions of the offering and social trading . This is reason enough for Kryptoszene.de to conduct an eToro test. The aim is to assess the eToro platform, how quickly and easily you can trade Bitcoin or other currencies via eToro and what costs the investor may incur.
Opinions about the eToro app are divided online. Some eToro experiences are very good and other eToro reviews are neutral. This review also looks at the history of eToro, the features of the website, what security measures are taken to protect investors, what fees new users will have to pay and last but not least, how the trading platform works in the first place.
eToro Review – The Offer
At eToro you have the possibility to trade CFDs of well-known stocks like Apple, Google, Facebook and some more. Other investment options include CFDs of commodities such as oil, gold, silver, cocoa and coffee, as well as trading foreign exchange. ETFs, indices and cryptocurrencies are also available to buy and sell. A few of the most popular cryptocurrencies are Bitcoin, Ethereum and Litecoin. However, the website offers significantly more cryptocurrencies for trading. However, the main focus is on trading CFDs, which is a type of bet. Here, you do not buy real shares or coins, but only bet on the change in the price.
What is eToro?
eToro was founded in January 2007 by Toni Assia and Ronen Assia and has continued to develop over the years. For example, the webtrader with the trading platform was added in 2009 and the Android and iOS app was released in 2011.
In 2013, shares of well-known companies were added and in 2017, cryptocurrencies such as Bitcoin, Ethereum, Litecoin and several others were added. Today, the team consists of 19 employees and has 5 investors from all over the world. For the founders, the following company values are particularly important: simplicity, innovation, fun, openness and quality.
Furthermore, the founders see the eToro experience as transparent for every customer, as one of the safest trading platforms in the EU and would like to be there for every investor personally. That’s why you can supposedly reach their customer service 24 hours a day, five days a week.
The eToro cryptocurrencies
Cryptocurrencies were added in 2017 and new coins are constantly being added. The website offers 14 different digital currencies and 16 currency pairs.
The cryptocurrencies are:
- Bitcoin Cash
- Ethereum Classic
- Binance Coin
Currency pairs include:
- Bitcoin and Euro
- Ethereum and euro
- Ethereum and British pound
- Bitcoin and British Pound
- EOS and British Pound
- Ripple and British Pound
- Ethereum and Japanese yen
- Bitcoin and Japanese yen
- EOS and Japanese yen
- Ripple and Japanese yen
- Ethereum and EOS
- Bitcoin and EOS
- Ethereum and Stellar
- Ethereum and Bitcoin
- Bitcoin and Stellar
- EOS and Stellar
You should be able to purchase bitcoin or other cryptocurrencies through eToro without any problems. These purchased cryptocurrencies cannot be paid out into a wallet at the moment, but can only be held via this platform. According to eToro’s YouTube channel, however, this option should be available as soon as possible.
The special thing about eToro is that you can follow and copy other investors. Through this function, the purchases and sales are made with a slight time delay. The best investors are thus copied by several hundred, if not thousands, of other investors. The copiers, however, do not have the same chances of success as the actual investor. Since the market is changing all the time, a few minutes later can result in big differences in price. However, the profit margin is still often over 20 per cent.
The special function of eToro is the copying of other investors’ transactions. This gives you the opportunity to take famous and successful investors as a model and copy their CFD purchases and sales. Another type of copy portfolio is the copying of so-called “market portfolios”, in which shares, CFDs, ETFs and commodities are bundled with the help of a special market strategy. This type of investing makes it easier for new investors in particular to enter the market. This type of trading also enables experienced traders to learn new strategies from other investors and to modify their own way of trading.
To copy another investor, you select the desired commodity in which you would like to invest and make the remaining settings according to your personal preferences. The following overview of investors should fulfil the criteria and you select your favourite. Subsequently, the desired trading capital is to be chosen and confirmed via the “Invest” button. If you have any questions or requests, you should take a look at the FAQs, where frequently asked questions are answered. Of course, the website also offers a daily market overview, an economic calendar and a quarterly calendar. Furthermore, there is also an eToro blog, where all the news from the platform is announced and gives a deeper insight into the world of cryptocurrencies and other types of trading.
Open an account with eToro
To open an account with eToro, follow the instructions on the “Register” page. After the redirect, click on the button “You don’t have an account yet? Register now!” and you will be taken to the registration form. The website, like any other broker or exchange, requires personal data. The platform requires a valid telephone number so that the operator can reach the investor in case of queries. After a short time, one should find an email with a confirmation link in the inbox, which one follows to verify the account. The website also does not seem to charge any fees for opening an account.
Every investor has the possibility to choose his or her mother tongue for the website. The investor can choose from 18 different languages and these have been professionally translated from the original language and not with the help of a translation programme. Available languages are German, English, French, Portuguese, Spanish, Arabic, Swedish, Italian, Czech, Chinese, Russian and many more. In addition, it is pointed out directly during registration that trading on stock exchanges involves risks and that one has to cope with the loss of capital. Such reminders can be found on almost every sub-page and are intended to make investors aware of the dangers once again.
Buy Coins with eToro
You can buy cryptocurrencies via eToro and then also sell them again.
Step 1: Select amount and currency
This step-by-step guide explains how to trade cryptocurrencies and how to buy Bitcoin or any other cryptocurrency through eToro. There is not much to consider when making this purchase. The initial currency is decisive for the price and the fees. One selects the desired currency pair and the platform immediately shows the price trend on today’s day, this week and month. To buy one of these currencies, click on the “K” and you will be redirected to your account. If you are not yet registered, you will find yourself on the login page.
The currency for the payment is then selected. It is possible to make the payment via another cryptocurrency or via a normal currency. You can immediately see the exchange rate and how much you have to pay. The eToro fees can be found in the FAQs and there is a special page for eToro fees. Here, every single percentage is listed for all possible currencies, stocks, commodities and cryptocurrencies.
Step 2: The recipient address
The currency is then safely stored in the user account and cannot be used to buy anything at the moment. Since buying a coin outright is a new feature of eToro, shares and coins can only be held or traded.
In any case, it is worth mentioning again that the cryptocurrency market is considered very speculative and prices are subject to strong fluctuations. There is a possibility that they can rise many times in a few months or fall to a small percentage of the original value. In addition, when trading cryptocurrencies, most websites are not obliged to provide a replacement or offer collateral. They usually exclude these directly on the cryptocurrencies page, as does the eToro platform. “Please note: Long positions (buy) for cryptocurrencies are unregulated products without investor protection”
Step 3: The Wallet
Before the purchase of a cryptocurrency is completed, all data is displayed in an overview and the eToro fees are usually also shown here. For the confirmation of the purchase contract, you accept the trade and the platform will get to work.
The programmers of the broker have created a special eToro Wallet. This can be downloaded from the Android or iOS store. Once you have purchased supported tokens, you can manage them via the app.
The eToro App
The eToro app was designed for Apple and Android smartphones back in April 2011. From then on, all investors were able to carry out every transaction while on the move. The app works without any problems on any mobile device and the website can also be accessed in the smartphone browser without having to install an app. This means that you can trade cryptocurrencies and other shares from anywhere in the world at any time. Allegedly, according to the operator, all functions of the desktop version are also available in the app. So you can buy and sell any currency, share or commodity, trade it or simply keep it on eToro’s platform. This has the advantage that every user of the eToro app can trade at any time.
This eToro programme has already been downloaded over a million times and is subject to frequent updates. At 69 MB, it is also small enough to fit on any smartphone, even if the memory is almost full. If you have a problem with the application or trading, you can leave an eToro review and eToro support will get back to you. There was already a response from eToro under a three day old eToro experience. This is not very common with other exchanges. For the Android version you need at least Android version 4.1 or higher.
In the eToro app test, all live prices of the tradable cryptocurrencies were also displayed. In the app, you even have the option of seeing an overview of all purchases and sales made.
eToro: Advantages and disadvantages
The website is programmed in a modern way, educates every new and experienced investor several times about the risks of trading cryptocurrencies or on exchanges and always tries to be up to date. The eToro test shows that the website has a wide range of stocks, forex, digital currencies and commodities, but only offers 14 different ones on the cryptocurrency market, which is only mediocre compared to other exchanges. The main type of trading at eToro is also CFD trading. However, the eToro app offers a variety of investment options and there should be something for every new user.
The possibility to follow other users and imitate their transactions can also be very helpful for new users and promotes the exchange between investors. One can learn new strategies and is in close contact with other investors. One disadvantage of eToro, however, is that the fees are not directly disclosed and you have to search for them first. You can find a detailed overview afterwards, but it takes a while to find it.
- Wide range of trading opportunities
- Many deposit methods
- PayPal available
- Good customer service
- Clear and modern trading platform
- Copying from successful investors possible
- Only 14 cryptocurrencies
The eToro payment methods
In order to make a deposit on this platform, you need a Visa or MasterCard card, be a member of Diners Club or have an account with PayPal, Skrill, Neteller, UnionPay, Webmoney or Yandex. Every prospective investor should have such a payment option, otherwise he will be out of place on exchanges and especially when trading cryptocurrencies.
On the trading platform, one can find a complete list of all tradable cryptocurrencies that are supported by the platform. To make a deposit into the user account, the user must first decide how this should be done and in what amount. Subsequently, settings must be made – which currency is to be traded at which price.
Licence & Security?
According to the operators, security is very important on the website and they try to ensure that the account and the investor’s money are protected at all times. eToro holds
the funds of customers in European Tier 1 banks. A Tier 1 bank is an institution with a very high core capital, which is a measure of the risk-bearing capacity of credit institutions. The higher the core capital, the more loans can be granted. Thus, this is a bank with a high core capital. In addition, the site also works with SSL encryption, so that attacks from outside are more difficult to carry out.#
This is to prevent unauthorised transactions from being carried out by fraudsters. This point is particularly important because transactions that have been carried out cannot be reversed and you cannot get your money back if you make a bad investment. Furthermore, saving the user name and password in the browser or in the app for end devices is not sensible. It is otherwise easy for thieves of electronic devices to break into the account and steal the money. You should also not save your access data in an easily recognisable way in any file without additional encryption, but on an external and secured USB stick.
eToro Customer Service
As soon as a problem or question arises during trading, contact customer service. At eToro you have several options for contacting customer service. If you are already a registered investor, you can select the corresponding tab under “Online Help”. For future investors, there is the option to make a new request and to leave their e-mail address in a contact form with a message. Already registered users also have the option, after logging in, to reach the customer service via chat or by phone.
This person is available 24 hours a day from Monday to Friday for the customers of the website and tries to help them as best as possible. The last option is to rate the website in the Android or iOS Store. After just a few days, the support team responds with a personal message for contacting them and provides an email address for communication. The smartest thing to do, however, is to check out the help section and FAQs first to see if you can already get an answer to your questions there. The support also seems to be available in several languages, which is a great advantage for users from different countries.
How much are the eToro fees?
The eToro fees can all be found listed on a subpage of the FAQs. The individual transaction fees per currency, commodity, share or foreign exchange are listed and all other eToro fees as well. For example, there is an inactivity fee if the account is inactive for more than 12 months, some as little as four months, and the eToro fee for this is 10 euros per month until the balance is used up. If you transfer money back to your original bank account, you will also have to pay eToro fees of 25 euros. No other costs were discovered in this eToro test, but this can change at any time.
eToro reviews and user opinions
As soon as you search the internet for eToro reviews, you will find a wide variety of eToro experiences. Positive users would definitely recommend this platform and write that it works flawlessly.
“Excellent – no reservations, I would recommend this company to anyone, but I think the company should do something about that much people who make comments about withdrawn problem and make more faster withdrawn system…”
Some negative voices complain that there is still no payout option for purchased cryptocurrencies.
“There is no option to withdraw your cryptocurrencies yet! After more than a year! „
Testimonials from angry investors who have lost a lot of money through speculative trading in CFDs should be ignored when making an assessment, as losses must always be taken into account. This can happen to an investor on any website and should be known to every investor before investing.
Is eToro a scam?
Is eToro a scam or is eToro reputable? After evaluating the reviews online and carrying out the eToro test, you can assume that eToro is reputable and not a scam. An eToro scam can be ruled out and the risks of trading are pointed out everywhere. The website also has over nine million users and is a licensed broker. Furthermore, the eToro app has already been downloaded one million times and has been rated with 4.1 out of 5 possible stars.
The only shortcoming, which is repeatedly criticised, is that the platform is not very transparent with the costs. However, eToro is one of the best addresses when it comes to trading on an online exchange. You can easily buy and sell cryptocurrencies via the eToro app and the website meets all modern security standards. In case of questions, the customer service is immediately on hand and offers those seeking help useful tips and a solution for almost every problem. In addition, the site also impresses with its professional design and encryption via SSL certificate.
At the end of the eToro test, it seems that there are few exchanges that offer such a variety of trading products and are always up-to-date. The website, as well as the app, are very attractively designed and intuitive to use for any new user. The website is also available in 18 languages and the customer service is fast and helpful. Every new user should keep their first deposit low at the beginning and test the website for themselves first.
As soon as you feel safe, however, you can confidently deposit more money. The generally known risks are also present with this provider, but it is a serious platform and you do not have to be afraid of entrusting your money to fraudsters and losing it. Of all the exchanges, eToro is the best and the smartest choice for any new investor.