The financial world is accepting the gaining popularity of the cryptocurrency and its trading rapidly. In the current trading scenario, eToro stands as the world’s leader in offering digital financial solutions with its CryptoFund technology. In this article, let us unveil the basic facts about eToro – a famous online cryptocurrency trading platform to help you know about this trading system in a detailed manner.
Overview of eToro
eToro is a famous Israeli social trading firm that is a highly regulated and licensed cryptocurrency trading platform. Social trading is a procedure that offer the traders an opportunity to retrieve information from the other traders and then, use their trading experience to trade in their individual accounts. As such, eToro becomes a leading ground for both the beginners as well as for the professional traders who wish to learn cryptocurrency trading as their do their effective trading.
Established in 2006 with the original name as “RetailFX” –eToro has risen up to become one of the leading trading platforms which offers the unique concept of social trading. This trading platform is used for trading a variety of assets including indices, cryptocurrencies, commodities, stocks, and many more. eToro is the brainchild of the Israeli brothers named Yoni Assia and Ronen.
This trading system has been made suitable for the traders with diverse levels of experience and knowledge about this field. Attracting several new traders every day, the eToro trading platform has become one of the leading names in the field of cryptocurrency trading system.
eToro is one of the most reliable and legitimate trading platforms out there. Therefore, it is a highly regulated trading portal that ensures the traders the assurance of highly reliable trades. This trading platform is regulated in two separate jurisdictions: Cyprus and the United Kingdom.
- In the United Kingdom, eToro operates through eToro (United Kingdom) Ltd and is registered by the FCA (Financial Conduct Authority) of the United Kingdom under the reference number of the FCA as 583263. Since both the FCA and CySEC operate under the MiFID (Markets in Financial Instruments Directive), this implies the eToro is a MiFID compliant broker and has been authorized for operating in the Euro zone.
- In Cyprus, eToro falls under the jurisdiction of the CySEC (Cyprus Securities Exchange Commission). This trading platform is licensed under the CIF license (Cyprus Investment Firm) under the license number 109/10, eToro complies with major regulatory requirements like working with proper capitalization as well as maintaining the segregated accounts for the funds of the clients.
In the current scenario, the eToro trading portal has over 5 million traders from over 170 countries across the world. The clients of the company get the access to do trading in a variety of financial trading instruments like the commodities, indices, stocks, currencies, and CFDs. The online platform of this trading system attracts several customers and new accounts almost every day. As such, this trading platform has become one of the premier social trading & investment networks in the world.
Recently, eToro has launched its individual platform for social investment named as the “OpenBook” in the year 2010. It also introduced a unique feature termed as “CopyTrading”. It was in 2010 that the trading firm launched its first-ever mobile application for the Android phones. This was aimed at enabling the traders to observe, follow, as well as copy the leading traders of the world in an automatic manner. These apps have been now replaced by the all-in-one updated eToro trading platform that can also be accessed on the Android devices.
In the current scenario, the eToro trading platform is not available in the United States of America.
Unique Trading Features with eToro
The eToro trading platform serves as an excellent trading platform in addition to being a primary source of excellent educational programs with respect to cryptocurrency trading.
- One of the most attractive features of this trading platform is that it offers excellent online financial cryptocurrency community. This is one of the largest trading communities in the world.
- The fact that makes eToro trading platform as truly unique from the other trading brokers in the given industry is their proprietary “OpenBook” trading platform. After its introduction in the year 2010, eToro became the very first social trading portal of its kind. This fact has earned eToro the respect of being one of the most popular social trading platforms in the recent times.
- In contrast to the other trading portals out there, the trading platform of eToro is aimed at leveraging the crowd’s wisdom towards helping the traders in maximizing their returns over investments. This social trading platform lets the traders observe the successful trades of other traders in the market. The traders can speculate the vital trading parameters like profit levels, individual trading strategies, market positions, and other features in the trading scenario.
- Through its unique OpenBook trading process, eToro is able to stand out from the other trading platforms. In addition to this, through its social trading scenario, it is able to enhance the learning process of the traders to trade in a more effective manner.
The minimum deposit value with eToro trading platform is $100 in most of the regions. However, in the Arabic regions, the minimum deposit value with eToro is $200. Anyone who makes a deposit of more than $20,000 is a Premium member of this trading platform. A premium member can avail some of the special benefits of trading like a personalized Payoneer credit card, personal account manager, faster withdrawals, and getting access to the eToro trading room.
On top of it all, eToro charges no additional cost out of the traders for copying any trader. The spreads remain the same even after the trader is copying another trader or if the trader is trading on oneself.
Free Demo Account Feature
On the basis of the region as well as country of the traders, the minimum value of the initial deposit with this trading platform usually ranges from $50 to $1000. The eToro is a leading trading company that offers the ease of opening a funded account with minimum values. In addition to this, the company also offers a free practice or demo account that can be used by the traders for simply signing up at no cost. The traders can use this feature to test the overall functioning of this site.
The free practice or demo account of this trading platform allows the traders to test the functionality & reliability of the trading platform. The best thing about this feature is that there is no financial burden on the traders as this account can be opened with zero investment. In addition to the free practice account, the platform also features the standard funded account that requires the investment of a minimum amount in the form of virtual currencies. At the same time, the trading company also takes the opportunity to offer the specialized Islamic account that can be opened by the interested traders with a minimum investment of $1000.
Quite similar to the various online forex brokers, the eToro trading platform also charges no commission at all on the given trades. On the other hand, the trading company usually relies on presenting its traders with a lucrative deal or spread for compensating the same.
Trading Software of eToro
The time when eToro started, the original trading platform of this firm had been primarily geared at the naïve, new, and inexperienced traders. It was also aimed at the incorporation of the graphic animations by depicting the currencies which were racing against each other or participating in a tiff. The previous platforms of this trading broker have since then been consolidated into the all-in-one platform of the eToro trading. This trading platform is also available on the mobile platforms for the iOS and Android devices. Even these apps integrate all the important features of the trading platform.
Investing in Bitcoin with eToro
If you wish to trade in Bitcoin with the eToro trading platform, then you can achieve the same with much ease. It takes a mere number of just 3 clicks to start trading in Bitcoin with this trading platform. You just need to complete the overall verification process and you are all ready to go.
The first step towards trading with this trading platform is to sign up with eToro official website. The signing up with this trading portal would require you to enter the correct details like full name, email id, and other details. Once you have completed the registration process, you are free to log into the OpenBook account of the trading system. Here, you can click on the option “Invest in Bitcoin”. You can find this option under the section of Bitcoin market on the official site of this trading platform.
The best thing about eToro trading portal is that the initial investment amount here is as low as $10. Once the payment of the desired investment is confirmed by the trader, the order gets placed. This is then marked for execution. With this respect, it must be noted by the traders that the order usually get executed four times in a day at different timings, 6 am, 12pm, 18 pm, and 12 am GMT. If you wish to execute a particular order at, like 12:00, then as a trader, you would need to get it placed at 11:55 at the latest. In addition to this, while Bitcoin might be traded over the holidays and weekends, there can be no order execution taking place at the eToro trading platform at such times.
eToro Cryptocurrency CopyFund
The latest and innovative cryptocurrency eToro CopyFund allows the traders to trade the two leading digital currencies: Ethereum and Bitcoin. The trading can be done with much ease with the help of the easy-to-use platform of this trading system. The other digital trades like Dash, Litecoin, and Ripple are also coming soon on this trading platform.
When you are trading with this trading platform, the best thing is that you are not required to pay any amount of investment management fee. Even after this, you can still open & access your account for following some of the best traders that are present in the global financial investment community which consists of several experienced traders. The eToro trading platform offers a free demo account as well.
eToro lets you invest in two major types of Copy Funds. These are:
- Top Trader CopyFunds which consists of the top performing and the most sustainable traders out there that are available on eToro.
- Market CopyFunds which bundle together all the commodities, CFD stocks, or ETFs under a selected market strategy.
The main aim of the CopyFunds by eToro is to help the traders minimize their long-term risks. It is also aimed at promoting ample opportunities for the rapid growth by the creation of some diversified investments.
Once you have chosen a particular CopyFunds strategy that suits your investment needs, all that you are required to do is to enter the desired amount that you would like to invest in the given trading portal. Each of the CopyFund is deeply analyzed and rebalanced in an automatic manner to ensure the maximization of the potential returns to the traders.
The CopyFund is a new trading concept laid out by the eToro trading system. In the general scenario, the Copy Funds serve as the investment vehicles which are bundles together as an assortment of financial assets. These financial assets are then picked & re-picked under a predefined strategy.
Methods of Deposits & Withdrawals with eToro
As eToro only allows for the trading in the currency of US Dollars, any amount of deposits made in another currency gets converted into the US Dollar equivalent when it is received. The minimum amount of deposit with this trading platform for opening a live trading account ranges from $50 to $1000. This usually depends on the regional rules & regulations that a particular account of the client is subject to.
For instance, the Neteller deposits minimum value ranges in the spectrum of $50 to $1000. The maximum deposit value is of $10,000. At the same time, GiroPay and Webmoney follow a range of $50 to $1000 for the minimum deposit. The maximum value for depositing money is $30,000. Yandex, which is a Russia-based trading portal has a maximum deposit value of $5,000.
To ensure the convenience of the traders, the depositing of money and the process of opening a trading account can be achieved through various methods. The available options for depositing the investment is through MasterCard, Visa, and the Diner’s Club debit as well as credit cards. The traders can also make the investment through the bank wire transfers and also through Wirecard –which is both a Wire & Credit card, Skrill Limited UK, Neteller, PayPal, China Union Pay, Webmoney UK, and Wirecard.
Withdrawals with eToro
For the process of withdrawals, the traders are required to fill out a proper withdrawal form which is available in the Cashier section of the official website of the trading platform. Upon reaching here, you can click on the “withdrawal” option. The desired amount can be entered on the given withdrawal form. After doing this, eToro will then be notifying the trader through the proper email of the withdrawal process. Usually, the funds can be withdrawn through bank transfer, credit card, or PayPal as per the convenience of the traders.
If you happen to be a first-time trader or if you are withdrawing money for the first time, the traders are required to submit a proper copy of the valid ID proof like the passport along with other essential requirements like the signature, email ID and so more. In addition to this, if the initial deposit made by a particular trader was through credit card, then you are also required to submit a valid copy of both the sides of the specific credit card.
eToro trading platform usually charges a fee of $5.00. This amount is charged on the withdrawals of the amounts between $20 to $200. Similarly, the trading portal charges a fee of $10.00 on the withdrawals made between the range $200.01 to $500.00. A fee of $25 is charged for the withdrawals which are made above the amount of $500. The overall withdrawal process with this trading platform might take around 5 days to get completed. It could also be delayed further in case of some of the third party withdrawal methods.
Excellent Customer Support
The eToro trading portal offers excellent customer care support to its traders. The customer care support is available 24/5 –Monday through Friday. The traders can reach out to the eToro customer care representatives through email and telephone. The emails usually have around 48 hours of response time in case of any query raised by the traders. There is no support available for the live chat in this trading platform. However, the trading platform offers a personalized online/digital customer care service. This unique feature is offered by the company known as “Nano Rep” and is made available by clicking a button that is present at the bottom left corner of the customer service page of the eToro official website.
The eToro trading company also presents a unique feature known as “Customer Service Wall”. Using this specialized feature, the customers can interact with a special customer service by using a forum type format. In this case, maximum customer queries get handled by the referring of the customers to some knowledge base or online guides offered by the eToro official website.
In case a particular trader wishes to communicate with some representative on a personal note, then a specific ticket gets opened. After this, any representative would contact the particular trader as soon as the ticket gets opened. Then, it is up to the will of the traders to choose the particular customer care representative. This can be done by clicking on the photograph of the representatives. The photographs are available on the brief biography of each representative on the customer service team page of the eToro official website. In the current scenario, the customer care support service is available in multiple languages like English, German, Italian, Spanish, and French on the basis of the selected regions.
Safety of Trading with eToro
As you might have already observed that this is a highly reliable and trustworthy trading platform, therefore, there is a complete assurance of top-notch safety while trading in the same. In addition to its oversight of leading regulatory bodies like the CySEC and FCA, there are several other authorization marks associated with this trading portal that ensure that this is a duly regulated broker in the United Kingdom and the European Union. eToro trading platform is able to keep the traders and their personal information highly secure. This trading company makes use of the most advanced SSL (Secure Socket Layer) technology which is used for the proper authentication & verification of the user information and data transfers.
After reading this review, it can be concluded that the eToro cryptocurrency trading platform is a highly reliable and legitimate trading portal out there. It is the forefront of effective social investment. It also serves as a preeminent online broker for the naïve traders out there who tend to value such networking channels. With the latest integrated eToro trading platform & social investment portal along with the mobile app of this system, eToro offers the traders highly profitable opportunities in the given trading field. In addition to this, the trading company also offers a unique Trading Academy, a separate Trading e-course, a blog, and live webinars for educating the naïve traders about this trading system.
Have a great time trading with eToro!
- Easy interface
- Social copy trading
- Free demo account
- Versatile platform
- Educational materials
- Not available to traders from the USA
- While most popular pairs are available, eToro can be limited when compared to other professional platforms
- Charts are both limited and clunky
- High spreads
- Only available in USD