Etoro Review 2021: Pros, Cons, and More

eToro is an excellent cryptocurrency broker with an extremely easy-to-use platform that’s perfect for beginner investors as well as experienced traders. Get started for as little as $50 and mirror select traders with successful track records or invest crypto on your own.

Full review of eToro, its pros and cons, and my recommendation below!

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What is eToro?

eToro is a popular brokerage that serves users in 100+ countries. The company has recently expanded to the U.S. and offers investors here access to over 17 cryptocurrencies.

What’s unique about eToro is their focus on ‘social trading’ – there’s a social media platform that allows Etoro users to interact with one another, and even copy successful traders move-for-move automatically.

This makes it a great place for new and avid crypto investors to discuss investments and learn. It’s sort of like Reddit, but with a laser focus on crypto trading.

New to eToro? Sign up with the link below and you’ll get a $10 bitcoin bonus for depositing $100 or more.

eToro USA LLC; Investments are subject to market risk, including the possible loss of principle. All trading involves risk. Only risk capital you're prepared to lose.

There has been other eToro promotions in the past, but this is currently the only one available.

eToro Account Overview

eToro is one of my go-to cryptocurrency brokerage accounts. I signed up to the popular platform as soon as it became available in the United States.

Opening an eToro account is free and only requires a minimum deposit of $50, which can be deposited through methods like online banking, credit or debit card, wire transfers, and even PayPal.

Once you fund your account, you’ll immediately gain access to buy, store, receive, exchange, or convert more than 500 currency pairs, including popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, and Shiba Inu.

Pros

  • Safe, secure, and regulated cryptocurrency broker
  • Crypto staking allows you to earn interest on your crypto
  • eToro Money crypto wallet to store your crypto safely
  • CopyTrader – automatically copy trades move-for-move of top-performing investors
  • CopyPortfolio – invest in ready-made crypto portfolios to diversify your holdings and spread out risks
  • Social Media Platform – interact with fellow eToro traders
  • Fee-free deposits using online banking, credit/debit cards, wire tranfers, and PayPal
  • 17+ cryptocurrencies available on the platform
  • Demo account to practice your crypto trading skills with $100,000 of free virtual money
  • Mobile app for Android and iOS

Cons

  • U.S. Restrictions – U.S.-based customers can’t trade other assets outside of crypto (e.g. stocks, EFTs, and forex)
  • Live Chat is only available for eToro Club members, a loyalty program that requires at least $5,000 in your account

eToro Account Fees

For U.S. users, eToro is very competitive in terms of fees it charges:

  • Deposit Fees: None, deposits are free for U.S. residents
  • Withdrawal Fees: None, withdrawals are free for U.S. residents
  • Management Fees: None
  • Inactivity Fee: eToro will charge $10 a month after 12 months of no login activity
  • CopyTrader Fee: None, copying other traders are free
  • CopyPortfolio Fee: None, no management fees or commissions to use the CopyPortfolio feature
  • Transfer Fees: Transferring cryptocurrency out of eToro will be assessed a fee of 0.5%, with a minimum fee of $1 and a maximum fee of $50
  • Trading Fees: Trading fees are included in the spread, as low as 0.75% for Bitcoin and as high as 5% for Tezos – see the list of trading fees for popular cryptocurrencies below:
CryptocurrencySpread
Bitcoin0.75%
Ethereum1.90%
Bitcoin Cash1.90%
XRP2.45%
Dash2.90%
Litecoin1.90%
Ethereum Classic1.90%
Cardano2.90%
MIOTA4.40%
XLM2.45%
EOS2.90%
NEO1.90%
TRON3.50%
ZCASH3.50%
Binance Coin2.45%
Dogecoin2.90%
Shiba2.90%
eToro USA LLC; Investments are subject to market risk, including the possible loss of principle. All trading involves risk. Only risk capital you're prepared to lose.

The Bottom Line

eToro is one of my favorite cryptocurrency brokerages with an easy-to-use platform that beginners will pick up quickly and veteran traders appreciate for its simplicity.

For investors who are new to cryptocurrency, they love the fact that there’s a community eager to help each other out and learn from one another. When it comes to investing, many find the CopyTrader and CopyPortfolio features an excellent way to dip their toes in the water with the help of experts.

And if you’re not comfortable investing real money just yet, the Demo account gives you $100,000 worth of virtual money to play with.

eToro is right for you if:

  • You want a place to buy and sell a good selection of cryptocurrencies, with a straightforward fee schedule.
  • You enjoy social trading and want the ability to copy the moves of profitable traders who have strong track records of outperformance.

Other top cryptocurrency platforms I recommend and personally use are BlockFi, Coinbase, Celsius, Gemini, and Voyager.

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