eToro is a cryptocurrency-focused best stock trading platform that was one of the first of its kind. In addition to being a simple cryptocurrency trading platform, it allows users to exchange, trade, and receive coins using their mobile wallets.
Investing in Bitcoin and a wide range of other popular cryptocurrencies is made simple with the help of the company’s wide range of accepted payment methods. eToro, on the other hand, is best suited for speculative trading, as transferring your crypto assets to a private wallet is still a bit more complicated than other trading platforms.
Investment and trading in a wide range of assets are possible through eToro’s platform. This includes commodities and equities to fiat currencies and indexes like the S&P 500. A few more advanced trading features are stop-loss, take-profit, and set orders. Users may now watch and duplicate other traders’ trades on eToro, transforming it into a social trading platform. Users can even post their trades to a “newsfeed” for others to see.
An eToro product called a CryptoPortfolio is a standout feature. Investing in the most prominent cryptocurrencies, including Bitcoin, Ethereum, Dash, Cardano, ZCash, and Iota, is now possible thanks to this platform’s inclusion. A $500 deposit is required to open an account with the CryptoPortfolio.
Investing in this portfolio allows you to simultaneously spread your risk across many different cryptocurrencies. For a cryptocurrency to be included in the CryptoPortfolio, it must meet some criteria.
- The minimum value of $1 billion in the stock market
- At least $20 million must be traded on an average monthly basis.
If money fails to meet the portfolio’s minimum requirements, it is removed from the collection.
eToro’s Wallet for Cryptocurrencies
A new mobile wallet, eToro Money, has also been released for iOS and Android devices. To make it easier for users to withdraw coins they’ve purchased on eToro, and the wallet is linked directly to their trading account. It’s also possible to utilize the eToro Money wallet to swap between more than 120 different assets in a matter of seconds. eToro trading accounts cannot be deposited into the wallet, but only selected coins can be withdrawn. Before the launch of the eToro Money wallet, users of eToro had no access to their private keys or on-chain addresses.
Here is the eToro USA review pricing of eToro. With eToro’s crypto fees, you only pay for the difference between your bid and you ask price when you make a purchase or sale. A broker’s charge for executing your trade is known as a spread. There are no additional expenses associated with trading cryptocurrencies on eToro. Additionally, when you buy an asset, you’ll pay a single percentage spread, which is adjusted when you sell it back. As a result, we’ve never seen any other cryptocurrency broker reimburse a portion of your spread if your trade loses a considerable amount of money.
eToro’s crypto costs include a spread, which fluctuates in proportion depending on the coin. Typically, the spread is 1% of the total.
eToro does not require you to maintain a minimum balance to use the service. When you make a deposit, you must put at least $50 into your account. Withdrawal fees from eToro are fixed at $5 per trade.
The minimum purchase order value for cryptocurrencies is $20. To use eToro’s CopyPortfolio function, you must spend a minimum of $200, and each transaction must be worth at least $1 to participate. For now, margin trading is not available for cryptocurrency trading.
U.S. customers can always take advantage of an eToro incentive. Check out the eToro promotion page to find out what’s currently being given away. At the time of this writing, eToro is offering $250 worth of cryptocurrency for every $5000 value of cryptocurrencies you acquire.
Customer Service at eToro
Because of the company’s assertion that customer service may take up to seven days to respond, this section is only given a 3.5 out of 5-star rating.
Traders with active accounts can use eToro’s live chat service. Live chat is available on your eToro desktop for customers with active accounts on Monday through Friday.
For the time being, eToro does not provide phone support or assistance for people with hearing impairments. Moreover, there is an assistance center accessible.