eToro is a rising star in the crypto trading community. They have extremely low trading fee’s, and around 20 coins supported as of 2022. In the last year they also officially opened up to the United States which was long overdue. Now they have the likes of Alec Baldwin promoting them all over the internet. Since I love Alec Baldwin like most of you I had to open up an account.
Who Are They?
E-toro is a cryptocurrency trading platform and standalone wallet known for its social trading feature. Originally founded in 2007 as RetailFX, E-Toro started out as a Forex trading platform, later launching a social investment platform which is the main feature of eToro today. Dubbed “CopyTrading” eToro has a feature that allows leading traders on the platform, called Popular Investors, to share their trades to be copied by users. There is a lag between when a trader executes a trade, and when the copy traders have their trades placed. This lag will usually mean that the traders doing the copy get worse pricing, and worse performance than the traders being copied. eToro is very clear about this in their terms and conditions.
Not only do users have the ability to copy traders, but the traders being copied are part of the Popular Investors Program and are able to earn up an annual fee of up to 2% of their annual assets under management (AUM), the total amount other traders have allocated to copy. There are also 4 tiers based on equity and copying traders which have fixed fees paid out monthly in addition to perks like Financial Times subscription and fee free withdrawals.
eToro also offers copy portfolios, The copyportfolio takes advantage of all cryptocurrencies traded on eToro and is rebalanced each month, while the weight of the assets may change any time at the discretion of the Portfolio Manager.
Is It Safe To Use Them?
eToro has had regulatory action taken against it by CySEC in Europe. The fines they’ve received were taken care of however and handled almost immediately. That has been the only public complaint amongst them since being open. They also insure each user who deposits with them. However there are always going to be risks with any online trading platform. For me personally I have never experienced any problems since joining.
Coins Available for Trading
eToro currently supports 20 coins, and charges a conversion fee of 0.1% as of 2021
- Bitcoin – BTC
- Bitcoin Cash – BCH
- Etherum – ETH
- Ethereum Classic – ETC
- Litecoin – LTC
- ZCash -ZEC
- EOS – EOS
- Dash – DASH
- Cardano – ADA
- Tezos – XTZ
- Stellar – XLM
- Tron – TRX
- Iota – MIOTA
- Neo – NEO
The Stellar protocol requires a minimum deposit of 2.5 XLMs for the creation of an XLM wallet. These 2.5 XLMs must remain in the wallet and cannot be spent. Once deposited, your Stellar wallet will be activated and will appear on the Stellar blockchain.
Fee’s for Trading
eToro charges anywhere from .5% to 1.5% for buying and selling crypto. For currency conversions, eToro charges a conversion fee of 0.1%, set according to eToro market rates.
Customer Service
eToro uses an online ticketing system with email for customer service requests. Along with an FAQ and knowledgebase, a user can open a support case and be contacted via email to receive support. Wait times to receive a reply start at 24 hours from the ticket being submitted, but eToro claims to have support available 24/7.
Security
eToro operates in accordance with the FCA, CySEC and ASIC in the UK, Europe, and Australia. Accounts are kept secured in tier 1 banks, and all personal information is uses SSL encryption and data security best practices.
Deposit Options
Currently, eToro only has 2 ways to fund an account; an online transfer or a wire transfer.
Deposits via online banking can take up to 3 business days and funds deposited via online banking cannot be withdrawn until 6 days after the deposit was made.
Wire transfer deposits can take 4-7 business days. eToro will credit the trading account will be credited once the bank confirms the transaction.
Once a transfer is made, eToro makes it available in the trade account instantly so that you can get started trading immediately.
Final Thoughts
If you were looking for eToro supported coins and fee’s for 2022 we hope this helped you out. eToro is a fairly straightforward platform that allows you to trade with instant deposits. They have low processing fee’s, and support 15 of the most popular crypto coins in the world. The social trading feature and crypto portfolios are novel features for the beginner and casual retail trader, and the user interface is impressive for both the app and online experience. Though eToro has a large sponsor and advertising presence in the crypto community and has brand recognition, it is lacking in trading features like limit orders, margin accounts. Overall its a great place to start trading cryptocurrency. You can get started on eToro by clicking here.
Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
