The steps to trade in crypto comes as one of the easiest methods to becoming rich in the current days. It is a global economy, and with all factors weighing in place, everyone is out to try their best. It is always challenging for any newcomer in the space as they always navigate ways to avoid trading hazards.
However, getting assistance from a renowned and experienced crypto trader is possible. Here comes the eToro trading platform. We focus on what it is and whether it is an ideal platform for beginners and experts.
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What is the eToro Trading Platform?
eToro comes into play in the crypto sphere as a trading platform that offers a crypto exchange supporting the trading of 20+ cryptocurrencies. Additionally, it serves as an online brokerage platform, having a limited selection of stocks and exchange-traded funds (ETFs).
In addition, the platform provides some social features and an active community. This, in turn, produces a communal trading experience vibe, making it a good option for most people.
However, eToro is absent in some states in the US. Even though the platform is ideal for many customers, it still lacks most of the standard tools and features for a more comprehensive trading experience.
The platform’s service aligns with traders looking for a social and a crypto focus.
eToro’s History
The launch of eToro happened in 2007 by three entrepreneurs. At first, the platform used forex trading. However, it found traction to expand its product lineup and grow into a global service. Later on, OpenBook became the first social trading experience created by the platform in 2010.
Additionally, the steps to show some of their innovations led to expanding their services, including stock trading, ETFs, automated portfolios, crypto, and cash management features. A recent development has been the addition of options trading. Such developments have led to the platform operating in more than 140 countries, boasting about 20 million users.
eToro’s Pros and Cons
Pros
- It is an established global platform.
- The platform offers an innovative and easy-to-use social trading experience.
- It offers support for fractional shares
- Offers the eToro cash management service
- Crypto holdings may be transferred off the platform
Cons
- The platform’s services are only available in 46 US states.
- Offers relatively limited ETF and stock selections
- It has a limited account type
- It has a general lack of advanced trading tools, features, and research.
eToro Key Features
- Fees– eToro has a clear listing of the fees it charges when one trades crypto. Users in the platform pay a flat fee, which is taken as a bid-ask- of 1% for every crypto trade. For most crypto exchanges, you pay a fee when buying or selling a crypto asset. However, on eToro, one pays for the round trip upfront. As such, you pay a 1% fee in advance.
- Security– The platform lays out some security protocols that include offline and online storage of coins. It also adds two-factor authentication and state-of-the-art monitoring tools. Additionally, no staff member can transfer the user’s crypto out of storage.
- Simplicity in account opening– Opening an account on the platform is quite simple. Just visit the eToro homepage. From there, you will be prompted to register using a username, an email address, and setting a password.
- A wide range of cryptocurrencies– The platform offers trading in more than 20+ cryptocurrencies globally.
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Popular cryptocurrencies on eToro include Bitcoin, Ethereum, XRP, Cardano, Solana, Dogecoin, Polkadot, Polygon, and Tron. As such, as an eToro user, you have access to the following:
- 2,096 stocks
- 263 ETFs
- 24 cryptocurrencies
- Options trading
- Cash management through eToro money
- Portfolio through smart portfolios
- Fractional share investing for any amount above $10.
Additionally, the platform offers a narrow range of order types on the platform, including Market orders, Limit orders, and Trailing stop loss
Account and Research Amenities
One of the outstanding wow factors in the eToro trading platform is that traders can easily search for stocks and ETFs on the discovery page, search bar, and home screen. Additionally, when it comes to crypto assets, traders can browse from a menu of available coins or view the portfolios of other investors. As such, they can decide whether to use the CopyTrader feature to copy famous traders automatically.
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Even though the platform lacks the essential tools that an expert trader would see as necessary, it provides traders with five separate tiers that unlock more research features and news options. In this case, the tiers range from Silver, Gold, Platinum, Platinum+ to Diamond.
eToro has an extensive daily movers list, which is different from the traditional stock screener.
Additionally, eToro gives users charting capabilities. The charting feature helps one analyze an asset’s History and performance by giving them line, bar, and candle charts.
It also offers a news and analysis tab, weekly site journals, and insights on the crypto sphere.
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Is eToro Safe?
Over 13 million traders globally trust eToro. Additionally, it is licensed to hold client funds and provide brokerage services in some countries. eToro is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, which makes it a safe broker (low-risk) for trading forex and CFDs.
Conclusion
The central standing point of the eToro trading platform is the social trading experience. This is made possible by the CopyTreader dynamic with the Popular Investor Program, giving it an engaging, collaborative feel for users.
Even though traders have that feeling of a good platform, eToro is yet to add more robust platform features and trade functionalities.
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FAQs
Does eToro charge any additional fees?
There are no additional charges on the platform. In addition, there are no cash withdrawal fees. However, the company has a $30 withdrawal minimum.
Is there a minimum investment for the eToro trading app?
The eToro trading software trades in dollars rather than units of an asset. You only need to purchase a fraction of the coin. The initial investment is $50.
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Does eToro accept deposits made through internet banking?
Yes, the platform accepts both online banking and wire transfers for deposits.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
