eToro How it works

In this eToro Review we will explore the ins and outs of this slightly different crypto exchange. It is not only a cryptocurrency exchange, but first and foremost it is a social and multi-assets tradings platform. That includes stocks and Forex (FX) and cryptocurrencies. Lets explore eToro how it works when it comes to getting started, deposit, withdrawing, fees, security and more.

eToro is very much part of the new wave of global Fintech companies that has helped to change the scene of finance, banking and much more. It is the world’s leading social trading network, with millions of registered users and an array of innovative trading and investment tools. And they have taken the tools, the users and methods to crypto as well.

With eToro you can buy and sell crypto like at other exchanges, but they like with stocks gives you the option to copy other fellow investors, and also public portfolios. Which can definitely be helpful for the newcomer who might be a bit overwhelmed by the sheer amount of cryptos available.

eToro doesn’t have as many cryptocurrencies as other exchanges, but they do have FIAT deposit options – bank transfer, debit card, credit card and in many currencies, and others like Paypal, Skrill and more) and other interesting features like follow and copy other popular traders.

So in this eToro Review you will find out how it is slightly different compared to the other crypto-only exchanges.

eToro have added some additional interesting features which you might not see elsewhere. And that you will most definitely find useful.

Like copying and following other traders through their social add-ons and the opportunity to trade several assets besides cryptocurrencies.

eToro stands out from the rest of the crypto exchanges on our list. And they are a different beast, that’s for sure. They have been a pioneer in the social investment trend, and making investing available and open to everyone.

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How to get started

If eToro seems interesting and you wonder how to get started using the exchange, we’ve put together an easy to follow guide here below. It’s fairly simple to get started with eToro. And after this eToro Review you will know how to start buying and selling crypto at eToro. And using many of their handy features.

  1. Go to eToro’s website using this link HERE
  2. Put in your details to register an account
  3. Approve the confirmation email that gets sent to your account
  4. Login to your account and familiarise yourself with the platform
  5. Click on deposit funds to get started buying crypto

And your good to go.

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Fees

For fees at cryptocurrency exchange there are usually a couple of standard fees that cryptocurrency exchange puts in place. And it is important for you as a user to be aware of those, therefore we at Go CryptoWise aim to clarify these fees for all crypto exchanges so it becomes super easy for you to buy and sell cryptocurrencies on your terms.

Usually there are these fees at cryptocurrency exchanges:

Trading fees such as maker and taker fees. Transactions fees associated with withdrawing or depositing cryptocurrency or Fiat (USD, GBP, EUR) funds from and to an exchange.

  1. Maker fees are when you add liquidity to the order book by placing a limit order that is either above the current highest selling price and lower than current highest bidding price
  2. Taker fees are when you remove liquidity from to the order book by placing a limit order that is immediately executed against the order book
  3. Withdrawal fees are when you withdraw cryptocurrencies or Fiat money (USD, GBP, EUR) from an exchange
  4. Deposit fees are when deposit cryptocurrencies or Fiat money (USD, GBP, EUR) from an exchange

So in this eToro review these are the current fees that we have seen for eToro. They might change over time so please always check the latest fees at their website

All withdrawals from eToro are subject to a US$25 fee. Any withdrawals sent in currencies that are not US dollars are also subject to conversion fees.

eToro which originally was created to be a Forex (FX) trading platform, buying or selling FIAT currencies. Has later on opened up to both stocks and now crypto. So with that in mind they don’t operate as other crypto exchanges with maker and taker fees. So with eToro how it works is like with FX and stocks they take a fee in the form of the spread.

For the full list of fees click here.

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Supported coins

eToro supports the major coins, it doesn’t have the wide selection like with other exchanges like Binance and OKEx for example. This smaller selection of cryptocurrencies available suits some who wants it less busy.

  • BTC
  • XRP
  • ETH
  • NEO
  • ETC
  • DASH
  • EOS
  • XLM
  • BNB
  • LTC

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Withdrawals & deposits

In this section of the review we will walk you through the steps you need to take to withdraw and deposit cryptocurrency funds to and from the eToro exchange to make it super clear.

So with eToro how it works, you can deposit via bank, credit or debit card which is a big advantage. And they also provide you to withdraw your funds back to your bank via their platform. So they are providing the full service platform, but with fewer coins and perhaps volume at times.

To Deposit

  1. Go to their website www.etoro.com you login to your account
  2. Click on Deposit Funds in the tab to your left
  3. Select the currency and amount you want to deposit (only possible to deposit fiat currencies)
  4. Select payment method (debit card, credit card, wire, Paypal, Neteller, etc
  5. Press submit

eToro how it works to deposit

To Withdraw

  1. Go to the eToro website www.etoro.com
  2. Click on Withdraw Funds select an amount that you want to withdraw a
  3. Press submit

eToro how it works to withdraw

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Security

eToro is one of the bigger exchanges available in the world and they follow industry standards to protect you and your money. But obviously it’s always important to make sure you and your funds stay safe.

Go CryptoWise’s security tips for everyone to read and know!

  • Use 2F-Authentication – for example Google 2F-A
  • Do not share your login details with anyone
  • Do never share your private keys with anyone
  • Create and store your backup passphrase for your 2F-A
  • Check the URL twice, hacks and phishing scams happens often
  • You need to be in control of your own crypto
    You can’t completely trust that an exchange will always protect your cryptocurrencies. This is an extremely important crypto tips to be aware of. Remember it’s you that are in control of your own crypto, not the exchange, not a bank, or a government. Therefore you need to make sure that you also are storing your crypto somewhere safe. A hardware wallet is the way to to go, find a good wallet for you in our wallet comparisons.

Check out our guide on best crypto tips here.

We recommend that you keep your Bitcoins, or other cryptocurrencies on a hardware wallet. You can find a good option at our comparisons here.

We have put together this guide to help you keep yourself safe and avoid some of the common risks in the crypto space – find the guide on the 6 best tips to protect you crypto

Restrictions

Kindly note that due to changes in regulations conflicting with trading laws, we can no longer legally offer eToro in the following countries:

  • Afghanistan
  • Albania
  • Belarus
  • Bosnia and Herzegovina
  • Botswana
  • Brunei
  • Burundi
  • Canada
  • Chad
  • Congo Republic
  • Crimea Region
  • Cuba
  • Ethiopia
  • Guyana
  • Guinea
  • Guinea-Bissau
  • Iran
  • Japan
  • Laos
  • Libya
  • Mali
  • Myanmar
  • Namibia
  • Nicaragua
  • North Korea
  • Palau
  • Samoa
  • Serbia
  • Somalia
  • Sudan
  • Syria
  • Turkey
  • Uganda
  • Yemen

* Please note: For regulatory reasons, they cannot provide our service to US citizens who reside outside the USA.

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