Read the unique Etoro cryptocurrencies Trading Broker Review
Telephone:Â +44 (0) 203 150 0308
Established:Â 2006
Regulation:Â CySEC, FCA
U.S. Clients Allowed:Â NO
Min Initial Deposit: £50
Max Leverage:Â 400:1
Spreads From (EUR/USD):3 Pips (no fixed fees)
Pairs Offered:Â Over 1000
Etoro is the forex broker that has made a huge name for itself by being the driving force behind the innovation of social trading. Add Trading Cryptocurrencies to that and things become pretty amazing!
| OVERNIGHT FEE (PER 1 UNITS) | |||||
| Instrument | Symbol | Market Hours | Spread | SELL | BUY |
| Bitcoin | BTC | 24/7 | 1.5Â % | -0.471233 | -0.471 |
| Bitcoin Cash | BCH | 24/7 | 5Â % | -0.14 | 0 |
| Bitcoin/Euro | BTCEUR | 24/7 | 1.5Â % | -0.40276 | 0 |
| Cardano | ADA | 24/7 | 3Â % | -0.0000175 | 0 |
| Dash | DASH | 24/7 | 3Â % | -0.039452 | 0 |
| EOS | EOS | 24/7 | 3Â % | -0.00125 | 0 |
| Ethereum | ETH | 24/7 | 2Â % | -0.036712 | -0.037 |
| Ethereum Classic | ETC | 24/7 | 3Â % | -0.001726 | 0 |
| Ethereum/Euro | ETHEUR | 24/7 | 2Â % | -0.03138 | 0 |
| Litecoin | LTC | 24/7 | 3Â % | -0.006575 | 0 |
| NEO | NEO | 24/7 | 5Â % | -0.012383562 | 0 |
| Ripple | XRP | 24/7 | 3.5Â % | -0.000022 | 0 |
| Stellar | XLM | 24/7 | 5Â % | -0.0000416 | 0 |
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- Investing in cryptocurrencies carries no overnight or weekend fees. Fees only apply when shorting cryptocurrencies or to users who are still holding leveraged BTC or ETHEREUM positions. Overnight Fees/Credits are subject to change.
- Â All negative numbers refer to a fee; all positive numbers show a credit.
- The daily fee/credit will be multiplied threefold for positions carried over Wednesday nights. The fees/credit will be charged/credited at 17:00 New York time for any position open at this time.
- Expiry dates are subject to change
- On expiration day, open positions will be automatically closed at market close or 15 minutes before the daily break
- Indices may be subject to adjustment if an individual stock which is a constituent of such index issues dividends. For further details see Terms and Conditions
Lets start with the fact that Etoro has put social Trading on the map. With a very intuitive platform they have opened the way for others to try to something similar but in our opinion literally nobody came even close up till today!
Strategy and Account Types
Etoro is not your standard broker. Unlike arriving to a broker, seeing MT4 and join the others, Etoro aims for more. By promoting their social trading activities throughout the years they have become more of a “facebook of the trading world” and by having between 3.5 to 4 million clients, it becomes clear that their social concept has become an enormous success. Traders love the social concept and with the current hype of cryptocurrencies going on, this only has intensified itself.
Etoro practically offers 3 account types. A demo account which can be topped up with a 100K allowing you to create a deeper understanding about their platforms, a standard account for those who wish to invest and an Islamic account for their Islamic client. We should note in this matter that the minimum deposit for the Islamic account is $1000.
Trading Platforms
Etoro offers several different of trading platforms, but not the most known MT4 (Meta Trader 4) trading platform from metaquotes. They have a system called the Openbook which is Etoro’s Cryptocurrencies trading platform with crowd indicators and a copy trade formats.
in short, the Openbook will allow you to follow the successful traders and copy their trades. Not only is this ideal for new traders but it also changes the whole concept of simply opening your trades. It’s something which might be slightly confusing to the experienced traders but above all, it’s fun! Instead of analyzing markets, now you’re analyzing traders which again, changes the whole game!
Etoro Cryptocurrencies also have their regular webtrader which looks like Plus500 its platform. The Webtrader is easy to use and serves the concept for opening and closing positions without too many bells and whistles.
In short, we consider the Webtrader as a solid and good platform which enables both beginners and professionals to trade properly!
Deposits/Withdrawals
The minimum deposit in the standard trading account is $50, €50 or £50. The Etoro Cryptocurrencies Islamic account demands a deposit of $1000, €1000 or £1000.
Withdrawals are very easy and fast without any hassle. Due to regulation, Etoros’ compliance department will ask you for some documentation upon account opening and assuming all this was delivered properly, you are able to get the funds delivered on the same funding method with which you made the initial deposit
Etoro Cryptocurrencies Customer Support
They are present and active! Customer support is offered 24/5 via telephone, chat or email. Etoro’s customer support is getting positive reviews. Just to check we opened a ticket asking some things and almost got an instant reply!
Conclusion
In conclusion, eToro is a unique broker and there is simply no other broker that does the same thing and offers the same as they do. Their platform is solid and for those that have never used the social trading with the Openbook i would suggest you take a look. it is real fun!
As said, we could imagine seasoned traders might find things a bit odd at start but getting used to this concept is something that shouldn’t take a long time. As it concerns new traders, we highly recommend eToro. You will have a blast and find out in no time how easy it is to trade!
All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results. This post is for educational purposes and should not be considered as investment advice
Trading Forex, Stocks and CFDs carries risk and could result in the loss of your deposit, please trade wisely.