eToro is a U.K based digital currency exchange that was founded in 2007. It has more than 17 million users in roughly 100 countries which include millions of registered customers in 43 states of the U.S. When it started, this company was a graphic intensive forex platform, and later they adopted those tools for cryptocurrency trading. Let us have a look at the eToro review.
Who eToro Is For?
The platform of eToro is graphic intensive that serves digital currency traders in the U.S. non U.s customers can trade contracts and traders for the difference. The key aspect of this unique proprietary platform is the ease with which an individual customer can implement copy trading. This platform features traders who wish to be copied and abide by the risk control rules. This feature then enables retail account holders to copy the trading strategies and the trade of the most successful customers, in real time and automatically. This firm is not presently providing equity trading for the U.S clients.
Opening a new account is easy and can be completed online. Once the user submits all the necessary information, it may take several days for the identity verification and the user’s account to get opened. For U.S residents the account can be opened for $50. This is also applicable to Australian residents. In the case of Algerian residents, the minimum deposit amount is $5,000. Residents of all other nations need $1,000 for opening an account. eToro employs Plaid to connect the user’s account trading account with the bank. In some nations beyond the U.S, the user can fund an account with a credit card also as PayPal, Neteller, Skrill, Rapid Transfer, Sofort, and iDEAL.
eToro: Trade Experience
Placing a trade is easy – just click on the “trade” button while you are seeing the coins. There is a significant “buy” option on your portfolio listing. To sell any specific coin the user will have to tap or click the drop down arrow and choose “Sell” from that list. The user can close a complete position or just any part of it if they have bought in several lots, but the user cannot sell off a portion of a complete lot.
The users have the option to create watchlists that they customize and share with the mobile applications. Other than that there are some non U.S asset classes that enable the user to set a stop loss when they enter into a position . But this feature is not found in the U.S residents.
eToro: Range Of Offerings
eToro provides 17 digital currencies and is also available to the residents of all the 50 states. There are no fixed incomes, short sales, mutual funds, or options that are being offered.
eToro: Trading Technology
There is no proper description of the trading algorithm of eToro. Since the U.S residents are not yet exposed to stock trading, there is no data for the payment for order flow. The user can use a digital trading platform to obtain a handle on the classes of assets that are available and the way the platform operates in the user’s location by shifting from “real” to “digital” that is located directly below the user’s username after they log in.
The fees in eToro differ based on the location and the classes of assets that are traded.
- The U.S customers who trade digital currencies pay 0.75% to 5.0% that depends on the currency that is being traded. The cost is constructed into the price at execution and it is not transparent.
- For no U.S customer, there is no need to pay any commission for opening or closing a long position. In case of a short sale, there is a small amount that is charged which is 0.18% of the trade value.
- For non U.S customers if they wish to buy other assets other than their home currency like the U.K customers purchasing the U.S stocks then they will have to pay a conversion fee.
- The fee of inactivity is $10 every year with accounts that have no activity for 12 months.
Here are the advantages of eToro and why should users choose this particular crypto exchange.
- It offers 15 digital currencies that can be traded 24/7
- This crypto exchange has an easy-to-use mobile application and website.
- It offers a great community for digital currency traders.
Now that you know the reason for choosing this crypto, there are some reasons that may push you to think one more time before choosing this exchange.
- Spreads for cryptocurrency trading is relatively wide
- $25 minimum is required to purchase any cryptocurrency
- Relatively high minimums are needed for most copy trading
eToro provides beginners to cryptocurrency trading a lucrative platform that is very easy to use until the user requires help. Research offerings are mild; the user will have to do some searching and go through a lot of new browser tabs, to get the education available. It’s a very varied experience for the U.S.-based users when compared to the non U.S. users, who can trade additional asset classes and stocks from more than 15 countries.