eToro, an Israeli multinational social trading and multi-asset investment company, offers financial and copy trading services to its users. Registered users can copy crypto trades of experienced traders. In addition to cryptocurrency, this social trading broker also offers its services in stocks and ETFs.
Pros and Cons
Co-founders Ronen Assia, David Ring, and Yoni Assia founded eToro in 2007. Initially functioning as a forex online broker under the name RetailFX, the company later changed its name to eToro and began offering commodities, indices, and stocks. But It established itself as one of the world’s leading social trading networks when it launched its innovative social trading feature, which allows users to automatically copy the trades of successful traders on the platform. The eToro platform includes 27 cryptocurrencies, a transparent fee structure, and an active user community. eToro aims to establish itself in the highly competitive crypto exchange market by continuously updating its crypto trading services.
eToro serves millions of users from over 140 countries.
CopyTrader and Popular Investor
CopyTrader is where you can copy the trading strategies of other users, who are termed as Popular Investors. You don’t have to pay any fee to participate. You can also use eToro’s related service CopyPortfolios to replicate the performance of eToro-managed crypto-focused portfolios.
Social Trading Community
Social trading community is like facebook for crypto users on the eToro platform. When you log in, you will see a general feed that covers user opinions on crypto, markets, and investing in general.
The eToro Club is a premium membership that grants users access to additional features based on their balances. Users can become members once they have $5,000 in purchased crypto assets or cash holdings in their eToro account.
Features of eToro Club –
Analyst reports and a market newsletter
Live webinars by experts
Access to new products, services, and features first.
Dedicated expert trading assistance
eToro has a slightly more complicated pricing model than some of its competitors. Fees differ from location to location. For example, while there are no withdrawal fees for US customers, there is a $30 withdrawal minimum. eToro charges a $5 withdrawal fee for withdrawals from countries other than the United States. Other trading commissions or account management fees are not charged. Before signing up, make sure to read about fees and terms and conditions.
Contact and Customer Support
eToro offers limited customer support. You can get in touch with them via email or a support ticket option. Users can opt to become a club member who receives customer support via chat and phone. In case you want to directly speak to a representative, then you have to become a member at a silver level – which requires equity of $5,000 or more.
Opening an account with eToro is a very simple procedure. You can go to their website and click the Join button. After the new page, fill in the required information. You can sign up via Facebook and gmail account. There is also a KYC process. You will be ready to go after you submit your application.