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4.8
Best broker for cryptos
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eToro review summary

eToro is a well-known Israeli fintech company and a social trading broker, established in 2007.

Check out our eToro review tailored to the needs of beginner investors and traders.

eToro serves UK clients through a unit regulated by the Financial Conduct Authority (FCA) and Australians through an Australian Securities and Investment Commission (ASIC)-regulated entity. All other customers are served by a Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its website and does not have a bank parent.

Being regulated by the top-tier FCA and ASIC is a good sign for eToro's safety.

HEADS UP: Minimum deposit based on residency and account activation – Be sure to check the minimum deposit that is required to activate your account. After uploading your documents, a deposit is also needed in order to make trades. The amount of the deposit required is based on your residency, and ranges from $10 to $10,000. More details are available in the review’s Account opening section.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero commission stock trading
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Best broker for cryptos Best broker for social trading

We selected eToro as Best broker for cryptos and Best broker for social trading for 2022, based on an in-depth analysis of 100+ online brokers that included testing their live accounts. Check out the complete list of winners.

You can open an account at eToro if you live in United States. See the best alternative available in your country.

eToro pros and cons

eToro offers commission-free stock trading, and the account opening process is fast and seamless. It has innovative features like social trading, which lets you copy the strategies of other traders.

On the negative side, eToro's non-trading fees are high as there are fees for withdrawal and inactivity. Withdrawals can be slow and USD is the only currency you can hold your cash in. Lastly, it's difficult to contact customer support.

Pros Cons
Free stock and ETF trading High non-trading fees
Seamless account opening Only one account base currency
Social trading Customer support should be improved
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eToro main features and highlights
🗺️ Country of regulation UK, Cyprus, Australia
💰 Trading fees class Low
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $5
💰 Minimum deposit $10
🕖 Time to open an account 1 day
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 1
🎮 Demo account provided Yes
🛍️ Products offered Stock, ETF, Forex, CFD, Crypto

eToro review
Fees

4.4
eToro offers free stock and ETF trading, while forex and CFD fees are low. On the negative side, non-trading fees are high, including a $5 withdrawal fee.
Pros Cons
Low trading fees Inactivity fee
Free stock and ETF trading $5 withdrawal fee
Low forex and CFD fees
eToro fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into the spread, 0.75 points is the average spread cost during peak trading hours.
Europe 50 CFD Average The fees are built into the spread, 3 points is the average spread cost during peak trading hours.
EURUSD Low The fees are built into the spread, 1 pip is the average spread cost during peak trading hours.
Inactivity fee Low $10 per month after one year inactivity. Inactivity means that you don't log in to your account.

How we ranked fees

We ranked eToro's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

In the sections below, you will find the most relevant fees of eToro for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared eToro's fees with those of two similar brokers we selected, XTB and Trading 212. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of eToro alternatives.

To have a clear overview of eToro, let's start with its trading fees.

eToro trading fees

Is eToro worth it? eToro trading fees are low.

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We chose popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used was:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for eToro fees.

Stock and ETF fees

eToro offers zero-commission real stock trading. Since May 2020, this is valid for all countries, but for clients from Australia commission-free trading only applies to US stocks. Note that with the free feature, you're buying the real stock, not a CFD product, and you cannot use leverage.

eToro used to be primarily a CFD broker that let you trade stocks and ETFs also in the form of CFDs, if you set the leverage to greater than one.

Trades that involve stocks not traded in USD (like UK or European stocks) will be converted to USD at the actual market prices by eToro, without taking any commission or markup. What's more, eToro will also absorb any tax duty that might be due if you trade on the UK market.

Stock and ETF commission of a $2,000 trade
  eToro XTB Trading 212
US stock $0.0 $0.0 $0.0
UK stock $0.0 $0.0 $0.0
German stock $0.0 $0.0 $0.0

CFD fees

eToro has generally low CFD trading fees.

eToro CFD fees for a $2,000 long position held for one week
  eToro XTB Trading 212
S&P 500 index CFD fee $1.4 $1.5 $4.1
Europe 50 index CFD fee $2.4 $1.8 $4.6
Apple CFD fee $5.8 $18.1 $15.4
Vodafone CFD fee - $21.7 $14.9

Forex fees

eToro forex fees are generally low.

eToro forex benchmark fees of a $20,000 30:1 long position held for one week
  eToro XTB Trading 212
EURUSD benchmark fee $8.0 $8.3 $29.4
GBPUSD benchmark fee $7.1 $5.8 $23.7
AUDUSD benchmark fee $7.5 $7.2 $17.7
EURCHF benchmark fee $12.5 $6.1 $19.3
EURGBP benchmark fee $12.2 $9.7 $27.7

Crypto spreads

Below you'll find the typical spreads for some popular coins.

Popular coin spreads
BTC Bitcoin 0.75%
ETH Ethereum 1.90%
BCH Bitcoin Cash 1.90%
XRP 2.45%
DASH 2.90%
LTCL 1.90%
ETC Ethereum Classic 1.90%
ADA Cardano 2.90%
MIOTA IOTA 4.50%
XLM Stellar 2.45%

Non-trading fees

eToro has high non-trading fees, as it charges $10 per month after one year of inactivity, but simply logging into your account counts as an activity. There is also a $5 withdrawal fee.

eToro non-trading fees
  eToro XTB Trading 212
Account fee No No No
Inactivity fee Yes Yes No
Deposit fee $0 $0 $0
Withdrawal fee $5 $0 $0

eToro review
Account opening

5.0
Account opening at eToro is seamless and very fast, and the minimum deposit is relatively low for most countries.
Pros Cons
Fast None
Fully digital
Low minimum deposit

Can you open an account?

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What is the minimum deposit at eToro?

The required eToro minimum deposit is $50. As a temporary measure in February 2021 during a volatile market period, eToro raised its minimum deposit requirement, but it was reinstated to the previous level on March 8, 2021.

Note however that the minimum amount for a bank transfer is $500.

However, some countries have different minimum deposit requirements:

Deposit minimums

Your first-time deposit amount at eToro is dependent on your residency and ranges from $10 to $10,000, see the table below. For most users, a $50 deposit minimum have to be taken into account.

Minimum deposit amount on eToro by residency
Users residing in: Minimum deposit amount:
United Kingdom, United States $10
Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Indonesia, Ireland, Italy, Latvia, Liechtenstein, Luxembourg, Malaysia, Malta, Monaco, Netherlands, Norway, Philippines, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, United Arab Emirates, Vatican City, Vietnam $50
All other eligible countries $200
Cayman Islands, French Polynesia, Gibraltar, Iceland, Isle Of Man, Jersey Island, Kuwait, Lithuania, Reunion Island $1,000
Israel $10,000

Account types

eToro offers two simple account types: there is a live account, as well as a demo (or virtual) account, where you can test the platform with play money.

How to open your account

The account opening process is hassle-free and fully digital. It is fast too, as we were able to open an account within one day

You have to start by registering with your email account or with your Facebook or Google account.  And that's basically it – you can immediately access the trading platform and start to trade with a $100,000 demo account.

If you want to go further and fund it with real money, you have to verify your identity and residency by uploading the required documents:

  • Proof of identity: a copy of your passport or personal ID.
  • Proof of residency: a copy of a utility bill or bank statement.

eToro review - Account opening

Our best alternatives to eToro are:

The highest ranking competitors are:

  1. XTB full review
  2. Trading 212 full review
  3. IG full review
  4. Markets.com full review

eToro review
Deposit and withdrawal

3.9
Depositing money is easy, with a lot of available options, although there is a $5 withdrawal fee. As only USD accounts are available, you may pay a high conversion fee if you deposit or withdraw in another currency, like EUR or GBP.
Pros Cons
Credit/Debit card available Only one account base currency
User-friendly $5 withdrawal fee
Conversion fee for non-USD deposits

Account base currencies

eToro allows only USD accounts, which means that funds in other currencies might need to be converted by eToro to USD.

For example, if you deposit EUR by bank transfer, a 50 pip conversion fee will be applied at funding (which is around 0.46% of the deposit amount) and the same fee will also be charged when you withdraw EUR by bank transfer. For other methods, like credit cards, a higher fee applies for some currencies.

Alternatively, you can deposit in USD, e.g. using your credit or debit card. In that case, your bank will make the conversion at its own exchange rate.

Base currencies at eToro vs similar brokers
  eToro XTB Trading 212
Number of base currencies 1 5 9

A convenient way to save on currency conversion fees is opening a multi-currency bank account at a digital bank. Digital banks offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

eToro states that you can use your Revolut account to deposit and withdraw in GBP and EUR. However, as Revolut payments in USD are not supported, this means you cannot avoid paying eToro's USD conversion fee with Revolut.

Deposit fees and options

There are a lot of deposit options, however, not all of them are available in every country:

  • Bank transfer
  • Credit/debit card
  • PayPal
  • Skrill
  • Neteller
  • China UnionPay
  • Klarna / Sofort Banking
eToro deposit options
  eToro XTB Trading 212
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

 

For some countries, eToro may require the first deposit to be made with credit/debit card or bank transfer and only subsequent deposits can be made with electronic wallets.

A bank transfer takes 4-7 business days, and there is no maximum deposit. In comparison, while credit/debit card and electronic wallet deposits are instant, there are per transaction limits: $40,000 in the case of credit/debit cards, and either $10,000 or $30,000 (Klarna) in the case of electronic wallets.

You can only deposit money from funding sources that are in your name.

eToro charges no deposit fees, but they have currency conversion fees that might be high; for example, as much as 1.4% for depositing EUR by card. Note that a 50 pip charge is not the same percentage in AUD to USD conversion as in EUR to USD conversion, so in the table below we added an estimation of the percentage charge as well.

eToro's deposit currency conversion fees
  USD  EUR GBP  AUD
Bank transfer none 50 pips, approx. 0.46% of the deposit amount 50 pips, approx. 0.40% of the deposit amount 50 pips, approx. 0.77% of the deposit amount
Other methods none, your bank will charge for conversion if your card is not in USD 150 pips, approx. 1.40% of the deposit amount 50 pips, approx. 0.40% of the deposit amount 100 pips, approx. 1.56% of the deposit amount

eToro review - Deposit and withdrawal - Deposit

eToro withdrawal fees and options

eToro has a $5 withdrawal fee, which is high compared to other CFD brokers. In addition, eToro has a $30 minimum amount limit on withdrawals. 

Withdrawal options are the same as the funding options: you can withdraw money using bank transfer, credit/debit card or electronic wallets, similar to other CFD brokers.

eToro withdrawal fees and options
  eToro XTB Trading 212
Bank transfer Yes Yes Yes
Credit/debit card Yes No Yes
Electronic wallets Yes No Yes
Withdrawal fee $5 $0 $0

How long does it take to withdraw money from eToro?

We tested withdrawal by bank transfer, and it took 2 business days.

How do you withdraw money from eToro?

  1. Click on the 'Withdraw Funds' tab in the left-hand menu.
  2. Enter the amount you wish to withdraw (in USD).
  3. Complete the electronic withdrawal form as required.
  4. Click 'Submit'.

You can only withdraw money to accounts under your name.

eToro review - Deposit and withdrawal - Withdrawal time

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eToro review
Web trading platform

4.4
eToro offers a user-friendly and well-designed web trading platform, where social trading is also available. On the other hand, the platform's customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
eToro platforms to choose from
Trading platform Score Available
Web 4.4 stars Yes
Mobile 4.7 stars Yes
Desktop - No

eToro's platform is intuitive and easy to use even for beginners.

The web trading platform is available in many languages:

eToro platform languages
Arabic Chinese (simplified) Chinese (traditional) Czech Danish
Dutch English Finnish French German
Italian Malaysian Norwegian Polish Portuguese
Romanian Russian Spanish Swedish Vietnamese
Thai        

Look and feel

The web trading platform has a clean design and great functions. The menus and buttons are where you expect them to be.

It is hard to customize though, as the panels are fixed. One exception is the watchlist, which is easy to configure.

eToro review - Web trading platform

Login and security

eToro has an optional, safer two-step login system. This can make it more complicated to log in, but it provides you with added security. You'll receive a text to your phone. Unfortunately, biometric authentication is not supported.

Search functions

The built-in search is predictive and easy to use. Type in a company or product name and you can see the results. You can search easily using tickers, too. 

eToro review - Web trading platform - Search

Placing orders

Placing orders is self-explanatory. You can use the following order types: Market, Limit, Stop-loss, Trailing stop-loss.

If you are not familiar with order types, read this overview.

We found it quite strange that you cannot edit pending limit orders. For example, if you have a limit order for company X at $20 per share, you must cancel the pending order and create a new one in order to modify the order to $21 per share.

eToro review - Web trading platform - Order panel

Alerts and notifications

You can set price alerts and notifications easily. eToro's alert function lets you know when an asset reaches a price target, and you also get a notification when your order is fulfilled. On the web platform, this is in the form of an icon update or a browser notification. On mobile, it is a push notification. 

Portfolio and fee reports

You will surely want to know how your portfolio is performing and how much you paid in fees. You can decide how you want to see your portfolio reports: a list of your assets or a pie chart showing your current portfolio.

Finding the fee report is quite complicated on first instance. Click on the 'Portfolio' tab, then go to 'History', and under the settings icon at the top right, you can access and download your account statement. This is a well-structured pdf file showing all your cash flows, including fees. When you are following someone, you will see all trades separately. However, fees are not added up, but listed individually by fee deduction.

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eToro review
Mobile trading platform

4.7
eToro's mobile platform is well-designed, intuitive and considered safe thanks to the two-step and biometric login functions.
Pros Cons
Two-step (safer) login None
Good search function
Touch/Face ID login

The eToro mobile trading platform is available for iOS and Android. We tested it with iOS.

It's available in the same 21 languages as the web trading platform.

The mobile platform has the same great functionality as the web platform. It uses mobile-specific intuitive functions, such as push notifications or good touch interactions. For example, you can swipe left and right in your portfolio to access charts or open a new trade.

Although the mobile app supports two-factor authentication, this only means that you'll receive a text to your phone. However, they provide biometric authentication, where you can log in using Touch or Face ID.

eToro review - Mobile trading platform

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eToro review
Desktop trading platform

eToro does not offer a desktop trading platform.

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eToro review
Markets and products

4.3
At eToro, you can trade CFDs and forex, as well as real stocks, ETFs and many cryptos. Innovative services like social trading and Smart Portfolios are also available.

eToro is primarily a CFD and forex broker. However, you can also trade real stocks, ETFs and various cryptos. eToro also has some unique features, such as social trading (CopyTrader) and Smart Portfolios (previously called CopyPortfolios).

If you reside in the United States, you can trade stock, ETF, and cryptocurrencies.

 

All non-leveraged long positions in stocks, ETFs and cryptocurrencies are traded as real assets. This means that when you buy equities, ETFs or cryptos without any leverage (i.e. leverage is set to one), you will buy real stocks, ETFs and cryptos and not CFDs.

All other positions are CFDs:

  • leveraged long positions and all short positions in stocks, ETFs and cryptos
  • all positions of forex, commodities and indices

 

So, does that mean that eToro acts like a traditional stockbroker just with zero commission when you buy stocks? The answer is no, there are some differences.

For example, it is not possible to initiate a stock transfer between eToro and another brokerage (and vice versa). This means that all positions that are opened with eToro must be closed with eToro.

Furthermore, as eToro holds stocks on behalf of its users as beneficial owners, users do not currently have voting rights for stocks held.

However, you are allowed to hold fractional shares.

We do not recommend eToro for long-term investors focusing on collecting dividends from US stocks. This is because eToro deducts the 30% default US dividend tax, rather than the – usually lower – tax treaty rate deducted by most other brokers. Instead, we suggest you check out the best discount brokers.

All of the above seem to suggest that while eToro is great for stock traders, for long-term investors it might not be the best choice. We're not sure how eToro would handle corporate events (e.g. a spin-off).

Let's pivot to eToro's CFD offering. Within CFDs, in addition to the traditional way of trading, you can

  • follow and copy other traders' trading (this is CopyTrader, also called social trading)
  • invest in a compiled portfolio (this is Smart Portfolios)

To learn more about CFDs, read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

eToro offers a wider range of stock and ETF CFDs than its closest competitors. The number of available cryptocurrencies to trade is excellent. Note that scalping is not allowed at eToro.

eToro product selection
  eToro XTB Trading 212
Currency pairs (#) 49 57 179
Stock index CFDs (#) 12 36 35
Stock CFDs (#) 2,000 1,900 1,530
ETF CFDs (#) 256 140 28
Commodity CFDs (#) 14 21 28
Bond CFDs (#) - - -
Cryptos (#) 72 14 -

You can change the default leverage level of the products.

Changing the leverage manually is a very useful feature when you want to lower the risk of a trade. For example, instead of trading with 5:1 leverage, trading with only 2:1 leverage in the case of stock CFDs reduces your risk exposure significantly. Be careful with forex and CFD trading, since the pre-set leverage levels are high.

CopyTrader

eToro has two distinctive innovations, CopyTrader and Smart Portfolios.

CopyTrader is the so-called social trading feature. What is eToro really good at? Well, this is it! One by one you can copy the portfolio of traders who also trade on eToro. This might be of interest for those who don't want to manage their own money. You can browse through the profiles of other eToro traders, checking their previous performance on an annual and a monthly level. Their portfolio is public information.

Additionally, eToro also applies a risk score to each trader. There are tons of additional stats for each profile, like trades per week, average holding time, performance on charts, and you can also see their detailed profiles as well as their news feed comments. Imagine Facebook profiles, but with fewer inspirational and more market quotes.

The minimum amount you can invest in one trade is $200. While there is no extra fee for this service, spreads and overnight fees may be applied according to each opened copied position.

Etoro review - Markets and products - Copy Trading

Disclaimer: Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorized and regulated by the Cyprus Securities and Exchange Commission.

Smart Portfolios

Previously called CopyPortfolios, Smart Portfolios are a grouping of several assets, such as stocks, cryptocurrencies, ETFs, and even people, bundled together based on a predetermined theme or strategy.

  • Investing in themes means, for example, investing in a portfolio of Future Payment systems, DroneTech, Renewable energy or cryptocurrencies. The Crypto Portfolio, for instance, consists of the biggest cryptocurrencies, weighted by market cap.
  • Another way to invest via Smart Portfolios is to invest in a portfolio comprised of multiple "star" traders.

There are no management fees or any kind of commission, other than those applied with assets comprising each portfolio.

Etoro review - Markets and products - Copy Funds

Disclaimer: Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

The proportion of CFDs in the specific Smart Portfolio is clearly indicated. You can check performance and asset distribution, and read the investment strategy. Smart Portfolios are built around a theme by eToro's algorithms (using machine learning and data science) or by eToro external partners.

This might all sound a bit complicated, but at the end of the day, this means you can invest easily in a quasi-fund. There is a minimum investment amount for Smart Portfolios, which is $5,000. eToro also checks your financial knowledge to determine whether Smart Portfolios is right for you.

Stocks and ETFs

If you buy stocks or ETFs without leverage, you are buying the real asset, not a CFD. Usually, this feature is not offered by other CFD and forex brokers. In that sense, eToro's selection of 17 stock markets to access is great. However, compared with stockbrokers like Saxo Bank (about 35 markets) or Interactive Brokers (80), it is poor.

Note that if you're going short (selling a stock that you don't already have), you're always trading a CFD.

eToro stock and ETF selection
  eToro XTB Trading 212
Stock markets (#) 17 17 12
ETFs (#) 145 270 1,800

At eToro, you have access to the following 17 stock exchanges: 

  • Amsterdam
  • NYSE
  • Nasdaq
  • Euronext Brussels
  • Euronext Lisbon
  • Frankfurt
  • London
  • Paris
  • Madrid
  • Milan
  • Zurich
  • Oslo
  • Stockholm
  • Copenhagen
  • Helsinki
  • Hong Kong
  • Saudi Arabia

However, you can only trade the more popular stocks. For example, the number of tradable stocks on the Nasdaq with eToro is currently less than 700, which is only around 20% of the listed companies on the Nasdaq exchange.

Why would this matter to you? If you only trade the most popular stocks, like Microsoft or Apple, you probably won't notice the lack of smaller stocks. eToro will, from time to time, make new stocks available for trading, usually in a batch.

For example, on March 30, 2020 eToro added 185 new stocks, among them a very trending one, Zoom Technologies. However, if you had to wait for eToro to add the stock, you missed the early rally in the stock.

Cryptocurrency

Not only does eToro offer 72 different coins to trade, but you also have the option to trade 14 crypto crosses (like ETH/BTC) and 63 non-USD currency crosses (like LTC/AUD).

eToro offers the following methods to trade and own cryptocurrencies: Crypto CFDs, Spot crypto, Crypto exchange (eToroX) and Crypto wallet.

However, not every method is available in every country. For example, UK residents don't have access to Crypto CFDs. Please refer to our spreadsheet for a detailed breakdown of which crypto product is available in your country.

The general rule of thumb with eToro is that when you go long in any virtual currency, you will own the real coin. When you go short, it is a CFD.

However, there are some country-specific rules as discussed above. For example, as a US resident, you can only go long on the real coin; trading CFDs and therefore going short on cryptocurrencies is not allowed.

Cryptocurrency prices can fluctuate widely and are therefore not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework, such as MiFID. Therefore, when using eToro's Cryptocurrencies Trading Service you are not eligible for any investor protection

Etoro review - Markets and products - Cryptocurrencies

Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

You can trade a wide variety of cryptocurrencies on eToro. Along with STORJ, BAL, GALA and LRC, traders have access to BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, MIOTA LINK, UNI and DOGE. Check the table below for a detailed breakdown and some other minor virtual currencies.

eToro cryptocurrency selection
Cryptos as real assets (for non-US residents) Cryptos as CFDs (for non-US residents) Cryptos as real assets (for US residents)
AAVE ADA AAVE
ADA BCH ADA
ALGO BNB ALGO
BAL BTC BAT
BAT DASH BCH
BCH DOGE BTC
BNB   COMP
BTC ETC DASH
COMP    
DASH ETH DOGE
DOGE LINK EOS
EOS LTC ETC
ETC MIOTA Ethereum
ETH NEO LINK
GALA    
LINK TRX LTC
LRC    
LTC UNI MANA
MANA XLM MATIC
MATIC XRP MIOTA
MIOTA XTZ NEO

NEO

ZEC TRX
STORJ    
TRX   UNI
UNI   XLM
XLM   XTZ
XRP   YFI
XTZ   ZEC
YFI    
ZEC    

To dig deeper, read eToro's CFD description. We would also recommend reading our article on how to invest in Bitcoin.

eToro review
Research

3.7
eToro has good technical analysis tools. There are some analyst recommendations and market sentiment indicators available, but no comprehensive fundamental data.
Pros Cons
Good interactive chart No fundamental data available
Trading ideas No/poor quality news flow
User-friendly
Analyst recommendations

Research is available in 21 languages (the same languages that are available on the web and mobile trading platforms).

Recommendations

For some popular stocks, you can find recommendations like analyst consensus (buy/hold/sell), average price target, hedge fund sentiment and insider trading sentiment. In some cases, you can also read the analyst reports. Unfortunately, these research features are available only for a limited number of stocks.

eToro review - Research - Recommendation

Fundamental data

Some basic fundamental data on stocks is available on eToro's platform. This includes the profile of the company and some very basic indicators and ratios such as P/E, EPS, dividend yield and beta. No fundamental data is available for asset classes other than stocks. 

You can also sign up for a daily market analysis newsletter, in which you get a useful list of market highlights. 

Charting

eToro's charting tool is quite good and you can use many, around 70 technical indicators. We liked that charts are automatically saved, so you don’t have to waste your time setting up your indicators time and again. On the downside, you can only see the data for the past 6 months, you cannot set a longer time horizon.

eToro review - Research - Charting

News feed

The news feed is not really an official news feed. It is more like a market-themed Twitter feed, showing messages posted by eToro users and analysts. Hashtags (#) are used for themes and dollar signs ($) for assets. We were not a huge fan of this feature, but it certainly adds a social media aspect to trading.

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eToro review
Customer service

1.5
eToro customer service is below average: you can reach them mainly via web-based tickets but it may take a long time to get a response. Live chat is only available for Club members.
Pros Cons
Relevant answers No phone support
No 24/7 support
Live chat only for Club members

eToro customer service, in theory, is available in all 21 languages the web and mobile trading platforms offer. We tested customer service only in English. 

You can contact eToro's customer service via a web-based ticketing system. We got answers usually within 48 hours when we tested it with some basic questions. On the other hand, we received feedback from users that eToro often takes as much as 14 days to respond in more complex cases, which we think is extremely poor service.

Live chat is currently only available for Club members. The lowest tier of eToro Club membership is the silver one, which one can reach by having more than $5,000 in equity on their account.

eToro review - Customer Service

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eToro review
Education

4.8
eToro has various educational tools available in different formats, but the overall quality is mediocre.
Pros Cons
Demo account Overall quality could be better
Trading platform tutorial
Educational videos

To practice, you can use a demo account.

eToro Academy offers a variety of resources including written guides, videos, webinars and podcasts, as well as in-person and online training courses.

The content discussed is intended for educational purposes only and should not be considered investment advice.

eToro review - Education

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eToro review
Safety

eToro is regulated by top-tier financial authorities like the FCA, and ASIC as well as CySEC. However, it is not listed on any stock exchange and does not have a bank parent.
Pros Cons
Majority of clients belong to a top-tier financial authority Does not hold a banking license
Negative balance protection Not listed on stock exchange
Financial information is publicly available

Is eToro regulated?

Yes, it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the UK's Financial Conduct Authority (FCA), and the Australian Securities and Investment Commission (ASIC).

eToro is based in Israel and was founded in 2007.

Is eToro safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

eToro operates three legal entities and serves customers based on their residency. This matters because the entity you belong to defines the amount of investor protection you get.

  • Citizens of the United Kingdom can open an account at eToro (UK) Limited and thus they will be protected by the FCA. If eToro becomes insolvent, eToro UK clients can expect to be compensated by the maximum amount of £85,000 guaranteed by the Financial Services Compensation Scheme (FSCS).
  • Australian clients are served by eToro AUS Capital Pty Ltd, ABN 66 612 791 803 AFSL 491139, which is regulated by ASIC, the Australian financial authority. ASIC however does not provide any obligatory investor protection for a pre-set amount
  • Other investors will have their live trading accounts with eToro (Europe) Limited, which is regulated by the Cypriot watchdog, CySEC. The amount of investment protection coverage at eToro Europe is a maximum of €20,000. This threshold is set by the Cypriot Investors Compensation Fund.

All clients onboarded to these three entities above are eligible for eToro's private insurance. This is a £/$/€ 1,000,000 insurance for cash, securities and CFDs. It is provided by Lloyd's and applies in the event of eToro's insolvency. This is a great addition as not all brokers provide another layer of protection above the regulatory one. Of course, it could be withdrawn by eToro at any time.

Here is a handy summary table for easy comparison:

eToro investor protection
Country of clients Protection amount Regulator Legal entity
United Kingdom £85,000 + £1,000,000 Financial Conduct Authority (FCA) eToro (UK) Ltd.
Australia $1,000,000 Australian Securities and Investments Commission (ASIC) eToro AUS Capital Pty Ltd.
Other countries €20,000 + €1,000,000 Cyprus Securities and Exchange Commission (CySEC) eToro (Europe) Ltd.

There is no investor protection for cryptos.

eToro also provides negative balance protection for CFD trading, but only for retail clients from the European Union and Australia. Professional clients are not covered with any negative balance protection.

For more details, check eToro's Regulation and License page.

Background

eToro was established in 2007. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises. This means that it has already survived one crisis, which is a good sign. eToro is a privately-owned fintech startup, with owners including venture capital funds like Commerz Ventures Gmbh, the VC arm of Commerzbank, as well as Israeli, US and Chinese investors. eToro is led by Yoni Assia, its well-known founder and CEO.

In addition, there is financial information publicly available on the company.

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eToro review
Bottom line

How does eToro work? eToro offers zero-commission stock trading. The account opening is swift and seamless. It has a lot of innovative features, like social trading and copying other (successful) traders. Furthermore, eToro offers many cryptos to trade.

It has some drawbacks, though. There is a $5 withdrawal fee and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high if your funding currency is not USD. It's difficult to contact customer support and their educational materials could be better.

So is eToro good? Overall, we would recommend eToro for its social trading feature, crypto offering and zero-commission stock trading. If you are a long-term stock investor, a traditional stockbroker might make more sense to you as some of the drawbacks of eToro (like not applying reduced withholding tax on US dividends) might outweigh the benefits of free trading.

Risk disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorized and regulated by the Cyprus Securities and Exchange Commission.

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

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eToro review
FAQ

How does eToro work?

eToro is primarily a CFD and forex broker, but you can also trade real stocks, ETFs and many cryptocurrencies on its platform. It is well-known for its social trading feature, which allows you to follow and copy the portfolio of any trader in the eToro network.

Who owns eToro?

At the time of writing this review, eToro was a privately held company and as such not required to publish its ownership structure. What we know is that eToro does not have any banking parent company (little chance for a bailout in case of bankruptcy). The well-known founder and CEO of eToro is Yoni Assia.

eToro is funded by venture capitalists. Here are a few of them:

  • Anthemis Group, UK
  • BRM Capital, Israel
  • CommerzVentures GmbH, Germany
  • Cubit Investments, Israel
  • MoneyTime Ventures, USA
  • Ping An, China
  • Spark Capital, USA

Who regulates eToro?

eToro is regulated by financial authorities in Cyprus, the UK and Australia. eToro operates the following legal entities:

  • eToro (Europe) Ltd. - Cyprus - is regulated by CySEC (the Cyprus Securities and Exchange Commission) under license # 109/10, for servicing EEA (European Economic Area) member states, and countries outside of it.
  • eToro (UK) Ltd - UK - is regulated by the UK financial authority, the FCA (Financial Conduct Authority).
  • eToro (AUS) Capital Pty Ltd - is regulated by the Australian watchdog, ASIC (Australian Securities and Investments Commission).
  • eToro (USA) LLC. - this entity is regulated by state regulators only, as it is involved only in crypto trading.

How does eToro make money?

eToro makes money by collecting various fees and the trading services it provides on its website. Although eToro does not make its financial statements public, the main sources of revenue for eToro are likely:

  • Spreads: Spreads are the gap between the buy and sell price. Put simply, if an Apple stock costs $100 at market price, eToro will charge $100.1 for it and will pocket the $0.1. For further info, read how CFDs work.
  • eToro overnight fee: For this, you need to understand two things: leveraged trades and loans. Leverage means that you trade with more money than you actually have by borrowing funds from your broker. Let's say you want to trade Apple with 1:10 leverage and you have $10. By using leverage you can buy $100 worth of Apple stocks with your 10 bucks, as the missing $90 will be lent to you by eToro, which will charge you a fee (interest) for this loan.
  • Non-trading fees: eToro charges fees for several services, which are not directly related to trading, also known as non-trading fees. Some examples of non-trading fees are:
    • Withdrawal fees ($5/transaction): charged when you withdraw money from your eToro account to your bank account
    • Conversion fees: charged if eToro converts money to fund your account (i.e. you send euros to deposit into your eToro account and the broker converts them to USD, which is the only account currency available at the broker)

Can eToro be trusted?

eToro is regulated by CySEC in Cyprus, ASIC in Australia, and the FCA in the UK. This is a good thing. eToro is not listed on any stock exchange, nor does it publish its financial data. Overall, BrokerChooser's view is that while eToro is not a scam, it is not a fully transparent broker either.

How does eToro Copy Trader work?

eToro copy, a.k.a. CopyTrader, is a social trading tool. When you use Copay Trader, you copy the trades of other people or other people copy your trades. You can search for traders and other users in the eToro network and check how their portfolio performed historically. When you find a trader you like, you can copy their trades automatically. You can decide how much money you want to invest in copying another trader, and you can close your positions whenever you wish. You can also make money by having other traders copy you.

Are profits made by trading on eToro taxable?

Any profit realized by trading on eToro can be subject to taxation laws and regulations. This depends on the country of your residence. For further information about eToro and taxes, we recommend you contact your local tax authority.

Can I use eToro in the USA? Can I use eToro in Canada?

Currently, people from the USA cannot use all services and features provided by eToro because US regulations do not allow trading in CFD instruments (eToro is a CFD broker) for US residents. As a result, no regulated broker will allow retail clients in the US to trade CFDs. US clients can trade crypto, real stocks and ETFs on eToro.

eToro is not available to the residents of the following countries:

  • Afghanistan
  • Albania
  • Bahamas
  • Barbados
  • Belarus
  • Bosnia and Herzegovina
  • Botswana
  • Brunei
  • Burundi
  • Cambodia
  • Canada
  • Chad
  • Congo Republic
  • Crimea Region
  • Cuba
  • Democratic Republic of the Congo
  • Ethiopia
  • Fiji
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Iran
  • Iraq
  • Jamaica
  • Japan
  • Laos
  • Libya
  • Mali
  • Mauritius
  • Mongolia
  • Montenegro
  • Myanmar
  • Namibia
  • Nicaragua
  • North Korea
  • North Macedonia
  • Pakistan
  • Palau
  • Samoa
  • Serbia
  • Somalia
  • Sri Lanka
  • Sudan
  • Syria
  • Trinidad and Tobago
  • Tunisia
  • Turkey
  • Uganda
  • Vanuatu
  • Yemen
  • Zimbabwe

What is the downside of eToro?

At eToro, you can trade CFDs, which are complex instruments and carry a high level of risk. Many retail traders can lose their invested money and may even owe funds if their trade goes wrong. That may happen because trading CFDs involves leverage or borrowing capital. Some 68% of retail investor accounts lose money when trading CFDs with eToro.

Is eToro good for investing?

eToro has its pros and cons: they provide free stock and ETF trading, a seamless account opening process, and a superb social trading platform. We chose eToro as the best social trading broker and the best broker for cryptos. However, their non-trading fees are high.

Is eToro really free?

eToro offers free stock and ETF trading, while forex and CFD fees are low. On the negative side, non-trading fees are high, including a $5 withdrawal fee. The minimum deposit in EEA countries is $50, while it’s $10 in the US and UK.

Is eToro trustworthy?

eToro is a highly regulated broker that is overseen by several top-tier authorities, such as the FCA in the UK, Cysec in Cyprus and ASIC in Australia. Multiple regulation adds a high level of security to eToro. Clients trading with eToro’s FCA and CySec-regulated entities are entitled to investor protection. In addition, eToro provides private insurance to its customers accepted under these three regulators. Client’s cash funds deposited into their eToro account are held in regulated and licensed US banks and are FDIC-insured up to $250,000. Personal data is kept under SSL encryption.

Can you become rich with eToro?

Every investor has the opportunity to profit from trading on eToro. The broker provides great trading opportunities with different assets and markets, so you have plenty of options to reach your financial goals. No brokerage or trading platform, however, can guarantee high profits or profitability.

Do you actually own the stock on eToro?

If you trade stock CFDs on eToro, you will not own the underlying stocks. CFDs are clearly marked on eToro’s trading platform. Except for US clients, eToro customers can also trade real stocks (if they select the option to trade without leverage), in which case they will own the stock in question.

How much does eToro charge to withdraw?

eToro charges a $5 fee to withdraw funds from your trading account. As only USD accounts are available at eToro, you will need to pay a high conversion fee if you deposit or withdraw in a  currency other than USD.

Is eToro an Israeli company?

eToro is a well-known Israel multinational social trading platform and fintech company, focusing on copy trading and financial services. It has registered offices in the United Kingdom, Australia, the United States and Cyprus. eToro serves UK clients through a unit regulated by the FCA, Australians through an ASIC-regulated entity, and all other customers are served by a legal unit under CySEC supervision. US customers trade with an eToro unit regulated by SEC and FINRA.

How long does it take to withdraw money from eToro?

Withdrawal times at eToro depend on the withdrawal method. For us, a bank withdrawal took 2 business days. Most payment providers, such as e-wallets, take 1-2 business days. A wire transfer typically takes 3-8 business days at most.

What is better than eToro?

Our best alternatives and highest ranking competitors to eToro are:

  1. XTB  
  2. Trading 212 
  3. IG 
  4. Markets.com 

These brokers are comparable in terms of the products they offer (i.e. stocks, CFDs, crypto, etc.) and the type of clients they target ( i.e. beginners, experienced investors, or day traders).

In the comprehensive collection below, you can find links to all aspects of eToro.

Lower fees, lower costs?

We detailed this in our eToro fees article.

What about the minimum deposit?

Our ultimate guide to the eToro minimum deposit is updated regularly.

How to start your eToro account?

Look no further than our evaluation of the eToro account opening.

How's their trading app?

Here's our expert view after checking the eToro trading app.

Is the quality of customer service satisfactory?

All you need to know about the eToro customer service.

Legit or scam?

Is eToro legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether eToro is really free.

Is this broker good for beginners?

We checked it in Is eToro good for beginners.

Should you buy your silver bullets on eToro?

Research for silver bugs in the Silver buy on eToro guide

I want to trade options, are they available at eToro?

We explored the topic in Can you trade options on eToro?

->Back to eToro review

Author of this review

András Iván

Author of this review

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

András Iván

Broker Analyst

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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