The broker eToro is most suited for cryptocurrency traders in the United States, although investors outside the country may also trade equities commission-free with eToro. With the eToro platform, it is possible to view what other traders are doing and even mimic them at no additional cost. Using it, you’ll be able to connect with some of the site’s top traders. There are a wide variety of cryptocurrencies to trade with a low account minimum at the broker, making it a good alternative for new traders.
Crypto.com, FTX.US, and Bittrex, which specialize only in cryptocurrencies, are good options for those searching for lower fees. Look at Robinhood and Interactive Brokers if you’re interested in trading crypto alongside traditional financial instruments like stocks, ETFs, and options.
Let’s see complete eToro Review:
Top features you’ll love
1. CopyTrader feature
eToro’s ability to mimic the trades of some of the broker’s most prominent traders is one of its more unique features. Using CopyTrader, you may rapidly copy the trades of other traders you admire. As eToro puts it, “When they trade, you trade,” so to speak.
Using CopyTrader, you can see how other traders in the program have fared over the past year so that you can make an informed decision. Meanwhile, you may keep tabs on the trader’s social media feed, monthly performance statistics, and current holdings without copying their transactions. It’s a mix of social networking and cryptocurrency trading that makes it easier for users to find each other.
Because it’s part of eToro’s Popular Investor Program, CopyTrader doesn’t cost any extra money. Traders can make more cash by registering, attracting followers, and engaging in transactions. At least $200 in your account is required for copying traders.
2. Virtual trading
The eToro virtual account lets you start trading with $100,000 in virtual money if you’re new to crypto trading and want to get your feet wet before jumping in. Switch to virtual trading, and you’ll be able to trade as you were doing. It’s a valuable addition for new investors to assist them in getting started and finding their way around the website.
3. Investing in cryptocurrencies
Cryptocurrency trading is the main attraction of eToro, and it’s the only attraction if you’re an American trader. (For those outside the United States, stock trading commission-free is also available.) There are no fees, but the broker gets money from a markup on the spread (more below).
There are 63 cryptocurrencies available to trade through the broker, including some of the most prominent, such as Bitcoin and Ethereum. The internet interface makes the trading structure simple to use and browse, and all trading choices are clearly shown.
4. eToro Club membership
The new eToro Club advantages may also be valuable to traders. You’ll get a dedicated account manager, a quarterly analyst newsletter, streaming webinars, a portfolio monitoring app, priority customer assistance, and more.
A person’s “realized equity,” or the amount of money they’ve invested or exchanged for a profit, determines how much they get to keep. The eToro program determines your level by how much money you have in the account.
5. Social media feed
When communicating with other traders, eToro and its cryptocurrency websites have a social media feed. The “copy trade” functionality is a logical fit for this feature. In addition to following specific cryptocurrencies, the Popular Investor Program will allow you to monitor the trades of the site’s most famous traders.
Regarding social media and cryptocurrency, eToro stands out as an innovative alternative.
6. Tradable securities
With 63 of the most popular cryptocurrencies at your disposal, you’ll have an advantage over many rival brokers that only provide access to a small number of cryptocurrencies, usually Bitcoin and a few others. This assortment outmatches even some cryptocurrency exchanges specializing solely in digital currencies.
There is no way to trade anything else at eToro but cryptocurrencies if you live in the United States. Americans can only trade cryptocurrencies, unlike other nations where they may enjoy commission-free stock trading. Unless your interests lie in anything other than cryptocurrency, you’ll have to search elsewhere.
eToro vs. JustForex:
Here is our eToro vs JustForex comparison:
Social trading platform eToro allows clients to follow the trades of more experienced traders while rewarding investors who openly share their own trading methods. eToro is a significant worldwide cryptocurrency exchange that allows non-U.S. users to trade FX, ETFs, and cryptocurrencies. It has over 3,000 tradeable symbols.
Providing favourable trading circumstances, Justforex is a broker that aids individuals in making money on the financial markets.