Since the recent collapse of one of the top #3 Crypto Exchanges ‘FTX’, in November 2022, every investor is concerned about the safety of their digital funds, such as stocks and cryptocurrencies.
In such cases, you need a trustworthy and heavily regulated exchange where your assets, especially cryptocurrencies, are secure and tradeable with high liquidity. One asset exchange that’s known for safe online investing as well does have high liquidity for trading is eToro. It’s an excellent exchange that lets traders trade safely and is suitable for everyone, whether you are a beginner or a seasoned trader.
Let’s dig deeper to learn about it!
What is eToro?
eToro is a multi-asset investment company providing financial and social investment services. The unique aspect of eToro is that it offers multiple investment vehicles for a trader.
You can choose to trade in over 2000 stocks, 75+ cryptocurrencies, ETFs, and options. The best part is its social investing feature that lets you take your position after copying top traders on this exchange platform. The capability of emulating the best investors is perhaps its most famous benefit.
However, eToro might not be the least-priced exchange for your investments since it has a flat fee of 1% for all crypto trades. That being said, let’s now talk about eToro’s origin.
Where is eToro Located?
According to official sources, eToro is founded and located in Central Isreal, having regional offices in over 10 different countries U.S.A., Australia, the U.K. and Cyprus.
Who Created eToro?
Three visionaries laid the foundations of eToro as RetailFX in 2007. The Co-founder of eToro is David Ring, while the other two key individuals with a high stake in eToro are Yoni Assia and Ronen Assia, also otherwise known as the Assia brothers.
Who Owns eToro?
The parent organization holding the ownership of eToro is eToro Group Limited. Currently, eToro is a publicly listed company on NASDAQ.
Is eToro Exchange Available in the USA
Yes. Washington D.C., along with 46 U.S. States, permits the use of eToro services in respective jurisdictions. Furthermore, eToro U.S. customers don’t have to be present in the U.S. to participate in online trading. As long as you’re in a region where eToro is supported, you can use the exchange’s services.
However, the eToro exchange isn’t available for New York, Nevada, Minnesota, and Hawaii users.
eToro Customer Service
eToro has remarkable customer service support that facilitates users’ concerns and resolves them timely. Plus, there are multiple support channels, including:
- Help Centre: You can browse numerous articles that answer the most common queries.
- Active Social Media: You can contact the customer team for your concerns on the social media page.
- Live Chat: This is the best feature available on the website. Use the live chat feature to connect with a customer service representative in real-time.
- Email: If your queries can wait, email your concern to the support address and expect a reply within 24-48 hours.
Is eToro Legit?
Yes, it is. In fact, eToro has been one of the pioneers in online investing since 2008, and the platform currently has millions of active users. Plus, this Israeli-based exchange is known for its transparency about trading fees – which are 100% in the case of equity trade orders.
What’s more? eToro is regulated by several regulatory authorities worldwide, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and Financial Conduct Authority (FCA) in the U.K. That’s not all! The company is also a member of the Financial Service Compensation Scheme (FSCS) in the U.K., which shows that eToro is a trusted platform.
Furthermore, eToro also has a cold-wallet facility, where users’ crypto funds stay intact and safe from cyber threats.
Is eToro safe?
Yes. Here are the following factors that make it appear safe:
- 2-factor verification and encryption available for accounts
- Cold wallet storage for cryptocurrencies
- Strict Regulations from Financial Industry Regulatory Authority (FINRA) and Financial Crimes Enforcement Network (FinCEN)
How to’s of eToro
In this review, we will explain in short and easy steps how to: Let’s start!
How to Buy Crypto on eToro
Buying cryptocurrency on eToro is straightforward. Here are the three simple steps that will kickstart your crypto investing journey:
Step 1: Log in to your account on eToro mobile app
First, you may have to download the mobile app before this step. After downloading, sign up on the app and log in to your account. You must verify your identity through an email address or phone number for the sign-up.
Step 2: Deposit Funds to Your eToro Account
After sign-up, add funds to your account for purchasing cryptocurrency. For this, you’ll need to look into the supported deposit channels of your exchange. Some popular choices include bank transfers and debit/credit cards.
Step 3: Choose your Preferred Coin
Navigate to the crypto market and find the list of all cryptocurrencies on the exchange. Use the search result to find the crypto of your choice and tap the trade button beside it.
Step 4: Tap ‘Open Trade’ in the BUY tab
Set up your “Buy Order” and select your purchase amount. Tap open trade to confirm your order and wait until the cryptocurrency is credited to your wallet.
How to Purchase Bitcoin (BTC) on eToro
Purchasing Bitcoin (BTC) is simple and you need to follow the steps mentioned earlier. So, log in to your eToro account and search for BTC in the asset lists.
Now, select the Trade option, enter the amount you want to purchase and confirm by clicking on the blue ‘Open Trade’ button at the end of your screen. Guess what? You just purchased BTC on eToro!
How to Buy Dogecoin on eToro
You can follow the same steps as you do to purchase BitCoin on eToro, except, of course, this time, you will be searching for Dogecoin now.
But you can even purchase cryptocurrency from the eToro home screen. Click on the watchlist to access the cryptocurrencies list and select Dogecoin. Now all you need to do is specify the coins you need and click “Open Trade.”
How to Deposit on eToro
Login to your account on the eToro mobile app and tap ‘Deposit Funds.’ Enter the deposit amount and select the currency of your choice. Now, select your preferred method of deposit and confirm the transaction.
In most cases, you can deposit through your debit/credit card, bank transfer, or e-wallets like PayPal.
How to Sell on eToro
In case you want to sell your cryptocurrency on eToro, all you need to do is to select the cryptocurrencies you want to sell and set a close order.
How To Withdraw on eToro
On the other hand, if you’re wondering how to withdraw on eToro, don’t worry. You can withdraw in four simple steps.
- After logging into your eToro account, click the Withdraw Funds button in the left-hand menu.
- Enter the withdrawal amount and click ‘Continue.’
- Select your preferred fiat currency and complete the process.
- However, checking if your withdrawal details are correct is strictly advised.
What Coins does eToro Support?
eToro is a multi-asset exchange. If you’re wondering what you can buy on eToro, you have many options. From cryptocurrencies to stocks and ETFs, you have much to choose from.
However, if we specifically talk about what coins are on eToro, then there are over 80 different cryptocurrencies listed on the platform including Bitcoin (BTC), Shiba Inu (SHIB), Chainlink (LINK), Polkadot (DOT), Ethereum Classic (ETC) and more. In addition to this, investors have access to over 2000 different stocks of top corporations in the world. Apart from these supported coins users can also purchase NFTs on eToro.
How to Earn Money on eToro
At its core, eToro is a trading platform where you can earn by buying/selling or holding cryptocurrencies on the exchange. But that’s just one part!
eToro has an excellent copy-trading feature that lets you copy the trade patterns of top traders and earn profits.
That being said, another way to earn money is through the eToro affiliate program, which rewards existing users for referring eToro to their friends and family.
Pros and Cons of eToro
eToro is known for excellent trading as well as security features. However, it still has several downsides. The table below depicts the pros and cons of eToro exchange.
Pros
- Multiple investment vehicles: From stocks to crypto to ETFs, you have many asset choices to pick for trading.
- Copy-trading: You can easily emulate the best-performing investors by copying their trade behaviors.
- Free Demo Account: If you’re a beginner, you can practice trading on the demo account before starting your trading for real.
- User-friendly interface: It has a simple interface, making trading easy for everyone – be it novice to expert traders.
- Compliant: eToro platform is heavily regulated by top financial authorities.
Cons
- Limited pool of crypto assets: There isn’t much choice for cryptocurrency traders since only 80 coins are listed.
- Unavailability: eToro is only available in some states of the U.S.
- Limited Analysis tool: The platform does support graphs and fundamental research tools but they can be limited compared to some advance trading platforms like Binance, Coinbase and Bitget.
FAQs
What is eToro?
eToro is a publicly owned brokerage and crypto exchange headquartered in Tel Aviv, Israel. It started in 2007 as an online platform, and today, it has grown to a community of millions of crypto investors.
How to Sell on eToro
You can sell assets in crypto on eToro and earn funds in your account. To sell an asset, go to your watchlist in the eToro mobile app, and select the crypto you want to sell. Set the amount that you need to be sold and initiate the closing order. Within no time, you’ll have your funds in the account.
