eToro Review

eToro Compared

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Verification

Opening an eToro account is similar to opening a bank and requires some personal information. By law they must verify your identity like any investment platform and they claim all info is kept secure and confidential.

Overall, the process is simple and you can start with just an email if you want to test the platform first. 

Security

Let's break down eToro's security and overall reputation. Here is what we found:

Company Security Features

• Regulated in many countries around the world
• Some crypto assets are held in offline cold storage (they don't say how much)
• eToro employees are not authorized to transfer crypto out of the cold storage
• State-of-the-art monitoring tools trying to detect suspicious account activity
• They say, "we will never share your private data without your permission"
• Good track record since being founded in 2007
• See their security page here

User Security Features

• 2 Factor Authentication (via SMS or app)
• Phone verification
• Set a public account or private account

Past Incidents

In 2020, there were reports that 62,000 eToro accounts were compromised and being auctioned on a cybercrime forum. Someone allegedly had access to these users logins and info. We were unable to find any statements from eToro on this issue.

Can You Trust eToro?

Overall, eToro is considered a safe platform. They've been operating since 2007, they have financial licenses in many countries and the platform is used by 20+ million users in 140 countries. 

Although they are safe, keep in mind there is no insurance protection on your crypto. You also cannot withdraw crypto off the platform in some countries. Hypothetically, if eToro loses your crypto, it's gone for good.

Platform & Features

List of Features:

• iOS, Android and Web app
• Pro charts
• 2000+ assets (crypto, stocks, ETFs, FX, etc)
• eToroX (separate pro crypto trading platform)
• Staking
• CopyTrader
• CopyPortfolios
• Recurring deposits
• eToro Club
• Practice accounts

1. iOS, Android and Web App

eToro has a very simple user interface that can be accessed on all of your devices. The Google Play app on its own has over 10 million installs.

2. User Interface

The user interface is simple for beginners to navigate but also has advanced features for sophisticated investors. Advanced traders can switch to "ProCharts" with the click of a button which lets you view multiple charts at once and mor.

3. Buy and Sell

eToro offers instant buy and sells via market orders which is easy and quick for beginners. You can also quickly find advanced order types such as limit orders, stop losses and more.

In your settings you'll also find a One Click Trading feature you can set up. It allows you to "open your trades faster by pre-defining the terms you'd like to use, such as the trade size."

4. Assets

eToro gives you the convenience of crypto, stocks, ETFs and FX all in one platform. Their website says they currently have 2000+ financial assets which includes U.S. stocks and 30 cryptocurrencies.

5. eToroX (Pro Exchange)

eToroX is a professional crypto trading platform that's a separate website from eToro. The main differences with eToroX is it's only for cryptocurrencies and it's only for advanced users. You can also deposit and withdraw your crypto unlike on eToro. 

To use eToroX, you must first open and verify an account on eToro. After you're verified you can use the same username and password to login to eToroX.

6. Staking

eToro offers Staking which lets you earn interest just for owning supported cryptocurrencies. eToro handles the complexities and shares the profits with you so the process is simple. Your earnings depend on your account level but eToro lets you keep at least 75% of the yield.

Right now, you can currently stake Cardano (ADA) and Tron (TRX). Binance and Kraken also offer Staking features with varying crypto's and yields.

7. CopyTrader

eToro's CopyTrader is a unique feature that lets you automatically copy or view what the top traders are doing. The website says, "View millions of other traders’ portfolios, stats, risk scores, and more." You can browse and filter tons of traders on the platform that match the style you're looking for.

To use this feature you ned to select a trader that you want to copy, deposit at least $200 and click "Copy." Then you will duplicate all of their positions in real-time in proportion to your investment. You can also set stop losses or pause the copying at any time.

8. CopyPortfolio

eToro offers Portfolios which let you invest in multiple assets at once that are based on an industry, theme or idea. For example, there are portfolios for crypto, fashion, gaming, cyber security and so on.

The CopyPortfolios are an easy way to buy a diversified basket into something. The allocations, weighting and rebalancing is handled by eToro at this time and is not customizable.

9. eToro Club

The eToro Club is a loyalty program that gives you extra perks or access to features. Some of the benefits include higher staking rewards, less fees, access to events and more.

Currently, there are 5 tiers ranging from Silver to Diamond. Users will be automatically entered into Silver when they reach a realized equity of $5,000.

10. Other eToro Features

• Social news feed
• Create custom watchlists that you move, rearrange and more
• Create custom price alerts
• Open a virtual portfolio (to practice trading or just to see if you like eToro)
• Market research and news (no account required)
• eToro Academy (free courses for beginner and experienced investors)
• Affiliate program (refer friends to earn rewards)