eToro Review 2022 – Is eToro Scam or a Proper Broker?

eToro Review

The internet is littered with several thousand brokers claiming to offer trading of various crypto assets with one click. The high number of brokers means many traders, especially newbies, are often confused about choosing the right broker suitable for them. While some traders seek brokers with the lowest fees, others look out for brokers with the most newbie-friendly platform.

However, brokers like eToro have grown in popularity in recent years. According to the broker’s website, eToro has over 20 million users globally across 140 countries. This eToro review shows important facts any trader needs to know about this broker.

Why eToro?

EToro provides users with a $100,000 demo trading account to practice their trades with play money. Also, the platform has an engaging community and detailed educational resources. The availability of an engaged community is an excellent introduction for newbies to the crypto world.

In addition, crypto holders can transfer their digital assets off the platform without restrictions. eToro users can also tap into the platform’s news feeds for certain coins to boost their trades. The platform has features that allow users to copy the trade strategies of its top crypto traders. Also, eToro rewards users when others copy their trading strategies.

eToro Trading Instruments

While eToro started as a Contracts For Difference (CFDs) platform, it has added various other trading assets to its offerings. Users can trade several crypto pairs, including Bitcoin and Ethereum.

As an eToro user, you can also buy stocks through the platform and easily access the benefits of your investments, such as dividends. eToro also offers the chance to trade other financial markets such as forex markets, indices, commodities and Exchange Traded Funds (ETFs). Forex currency pairs available include major, minor and exotic pairs.

Educational Resources

eToro’s excellent crypto trading training resources are one reason new crypto traders choose eToro over other brokerage platforms. This broker has a wide range of top-notch instructional videos and articles whether you’re trading cryptocurrencies, stocks or forex. Videos and articles in these training resources include how to trade profitably and manage risks.

The platform also regularly invites top traders to live webinars where they teach you and other eToro traders. While eToro doesn’t offer direct crypto-to-crypto trading for its US users, it has a crypto-to-crypto conversion feature similar to Coinbase’s. However, this feature is only available for Stellar, Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

eToro Fees And Commissions

As mentioned earlier, many retail traders stick with eToro because of its social copy trading features. It is important to note that eToro charges a 1% fee for every crypto purchase or sale. Also, eToro doesn’t charge any commission for ETF and stock trades. It even takes care of any regulatory transaction fees for each stock you sell. However, you will pay a $75 account transfer fee when you make full or partial transfers.

eToro offers some of the industry’s most competitive spreads, allowing you to retain most of your profits. Hence, it is no surprise that the platform’s user base keeps growing daily. eToro also offers leverage, but the leverage you can access will depend on the assets you trade.

Deposits And Withdrawals On eToro

One of eToro’s impressive features is its wide range of deposit and withdrawal options. Thus, new and experienced traders can easily fund their accounts on the platform and start trading. Also, eToro offers several options for traders to withdraw their profits. Such choices include PayPal, WebMoney, credit cards and bank wire transfers.

Apart from bank wire transfers, all deposits are credited instantly and come with zero additional charges. However, it is worth noting that the minimum allowable amount for withdrawal is $50 and eToro charges $25 as fees when making any withdrawal. Based on experience, eToro processes withdrawal requests within three working days.

Opening An Account With eToro

EToro has a simple and efficient registration procedure. Once your information is ready, it should take you less than 20 minutes to complete your registration. Besides your personal information, eToro will also request your current financial situation, trading experience and knowledge and your reason for trading. In addition, you’ll need to fill out a Know Your Customer (KYC) form and accept to comply with anti-money laundering policies.

Hence, you must be ready to provide a government-issued id such as a driver’s license or passport. Also, you’ll need to provide your most recent utility bill or bank statement, which contains your current residential address.

Conclusion

eToro offers a secure trading platform with easy withdrawals and deposits. Also, it has excellent training resources and a wide range of trading assets. Hence, it is one of the best brokers for newbie traders. An engaged community is always available to attend to your needs. Based on these features, I recommend this broker.

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