What is eToro?
eToro was originally not a cryptocurrency exchange, but a general trading platform. eToro is from the UK and was released in 2007. Technically, this is a broker rather than an "exchange" per se. However, for consistency between platform reviews, this review still refers to eToro as an exchange.
The platform was able to buy/sell cryptocurrencies in January 2017. However, it has been offering CFDs for Bitcoin since 2013, before that. Now we aim to be the best platform for cryptocurrency trading.
Different languages
Additionally, the trading platform is available in 16 different languages.
Various trading options
eToro has a wide variety of trading options available to its users. One of them is “Crypto CopyFunds,” which allow you to imitate the trades of other successful traders. The option allows you to mimic the cryptocurrency portfolio set up by an elite group of traders. There are many options like this.
However, CFD trading is not possible in the US.
Virtual currency account
For new investors, a “virtual currency account” on a trading platform can be useful. A virtual cash account is an account with 100,000 USD of “fake money” that you can trade and invest in. This way you get a glimpse of how to trade and invest before you trade. With a Virtual Cash account, you will also have access to detailed market analysis and other information that may help you in your investment decisions.
eToro Trading View
Different exchanges have different trading views. Also, there is no such thing as "this overview is the best view". You have to decide for yourself which trading view is best for you. What the views have in common is that they all show an order book or part of the minimum order book, as well as the price list of the selected cryptocurrency and order history.
These views also have trading boxes. Before you choose an exchange, please check the trading view to make sure that the exchange is right for you. The trading interface of this exchange is not similar to that of most common cryptocurrency exchanges. It is much more restrictive here. The corresponding purchasing interface is as follows:
US Investors
According to information from Cryptowisser, US investors can trade cryptocurrencies on the platform, but only cryptocurrencies. All US investors interested in trading here should in any way form their own opinions on any issues that may arise as a result of their citizenship or residence.
eToro transaction fees
This trading platform differs from them in that it does not charge fees like most other cryptocurrency trading platforms. Instead, eToro charges fees in a rather "traditional" way. In other words, they charge a fee through a certain spread between the buy and sell prices they offer. The spread is set as follows, but 0.75% for Bitcoin (BTC) trading.
Spread
For example, if a seller wants to sell a (fictional) cryptocurrency X worth 100 USD on eToro, and buyers want to buy the same asset, the price of eToro will be slightly higher. no, see. How much higher depends on the spread. So, if the spread is 1%, the buyer can buy the asset for 101 USD on the trading platform. 1 USD, which is the difference between the sale price and the purchase price, is given to the trading platform. Below are screenshots (as of March 24, 2020) of the various spreads for the 10 largest cryptocurrencies that the platform supports to trade:
The spread ranges from 0.75% to 2.90%. The exact range depends on which cryptocurrency you trade with.
It is difficult to compare the above fees with those of other cryptocurrency trading platforms as the systems are different.
But broadly speaking, a spread of 0.75% would equate to a fixed fee of roughly 0.75% (this is irrespective of whether you are buying or selling, or whether you are a “taker” or “maker”).
Because this is the amount you have to pay as a trader). A fixed fee of 0.75% is very high, with a global industry average of 0.25%. Thus, the 0.75% spread (which is also the lowest spread on eToro) is very high compared to typically centralized cryptocurrency exchanges.
However, as mentioned earlier, there are differences between the types of trading platforms that make this fee comparison somewhat confusing.
Itoro withdrawal fee
The withdrawal fee for fiat currency is 5 USD per withdrawal. The date this review was last updated (March 31, 2021) is equivalent to 0.00008382 BTC.
According to a study, the global industry BTC withdrawal fee is 0.000643 BTC per withdrawal. Accordingly, the withdrawal fee charged by Itoro is very competitive compared to the average of centralized cryptocurrency exchanges.
Deposit method
At Itoro, if you are a US investor, you can deposit by wire transfer and debit card. This can be especially helpful for new cryptocurrency investors.
There are many more deposit methods outside the US. For example, you can deposit fiat currency through PayPal
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This is a legal notice of Itoro USA LLC.
eToro is a multi-asset platform that offers CFD and non-CFD products.
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
This content is intended for informational and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. The trading history presented is less than 5 complete years and may not suffice as a basis for an investment decision. This is not investment advice.
Cryptoassets are unregulated and can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading crypto assets is not supervised by any EU regulatory framework.
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