eToro Review

etoro-logo-wikicrypto-300x146 eToro Review by WikiCrypto

Review Summary

eToro is the go to platform for newcomers to the Bitcoin and Cryptocurrencies world. ! Their social trading tool will help you follow the investment strategy of experienced and successful traders in real-time. Overall, eToro is one of the most reliable platforms of the market.

eToro

etoro-logo-wikicrypto-s-150x150 eToro Review by WikiCrypto
8.9

Safety

9/10

    Speed

    9/10

      Cryptocurrencies

      9/10

        Withdrawal Methods

        9/10

          Customer Support

          9/10

            Pros

            • Accepts all major Debit and Credit Cards, Paypal and Wire Transfers
            • Great community of traders – you can even copy their investment strategies
            • Offers an impressive range of cryptocurrencies: Bitcoin , Ethererum, Litecoin, Dash, Ethereum Classic

            Cons

            • Does not accept cryptocurrencies as a deposit method yet
            • Unavailable in the US

             

            Quick Facts about eToro

            Exchange eToro
            Website www.eToro.com
            Created in 2006
            Location United Kingdom
            Customer Service 24/7 – Email, Online Chat
            Languages English, French, Russian, Spanish, Polish, Arabic, Dutch and Italian
            Technology eToro Platform, Social Network of traders
            Minimum Deposit $50
            Minimum Withdrawal $20
            Maximum Trade unlimited
            Bonus Up to 80% in bonus
            Profit 85%
            Free Demo Account Open a free demo account
            Regulated green-bullet eToro Review by WikiCrypto
            Active Users 5,000,000 Users
            Withdrawal Methods Visa, Mastercard, Wire Transfer, Paypal
            Deposit Methods Visa, Mastercard, Wire Transfer, Paypal
            ID Verification Not required for basic accounts
            Coins Available Bitcoins (BTC), Ethereum (ETH), Ethereum Classic (ETC), Dash (DASH), Litecoin (LTC), plus all Stocks, Commodities and Foreign Exchanges
            CFD Trading green-bullet eToro Review by WikiCrypto
            U.S. Clients  No
            Mobile App green-bullet eToro Review by WikiCrypto
            Tablet App green-bullet eToro Review by WikiCrypto
            WikiCrypto Score 8.9/10


            Full Review

            eToro is the world’s most popular social trading CFD platform for financial instruments like commodities, stock and market indices. CFD, contracts for difference, simply allow you speculate or ‘bet’ on the future movement of price of the cryptocurrencies, such as Ether, Bitcoin, Litecoin, Dash and Ethereum Classic regardless of whether current prices are rising or falling.

            CFD trading can be explained as the a ‘bet’ in which you think the gold price will rise, so you would buy 1000 share CFDs.

            Now, if the price of gold increases over the spread you will make a proportional profit however if it decreases, you would make a proportional loss. However, eToro adds a social aspect to CFD trading which is quite special, since it’s a sort of Facebook for traders where instead of kitten videos you post your trades!

            You can also follow popular traders and monitor their gains or their trades.

            This allows beginner traders to learn the ins and outs of CFD trading from their favorite trader, which creates a very strong community bonding.

             

             

            Features

            The eToro website has many features that set it apart from regular CFD trading platforms but the innovative social platform is truly one of the breakthroughs in the  industry. The platform allows you to literally ‘copy’ your favorite trader’s trades. So, if your favorite trader speculates on gold tomorrow, your account will automatically order the same trade, so if the trader you follow gains money, you do too! That’s what makes eToro different since beginner traders can essentially learn from watching other traders on the website.

            In order to make more information available for beginner traders, the eToro team also has a strong educational program within the website for registered users.

             

            Platform Review

            etoro-homepage-wikicrypto-1024x472 eToro Review by WikiCrypto

            View of the eToro Homepage

            The platform is well designed, and has great features available! Whilst using the website, it’s pretty easy to follow your traders, communicate with them and learn using the program. eToro has really gone out of its way to make sure beginners have the right start on the website, and can slowly start trading on their own speculations. Since CFD trading is pretty tough to understand by learning yourself, the eToro platform makes it easier for you.

            As for the deposit and withdrawal system, it’s one of the fastest available, it boasts a withdrawal time of under a few business days for most countries. You can deposit using any credit card or you can transfer them money. The website has a great security system in place in order to make sure your credit card information stays safe, which is a great plus to a trading platform.

            Whilst writing this article, I started looking into the educational programs that they offer. The company offers live webinars on different subjects that anyone can watch and also eCourses on all the different types of trades available on the website. If you’re still not satisfied, it also has trading videos that you can watch if you come across an issue when using the website. These educational programs are really innovative for a CFD platform to include and it’s one of the greatest tools that eToro possesses.

            To be honest, we think that for a beginner the best website to learn CFD trading would be eToro. Since the world of financial speculation is pretty unknown to a majority of the population, the educational program benefits practically everybody who wants to invest in CFDs.

             

            Deposit and Withdrawal

            You can deposit money into eToro when you create your account however it varies from region, it can range from $50-$1000 minimum first time deposit. Therefore, make sure to check what the minimum deposits are for your region on the website.

            The payment options available are Visa, Mastercard, wire transfers and PayPal so it has all of the different methods you could use. When paying with credit cards, the company uses an SSL technology to ensure safety of your credit cards and your account.

            The withdrawal process is quite simple also, since the website provides withdrawal through all of these payment channels. However, you have to be verified on the website, which is a quick process, after which you can withdraw your balance minus the margin used.

            The minimum withdrawal is $20, which is quite low! So if beginner traders start with $100 you can choose to withdraw only your profits which would be in the ballpark of $20-$50.

             

             

            Security

            etoro-social-trading-wikicrypto-1024x512 eToro Review by WikiCrypto

            View of the eToro Social Trading features

            The eToro platform doesn’t share your personal information with the people you choose to communicate with over the messenger. It only shares the trading activity that you carry out on the platform, this can let you remain anonymous and still be followed by visitors on the website. However, if you want your trades to not be published, you can change that in the settings and none of your trades will be shown. Although it maintains anonymity, it prevents the possibility of people copying your trades; which gives you a second income. Therefore people opting for anonymity lose out on a second income on the website.

            The payment gateways are very secure, since the platform uses SSL technology, your details will remain safe!

            Currently, two factor authentication is not available but according to some tweets, they are working on it soon. Two factor authentication is one of the simplest methods to avoid any type of hacking online, it’s like giving your bank your phone number so that when you carry out a transaction, the bank sends you a code on your phone in order to complete the transaction.

            The simplicity of the solution is what makes online wallets secure. As of now, there hasn’t been any news as to when they plan on installing it. Therefore, it’s a little risky to have a lot of capital on eToro but if paired with a secure email, it should be enough security for the average user.

             

            Comparison with other platforms

            TOP 1
            TOP 1
            plus500-logo-wikicrypto eToro Review by WikiCrypto
            cexio-logo-wikicrypto eToro Review by WikiCrypto
            Get 1 month
            free trial
            • CFD Service: your capital is at risk
            • arp_1498575769_3_25_4 eToro Review by WikiCrypto
              arp_1498575769_3_25_4 eToro Review by WikiCrypto
            • Best for Bitcoins and Ethereum
              Free routes & directions
            • Fast and easy to use
              Basic web route creator
            • Top customer support
              Android and ios app
            • arp_1498575769_3_25_4 eToro Review by WikiCrypto
              arp_1498575769_3_25_4 eToro Review by WikiCrypto
            WikiCrypto Score 9.7 WikiCrypto Score 90
            TOP 2
            TOP 3
            avatrade-logo-wikicrypto eToro Review by WikiCrypto
            coinbase-logo-wikicrypto-1 eToro Review by WikiCrypto
            Get all type of routes,
            maps & support
            • CFD Service: your capital is at risk
            • arp_1498575769_3_25_4 eToro Review by WikiCrypto
              arp_1498575769_3_25_4 eToro Review by WikiCrypto
            • Best for Bitcoins
              Custom route creation
            • Great option trading
              Custom group creation
            • Also offers stocks trading
              Support
            • arp_1498575769_3_25_4 eToro Review by WikiCrypto
              arp_1498575769_3_25_4 eToro Review by WikiCrypto
            WikiCrypto Score 9.2 WikiCrypto Score 77
            TOP 3
            TOP 2
            etoro-logo-wikicrypto eToro Review by WikiCrypto
            coinmama-logo-wikicrypto eToro Review by WikiCrypto
            Unlimited routes
            with GPX
            • CFD Service: your capital is at risk
            • arp_1498575769_3_25_4 eToro Review by WikiCrypto
              arp_1498575769_3_25_4 eToro Review by WikiCrypto
            • Social Trading
              Run unlimited routes
            • Low Fees
              Maps & Print directions
            • Large choice of cryptocurrencies
              Export GPX
            • arp_1498575769_3_25_4 eToro Review by WikiCrypto
              arp_1498575769_3_25_4 eToro Review by WikiCrypto
            WikiCrypto Score 8.9 WikiCrypto Score 82

             

             

            Conclusions and Remarks

            The eToro website is quite a new and innovative idea; to mix the community of a social network to the complexity of CFD trading. This mix allows very basic users to master the platform with the help of the education programs available on the website. The website is based on several interesting ideas, for example if you have many followers who copy your trade, you receive money from the earnings of the website.

            In our opinion, the website’s user traffic of 5 million shows that it’s a trustworthy website and has great potential to becoming the first go-to website for trading cryptocurrencies. So, the WikiCrypto team gives eToro a score of : 8.9/10