May 28, 2022

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EToro review 2021, how it works, and pros?

eToro Review 2021 - Safe or a Scam? Pros and Cons

EToro came into being in 2007. it has approx—more than 20 million users scattered around the world in 140 countries. EToro got popularity by social investing platform; it’s an innovative tool that helps the users duplicate the trades of other traders.

In this EToro review, you will see that it deals with multi-asset brokerages (it offers stocks, commodities & trading in forex) in countries other than the U.S. The EToro features traders who try to be copied and who support risk-controlling laws. This feature automatically or in real-time allows the retail account holders to copy the trading strategies of the most victorious clients. It has to be noted here that copy trading on and off itself provides no guarantee of gains or losses. Till now, U.S. customers can only deal with cryptocurrencies. The organization currently does not provide equity trading for U.S. users, while in the future, the company has a plan to extend its services in the U.S.

EToro features:

  • Minimum trade: minimum is $50, or $200 to use the EToro CopyTrader.
  • Trading and transaction fees: it ranges between 0.75% & 2.9%
  • Number of cryptocurrencies: 17
  • Website transparency: users can easily find information on the website.
  • Mobile app: EToro’s application is available for iOS and Android users and continuously gets positive reviews.
  • Customer support service: EToro’s customer support service is limited. It offers only contacting through email option or a support ticket option. With an extra cost, “Club Members” can get customer support through live chat.

advantages of EToro:

Pros:

  • Fifteen cryptocurrencies are trading around 24/7.
  • Easy-to-use web service and mobile application, the web and mobile application are quite similar, attractive layout, and simple to navigate.  
  • Provide a useful community for cryptocurrency users.

Trading and transaction fees:

EToro platform charges the trading fees by spreads that may increase or decrease with market conditions. EToro charges with a different policy of round-turn which means one spread for purchasing and selling crypto assets. The EToro Spreads range from 0.75 percent for Bitcoin trades to 5 percent for Tezos. Most crypto spreads range from 1.9% and 2.9%.

Crypto to crypto pairs:

The direct crypto-to-crypto trading feature isn’t available for U.S. users. Nonetheless, there is a crypto-to-crypto transformation option alike to Coinbase’s offering, available for Bitcoin and bitcoin cash users, Litecoin, Ethereum, and Stellar.

Digital wallet options and security:

EToro offers a free-of-cost digital wallet to accumulate the cryptocurrency, called as EToro wallet. It is available for iOS and android. The cost to change crypto into fiat currency and vice versa is 5%. Some users may find it a costly bite concerning any potential profits. The minimum transaction limit is $125, and the maximum limit is $10,000. Traders can move cryptocurrency from the EToro to their digital wallet. EToro notes coin movements are one-way, which means coins can’t be transferred back to the EToro platform.

Conclusion:

Traders who usually learn forex and have vast knowledge know that eToro provides an attractive platform of cryptocurrency to a novice that is easy to use. Research offerings are easy as; just a user has to do some digging and create numerous browser tabs, to find the available information.  

EToro brings an unrelated experience for U.S.-based users compared to those outside the U.S. because they can trade additional assets & stocks from fifteen countries. The ability to move the crypto to an external wallet is rare. It may offer to traders who want to utilize their holding of Bitcoin to use other than trading.