There are now dozens of providers that allow you to trade or directly buy cryptocurrencies. They all advertise widely with the most popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) or Shiba Inu (SHIB). However, there are significant differences between them and that’s exactly why we created formats like this eToro review.
We want to share our eToro experience with you so that you can get a comprehensive picture of the provider before you register. We put the world’s leading social trading platform through its paces for you and traded crypto on eToro.
By the end of this review, you will have a comprehensive understanding of what eToro is, what features and assets the platform offers and what fees to expect. As part of our crypto broker comparison, we have made every effort to provide you with the ideal advisor to get you started, so that nothing stands in the way of your safe trading in cryptocurrencies.
So let’s take a journey to the platform of eToro, which, according to our experience, is rightly considered the best crypto broker worldwide.
What is eToro?
Let’s start with the most important question and clarify what eToro is all about. eToro is first and foremost a multi-asset platform. This means that various assets are available to you here for investment and online trading. Among them are a variety of stocks, forex, indices, commodities, cryptocurrencies and ETFs.
Due to its constantly growing and thus already comprehensive range of cryptocurrencies, eToro is above all the leading crypto broker on the market. A total of 78 different cryptos can already be traded here.
What is a broker? The broker is an intermediary who buys assets on behalf of investors.
For you as a user, this means that you do not trade directly with other market participants, but your trading partner is always the broker itself. This has both advantages and disadvantages, which we will discuss in more detail in the course of our experience report.
Jonathan Assia, Ronen Assia and David Ring founded eToro in 2007. The platform now has millions of customers and is a global company based in Cyprus, Israel, the United Kingdom, the United States and Australia.
Since 2010, the provider has focused primarily on social trading, which also enables eToro Copy Trading. Here you have the opportunity to discuss assets with investors from all over the world, read their assessments and even copy the most successful investment strategies or have your own strategy copied in order to earn additional passive income.
Before we share our eToro experience with you, we would like to give you an overview of the most important information and then explain whether eToro is reputable or not.
Is eToro safe?
Of course, everyone wants to be sure that their money is in good hands with the provider. And if possible, even before the first transfer has taken place. That’s why we would like to talk about the topic of security again before our actual experiences with eToro.
Is eToro reputable? The short and concise answer to this is: Yes, in any case. But in order to show you what this assumption is based on, we need to talk briefly about what basically needs to be taken into account.
In order to be able to assess the security of a platform for trading cryptocurrencies, it is important to pay attention to whether the crypto broker is regulated, how long it has been in existence and whether it has recorded major downtimes or even stopped payouts to its customers during this time.
eToro is also regulated by ASIC, CySec and FCA, so that you as a user can benefit from the investor protection stipulated there. For users based in Germany, the regulation of the Cyprus Securities and Exchange Commission (CySec) is of particular interest. The eToro deposit guarantee for German traders is up to €20,000.
In our eToro experiences, we also go into detail about the eToro Wallet. However, it should be mentioned at this point that this is also regulated and you do not have to worry about this.
Our eToro review 2022 & rating metrics
Let’s get down to the nitty-gritty: our eToro experience 2022. Every good and meaningful test needs its evaluation criteria, and of course we have them too.
We have looked at the crypto broker for you in terms of its suitability for beginners and advanced traders. For this purpose, we have divided the test into four categories, whereby the provider could achieve a rating between 0 and 5 stars in each case. All 4 categories are equally weighted in the final evaluation and thus form the final result.
💰Fees: Fees are anything but incidental. After all, they can quickly become the biggest cost item for us as users. Therefore, this criterion is particularly important.
₿ Crypto: At this point, we would like to say in advance that eToro offers a range of different classes of assets. Stocks, commodities, dividends, indices and ETFs are tradable here. But we are of course particularly interested in cryptocurrencies here.
👤User-friendliness & customer service: User-friendliness should actually be a matter of course, including various deposit and withdrawal methods. The same goes for good customer service. All of this should be available in abundance. Nevertheless, it is not always given. That is why we have included this section in our tests.
📲Mobile app: More and more things are happening on the move. Many users make phone calls, chat, take photos, organise themselves and even trade on their smartphone or tablet. Accordingly, it is important for this user group that the platform provides a reliable app that also enables mobile trading in cryptocurrencies.
Conclusion
As the headline already reveals, our eToro experience has been consistently positive. But let’s review the whole thing once again.
eToro is a reputable and multi-award-winning online broker. Due to the high user-friendliness of the platform and the large range of different financial instruments and trading pairs, both beginners and advanced traders get their money’s worth here.
We particularly like the fact that you can trade crypto, stocks, commodities, forex, ETFs and indices on eToro. Many investors are often registered on 2 or more platforms in order to diversify their portfolio according to their wishes. Due to the large selection that you will find here, you will be spared this in any case.
However, no one has to jump into the deep end. The demo account allows you to fully explore the platform before you consider depositing real money. Social trading is another interesting aspect that brings advantages for beginners as well as advanced traders. With its own wallet and the possibility of staking cryptocurrencies, eToro also offers features that hardly any other crypto broker has to offer.
A small point of criticism is the fixed withdrawal fee of $5, which can make smaller withdrawals on eToro very costly. Also, the fact that users of the eToro wallet do not manage their private key themselves contradicts the actual basic idea of the whole thing. So we definitely see room for improvement here.
Overall, however, this is simply a thoroughly convincing product. We were also able to observe that eToro has always endeavoured to respond to the feedback of its users over the last few years and to improve bit by bit. Therefore, this is not only an online broker that we like to use privately, but can also warmly recommend to you.
