eToro- A Comprehensive Guide
eToro is a multi-asset brokerage company known for its copy and social trading. It was founded in 2006 by Ronen Assia, Yoni Assia, and David Ring. They offer CFDs, cryptocurrencies, stocks, and ETFs. eToro operates in more than 140 countries and has millions of registered users. Headquartered in Israel, Tel Aviv-Yafo, eToro is one of the leading platforms for crypto trading in the United States and is known for its unique social trading features. And unlike most rivals, the eToro platform has a straightforward pricing structure traders and investors will find appealing. To learn more about this exchange and know how it works. Here’s everything you need to know before you invest with eToro:
- The website and mobile app are nearly identical, attractively laid-out, and easy to navigate.
- U.S. customers have access to Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.
- Traders can see what others on the platform are doing and follow the recommendations of certain members who allow you to copy their trades.
- Straightforward fee structure
- Creat an eToro Demo account
- Low minimum to fund an account and begin investing.
How many Cryptocurrencies are available on eToro?
On eToro exchange offers more than 17 cryptocurrencies, although it may not sound good number compared to rival options.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Stellar Lumen (XLM)
- Chainlink (LINK)
- Cardano (ADA)
- Litecoin (LTC)
- Uniswap (UNI)
You can buy the crypto on eToro in pairs with a debit card or bank account. Additionally, eToro gives you the option to securely store your crypto assets with the eToro Money Wallet or use its Copytrader.
What is the eToro Trading fee?
eToro’s fees vary in different crypto, which is the difference between the price of the crypto and the price you pay. The spread varies depending on the coin and may fluctuate depending on market conditions. Instead of paying the spread when you sell and buy, eToro will only charge you once when you purchase each asset. These are the spread fees applicable to some of the most popular cryptocurrencies on eToro.
- Bitcoin (BTC), 0.75%
- Ethereum (ETH), 1.90%
- Bitcoin Cash (BCH), 1.90%
- Litecoin (LTC: 1.90%
- Dash (DASH): 2.90%
How to create an eToro account?
To create your eToro login account, follow the steps that are given below:
- From a safe browser, go to the official eToro platform- https://www.etoro.com/
- On that page, click on the “Join Now” button
- In the account creation form, enter your username, email, and password
- If you agree to the terms, click “Create an account.”
How to log into an eToro account?
The steps to log in to your eToro account are specified below:
- Open a browser and go to https://www.etoro.com/login
- Type the email address that you registered with eToro
- Now, enter your account login password
- Choose if you wish to stay signed in or not
- Then, click the “Sign In” button to access your account
Is eToro a secure platform for trading and investing in Cryptocurrencies?
eToro is a biometric-enabled mobile app, and it keeps the user’s security as the main priority. All funds in U.S. Dollars on your eToro accounts that have not been traded for crypto currency are kept in FDIC-insured custodial account and protected up to $250,000.
eToro uses a combination of cold and hot (online and offline) storage to protect your crypto assets. eToro states that if you do not leave your crypto holdings with the trading platform, they are “mostly” in cold storage. This is to facilitate trading and liquidity.
Moreover, the eToro Wallet is a hot wallet, so it depends on eToro security. Although it does not provide details on its wallet security, the platform states that wallets are “operated by security best practices” and have standardization protocols and high-level security features. It also includes an “unlosable key service,” which allows you to recover access if necessary.
eToro states that it is registered in the U.S. with the Financial Crimes Enforcement Network, FinCEN, and state-level regulators. However, it doesn’t provide any information on crypto assets that are insured in the event of a hack, either through a third-party policy or eToro savings.