Established in 2007, eToro is a social trading platform that serves customers in over 140 countries. The company is based in the UK and has more than 17 million users with 1+ million users in the US alone.
Initially, it started as a graphics-intensive forex platform. It adapted tools required to facilitate crypto trading. This platform is well-equipped for those who are interested in cryptocurrency and forex trading.
This graphics-intensive platform promotes cryptocurrency trading in the US, while customers outside the US can trade contracts and stocks for the difference. The notable feature of this platform is the ease with which users can implement copy trading.
eToro favors traders who are willing to take a risk and want to be copied. This allows retail account owners to copy the trading strategies and trades of the successful clients in real-time. It should be noted that copying trading strategies don’t guarantee any gains or losses.
The good thing about this platform is the simple sign-up process. It offers an easy account opening procedure to new clients. After you submit all the required information, they will initiate the verification process, which may take several days. Once the verification procedure is over, your account will be opened.
For US and Australian residents, the cost of account opening is $50, whereas client based in Algeria are required to make a minimum deposit of $5000. Residents in all other countries are required to deposit a minimum balance of $1000 to open a new account.
eToro is known to use a Plaid to link a bank to your trading account. In some countries, outside the US, you can make deposits in your account using a credit card or services like Skrill, PayPal, Neteller, iDEAL, Rapid Transfer, and Sofort.
Trading on eToro is a hassle-free experience. The platform features dedicated buttons to buy, trade, and sell cryptocurrency coins. Besides that users are also allowed to create watchlists. They can customize and share their watchlists whenever they want using mobile apps.
You can also set a stop-loss when you achieve a certain position, but that capability is not present in the product version available to US clients. If you mimic a trade, you can also decide the maximum drawdown.
eToro also offers the option for mobile trading. Besides a few analytical features, the overall experience is the same.
eToro serves as an attractive cryptocurrency trading platform to newcomers. It is incredibly user-friendly and provides a great trading experience.