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etoro logoeToro Review

Should you trust your money with eToro?

Learning to trade in stocks, CFDs and cryptocurrency can be challenging, even when information is readily available.

Yes, there are different and diverse platforms you can invest your money in but mastering the art of trading often requires a trial-and-error approach. eToro is one of the most popular trading platforms in Australia.

It was founded in Israel in 2006 and is a dream come true for beginner investors. It has several features that teach you the secrets of the trade before you risk your money. Intrigued? Here is a look into the site that threatens to change how we learn about trading.

Ease Of Use

The eToro interface is designed to cater to both experts and amateur investors. It provides you with maximum information on your trades while still enabling you to perform basic operations.

Their mobile app has the same easy-to-use design and runs on both Android and iOS.

It enhances convenience and allows you to make trades even when you’re not near their computers.


User information and client finances security are a top priority for eToro. The platform employs the highest security protocols like data encryption and firewalls to ensure the safety of your investments.

All users are required to log in using a personal username and password to access their accounts.

Your money is also insured, so your investment will still be safe even if the company goes bankrupt.


eToro doesn’t charge deposit & withdrawal fees or management fees and takes 0% commissions on stock trades.

Cryptocurrency-to-cryptocurrency transactions are billed at the industry norm of about 0.1%.

The platform’s trading charges are, however, contingent on the spread of the transaction.

This makes eToro expensive, especially for users performing high-value trades.

Supported Cryptocurrencies

Currently, the platform only supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP, and XLM.

eToro is, however, adding more coins gradually, so check your wallet often if you are looking for other trade options.

Non-supported coins sent to the wallet cannot be seen or extracted from the address through eToro.
They can, however, be monitored on Ethereum Blockchain Explorer.

Deposit & Withdrawals

You can only start trading on eToro after depositing USD 200, but incremental payments can be as little as USD 50.

You can only trade in USD, so the platform automatically converts your currency when you make deposits.

The minimum withdrawal amount is USD 30, and you only get charged the conversion fees.

Withdrawal requests are processed within 1-5 business days.


Customer support on eToro is available for 24 hours from Monday to Friday.

Standard users have to use a web-ticketing system, but eToro club members can use their live chat service for faster service.

This platform doesn’t have any phone support, a drawback that most investors find inconvenient.

eToro’s support is available in various languages, including English, French, Spanish and Italian.

Editors eToro Review


Hello! My name is Warren, and I have used the eToro for more than a year now. I’m very passionate about digital assets trading, which is why I started trying out new platforms and reviewing them.

I hope with my reviews, I can help you select the best platform to invest in, especially if you’re just starting out.

The most important rule that you should remember is that you should always get into trades with an open mind. All platforms have downsides, but if you focus on them, you could miss out on the amazing benefits they offer.

Here is my honest review of eToro, including the signup process, verification processes, and the aspects that they could work on.

Sign Up Process

The account opening process is very straightforward:

  1. Visit the eToro page (www.etoro.com) and click on the ‘Sign Up’ button on the top right side.
  2. Fill in your personal information on the page you are directed to.
  3. Submit your information for review.

Don’t forget to properly familiarize yourself with eToro’s terms and conditions before signing up.

Identity Verification

All new members are required to submit proof of identity and country of residence during the registration process. You can use your valid passport or photo ID and a form of a utility bill to meet the stipulated criteria.

The POI document should contain information such as your full names, date of birth, a clear photograph, issue date and expiry date.

Proof of residence requires a document with your names, address and an issue date not older than 6 months.

Their app has a feature from which you can scan these documents for upload.

eToro will go over the documents uploaded and update you on your verification status via the registered email.

Beginners on eToro

Trading requires a lot of research and close attention to market movements, which is why it takes time for beginners to master trading strategies. 

There are various trading tools and courses available on the eToro platform for amateur investors. This allows you to master the trade before you invest any of your money, increasing your chances of trading success.

Every user is also given a dummy account with USD 100,000 virtual money to practice their strategies before risking investments in live trading.

eToro’s User Interface

image of eToro graphs
Image of eToro buy sell interface
Image of eToro app interface.

eToro’s interface is simply making it easy to use by investors with no prior trading knowledge.

The company says that it built its platform so as to open the market for everyone, and after using it, I believe them.

The mobile app is even more exciting as you can learn and make money when on the go.

Click here to create your eToro account

What can eToro Improve On?

If you are a high-value trader, eToro is not for you. The platform has maximum trade limitations and charges through spreads, making large transactions very costly.

eToro could also improve on its customer support and include more avenues, including phone support and telegram. Even though they have limited crypto coins, eToro has multiple assets that you can use to diversify your portfolio.

Create your eToro account

What are the top features of eToro?

1.   Mobile Trading

eToro’s mobile app is amazing. I tested it on an Android system, and the experience was similar to the web version; other than the small screen, the app looked and felt like the web version. You can even choose between the light and the dark modes.

The app allows you to withdraw and deposit actual cryptocurrencies, which are held by a custodian, eToroX. Charts on the mobile eToro app are just as responsive and function as well as in the web version. However, only 5 indicators are present on your phone, compared to 67 available on the web page.

The eToro wallet also comes in a separate app for those who prefer trading on the phone.

2.   Demo Account

Trading experience is the main difference between making money or losing all your investment. eToro offers beginners a chance to hone their trade before staking any of their money through a free demo account on registration.

You can open and close trades and build on the USD 100,000 virtual investment given, moving to actual investments when you are more confident. eToro also has a library of resources that you can use to familiarize yourself with the trading sphere.

3.   Social Trading

With more than 10 million members in over 140 countries, eToro has a large and diverse community. There are many trading experts who frequently outperform the market, BUT there are also averagely skilled members and amateurs.

eToro is similar to a social network, giving you a platform to communicate with other users. You can share insights and discuss strategies, making new friends in the process.

The platform also has a ready-made investment portfolio option. Here, a group of assets are bundled together based on a predetermined strategy. They use machine learning and AI when creating this plan, thereby increasing your portfolio’s chances of success.

eToro also has a copy trading option that allows you to copy trades made by experts based on their past market-beating performances at no extra charges.

What are the Pros and Cons of Trading on eToro?


  • Low trading fees: eToro charges 0% commission on long non-leveraged positions on EFTs and stocks. They also don’t have any spreads or hidden charges, making them one of the most affordable platforms.
  • It’s a Multi-Asset platform: once you sign up, you’ll gain access to over 2000 financial assets, including currencies, indices, stocks, commodities, and cryptocurrencies. The best part is that you can invest these assets with or without leverage, allowing you to diversify your portfolio with long-term and short-term assets.
  • Safety of funds: all your funds are kept in a segregated account so that even if the platform is hacked, your money will be safe. eToro also employs high levels of cybersecurity to keep your personal details secure.
  • Multi Regulated Platform: Since eToro is an international platform, it complies with different regulations from various countries. In Australia, it’s regulated by ASIC.
  • Free demo account: This feature is highly beneficial for investors who are just getting into crypto trading. It’s simple & easy to use, and it comes with a free $100,000 demo money that you can use to hone your trading skills, build a virtual portfolio, and open & close trades.
  • Insurance policy: eToro has an insurance policy of up to 1 million AUD that covers users that will suffer losses in the unlikely event that the company goes under insolvency.
  • They have a low minimum account balance so that you can begin trading as soon as you sign up.
  • You can match the moves of other traders through their social trading feature.


  • Their sell fees are very high (5%)
  • They have limited cryptocurrency offerings.
  • Their analytical tools are mainly geared towards satisfying the needs of novice traders.

Go to eToro sign up form

eToro Fees and Commissions Explained

eToro doesn’t charge commissions or broker fees irrespective of the traded asset. The only charges you’ll incur will be on foreign exchange spreads.

Despite the 0% commission, this platform doesn’t have the lowest spreads in the market. Theirs start at 1.0 pips for AUD/ USD and go as high as 50 pipis for some currency pairings.

Does eToro Charge Deposit Fees?

Depositing money on the platform is free, but there’s a catch; you can only trade in USD. This means that you have to convert your currency and will incur a 0.5% conversion fee and a 1% fee for other deposit methods like cards and PayPal.

What Are the Withdrawal Fees on eToro?

You can withdraw your funds at any time using PayPal, credit cards, or bank transfers. The only charges you’ll incur are conversion fees, and the minimum withdrawable amount is AUD30. Credit card and PayPal withdrawals take 1- 2 days, while bank transfers can take up to 8 days. eToro also charges an inactivity fee for users whose accounts have been inactive for a whole year. A $10 fee is imposed on the account every month until you withdraw all your funds or log in to your account.

How to Make Withdrawals and Deposits on eToro


Since you can only trade with USD, all deposits are automatically converted to the default currency. The minimum first deposit is $200, but after that, you can deposit $50 or more. There are several deposit options, but Australians can only deposit using PayPal, Skrill, bank transfers, Neteller, and credit or debit cards.

Neteller allows you to make $50 deposits, with the maximum amount being $10,000.


To withdraw funds from eToro, you have to fill out a form located in the Cashier section of your account. Once this is done, eToro will keep you updated through email.

You can make withdrawals through PayPal, credit cards & bank transfers, all of which are charged based on the withdrawal amount.

  • $20-$200: $5 fee
  • $200.01 – $500: $10 fee
  • above $500: $25 fee

For the first withdrawal, you’ll have to upload your signature and a colored copy of your passport. You also have to update your residential address and upload a clear utility bill that’s less than 3 months old.

If you fund your account using a credit card, you’ll be required to submit an image of both sides. Withdrawals generally take about 5 days to be fully processed.

Go to eToro sign up form

What Are the Available Assets and Markets on eToro?

  • Forex: eToro was originally launched as a forex broker, after which they diversified their assets. There are traders who exclusively use this platform for CFDs, and currently, there are over 47 pairs to trade with.
  • Cryptocurrencies: eToro still has limited cryptocurrencies, but they update their list often. They not only have major coins like Bitcoin, Ripple and Ethereum but also smaller ones like Texo and Binance Coin.
  • US stocks and Stock CFDs: you can buy and sell stocks listed in the NASDAQ and NYSE directly from eToro. You can also trade on publicly listed companies available in the global shares market.
  • Commodities: you can buy natural gas, oil, palladium, platinum, silver, and gold on eToro.

Customer Service & Reviews: What Are Other Users Saying?

eToro provides multilingual customer service and is available for 24hrs Monday to Friday. While their support is fairly impressive compared to other platforms, there have been complaints.

Their live support feature is not available on standard accounts, and they don’t have phone support.

The most effective way to contact them is through support tickets, which could take a while to get attended to. You can, however, check out their FAQ section for standard queries.

Is eToro Safe?

eToro is a trustworthy broker and is currently regulated by the Australian Securities and Investment Commission (ASIC). It’s also one of the most reputable brokers and has taken several measures to protect your funds.

Their insurance fund ensures you’re covered in case of insolvency, and most of their funds are stored in cold storage. eToro’s feedback on review sites is mixed, but most of the complaints point towards the high withdrawal fees. They have also not reported any hacks.

Click here to sign up to eToro

What Are the Best eToro Alternatives?

eToro has won several awards, including the best Trading Software Provider by the World Finance Awards. Their platform has a beautiful interface that can be navigated by both beginner and expert traders, and they offer diverse assets.

eToro’s demo account enables novice traders to sharpen their skills before they can invest their money and they also have advanced trading features that skilled investors appreciate. Other than the limited cryptocurrency, eToro is an amazing trading platform.

If you’re still considering your options after this review, you should check out SwiftxCoinBase, and CoinJar.

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CoinBase Review

Coinjar Review

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Disclaimer: This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.