eToro’sbest trading platform is a big winner. This allows traders to copy trades from experienced investors or get exclusive perks for sharing trading strategies.eToro has over 3,000 tradeable symbols, including CFDs and forex. It also offers a complete but somewhat expensive trading experience.
eToro pros & cons
Pros
- eToro was established in 2007 and is regulated by two tier-1 and one tier-2 jurisdiction. This makes it a safe broker (low risk) for trading forex or CFDs.
- eToro excels in Social Copy Trading and Cryptocurrency Trading. It is our top choice for both of these categories in 2022.
- It is user-friendly thanks to the eToro web platform and mobile app. This app is perfect for casual investors and beginners.
- eToro is a multi-asset broker that continues to expand its market reach with more than 3,000 symbols.
- Indemnity insurance up to EUR 1,000,000 per client in Australia, the U.K. and the EU.
- Club members and investors who reach higher club levels receive VIP-style perks.
Cons
- Even though spreads have been reduced and zero-dollar commissions introduced for stock trading in the United States, trading forex and CFDs with eToro can be slightly more expensive than its competitors.
- eToro USA has a limited number of traditional research tools and materials compared to its peers.
- eToro does not support automated (algorithmic trading strategies).
- Certain trading strategies may be hindered by mandatory stop-loss or take-profit.
- Only certain eToro Club members with higher Club tiers can trade central research and tools.
Open an eToro account.
It is easy to open an eToro Account. Go to the eToro homepage. After you have logged in, you will be asked to create a username and enter your email address.eToro offers new members the opportunity to open an account with their Google or Facebook accounts.
Acceptance of eToro’s terms, conditions, privacy, and cookie policies is required. Finally, you will receive an email confirmation from eToro in which you can verify your email address. To open an eToro Account, you don’t need any additional authentication.
Cryptocurrencies Available on eToro
The eToro platform allows trading in over 30+ cryptocurrencies in the U.S. and almost 80 worldwide. For many beginners of crypto, there is plenty of information. Advanced users looking for niche coins may find this list too restrictive.
What can eToro do to improve
Lower Fees
Although eToro’s fees seem transparent and reasonable, they are still much higher than other leading crypto exchange platforms.
Users pay more upfront due to the complex fee structure. This is good if your investment increases in value. eToro may be able to serve its customers with lower fees.
More coin options
eToro is facing problems due to a lack of altcoins, especially in the U.S. While some major coins are available, others, such as Solana, are not.
The exchange could significantly increase its value if it increases its coin offerings in the U.S.
Improved Customer Service
eToro customer support can only be reached via help ticket or chat. The platform’s levels are determined by the equity of the user, unless the user is at Platinum or higher. There is no number to dial.
Methodology
We evaluated the features and options of nearly 25 trading apps, exchanges, and brokerage platforms that offer cryptocurrency trading options to determine crypto exchange rankings.
We evaluated all features and options available on these 25 exchanges to determine the top crypto exchanges. To assess the quality of each platform, the editorial team developed a standard methodology that analyzed 10 benchmark features and variables.
The overall and beginner rankings only consider basic trading features. Other ranking factors include platform availability and customer service, education resources, security, storage, rewards and staking, just to name a few.
The sum of all or part of these key factors determined each ranking. This calculation gave each exchange or brokerage its overall rank. For the selection of the best cryptocurrency exchanges for beginners, margin trading, platform lending, advanced trading and advanced trading were not taken into account.