eToro provides even more now, after the success in the field of cryptocurrency and CFDs. They are the world’s leading social trading network and have revolutionized the technology of finance to what it is today. They started as just a trading site, later adding cryptocurrency and various trading instruments to meet the increasing demand and changes in the industry. We also added various social apps including CopyPortfolio and CopyTrading to their websites. eToro is a market leader with six million registered users today.
Three businessmen had a vision of making trading simple for daily users and in 2007 they made their dream come true in the form of eToro. It was originally an online trading platform with an intuitive interface that showed graphs using various financial instruments. The timelines for eToro programs during its history are as follows:
- WebTrader was another trading site introduced by eToro in 2009 and provided various technical platforms for traders at all rates.
- OpenBook was another big move forward in 2011. It became the first virtual commerce site to include the CopyTrader.
- In 2012, eToro introduced stocks to its assets.
- In 2013 eToro introduced its iOS and Android smartphone platform. They began experimenting with cryptocurrencies in the same year, which made it possible to transact Bitcoin-CFDs.
- In 2015 the app was revamped to be more flexible and social.
- In 2016 they introduced the CopyPortfolio function which allowed users to manage portfolios with various top traders’ assets and portfolios.
- In 2017 eToro added cryptocurrency trading to the website, such as Litecoin, XRP, and Ethereum.
- In 2019 eToroX was introduced with a cryptocurrency platform.
Cryptocurrencies supported by eToro
Instead of relying on a particular form of cryptocurrency, eToro embraces increasing cryptocurrencies, which is why there is a small number of approved cryptocurrencies. But even that small list contains all the famous cryptocurrencies such as Ripple, Litecoin, Ethereum Classic, Bitcoin Wallet, Ethereum, and Bitcoin.
What’s different in eToro?
The eToro’s several trading and investing opportunities set it apart from competing sites. Users will use the eToro network to invest and exchange their conventional investments and their cryptocurrencies too. Another distinct feature of eToro is the features of culture. For example, CopyPortfolio is a thematic investment that allows users to manage portfolios with various top traders’ assets and portfolios. It’s also an eToro’s unique app that lets users duplicate top traders’ strategies.
Trading tools offered by eToro
Helping users to exchange easily is not the primary goal of the eToro website, it also strives to train beginners in exchange. It gives new users virtual money which they can use to get to know the platform and practice tactics until they spend real money. Also with real money trading, it offers instruments including an economic calendar to help the trading cycle. Why the economic calendar works is very straightforward, you only need to pick the day, the date and the assets you wish to sell, it will tell you how the future events will impact your money. Besides, eToro often offers daily industry analyses, as well as short overviews and comprehensive reviews. Through tradable commodities on the platform includes details on recent studies, the latest charts, and news alerts.
What is a contract for difference (CFD)?
A differential contract or a CFD is one form of derivative trading. It makes the creditors guess as to whether or not the global stock sector would crash. Often the CFDs bet on assets, treasuries, reserve currencies, bonds, indexes, and cryptocurrencies It is important to note that the associated assets are not sold or purchased with CFDs. You purchase or sell only those units of the devices, based on your demand forecast. If your forecast is right, you will get the related asset CFDs units, likewise, you will lose CFDs for any wrong prediction.
Crypto-currency and CFDs operate together in the eToro network. As we have already shown, eToro started promoting cryptocurrencies by enabling users to exchange CFDs from Bitcoin in 2013. CFD trading is also a crucial aspect of eToro today since most cryptocurrencies are exchanged with CFDs rather than physical money.
In 2016 eToro introduced to the website CopyPortfolio. This functionality can be used by conventional fiat traders as well as the cryptocurrency traders. This function generates a common tradable commodity that is a mixture of other strategies’ individual properties, or traders. The eToro Investment Committee oversees and arranges these CopyPortfolios annually. The eToro framework includes a collection of CopyPortfolios for inverters to cryptocurrencies. This snow function has healthy portfolios for funded cryptocurrencies such as Ripple, Dash, Litecoin, Classic Ethereum, and Bitcoin.
CopyTrading is a further function on the eToro website for mainstream fiat and cryptocurrency trading. It’s a creative function that enables users to analyze top traders’ trading strategies and adapt those strategies to their company. The top traders with stable returns and low-risk ratings are such. They are receiving bonuses for revealing their company strategy. CopyTrader may be a great value to newcomers in trading because it helps them to be introduced to the market without much work.
The target audience of eToro
EToro is useful to merchants at all rates and anyone can use it as long as it is not prohibited in their region. Some countries have rules that prohibit the usage of the eToro framework in their trade laws. Such nations include the United States, Sudan, Albania, Serbia, Turkey, Syria, Iran, North Korea, Japan, Cuba, Canada, etc.
Does eToro Have a Minimum Trade Size?
Even though eToro appears to be a forum for traders at all rates, it has restrictions on the minimum investment needed for trading via the forum. For every form of exchange, those restrictions are different:
- You’d have to pay at least $25 for goods and money dealing.
- A minimum investment of $50 is needed, or stock trading.
- CopyTrading membership, as well as ETFs and indexes, requires $200.
- For CopyPortfolios a total commitment of $5000.
However, the minimum investment criteria have adjusted as follows for the registrations on or after April 2, 2017:
- $200 for cryptocurrencies
- $500 for stocks and ETFs
- $2,500 for commodities
- $5,000 for Forex and indices
EToro earns its money by charging varying charges for its specific facilities. It does not charge anything but on the spread for opening a spot. Cryptocurrencies have small distributions but these are not assured. The difference differs according to the supply and business factors. The distributions on daily breaks are as follows:
- 3 percent for XRP
- 5 percent for XLM
- 5 percent for NEO
- 3 percent for LTC
- 5 percent for ETC
- 2 percent for Ethereum
- 3 percent for DASH
- 5 percent for BCH
- 5 percent for BTC
Given all these costs, trading in cryptocurrency is open at no price 24/7. The business just pays, leveraged Ethereum or shorting tokens, for BTC roles.
Customer Reviews on eToro
EToro’s consumers all believe it’s very easy for usage. Provided its intuitive nature, people can use it even without any previous trading experience. The software is suitable for all forms of devices including MacBook, PCs, iOS, and Android, making it easy to use and readily accessible. EToro is well known and enjoys a strong reputation online. The general concerns are regarding the traders they are affiliated with rather than about the network itself. Even if there is an issue with eToro’s marketing drive. Any of their commercials are for cryptocurrencies but the merchants themselves do not hold the cryptocurrencies. You will only own the cryptocurrency by purchasing it via the exchange where, for example, Binance or Coinbase offers it.
Money Deposit and Withdrawal with eToro
You should select a convenient deposit form from a selection of available alternatives. While minimum deposits are variable for various methods. You will use Skrill, Webmoney UK, Yandex, PayPal, NETELLER, MasterCard, VISA and more to make a deposit. You can withdraw by filling out a withdrawal application, you can use your debit or credit card, bank transfer or PayPal to collect your money. You are expected to request a copy of your passport in color, proof of address, and signature.
Thirty-five new pairs of fiats have recently been introduced to the eToro platform and provide users with a total count of forty-four trading pairs. The revised trading-pair chart includes several regions and currencies. It targets citizens from various nations, and the modified pairs are:
- The EU BCH/EUR, ETC/EUR, LTC/EUR, XRP/EUR
- United Kingdom BCH/GBP, ETC/GBP, LTC/GBP, XRP/GBP
- Switzerland BTC/CHF, ETH/CHF, XRP/CHF, LTC/CHF, BCH/CHF, ETC/CHF
- New Zealand BTC/NZD, BCH/NZD, ETH/NZD, ETC/NZD, LTC/NZD XRP/NZD
- Japan ETC/JPY, BCH/JPY, LTC/JPY
- Canada BTC/CAD, ETH/CAD, XRP/CAD, ETC/CAD, BCH/CAD, LTC/CAD
- Australia BTC/AUD, ETH/AUD, XRP/AUD, ETC/AUD, BCH/AUD, LTC/AUD
Furthermore, there is a formal statement by eToro regarding a website that would concentrate on cryptocurrencies for US consumers. The network would include an incorporated smartphone device, the crypto wallet, and the option to use a credit card to buy cryptocurrencies. It functions for 32 US states and supports common cryptocurrencies such as Neo, Dash, XRP, Litecoin, Ethereum, and Bitcoin. Around the same period, the multi-signature crypto wallet supports six cryptocurrencies with additional currencies expected to be included in the future, including Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), Litecoin (LTC), Stellar (XLM), and XRP. The eToro team has also confirmed that the crypto-currency mobile wallet is accessible on both Android and iOS. Users on eToro will sign into the mobile wallet to handle their cryptocurrency and other transfers of money. The eToro Wallet roles are:
- Transfer crypto from their eToro accounts
- Exchange one cryptocurrency for another cryptocurrency
- Store and manage multiple cryptocurrencies
Buying Crypto with a Credit Card
You may buy Cryptocurrencies directly using eToro Wallet through your credit card. The Visa and MasterCard transfers were made possible when the business collaborated with Simplex, a third-party payment processing provider. Those basic measures you should follow:
- Open and log into your eToro Wallet.
- Click on the “BUY CRYPTO” section of the wallet and select your preferred coin and amount that you would like to buy.
- Enter your payment details into Simplex’s billing form.
Upon a successful transaction you’ll have bought coins in your eToro Wallet. You should keep in mind that Simplex will automatically authorize your transaction or ask for extra paperwork to confirm your identity. The transactions are sent to the following billing list.
eToro Wallet Charges:
Fiat to Crypto conversion charges
- eToroX fee 1%
- Simplex fee 4%
Currency Min transaction Max transaction Max / Day Max / Month
GBP £96 £7,350 £14,700 £36,750
EUR €112 €8,624 €17,248 €43,120
USD $125 $10,000 $20,000 $50,000
After Simplex accepts the trade, the real market cost is calculated by eToroX. In addition to the aforementioned payments, blockchain payments are removed from the bought crypto and are added on any crypto transaction. Those purchases can be paid separately by the bank or credit card issuer.
EToro formally launched its Blockchain affiliate for Gibraltar’s conventional trading site, eToroX. This is governed and controlled by the Financial Services Commission of Gibraltar (GFSC). This exchange aims at handling crypto-trades and integrating the social trading platform feature. The crypto to the crypto platform has improved security mechanisms and numerous trading tools for crypto enthusiasts, including an elegant design and a mobile wallet program.
The eToroX network, originally introduced with a small number of currencies, now supports 37 cryptos to fiat pairs and 16 digital properties. It also has 8 safe coins built in to shield traders from market fluctuations. The collection of tokens labeled with eToro connected to fiat currencies is as follows:
- the eToro United States Dollar (USDEX)
- eToro Japanese Yen (JPYX)
- eToro Euro (EURX)
- eToro Pounds Sterling (GPBX)
- eToro Australian Dollar (AUDX)
- eToro Canadian Dollar (CADX),
- eToro New Zealand Dollar (NZDX)
- the eToro Swiss Franc (CHFX)
There are digital assets aligned with commodity values other than certain secure currencies, including SLVRX and GOLDX coins. The presence of such digital assets allows eToroX to stay crypto-exchangeable, and more common cryptocurrencies such as Bitcoin (BTC), Bitcoin cash (BCH), Ether (ETH), Litecoin (LTC), Dash (DASH), and XRP often include more cryptocurrencies, more secure coins.
Exchange charges and Limits
There is no deposit fee for eToroX and the withdrawal charges are:
Currency Quick withdraw limit Withdrawal fee
AUDX 50,000 3.75000
BCH 166 0.01000
BTC 10 0.00060
CADX 50,000 3.90000
CHFX 50,000 3.00000
DASH 400 0.02500
ETH 278 0.01700
EURX 45,000 2.65000
GBPX 40,000 2.30000
JPYX 5,500,000 330.00000
LTC 555 0.03300
NZDX 50,000 4.25000
USDEX 50,000 3.00000
XRP 166,667 8.50000
The exchange rate system is a tier dependent solution. The levels are based on the monthly trade value. If the monthly trade amount peaks above Tier 1 (over $100,000), a rebate may be issued within the first week of the month, and the rebate would be determined based on the figures in the table below, depending on the Tier Point.
- The Rebate will be given during the 1st week of the month.
- The rebate will be given in ETH
- The calculation will be done for each calendar month.
In the eToroX, too, there are the Taker and Creator costs where the Taker incurs their costs and subtract value from the transaction, the Manufacturer is paid with transactions where their orders attach value to the market. Their costs are smaller because the Manufacturer orders bring value to the market. An example of a Builder trader order involves inserting a pending execution request, such as a limit request which is not immediately (partially or fully) filled out. The acts of the manufacturer ‘win’ the demand by introducing value to the order book whilst the order of the taker is the one not applied to the order book. That can “take” the order book liquidity.
The eToroX exchange has state-of-the-art protection mechanisms including data encryption for all transfers, and a dedicated security system to deter CSRF assaults. Besides, the team has also developed an analytical backlog system using the N.N Machine Learning Algorithm that helps with decision making and integrates several PT and Code reviews as well as a bug bounty program. Through upgrade to financial account records, all user accounts need reliable multi-level identity authentication and a separate authentication method. The app has a two-factor authentication (2FA) that reduces access attempts and utilizes attribution templates of whitelisting to deter malware attacks.
The protection procedure is not restricted strictly to transfers and user profiles, employee workstations are checked and secured using stringent safety measures. The custody system for the exchange is based on a three-level FIPS140 military-grade custodian method of multi-separation of the various environments. These include a warm environment or a solution secured by the process engine, a cold, secured isolated gap environment, and a deep, military-grade, isolated environment.
Since 2007, eToro has been working in Fintech, along with all such protection initiatives, and it has UK, USA, Australia, Cyprus, South Africa, and now Gibraltar as its regulators. The Gibraltar Government and the Gibraltar Financial Services Commission (GFSC) have laid down rules governing distributed ledger technology (DLT) companies and eToroX works within the GFSC-administered structure. EToro has the biggest clarity about cryptocurrencies and ETORO X LIMITED is a limited liability corporation with registration number 116348 in Gibraltar and registered office at 57/63 Line Wall Road in Gibraltar. The business is authorized under the Financial Services (Investment and Fiduciary Services) And as a Distributed Ledger Platform Provider by the GFSC, with a license number of FSC1333B.
Gibraltar’s regulatory authority demands that each identity be checked at the point of enrollment, the eToro platform strives to make this authentication procedure easy for its users. The authentication phase took two working days after you submitted your properly filled out form with all the documentation needed. New registrants must submit the following documents:
- Proof of Identity (POI) Document: you are required to provide a POI document that has your name, date of birth, your photograph, the date of issuance, and the expiration of the document. A passport, driving license or a government-issued ID are accepted as POI documents.
- Proof of Identity and Selfie (POIS): you are required to provide a selfie with the POI document you uploaded.
- Proof of Address (POA) document: the POA is required to be in the recent 6-month period and all 4 corners of the document should be visible. The POA should have your name, address, date of issuance, and expiration and the name and logo of the issuing authority. Your bank account statement, utility bill or tax bill can serve as the POA document.
How beginner-friendly in eToroX?
Compared with other trading platforms, eToroX’s intuitive and interactive interface makes learning quicker for beginners. The Help section also contains the answers to the most common questions, and you can reach the team via firstname.lastname@example.org. Besides, eToroX seeks to inform its users and integrates a Blockchain Academy and Glossary Portion that provides several explicitly defined tips and concepts to help users to access the app and develop a greater understanding of blockchain technologies.
Competitors of eToro
With the increase in crypto trade, the competition has also increased. eToro has the following competitors:
- IQ Option
- Vantage FX
Though eToro has several trading tools accessible to customers, crypto-trading is very helpful. Apps such as CopyTrading and CopyPortfolio render it highly efficient. For traders having the same forum for crypto and fiat trades it can be really useful. It is also a great platform for regular stock and Forex trading or simply investing in pre-built portfolios in different areas.