Yoni Assia and Ronen Assia, two Israelis, started eToro in 2007 with the goal of making it a global trading platform. They started with forex. Over time, it has added more asset classes, like cryptocurrency in 2017, and more social features, like CopyTrader. Today, millions of people in more than 140 countries use the platform.
eToro’s trading platform stands out because it offers a unique way to trade with other people. With eToro’s social network of exchange, people can view and replicate the trades of more accomplished investors in crypto, stocks, and ETFs.
The site for the platform is easy to use, so investors can find traders to join or make their own trades quickly. Upwards of 100 countries use eToro, which shows that a broad range of individuals can use it. But investors can’t use eToro in all U.S. states. eToro also doesn’t have many of the tools and features that come with more detailed trading experiences.
This means that the platform will only be useful for investors with more experience. This service performs effectively for traders who want to focus on social trading and cryptocurrencies. If a trader wants to do more, they can probably find a better online broker.
Is eToro Safe?
As a top trading platform, eToro makes sure to follow the rules of top regulatory bodies like CYSEC, FCA, CIF, MiFID, and AFSL. Because the service takes care to keep its clients’ money safe and secure, it is one of the best places to trade cryptocurrencies.
As one of the trading platforms that has to follow the law, eToro customers have to send in real government documents to prove who they are. By taking these steps, traders can avoid scams and other crimes. This lets the trading platform provide a safe place to work for traders. Anti-Money Laundering (AML) and Know Your Customer (KYC) rules say that eToro has to make sure that its users follow this procedure.
Signing up to eToro
eToro Account Signup
Step 1: Sign up with your email or Google or Facebook.
Step 2: Verify your identity if you wish to add money to trade. Upload official documents showing your identity and address.
Step 3. eToro only accepts US accounts, so your funds will be converted. Credit or debit cards, bank transfers, PayPal, Skrill, Neteller, and more can be used to deposit money.
Non-US residents must pay $5 per withdrawal. The same methods can be used to withdraw money.
(Source: https://buyshares.co.uk/stock-brokers/etoro-review/ )
eToro Platform Features
- The leading trading platform has features for beginners and pros.
- Using the desktop or mobile interface, you may buy, trade, and retain EOS, LTC, ETH, XRP, BTC, and more.
- Watch others’ trades and portfolios.
- CopyTrader automated trading. Copy live eToro trades. Before utilizing, reduce risk.
- PC and mobile apps track your trades. Mobile wallets store coins.
- eToro charges no trading or account management commissions.
- Digital Portfolio lets you practice trading without actual money.
- Bitcoin trading allows debit, credit, PayPal, Neteller, Skrill, wire transfer, and more.
eToro has two apps: Cryptocurrency Trading and Money Wallet. Android and iOS have both. The trading app mimics the website, while the wallet app lets users send and receive tokens and convert cryptocurrencies.
Only the eToro Money wallet app may transfer coins off the platform. This is required if you wish to store crypto in a cold wallet offline.
eToro has a competitive advantage by letting you shift coins off its platform. Unfortunately, there’s a cost. Gemini offers a specific monthly amount of free transactions outside their platform and lower trading fees if you want to buy coins and store them elsewhere.
The eToro Club is a VIP membership that gives customers access to additional benefits based on the amount of money they have in their accounts. Membership is available to users of eToro when they accumulate $5,000 of acquired crypto assets or current investments in their eToro account. Membership is calculated based on your “realized equity.”
- Assistance with trading from experts
- A market newsletter and analyst finds
- Live webcasts
- Receiving new product lines, services, and features before anyone else
eToro Customer Support and Safety Measures
Users have the option to communicate with eToro’s customer support team via online chat or email. The message that users hear when they call the stated contact number is just an invitation to chat.
The only people who can participate in the chat, however, are people who are members of the eToro Club. In practice, this indicates that the majority of users only have access to customer assistance alternatives via email. You can also go through classified lists of frequently asked questions by visiting the Help Center.
Cash assets are protected against loss by being placed in bank accounts that are covered by the Federal Deposit Insurance Corporation (FDIC).
A two-factor authentication system, state-of-the-art monitoring tools, and offline and online coin storage are all essential components of crypto security procedures. In addition, eToro employees are unable to remove users’ cryptocurrency holdings from cold storage under any circumstances.
Risks and Phishing
“Phishing” is when criminals try to get personal information from people by pretending to be trustworthy entities, like through fake websites, emails, phone calls, or SMS messages. The goal is to use this information in a way that allows them to extort money from users. The word “phishing” comes from the word “fishing” and the letter “P” from “password.” This is because criminals try to “hook” users into giving them their passwords, login information, or other information they would normally keep private.
Unfortunately, there are scams like these and others in the digital trading and investing world that try to trick people out of their finances. In May 2021, for example, Europol and a few other law-enforcement agencies worked together to break up investment scams and money laundering rings that had cost hundreds of people across Europe a total of €30 million (US$36 million).
Criminals made fake online trading platforms that looked real and used ads on social media and browsers to get people to use them. They contacted the victims through a fake call center and pretended to be experienced brokers. They also used software that had been hacked to trick them.
So, it’s very imperative that you always make sure you’re dealing with the real eToro platform and representatives and not a fake.
eToro is probably one of the best real stock and CFD brokers you can use. With eToro, you can trade or invest in assets from the American Stock Exchange and many other markets including Europe. By using the Copy Trading feature, you can also copy the trades of well-known eToro traders. Just make sure to look at how often they win before you put money in them.
The eToro trading platform provides customers free access to a diverse set of capabilities and indicators that can be used to learn about an asset before committing to a trade. You also get a free account that lets you try out eToro CFD trading strategies prior to depositing any real money. So you can figure out the best ways to play so you don’t lose money.