Last update: Apr 25, 2022
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eToro Review 2022: Pros, Cons, Fees And More

Our eToro exchange review rating
3.9/5

A trading platform shaped like a social network, that’s the main idea behind eToro. Using this social trading platform. you can interact with traders with a similar level of experience as yours, and get tips from experienced traders. They’re encouraged to engage by the Popular Trader Program that we’ll cover later. Another characteristic is eToro’s transparency, everyone can see everyone’s transactions. This is a huge advantage over traditional cryptocurrency exchanges and other trading platforms. We’ll review all this and more in this eToro review.

  • eToro


    1. Operating Since 2006
    2. Currencies Supported 16
    3. Fees No deposit fees, $5 withdrawal fee. Plus, spread fees.
    4. Deposit methods Bank and wire transfers, credit and debit cards, PayPal, Skrill, China UnionPay, Neteller, Klarna, and iDEAL
    5. Fiat currencies Yes
    6. Verification methods KYC
    7. Margin trading Yes
    8. Futures trading No

Another characteristic is eToro’s transparency, everyone can see everyone’s transactions. This is a huge advantage over traditional cryptocurrency exchanges and other trading platforms.

What eToro is famous for, though, is the copy trading feature. They’re the creators of a feature that allows you to copy trading strategies and portfolios from big players with incredible track records. You set up a budget, and the system uses it to automatically mimic the successful trader of your choice.

Which doesn’t guarantee earnings, but, at the very least, seems like an educational experience like no other.

As you can see, this is not your typical cryptocurrency exchange.

You can use eToro to trade stocks, ETFs, bonds, CFDs, commodities, etc. Or, to put it in another way, selling Bitcoin is only a small part of eToro’s business. But that’s the part we’re going to focus on because that’s what this site is about.

Let’s get into it, there’s a lot to cover. But first…

eToro's history

eToro

Its founders are David Ring and the Assia brothers, Yoni and Ronen. Currently, Yoni Assia serves as CEO.

Born in Israel and originally operating under the name RetailFX in 2007 as a forex online broker, the fintech company later changed its name to eToro and started offering stocks, commodities, and indices. The company really made its name in 2010 when it released CopyTrader and became a social trading platform. In 2014, eToro added cryptocurrencies to their offer and haven’t looked back since. In this regard, their service comes with special characteristics. More on that later.

Nowadays, their main technological hub is still in Tel Aviv, but they have offices in the UK, Australia, USA, and Cyprus.

In terms of compliance with the law, they’re unmatched. They’re fully regulated by the FCA (Financial Conduct Authority) in the UK, ASIC (Australian Securities and Investments Commission) in Australia, FinCEN (Financial Crimes Enforcement Network) in the US, and CySEC (Cyprus Securities and Exchange Commission) in the rest of Europe.

This multi-asset investment platform is a global phenomenon that celebrated 20 million registered eToro users from more than 100 countries as recently as March 2021.

Their CEO recently announced plans to evolve into a publicly traded company later this year. If they succeed, eToro’s stock will “begin trading on the NASDAQ under a new ticker symbol in 2021.

That brings us to…

eToro’s recent news

  • A still-unnamed institutional investor in The US bought eToro’s shares in the secondary market that raised the company’s valuation to $2.5 Billion.
  • eToro plans to go public before 2021 ends. The IPO is possible following a merger with a special purpose acquisition company, or SPAC. Nasdaq awaits.
  • After the IPO, the company expects a $10 Billion valuation.
  • The company recently got a FINMA membership, which will allow them to trade stocks and more in The United States. More on that later.
  • In March 2021, they hired Dan Moczulski to be their UK Regional Manager and Head of Business Development.
  • They signed a partnership with ZenLedger. Their aim is to help crypto traders file their taxes in a user-friendly way.

Is eToro trustworthy?

Exchange
eToro

With eToro, you can build your portfolio using 14 different cryptocurrencies. However, the best features is the ability to copy other traders automatically using CopyTrader technology, so if you like what you see, you can do the same thing.

If you want to set your portfolio on autopilot based on other traders and how their portfolios are performing, sign up on the eToro website or download the Android or iOS app now!

3.9/5
Visit eToro

On the one hand, this company is as solid as they go and the brokerage service they provide is top-notch. They’re fully regulated by several bodies around the world and have a long history that’s unmatched in the crypto space.

On the other hand, the user isn’t ensured and the failsafe mechanisms the eToro platform provides investors with aren’t ideal. There is no stop-loss protection or significant risk management features. In any case, this lack of protection is not unusual when trading cryptocurrencies.

In fact, there’s no protection whatsoever for crypto investors that choose eToro.

Another factor to consider: if the company fails as a business, you get some protection from the previously mentioned governmental entities. It all depends on the jurisdiction you operate from. If you’re in the UK, the FCA could compensate you with up to £85,000.

Everywhere else in Europe, the CySec offers up to €20,000. Plus, eToro offers you negative balance protection for forex, spot, and CFD trading. Australians don’t have the same luck, since the ASIC doesn’t have a compensation stipulated.

Keep in mind that CFDs are complicated instruments and come with a high risk of losing money very fast because of leverage. When trading CFDs with eToro, 67% of retail investor accounts lose money. Always consider whether you understand how CFDs work. And whether you can afford to accept the high risk of losing your money. Please note, past performance is not an indication of future results.

If you’re in one of those three jurisdictions, you can get the company’s private insurance. Provided by Lloyd’s, you’ll get €1,000,000 if eToro goes bankrupt.

Is eToro a pyramid scheme?

This brokerage service is not a pyramid scheme. Nevertheless, it doesn’t have the best reputation online. Reports of people getting locked out of their accounts abound. And eToro has been fined by Canada’s OSC (Ontario Securities Commission) and by the CySEC (Cyprus Securities and Exchange Commission.)

But no, a pyramid scheme they’re not.

eToro features at a glance

  • The rule of thumb for eToro is: if you don’t use leverage to buy stock, ETFs, and cryptocurrency, you’re buying the real asset. If you do use leverage, you’re opening a CDF or a Contract For Difference.
  • eToro’s value proposition lies in the platform’s social copy trading features, which enable you to choose from its vast database of copy trades and traders in real-time.
  • The service offers over 2000 tradable products and assets; US stocks, ETFs, bonds, CFDs, commodities, cryptocurrencies, etc.
  • The eToro platform has expanded significantly over the years, and with each new location, eToro has had to adjust and tweak its offerings to match available tools, audiences, and regulations. Thus, minimum trade sizes differ in varied locations and for varied asset classes.
  • You’ll have access to a virtual portfolio for educational purposes. Everyone can open a demo account with $100k of fake money to train with.
  • The trading platform provides additional details for beginners next to each symbol available within eToro’s platform, such as general factors to consider before investing and information about trading instruments (like the USD/EUR currency pairs).
  • eToro offers the eToro mobile app for trading on the go for the iOs and Android.
  • VIP-style perks are available for popular investors and club members that reach higher tier status.
  • Their charting is responsive and closely matches the web platform experience. However, only five indicators are present compared to 67 on the web.
  • The company’s been gearing up to launch its own debit card for a couple of years now. The product is called eToro Money and it’s not yet available, but you can join the waiting list if you’re an eToro Club member.
  • To join the eToro Club you need to maintain a balance between $5k and $250k. You’ll get a wide range of benefits that include better fees, consults with an Account Manager, premium analysis trading tools, and access to VIP events.
  • CopyPortfolio: You can copy and invest in Top Trader Portfolios and Market Portfolios, these follow a theme instead of a person. The minimum investment for this is 5000 USD.
  • CopyTrader: Allocate funds and the system will automatically copy the movements of your trader of choice. You’ll be able to set stop losses.
  • Each trader’s profile comes with a Risk Score, so you’ll be aware of who you’re following.
  • The company’s Popular Trader Program uses incentives and perks to encourage successful and highly copied traders to share their knowledge with less experienced members.
  • The most important characteristic for blockchain enthusiasts is this one: you will only be able to withdraw your cryptocurrency purchases to the custodial eToro crypto wallet. This mobile app is available for both iOS (Apple) and Android (Google).
  • The platform’s minimum trade amount is $10. It is the same amount for minimum deposit if done by bank account connection or debit card. eToro offers the ability to invest in fractional shares of stocks. Meaning, you can purchase a small piece of a share with any amount over $10.
  • eToro protects the personal information of its users through SSL encryption in its mobile and PC platforms. eToro also encourages its users through its web platform to always look for the SSL security sign, which is a lock sign on the browser while using the trading platform.
  • Users can fund their accounts with almost every payment method available such as credit/debit cards, bank transfers, and wire transfers. For digital options, users can use iDEAL, Klarna, Neteller, China UnionPay, Skrill, and PayPal.
  • eToro gives you unlimited access to US stocks listed on NASDAQ and the New York stock exchange. Meaning, you can become one of the proud stockholders of Tesla or Facebook shares.

Fees breakdown

eToro Crypto

eToro Review 2022: Pros, Cons, Fees And More

Our eToro exchange review rating 3.9/5

A trading platform shaped like a social network, that’s the main idea behind eToro. Using this social trading platform. you can interact with traders with a similar level of experience as yours, and get tips from experienced traders. They’re encouraged to engage by the Popular Trader Program that we’ll cover later. Another characteristic is eToro’s transparency, everyone can see everyone’s transactions. This is a huge advantage over traditional cryptocurrency exchanges and other trading platforms. We’ll review all this and more in this eToro review.

  • eToro
    1. Operating Since2006
    2. Currencies Supported16
    3. FeesNo deposit fees, $5 withdrawal fee. Plus, spread fees.
    4. Deposit methodsBank and wire transfers, credit and debit cards, PayPal, Skrill, China UnionPay, Neteller, Klarna, and iDEAL
    5. Fiat currenciesYes
    6. Verification methodsKYC
    7. Margin tradingYes
    8. Futures tradingNo

    VISIT EXCHANGE

CONTENTS

Another characteristic is eToro’s transparency, everyone can see everyone’s transactions. This is a huge advantage over traditional cryptocurrency exchanges and other trading platforms.

What eToro is famous for, though, is the copy trading feature. They’re the creators of a feature that allows you to copy trading strategies and portfolios from big players with incredible track records. You set up a budget, and the system uses it to automatically mimic the successful trader of your choice.

Which doesn’t guarantee earnings, but, at the very least, seems like an educational experience like no other.

As you can see, this is not your typical cryptocurrency exchange.

You can use eToro to trade stocks, ETFs, bonds, CFDs, commodities, etc. Or, to put it in another war, selling Bitcoin is only a small part of eToro’s business. But that’s the part we’re going to focus on because that’s what this site is about.

Let’s get into it, there’s a lot to cover. But first…

eToro’s history

Its founders are David Ring and the Assia brothers, Yoni and Ronen. Currently, Yoni Assia serves as CEO.

Born in Israel and originally operating under the name RetailFX in 2007 as a forex online broker, the fintech company later changed its name to eToro and started offering stocks, commodities, and indices. The company really made its name in 2010 when it released CopyTrader and became a social trading platform. In 2014, eToro added cryptocurrencies to their offer and haven’t looked back since. In this regard, their service comes with special characteristics. More on that later.

Nowadays, their main technological hub is still in Tel Aviv, but they have offices in the UK, Australia, USA, and Cyprus.

In terms of compliance with the law, they’re unmatched. They’re fully regulated by the FCA (Financial Conduct Authority) in the UK, ASIC (Australian Securities and Investments Commission) in Australia, FinCEN (Financial Crimes Enforcement Network) in the US, and CySEC (Cyprus Securities and Exchange Commission) in the rest of Europe.

This multi-asset investment platform is a global phenomenon that celebrated 20 million registered eToro users from more than 100 countries as recently as March 2021.

Their CEO recently announced plans to evolve into a publicly traded company later this year. If they succeed, eToro’s stock will “begin trading on the NASDAQ under a new ticker symbol in 2021.

That brings us to…

eToro’s recent news

  • A still-unnamed institutional investor in The US bought eToro’s shares in the secondary market that raised the company’s valuation to $2.5 Billion.
  • eToro plans to go public before 2021 ends. The IPO is possible following a merger with a special purpose acquisition company, or SPAC. Nasdaq awaits.
  • After the IPO, the company expects a $10 Billion valuation.
  • The company recently got a FINMA membership, which will allow them to trade stocks and more in The United States. More on that later.
  • In March 2021, they hired Dan Moczulski to be their UK Regional Manager and Head of Business Development.
  • They signed a partnership with ZenLedger. Their aim is to help crypto traders file their taxes in a user-friendly way.

Is eToro trustworthy?

EXCHANGEeToro

With eToro, you can build your portfolio using 14 different cryptocurrencies. However, the best features is the ability to copy other traders automatically using CopyTrader technology, so if you like what you see, you can do the same thing.

If you want to set your portfolio on autopilot based on other traders and how their portfolios are performing, sign up on the eToro website or download the Android or iOS app now!

3.9/5

VISIT ETORO

On the one hand, this company is as solid as they go and the brokerage service they provide is top-notch. They’re fully regulated by several bodies around the world and have a long history that’s unmatched in the crypto space.

On the other hand, the user isn’t ensured and the failsafe mechanisms the eToro platform provides investors with aren’t ideal. There is no stop-loss protection or significant risk management features. In any case, this lack of protection is not unusual when trading cryptocurrencies.

In fact, there’s no protection whatsoever for crypto investors that choose eToro.

Another factor to consider: if the company fails as a business, you get some protection from the previously mentioned governmental entities. It all depends on the jurisdiction you operate from. If you’re in the UK, the FCA could compensate you with up to £85,000.

Everywhere else in Europe, the CySec offers up to €20,000. Plus, eToro offers you negative balance protection for forex, spot, and CFD trading. Australians don’t have the same luck, since the ASIC doesn’t have a compensation stipulated.

Keep in mind that CFDs are complicated instruments and come with a high risk of losing money very fast because of leverage. When trading CFDs with eToro, 67% of retail investor accounts lose money. Always consider whether you understand how CFDs work. And whether you can afford to accept the high risk of losing your money. Please note, past performance is not an indication of future results.

If you’re in one of those three jurisdictions, you can get the company’s private insurance. Provided by Lloyd’s, you’ll get €1,000,000 if eToro goes bankrupt.

Is eToro a pyramid scheme?

This brokerage service is not a pyramid scheme. Nevertheless, it doesn’t have the best reputation online. Reports of people getting locked out of their accounts abound. And eToro has been fined by Canada’s OSC (Ontario Securities Commission) and by the CySEC (Cyprus Securities and Exchange Commission.)

But no, a pyramid scheme they’re not.

eToro features at a glance

  • The rule of thumb for eToro is: if you don’t use leverage to buy stock, ETFs, and cryptocurrency, you’re buying the real asset. If you do use leverage, you’re opening a CDF or a Contract For Difference.
  • eToro’s value proposition lies in the platform’s social copy trading features, which enable you to choose from its vast database of copy trades and traders in real-time.
  • The service offers over 2000 tradable products and assets; US stocks, ETFs, bonds, CFDs, commodities, cryptocurrencies, etc.
  • The eToro platform has expanded significantly over the years, and with each new location, eToro has had to adjust and tweak its offerings to match available tools, audiences, and regulations. Thus, minimum trade sizes differ in varied locations and for varied asset classes.
  • You’ll have access to a virtual portfolio for educational purposes. Everyone can open a demo account with $100k of fake money to train with.
  • The trading platform provides additional details for beginners next to each symbol available within eToro’s platform, such as general factors to consider before investing and information about trading instruments (like the USD/EUR currency pairs).
  • eToro offers the eToro mobile app for trading on the go for the iOs and Android.
  • VIP-style perks are available for popular investors and club members that reach higher tier status.
  • Their charting is responsive and closely matches the web platform experience. However, only five indicators are present compared to 67 on the web.
  • The company’s been gearing up to launch its own debit card for a couple of years now. The product is called eToro Money and it’s not yet available, but you can join the waiting list if you’re an eToro Club member.
  • To join the eToro Club you need to maintain a balance between $5k and $250k. You’ll get a wide range of benefits that include better fees, consults with an Account Manager, premium analysis trading tools, and access to VIP events.
  • CopyPortfolio: You can copy and invest in Top Trader Portfolios and Market Portfolios, these follow a theme instead of a person. The minimum investment for this is 5000 USD.
  • CopyTrader: Allocate funds and the system will automatically copy the movements of your trader of choice. You’ll be able to set stop losses.
  • Each trader’s profile comes with a Risk Score, so you’ll be aware of who you’re following.
  • The company’s Popular Trader Program uses incentives and perks to encourage successful and highly copied traders to share their knowledge with less experienced members.
  • The most important characteristic for blockchain enthusiasts is this one: you will only be able to withdraw your cryptocurrency purchases to the custodial eToro crypto wallet. This mobile app is available for both iOS (Apple) and Android (Google).
  • The platform’s minimum trade amount is $10. It is the same amount for minimum deposit if done by bank account connection or debit card. eToro offers the ability to invest in fractional shares of stocks. Meaning, you can purchase a small piece of a share with any amount over $10.
  • eToro protects the personal information of its users through SSL encryption in its mobile and PC platforms. eToro also encourages its users through its web platform to always look for the SSL security sign, which is a lock sign on the browser while using the trading platform.
  • Users can fund their accounts with almost every payment method available such as credit/debit cards, bank transfers, and wire transfers. For digital options, users can use iDEAL, Klarna, Neteller, China UnionPay, Skrill, and PayPal.
  • eToro gives you unlimited access to US stocks listed on NASDAQ and the New York stock exchange. Meaning, you can become one of the proud stockholders of Tesla or Facebook shares.

Fees breakdown

Since this is not Coinbase or your typical crypto exchange, eToro’s fee structure is a little different. That is, they only charge a withdrawal fee and if you use them for leverage.

Let’s start with the basics, though.

Is eToro really free?

As we’re about to see, it’s not.

The fees are steep if you use them for leverage in marginal trading and related instruments.

They’re very reasonable if you don’t, though.

Trading and Withdrawal fees

eToro doesn’t charge deposit fees or unleveraged trading fees.

They charge a 5 USD fixed withdrawal charge.

There are no commission fees, no management fees, no clearance fees.

If you borrow money from them, though…

Spread and overnight fees

If you used eToro for leverage, you’ll have to pay interest.

eToro charges fees on the spread, that is, the difference between the price you buy at and the price the broker sells at. The company gets 0.75% of that transaction.

If you win, they get a cut. If you lose, they get a cut. And that’s eToro’s business.

Also, there’s a daily overnight fee. On a weekday, you pay 0.24 per each 1.000 USD of leverage. On the weekend, multiply that by three.

Inactivity fees

Also, take note eToro will charge you a $10 inactivity fee every month if your account has been inactive for more than a year.

Volume

This company’s growing fast. Their total volume for last year was 400% bigger than in 2019. In 2020, they reported a trading volume of a whooping 1.5 trillion USD and 600 million in gross profit.

And take into account that in that same report they claimed to have 17 million registered users. That means that they’ve grown their user base by three million in the first three months of 2021.

Another 2021 stat worth noting is that eToro reports a 25x increase in crypto trading volume from the same period in 2020.

Speaking of crypto trading. Cryptocurrency trading is available at eToro through CFDs and through trading the underlying asset, for example, purchasing BTC.

Supported currencies

It doesn’t matter where you are, eToro only operates in USD. If you fund your account using any other currency like AUD pr EUR, be prepared to pay a currency conversion fee.

Supported countries

eToro is a global social trading platform, but for several legal reasons it doesn’t operate in the following countries: Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Botswana, Brunei, Burundi, Canada, Chad, Congo Republic, Crimea, Cuba, Ethiopia, Guyana, Guinea & Guinea-Bissau, Iran, Japan, Laos, Libya, Mali, Myanmar, Namibia, Nicaragua, North Korea, Palau, Samoa, Serbia, Somalia, Sudan, Syria, Turkey, Uganda, and Yemen.

Is eToro available in the US?

So far, there’s no stock trading in the United States. U.S. users in that area can only use eToro to buy and trade cryptocurrencies.

eToro currently only offers its crypto services in 45 US states. While all US people can sign up for a free eToro account for the purpose of virtual trading, eToro is currently not available for actual crypto trading for US residents in the states of Tennessee, New York, Nevada, Minnesota, and Hawaii.

This will change in the near future, though. In July 2020, the company announced it was finally a FINRA member. The Financial Industry Regulatory Authority is a private organization that falls under the competence of the Securities and Exchange Commission.

That FINRA membership will allow eToro USA LLC to become a multi-asset trading platform inside the United States.

Supported cryptocurrencies

eToro Cryptocurrencies

So far, eToro offers these 16 varieties of crypto assets:

Bitcoin (BTC, )Ethereum (ETH,) Litecoin (LTC,) Ripple (XRP,) Cardano (ADA,) Dash (DASH,) Stellar Lumen (XLM,) Eos (EOS,) Binance Coin (BNB,) Ethereum Classic (ETC,) Bitcoin Cash (BCH,) IOTA (IOTA,) TRON (TRX,) ZCASH (ZEC,) NEO (NEO,) Dogecoin (DOGE), and Tezos (XTZ.)

Deposit methods

You can fund your account with almost every payment method available. From bank transfers to wire transfers, to credit cards and debit cards. On the digital side, you can use PayPal, Skrill, China UnionPay, Neteller, Klarna, and iDEAL.

They charge zero deposit fund fees, but, remember that if you use anything other than the US Dollar you’ll have to pay a currency conversion fee.

In certain markets, the first deposit has to come from a bank, be it from a transfer or a card. After that, you can freely use online payment systems.

Minimum deposits

In most of the world, the minimum first deposit is $200. After that, the minimum is $50.

The exceptions are Israel, where the minimum is $10.000; Algeria, where it’s $5.000; The US, where is just $50.

FIAT currencies

You can definitely use Fiat money to fund your eToro account and get into those CFDs.

Other features

Forex

Using your eToro trading account, you can participate in the Foreign Exchange (or FX or Forex) and trade one fiat currency for another.

What is a Pip?

Pip stands for ‘Percentage In Point’. It is a unit of measurement for price movement. Pips are used to measure the change in the price of one currency in relation to another. For example, if the EUR/USD moves from 1.1190 to 1.1191, this would be a movement of 1 pip in the exchange rate.

Basically, one pip is the smallest price change that a given exchange rate can make, thus it refers to the very last digit of a price.

Pip is an acronym for ‘percentage in point’. A pip is a unit of measurement for price movement. We use pips to measure the change in the price of one currency in relation to another.

One pip is the smallest price change that a given exchange rate can make, and so refers to the very last digit of a price.

For instance, if the EUR/USD moves from 1.1190 to 1.1191, this would be a movement of 1 pip in the exchange rate.

Customer Support

Using eToro can be complicated. There’s a live chat function to contact Customer Support, but it’s really hard to find. The best way to reach it is by performing a Google search. Be aware that it’s not available on the weekends, though.

The straightest line to reach Customer Support is to open a ticket in the Help Center and wait. It could take a while, though,

Both of those options are only available to registered users. Outsiders will need to open an account to even ask a simple question.

Verification

You’ll have to go through the KYC process to verify your account. eToro will ask you to upload some kind of government-issued ID as proof of identity and a receipt in your name as proof of address like a valid utility bill. After the verification process, we highly recommend you also set up the two-factor authentication.

eToro Australia Review 2022: Pros, Cons, Fees And More

eToro was established in Israel in 2007 as a financial trading technology developer. It is an early pioneer in social copy trading. Since eToro launched its first product, the company has since grown to service serving more than 13M registered users with an innovative platform that constantly evolves to be one of the biggest social networks around the world, with clients in 140+ countries.

eToro went public in 2021 via a $10.4 billion reverse merger with FinTech Acquisition Corp V. eToroX, the company’s cryptocurrency exchange is regulated by the Gibraltar FSC and registered in the United States with FinCEN as an MSB or Money Service Business.

eToro also offers an active user community and social features like news feed for certain coins. Chatting with others and diving into social news feed can give a great introduction to the crypto space.

eToro has great overall customer satisfaction from its 23 million users. But of course, there is also some negative feedback like the slow process to withdraw funds.

Overall, eToro is an excellent choice for both beginners and experienced traders alike. eToro’s trading platform is not overly complex and it’s easy to learn. The company does an outstanding job of balancing useful features and tools in a mobile trading app and web platform that is user-friendly.

Even though it is perfectly suitable for beginners, it doesn’t imply that eToro is easy to make money with. But still, it is easier to use compared to some of the more sophisticated trading platforms out there.

eToro holds an Australian Financial Services License (AFSL) and is regulated by the Australia Securities and Investment Commission (ASIC). So, even if you are in safe hands when using eToro in aus, you must also consider the risks involved when it comes to trading certain assets.

For more exchanges tailored to Australians, here’s our comparison of the best cryptocurrency exchanges Australia has to offer.

eToro Canada Review 2022: Pros, Cons, Fees And More

Let’s get straight to the point …. No, eToro is not available in Canada. But there are great alternatives like Wealthsimple Trade, Questrade, and Interactive Brokers.

eToro shut down its operations in Canada a number of years ago and is likely not returning to serve Canadian residents in the near future.

In 2006, the trading platform was open to Canadian residents after its launch. But eToro didn’t have the right registrations in place to be providing brokerage services in the country.

In the year 2018, after several interactions with the Ontario Securities Commission (OSC), eToro was fined and reached a settlement with the OSC. The platform discontinued the ability for Canadian traders to use their products and services. You can’t even access eToro’s website from a Canadian IP.

Some good eToro alternatives for Canadians are Questrade, Interactive Brokers, and Wealthsimple Trade. These alternatives cover various investor types.

Questrade is an excellent option with low fees and the ability to buy ETFs and stocks along with other securities such as options.

Meanwhile, Interactive Brokers offers Canadian investors a platform with advanced features to buy ETFs, options, and stocks along with a $0.01 per share commission fee. For those users trading high volumes, tiered discounts are available.

And finally, Wealthsimple Trade was the first online brokerage in Canada to provide commission-free (yes zero commission!) trading for both ETFs and stocks.

Want to learn more about exchanges in Canada? Here’s a list of Best Cryptocurrency Trading Platforms in Canada.

eToro UK Review 2022: Pros, Cons, Fees And More

In 2006, eToro came to the market as a viable trading platform option for web and online trading and now offers trading in cryptocurrencies, indices, ETFs, currencies, stocks, commodities, and even CFD trading.

Established by Israel-based investors, brothers Ronen Assia and Yoni Assia along with David Ring in 2007, eToro has been able to produce products for social trading through their OpenBook platform that enables traders to view trades on a global level.

Ideas and strategies can be shared for trading in a clear and simple format. This OpenBook platform creates a live feed just like any other social media site so that users can actually view trades being conducted.

Apart from being able to examine the market data as many applications do, the platform adds a personable view to those real-time trades and creates real time social proof for investment trends.

Furthermore, you can check who the top traders are by region or globally which enables you to be able to track their trading and investment strategies. Nowadays, new users can even able to copy the complete portfolios of successful investors on their social network and just customize them to their own preferences. eToro provides the opportunity for its users to study the trading behaviors of users across the globe and the actual results of those trading experiences.

eToro also enables traders to have access to functions such as the ability to create a watchlist and the option to add tools simply by searching available markets.

So, here’s the question … Can you use eToro in the UK? Definitely, yes. At the time of writing this eToro review 2022, eToro is available in the UK. But keep in mind that all trades are carried out in USD. So, you’ll need to pay a currency conversion fee if you use euros or GBP.

For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2022.

Conclusion

The eToro trading platform’s functionality and social trading capabilities are like no other (even beginners can use them), but let’s be honest.

A custodial exchange is not a real cryptocurrency exchange. If the company gets to keep your keys even if you transfer your crypto to their eToro wallet, what are we really doing here?

This brokerage service might be useful for traditional market enthusiasts and beginners who want to dabble in Bitcoin trade. So, if you want to trade crypto, there are many options on the market better suited for cryptocurrency traders.

Even if their leverage is what you need, there are other platforms that offer marginal trading with better pricing and much lower fees.

Now, if what you want is to interact with other traders a la social media or to play with eToro’s advanced toys and instruments, suit yourself. Just be aware that you’ll have to transform your earnings into Fiat to be able to withdraw them.

 

Disclaimer: This content is intended for educational and information purposes only. You should not consider this content as an investment recommendation or investment advice.

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.