eToro Review 2024: Pros, Cons and How it Compares
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Our Take
3.5
The bottom line:
on eToro's website
Pros & Cons
Pros
Social investing: Ability to match moves of popular traders.
Advanced trading features in mobile app.
Cons
Service not available in all states.
No crypto-to-crypto trading pairs.
Compare to Similar Brokers
Current Product
NerdWallet rating 3.5 /5 | NerdWallet rating 4.8 /5 | NerdWallet rating 3.9 /5 |
Fees 1% for cryptocurrency | Fees 0% - 3.99% varies by type of transaction; other fees may apply | Fees $0 per trade |
Account minimum $100 | Account minimum $0 | Account minimum $0 |
Promotion Get a $10 bonus when you open and fund a new account (U.S. only). | Promotion Get $200 in crypto when you sign up. Terms Apply. | Promotion None no promotion available at this time |
Learn more on eToro's website | Learn more on Coinbase's website | Learn more on Robinhood's website |
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Full Review
Where eToro shines
Innovative platform: EToro made its name through its social investing platform, an innovative tool that allows users to copy the trades of other investors.
Established internationally: Founded in 2007, eToro has more than 25 million users in 140 countries worldwide — and the U.S. is now on that list. The company offers U.S. investors access to stocks, options and ETFs. Previously, while eToro ran multi-asset brokerages (offering stocks, commodities and forex trading) in other countries, U.S. customers could trade only cryptocurrencies on the platform.
Virtual trading: Every eToro account also gets a $100,000 virtual trading account, so you can practice trading with play money.
Where eToro falls short
Limited service: EToro currently offers its crypto service in 46 U.S. states and Washington, D.C. While all U.S. residents can sign up for a free eToro account for virtual trading, eToro is currently unavailable for actual cryptocurrency trading for residents in Hawaii, Nevada and New York. The company says these states will be added in late 2024.
No crypto-to-crypto trading pairs: eToro has an advanced trading interface, but only if you're buying crypto with cash. However, eToro Money, a separate app, offers crypto-to-crypto conversion.
eToro is best for:
Cryptocurrency, stock and ETF traders.
Social or copy trading.
eToro at a glance
Minimum trade | $10 for crypto, stocks and ETFs. $200 to use eToro CopyTrader. |
Trading and transaction fees | Crypto: 1% Stocks, options and ETFs: No commission or options contract fees. |
Number of cryptocurrencies | 3 |
Crypto-to-crypto trading pairs | No crypto-to-crypto trading. |
Website transparency | Information easily found on the website. |
Storage and security | Users can use their own digital wallet, but crypto transferred from the platform can't be transferred back. |
Staking and rewards | Not offered. |
Mobile app | Two highly rated apps for iOS and Android. |
Customer service | Email and ticket support; chat and phone support available for eToro Club members only. |
More details about eToro's ratings
Minimum trade: 4 out of 5 stars
EToro’s minimum trade amount is $10, and the minimum deposit amount is $100 if done by debit card or bank account connection, which is higher than most other platforms.
Trading and transaction fees: 4 out of 5 stars
EToro charges a 1% fee for buying or selling crypto assets on its platforms. For stocks, options and ETF trades, there is no commission, and the broker foots the bill for regulatory transaction fees when you sell a stock. The broker also does not charge options contract fees.
Number of cryptocurrencies: 1 out of 5 stars
eToro offers three cryptocurrencies: Bitcoin, Ethereum and Bitcoin Cash
Crypto-to-crypto trading pairs: 1 out of 5 stars
Direct crypto-to-crypto trading isn’t available to U.S. users.
Storage and security: 3 out of 5 stars
EToro provides a free digital wallet to store cryptocurrency, known as eToro wallet, available in iOS and Android. There is a 2% fee to transfer funds from eToro's investment app to its crypto wallet.
Users can transfer cryptocurrency from the eToro platform to their own digital wallet, but eToro notes coin transfers are one-way — which means any coins transferred can’t be transferred back to the eToro trading platform.
Staking and rewards: 1 out of 5 stars
EToro no longer offers a staking program.
Mobile app: 4 out of 5 stars
EToro’s app is available for iOS and Android, and has received mostly positive reviews. And although it does not offer crypto-to-crypto trading pairs, EToro's mobile app offers advanced charting capabilities, customization and alerts.
Customer support options: 1.5 out of 5 stars
EToro’s standard customer support is limited, offering only email contact or a support ticket option. EToro Club members can also receive customer support via live chat and phone, though methods of contact depend on the level of club membership. Only members at the silver level and above — which requires equity of $5,000 or more — can call to speak to a dedicated account manager directly.
Other eToro features you should know
Social investing: EToro’s CopyTrader allows you to copy and trade automatically based on the moves of other traders. How it works: You choose an investor you want to copy, and with a click of a button, you can begin mirroring their positions automatically (with the option of a stop-loss level to limit potential losses). The service is currently available only for crypto, but eToro says it plans to add copy trading for stocks and ETFs.
The minimum amount to copy a user is $200. Users can copy up to 100 traders simultaneously. Even without using CopyTrader, users can view millions of other traders’ portfolios, stats and risk scores. (While they have full access to all public profiles worldwide, U.S. clients can copy only other U.S. users).
Is eToro right for you?
For cryptocurrency investors who want to mirror the moves of serious crypto traders, eToro’s social investing platform is an attractive offer. With 21 cryptocurrencies to buy, eToro has a greater selection than some other U.S. crypto brokerages. The addition of stock and a limited ETF selection in 2022 makes the broker a more well-rounded choice for investors who want to invest in multiple assets.
How do we review cryptocurrency platforms?
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We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 10 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.
on eToro's website
