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eToro put to the test: Experience and review – Buy cryptocurrencies & CFDs

Brief information

Number of cryptocurrencies15 cryptocurrencies & 15 CFDs
Website languages:21 languages, including English, German, French, Spanish, Russian, Italian, Portuguese, Polish, Chinese, ...
Support languages:in all 21 languages
Payment methods:Credit Card, Giropay, Neteller, PayPal, Skrill Limited UK, WebMoney, SEPA Bank Transfer, Yandex
Advantages:✅ Purchase of ("real") cryptocurrencies and cryptocurrency CFDs
✅ very reputable and trustworthy broker
✅ Deposit protection per customer up to a value of 20,000 Euro
✅ Very good and fast customer support
✅ Social Trading and CopyPortfolios
✅ Demo account to test the platform

>> Buy and sell cryptocurrencies on eToro* <<

Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.

About eToro

In recent years, eToro has enjoyed increasing popularity all over in Europe. Within a very short time, eToro has become one of the leading brokers not only in Europe but also worldwide. he company, which has its official headquarters in Cyprus (EU), is specialized in trading in foreign currencies, equities, indices, ETFs and certificates on commodities. However, eToro has added more and more cryptocurrencies to its portfolio in 2017 and currently offers 15 different cryptocurrencies for trading – as real cryptocurrencies and as CFDs.

The company was already founded in 2007 in Cyprus. It is therefore subject to the Cypriot Financial Supervisory Authority, the Cyprus Securities and Exchange Commission (CySEC). In addition, eToro has established a subsidiary in the United Kingdom, which is why it is also controlled by the british FCA.

The increasing popularity is not only due to the high seriousness, but also to the numerous features that eToro offers. Especially in the area of social trading and copy trading, the broker clearly stands out from the competition (as we will explain in detail later).

What cryptocurrencies can I buy on eToro?

EToro currently offers 15 cryptocurrencies. This selection is very good. You will be able to find and trade the largest and most popular cryptocurrencies on eToro:

EToro fees and charges

The fees are very easy and too quick to find in the general information. From our point of view, this is very praiseworthy. As of 19.06.2019, eToro charges the following fees for cryptocurrencies:

Cryptocurrency/ pairSpreadSellBuy
Bitcoin0.75 %-346.287-346.287
Bitcoin Cash1.90 %-0.17662-0.17662
Cardano2.90 %-0.000035-0.000035
Dash2.90 %-0.06574-0.06574
EOS2.90 %-0.003307-0.003307
Ethereum1.90 %-0.106451-0.106451
Ethereum Classic1.90 %-0.003456-0.003456
Litecoin1.90 %-0.045153-0.045153
NEO1.90 %-0.005319-0.005319
Stellar2.45 %-0.000053-0.000053
Ripple2.45 %-0.000176-0.000176
TRON6%-0.000013-0.000013
Binance Coin2.45 %-0.013288-0.013288
ZCASH3.45 %-0.036034-0.036034
EOS / Stellar2.90 %-0.003307-0.003307
Bitcoin / Stellar2.45 %-346.287-346.287
Bitcoin / EOS2.90 %-346.287-346.287
Ethereum / Bitcoin1.90 %-0.106451-0.106451
Ethereum / Stellar2.45 %-0.106451-0.106451
Ethereum / EOS2.90 %-0.106451-0.106451
Ripple / Japanese Yen2.45 %-0.000176-0.000176
EOS / Japanese Yen2.90 %-0.003307-0.003307
Bitcoin / Japanese Yen0.75 %-346.287-346.287
Ethereum / Japanese Yen1.90 %-0.106451-0.106451
Ripple / Pound (GBP)2.45 %-0.000176-0.000176
EOS / Pound (GBP)2.90 %-0.003307-0.003307
Bitcoin / Pound (GBP)0.75 %-346.287-346.287
Ethereum / Pound (GBP)1.90 %-0.106451-0.106451
IOTA2.90 %-0.000204-0.000204
Ethereum/Euro1.90 %-0.106451-0.106451
Bitcoin/Euro0.75 %-346.287-346.287

Note that the above fees apply only to leveraged buy positions, as well as all sell positions and all crypto pair positions (but not to buy “real” cryptocurrencies without leverage). Furthermore there is a handling fee for the payments. You will see the respective withdrawal fee in the cashier area after you have entered the withdrawal amount. For payouts greater than 50 USD, this is 25 USD.

Since all trading accounts are denominated in US dollars (and not euros), a conversion fee is also charged for deposits and withdrawals. That’s why your deposit will be converted into US dollars immediately. This happens at the current exchange rate. If you want to use the eToro Wallet, there will be additional transaction fees if you send your cryptocurrency from the platform to the mobile app. More details about the mobile App /Wallet from eToro can be found below.

Cryptocurrency Min. payout amountFee
Bitcoin0.0086 BTC0.0005 BTC
Ethereum0.3 ETH0.006 ETH
Ripple / XRP168 XRP0.25 XRP
Litecoin0.68 LTC0.001 LTC
Bitcoin Cash0.18 BCH0.001 BCH
Stellar Lumens534 XLM0.01 XLM

In addition, eToro will charge a $10 inactivity fee if you do not register for a 12-month period. However, this only happens if the account has funds. However, fees are subject to change without notice. All current fees can be found at eToro on this website (click!).

>> Buy and sell cryptocurrencies on eToro* <<

Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.

How do I set up an eToro account?

The first step in setting up an account with eToro is to go to the official website etoro.com (click!). Then you have to click the green “Register now” button on the start page. Then a new window will open where you have to enter your first and last name, e-mail, password, telephone number and a user name. Once you have completed the information, you must also accept the Terms of Use and Risk Disclosure, as well as the Privacy and Cookie Guidelines. Then you can click on the blue button “Create account”.

eToro sign up process

It’s so quick and easy to set up your eToro.

Verification and limits for the purchase of cryptocurrencies

After you have successfully completed the registration process, you will automatically be logged into your account. Your current account is subject to certain deposit limits as you have not yet verified your identity. This means that the initial deposit limit is 2,000 Euros. In order to use the full functionality of eToro, you need to prove your identity and address as well as a tax number. This process is necessary in connection with the strict requirements of EU legislation and is already an integral part of the secure operation of the platforms on many other exchanges.

Verification is completely free and can be done in a few simple steps. Click on the “Complete Profile” link on your profile. There the necessary documents are listed, which must be submitted in order to activate the full range of functions.

eToro verification

Now you can deposit money. All you have to do is select “Deposit money” in the lower left corner and then enter your preferred payment method. Depending on the type of deposit (see table above), the credit will be either slightly faster or slower.

Depending on your nationality (country) and the regulations of your country, the minimum initial deposit varies from $200 to $10,000. To view the required minimum deposit, simply click on “Deposit Money” and the required minimum amount will appear in the “Select Amount” field. Below you will find an overview of all deposit options that depend on your place of residence and their maximum limits.

Method of paymentCountriesTime of transferMaximum par transaction
Credit cardworldwideImmediately$40.000
Giropay, SOFORTGermanyup to 1 working day$30.000
NetellerUK (Great Britain)Immediately$10.000
PayPalLuxembourgImmediately$20.000
Skrill Limited UKUK (Great Britain)Immediately$10.000
WebMoneyUK (Great Britain)Immediately$50.000
Virement bancaireworldwideBank wireUnlimited
YandexRussiaImmediately5.000 RUB

How can I buy cryptocurrencies on eToro?

EToro has the special feature that both “real” cryptocurrencies and crypto CFDs can be purchased on the platform. CFD stands for Contract for Difference.

To trade on eToro, you must remember the following: All buy positions without leverage for cryptocurrencies (since 3 September 2017) are traded as real investments. Your investment in eToro is then secured with the real asset. This means that eToro buys the cryptocurrency in your name and stores it in a separate account under your name.

All buy positions with leverage are executed as CFDs. CFDs are so-called derivatives – a security whose value or performance depends on the performance of one or more underlying assets. They are specialized and popular over-the-counter (OTC) financial products that allow traders to easily open positions in a variety of different financial markets. The underlying asset – the cryptocurrency – is not actually acquired by the investor, but merely a certificate on it.

>> Buy and sell cryptocurrencies on eToro* <<

Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.

Buy “real” cryptocurrencies at eToro

To buy not only a CFD, but the cryptocurrency, you must first click on “Markets” in your account, then on “Crypto” and then on the desired cryptocurrency, e.g. Bitcoin Cash. The following screenshot shows you an example of the process:

purchase bitcoin cash on etoro

The letter ‘B’ stands for buy Bitcoin Cash and ‘S’ for sell Bitcoin Cash. Click on the “B” in the Bitcoin Cash line. A new window will then open. You don’t have to make any other settings in it, except enter your desired amount in US dollars. As soon as you click “Open Trade”, the order will be placed. Your transaction will then be executed within a few seconds. Under “Portfolio” you can now see your bought cryptocurrency and have the option to buy or sell more (“S”), as well as the price trend.

Buy cryptocurrency CFDs

To buy cryptocurrency CFDs you have to click on “B” to buy e. g. Bitcoin Cash. After that you will see the already known overview:

bitcoin cash CFD etoro

Here you set the amount of money you want to invest in this trade as usual. Then you have to adjust the leverage multiplier “X2”. For cryptocurrencies, eToro does not currently offer any higher leverage. You should then check your Stop Loss and Take Profit settings. A stop-loss limit is very important to limit the possible risk. Then you can open the trade. This is executed immediately when the market is open.

Stop Loss means that you close a trade if the Bitcoin price is a fixed market price or an amount of money you can set. Take Profit determines when your trade is automatically closed when the profit of your trade reaches the amount you have chosen. It is also important to note that overnight fees (also called rollover fees) are charged by eToro. These will appear in the pop-up window before you place your order (see screenshot).

>> Buy and sell cryptocurrencies on eToro* <<

Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.

How does Social Trading & CopyTrading work with eToro?

CopyTrading at eToro

EToro’s social trading features set the broker apart from the competition. The basic idea of social trading is quickly explained. Both the CopyTrader system and the CopyPortfolio feature rely on eToro’s user base, which includes more than 6 million people from over 140 countries. Users can copy other users in order to make profits – without having to deal intensively with the topic.

The copying user only has to specify an amount he wants to invest. Then everything that the copied trader does is automatically copied in real time. The eToro system thus takes over the creation of the positions completely, so that there is no loss of time. Furthermore, there are a few minimum/maximum amounts to be observed in CopyTrading:

  • The minimum amount is 200 USD (per copied trader).
  • The maximum amount is 500,000 USD (per copied trader).
  • The minimum amount for opening a copied trade is 1 US dollar.

Users can also intervene in the system and manually adapt it to their own needs. If you do not want to follow a position, it can be closed manually. It should be noted, however, that the trades manually closed by you will credit the funds in that position to your copy amount – that is, the amount assigned to that person for copying, rather than the amount invested in open positions.

In addition, there are the following aspects to consider and consider:

  • The existing open positions are opened for you at market prices and not at the time of copying (the prices at which the original trades were opened do not apply).
  • The trades have the same Stop Loss and Take Profit as the original trade of the trader.
  • They reflect the future actions of the copied trader, including changes in SL and TP and closing the trade, from the moment you start copying.

Another very important function is the Copy Stop Loss function. This makes it possible to realize a stop loss based on loss values independently of the copied trader. The default setting of eToro is that the CSL function is limited to 40% of your total invested copy value. This means that if you bet 1,000 USD (and copy a trader with it), a stop loss will be activated if your capital, including profit/loss across all trades, is reduced to 400 USD (40% of 1,000 USD).

The CSL function ensures that the entire copy account is closed and the remaining amount of 400 USD is credited to your regular account. The CSL value can be set to a minimum of 5 % and a maximum of 95 %.

The following video gives a good overview of how to do CopyTrading and set a Copy Stop Loss.

How do CopyPortfolios work?

CopyPortfolio work very similar to CopyTrading. The only difference is that CopyPortfolios are thematic investment instruments. They are long-term in nature and are assembled by eToro’s experts. In addition, an optimization is carried out by a machine algorithm of eToro.

CopyPortfolios can either aggregate various assets into a single portfolio that follows a specific market strategy or concentrate on a specific market segment. On the other hand, there is also the Top-Trader CopyPortfolio based on the CopyTrader function. This combines the most successful traders in different portfolios. The minimum investment for a CopyPortfolio is USD 5,000. The stop loss for CopyPortfolios is set to 10% by default.

>> Buy and sell cryptocurrencies on eToro* <<

Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.

How can I sell cryptocurrencies on eToro?

eToro customers can withdraw their credit (in USD!) at any time. This can be withdrawn up to the amount of your balance minus the amount of the margin used and will be credited to your verified bank account (the same account as for the deposit). The only requirement is that you have a verified account, which means that the green check mark must be visible in your profile.

Processing a withdrawal order can take up to one working day. However, depending on the payment service provider used, this period may be extended even further. Below are eToro’s guidelines until you receive your money:

Service providerEstimated time to receive the money
China Union Pay1-2 working days
Credit and debit cardup to 8 working days
Neteller1-2 working days
PayPal1-2 working days
Skrill Limited UK1-2 working days
WebMoney1-2 working days
SEPA bank transferup to 8 working days

The minimum withdrawal amount is $50. The fee is 25 USD. If you withdraw in a currency other than USD, you will also be charged a conversion fee. These vary depending on the payment service provider.

The eToro Wallet App

Since March 2019 eToro offers the possibility to manage single cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP) on a mobile wallet (an app). The app makes it possible to remove your own “real” cryptocurrencies (no leverage positions) from the exchange and send them to your own wallet.

The eToro Wallet is equipped with numerous functions that make it interesting to download the app. Thus, the eToro Wallet enables cryptocurrencies to be sent to other wallets, e.g. to other crypto exchanges or to hardware wallets. In addition, the app offers the following functions:

  • the exchange of crypto-to-crypto
  • paying in shops
  • make deposits

The app is available at the Apple Store and the Google Play Store.

It is important to know that you must meet certain requirements in order to withdraw cryptocurrencies and send them to the eToro Wallet. These restrictions apply to the time of your first deposit, your eToro Club membership level, and the payment method you use. The following table shows the number of days that must elapse from the first deposit date (time) compared to the club membership level and payment method used:

Service ProviderBronzeSilverGoldPlatinumPlatinum+Diamond
Credti cardn.v.12090606030
PayPaln.v.12090606030
SOFORTn.v.3030303030
UnionPayn.v.3030303030
Alipayn.v.3030303030
WeChatn.v.3030303030
WebMoneyn.v.3030303030
Yandexn.v.3030303030
SEPA000000
Neteller000000
Skrill000000
Rapid Transfer000000
Local online banking000000

If, for example, you have deposited your credit via SEPA bank transfer, there is no limit. You can then immediately send your purchased cryptocurrency to the eToro Wallet without waiting. This is how it works: If you have installed the app, you can now transfer the cryptocurrencies to the eToro Wallet by clicking on the “Portfolio” window and then on the “Settings Gearwheel” (“Edit Trade”).

Under “Invested” you then have the possibility to “transfer to the wallet”. As soon as you click on this link, the following pop-up window will appear, showing you the number of units and the fee. It is important to know that the transfer is only possible to the eToro wallet and no other wallet (e.g. Electrum or a hardware wallet). You can only do this from within the Wallet app.

The transfer to the eToro Wallet may take up to one business day for the transfer to be processed by eToro. After that it may take some more time until the transaction is visible in the eToro Wallet, because the transaction still has to be processed in the Bitcoin blockchain.

During this processing, the transaction appears as a “pending transfer” in the portfolio. It is also important to note that both a transfer fee is charged by eToro and a blockchain fee is incurred. The corresponding crypto position will remain open on the platform until the transaction is approved and processed by eToro. At this point the position is closed and the coins are sent to your wallet.

It is also important to note that coins that have been transferred from the eToro trading platform to the eToro Wallet cannot be transferred back!

>> Buy and sell cryptocurrencies on eToro* <<

Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.

eToro under test

Security and reputation

Especially with a broker like eToro, where you delegate the management of the Private Keys to a third party, they have to be well protected! With the Private Key the user hands over control of his own assets to a third party, here: eToro! This makes it all the more important that the broker is reputable and trustworthy.

From our point of view, this is clearly the case with eToro. As a rule, customer deposits are always well secured when the respective broker is supervised by a regulatory authority. EToro is controlled by two supervisory authorities, which are considered to be very precise and strict in professional circles:

  • CySEC: As eToro has part of its registered office in Cyprus, the Cypriot CySEC is responsible for monitoring.
  • FCA: As eToro has also established a subsidiary in the UK, FCA in the UK is also responsible for the control of eToro.

The broker also actively protects customer deposits by keeping them separate from the company’s assets. Even if the broker were to become insolvent, the customer’s money would not flow into the insolvency estate. In addition, eToro offers a deposit guarantee per customer up to a value of 20,000 euros.

Fees and payment methods

Trading in cryptocurrencies is a lucrative business, with exchanges being able to determine their own fees. Therefore, it is worth comparing. Like all exchanges, eToro requires a spread and other fees for the transaction itself.

EToro’s praiseworthy feature is that all fees can be found in the general information on the website. eToro is therefore much more transparent than other exchanges and brokers. However, there is also a catch: especially for long-term investors and investors who are very active, fees can quickly add up.

By comparison, the fees are above average. However, eToro also offers a very secure and professional platform that offers numerous functions and advantages. The payment methods are the usual standard with credit card, Giropay, SOFORT, Neteller, PayPal, Skrill Limited UK, WebMoney, SEPA bank transfer and Yandex.

The fees of the best broker in comparison
LitebitCoinmerceBitpandaCoinmamaCoinbase
Litebitcoinmercebitpanda logoCoinmamaCoinbase

Available in:

Europe

Available in:

Europe

Available in:

worldwide

Available in:

worldwide

Availbale in:

103 countries

Fees:

approx. 1-2%

Fees:

approx. 1-3%

Fees:

1,49%

Fees:

5,9%

Fees:

1,49%

Visit Broker*

Visit Broker*

Visit Broker*

Visit Broker*

Visit Broker*

The support

From our experience the broker offers a very good and fast support. This is available via a live chat and a customer support ticket system 24 hours a day, Monday to Friday. Especially with the live chat we had very good experiences and always received help within a few minutes.

Hacker attacks

We are not aware of any hacker attacks in which cryptocurrencies were stolen from eToro.

Bottom line

Etoro is not without reason one of the largest and most popular brokers (for various currencies, stocks and other financial products) in Europe. Although the platform only offers 15 different cryptocurrencies, which can be purchased either as “real” assets or as CFDs, the platform does not offer a full range of cryptocurrencies.

Nevertheless, from our point of view the platform is the first and best choice especially for crypto CFDs like Bitcoin CFDs, Ethereum CFDs or Ripple CFDs.

>> Buy and sell cryptocurrencies on eToro* <<

Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.

Legal notice:
eToro is a multi-asset platform that offers equity and cryptocurrency investments as well as CFD asset trading.

CFDs are complex financial instruments. Because of the leverage effect, they carry a high risk of losing money quickly. 62% of private investor accounts lose money when trading CFDs with this provider.

Please be aware of the risks of CFD trading in advance, as high losses cannot be ruled out.

Cryptocurrencies are not regulated and their prices can fluctuate widely. This is why cryptocurrencies are not suitable for all investors. The trading of cryptocurrencies is not subject to any supervision by the EU regulatory authorities. Your capital is exposed to risks.

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eToro Alternatives

EToro is a very good choice for buying cryptocurrencies and crypto CFDs. However, if you want to store your cryptocurrency yourself and send it to an external wallet (e.g. desktop or hardware wallet), EToro will restrict your access (very high fees, eToro Wallet app has to be installed) or it is not possible for certain cryptocurrencies (June 2019). Therefore, other exchanges and brokers may be a better choice for you:

Litebit is our top recommendation for you. The exchange offers 50 different cryptocurrencies for direct purchase by credit card, SEPA, SOFORT and much more. You can send the purchased cryptocurrencies directly to your external wallet. The customer support is really fantastic and always reachable. We have been a regular customer of the stock exchange for 4 years and are very satisfied. >> To the Litebit test review<<

Coinmama is a UK based stock exchange that supports the purchase of cryptocurrencies by credit card and Paypal. You can also pay by bank transfer. On the platform you can also send your purchased cryptocurrencies directly to your external wallet. Experience has shown that this exchange is also absolutely trustworthy and safe. >> To the Coinmama test review<<

Binance is one of the largest exchanges worldwide and is considered to be particularly user-friendly and secure. Within just a few months, Binance has risen to become the largest stock exchange in terms of trading volume. It is also possible on Binance to buy Bitcoin, Ether and XRP directly by credit card. The selection of coins is huge. >> To the Binance test review<<

Plus 500** is another well-known CFD broker. You can buy and sell cryptocurrency CFDs with up to a leverage of 1:2. Currently they offer 12 different cryptocurrency CFDs and a Crypto 10 index that tracks the performance of the top 10 cryptocurrencies on the market. >> To the Plus500 test review<< (**Risk warning: 80.5% of retail CFD accounts lose money)

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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