eToro review 2024: Real User Experience, Pros & Cons

Daniel Meyer, 22 min read
Last Updated: 20 January, 2024

etoro review ecoinomy

Etoro was founded in 2007 and is an online broker offering social and copy trading features. With over 30 million users worldwide, eToro has become one of the largest and innovative trading platforms.

It’s become a game changer in online trading, providing a space where investors can view, follow, and even copy the moves of the most successful traders in real-time. But it’s not just about the numbers, the platform also encourages interaction and discussions of investment strategies amongst its users, making it the perfect breeding ground for those new to the game of trading.

In this comprehensive eToro review, we are testing the trading platform, providing insight into what users are  experiencing and our thoughts and opinions from the trader’s perspective.

Note: Our reviews of brokerage platforms are based on a comprehensive evaluation process. To learn more about how we review trading platforms, please click here.

Winner
eToro-Icon
Hybrid

ecoinomy rating:

9.5/10

Assets Traded Stocks, Indices, ETFs, Currencies, Commodities, Cryptoassets
Max Leverage Up to 30:1 (varies by asset)
Trading Fees Spread 1%
Regulations EU, USA, UK, Austalia, Middle East
Cryptocurrencies 79+ BTC-Coin-IconETH-Coin-IconMIOTA-IconBCH-IconRipple-IconDASH-IconADA-Coin-IconEOS-IconLTC-IconNEO-IconXLM-IconZEC-IconEthereum-Classic-IconBNB-Icon
Payment Methods PayPal, Visa, MasterCard, Skrill, Neteller, SEPA, WebMoney
Number of Users 30 Million+

Security

Fees

Ease of Use

Customer Service


Start here

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.


Who is eToro suitable for?

Based on our extensive review, here is a summary of who we think the platform is best suited for:

  • Beginner investors – Easy account opening, copy trading, social community provide great learning environment.
  • Low volume traders – Spread-only pricing works for buy and hold investors and infrequent trading.
  • Crypto traders – Support for a wide range of digital assets under regulated brokerage.
  • International traders – Multiple language options and worldwide access.
  • Social traders – Engage with other investors and share insights.
  • Passive income seekers – Use copy trading to potentially generate hands-off income.

eToro can certainly function as an all-in-one investment platform, but is likely best suited for the above types of traders based on its strengths.

For advanced traders who employ complex strategies, require robust charting, or prefer commission-based pricing, other brokers may be a better fit. But eToro hits the mark for its target user base.

Open an account on eToro and verify it to get $10 free gift in crypto.

{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Don’t invest unless you’re prepared to lose all the money you invest.

Overview of eToro’s Trading Platform

eToro operates as a social trading platform that combines traditional brokerage services with copy trading and social networking features.

Some key things to know about eToro’s trading platform:

  • Web-based platform requires no downloads or installations
  • Available on desktop and mobile (iOS and Android apps)
  • Supports manual self-directed trading
  • Integrated social feed with copy trading abilities
  • Virtual portfolio tools available
  • Educational resources available including videos, guides, articles etc.

eToro essentially aims to combine social media with trading and investing. You can interact with other traders, share strategies, get advice, and even automatically copy their trades.

This social element helps set eToro apart from other online brokers. Whether you want to invest on your own or tap into the knowledge of other investors, eToro provides the tools to do both.

eToro Trading App Activities

etoro trading interface

Cryptocurrencies (CFDs) 79
Stocks 3000+
ETF 250+
Index 16
Forex 49
Total trading symbols 3300+

Cryptocurrency Trading and Investing

eToro is one of the best places for trading cryptocurrency. The online crypto exchange platform offers more than 76 cryptocurrencies to invest and trade online, with new ones being added regularly.

Major tokens such as BTC, ETH, BNB, XRP, ADA, SOL, as well as popular meme tokens such as DOGE and SHIB are available.

eToro requires a minimum transaction of $10 to invest. For example, if BTC is traded at $1,000 and eToro users invest $10, this means they will own 0.01 BTC tokens. This is particularly suitable for investors who want to invest in cryptocurrencies and trade with a small initial capital.

Once the eToro application is completed, the tokens are automatically added to the user’s wallet. Moreover, when the eToro users wish to withdraw them, they can do so within seconds.

In addition, the trading platform offers a separate eToro wallet for cryptocurrencies, which we will introduce to you later in the article.

ETFs

In recent years, ETFs (exchange-traded funds) have seen a surge in popularity among retail investors, and it’s no surprise why. They offer a convenient and uncomplicated way to invest in a diverse array of financial assets, including but not limited to, commodities, stocks, and even real estate.

ETF trading is preferable to trading mutual funds because they do not impose the same trading fees and expense ratios, while offering the ability to open and close positions several times a day, as is the case with stocks.

Our research on the crypto brokerages concluded that eToro offers ETFs. Popular ETFs offered by iShares, ETFs offered by Vanguard and over 250 others are available for CFD trading on the online platform.

All types of ETFs are available for investing, from the S&P 500 to dividend stocks, precious metals and more. The minimum size of an eToro ETF trade is only $10, regardless of its price. The broker does not charge commissions for trading ETF positions, which are therefore free.

Stock Trading with eToro

With around 3,000 symbols to choose from, you’ll have access to a wide range of stocks to invest in. It’s important to note, however, that all shares on eToro markets are commission-free – which translates to zero added costs for you (other fees may apply).

As traders always on the lookout for new opportunities, we appreciated the convenient dashboard filters that aid in finding the best stocks. With the ability to search by sector type, we could hone in on specific industries. eToro also keeps you in the know by highlighting the stocks that have seen the most significant price changes in the last 24 hours.

For an in-depth analysis of stock trading specifically on eToro, be sure to read our detailed eToro stock trading review, where we dive deeper into its features and benefits.

Forex Trading on eToro

For forex traders, eToro provides access to over 140 currency pairs including majors, minors, and exotics.

Spreads are starting from just 1 pip for popular pairs like EUR/USD and USD/JPY. Higher volume traders can qualify for lower spread tiers.

eToro provides a user-friendly experience for trading forex. Spreads are competitive but advanced traders may want more charting capabilities. The copy trading features help newer forex traders tap into currency trading strategies.

eToro Trading Platform: Pros and Cons

Pros

  •  User-friendly platform: eToro’s intuitive interface makes it easy for users of all experience levels to navigate and trade.
  •  Social and copy trading: The innovative copy trading feature allows users to follow and replicate the strategies of successful traders.
  • Wide range of assets: eToro offers a diverse selection of tradable assets, including stock and etf trading, cryptocurrencies and more.
  • Strong regulatory framework: eToro is regulated by both the Cyprus Securities and Exchange Commission (CySEC) and the UK’s Financial Conduct Authority (FCA), ensuring a secure virtual trading environment.

Cons

  • Fees: eToro’s fees, particularly for withdrawals and currency conversions, can be higher compared to some competitors.
  • Limited advanced trading tools: While eToro is great for beginners, more advanced crypto traders may find the platform lacking in advanced trading tools and charting options.
  • US stock trading: European users can only trade US stocks via CFDs, which may not be suitable for long-term investors.

Mobile Trading Applications

eToro also offers mobile apps for iOS and Android to give you on-the-go access to your account.

The eToro mobile app provides a similar experience to the web platform.

App overview: the eToro broker offers two mobile apps for trading: the eToro app and eToro Money for cryptocurrency and money transfers. Both apps are available on Google Play for Android and on Apple’s App Store for iOS devices.

Ease of use: Testing on Android, we found that the eToro mobile app retains the look and feel of the web version, including useful features such as dark and light mode themes and synchronised watchlists that help unify the platform experience across devices.

Charts: Like the rest of the mobile app, the charts are responsive and perfectly match the web platform experience, although there are only five indicators compared to 67 on the web. Drawing tools are missing from the app altogether and would be a welcome improvement to an otherwise well-designed and well-integrated mobile app.

Etoro Money App

The eToro Money app complements the eToro investment platform by allowing users to easily manage their funds. Users can make instant deposits and eToro charges no fees. They can also make instant withdrawals back to their bank account, providing quick access to money.

Additional features include a personal account number, debit card accepted worldwide, and 0% forex fees on deposits. The app is free for all eToro users with no hidden fees.

To start using eToro Money, users can download the mobile app on iOS and Android devices. They simply log in with their existing eToro credentials. The app lets users transfer crypto from their eToro investment account to the eToro Money crypto wallet. However, transfer fees apply based on the size of the position.

While convenient for managing funds, the Money app has received low ratings from users on app stores. But overall, it provides an integrated banking experience for eToro traders to optimize depositing, withdrawing, and tracking capital.

Transfer of Cryptocurrencies to Wallet

The eToro platform allowed us to easily transfer cryptocurrencies to an external wallet through the use of the eToro Money mobile app, available for both iOS and Android devices. The app uses the same login credentials as your eToro trading account, so you can easily access your trades. Once logged in, we could simply navigate to the “Edit Trade” window of the corresponding trade on the eToro platform and find the option to transfer your crypto to your external wallet, providing a secure and easy way to manage your digital assets.

* Unlike other platforms, eToro only allows to transfer cryptocurrencies in one direction. Any crypto assets you transferred from your wallet to the eToro platform cannot be transferred back. * We must wait 60 days to be able to transfer funds from our account to your wallet. Processing of a transfer request by eToro can take up to five business days.

Fees and Commissions for Trading on eToro

Understanding fees and commissions is an important part of choosing an online broker. Get to know their fee structure overview before you go ahead with eToro:

Spreads at eToro

eToro utilizes a well-established spread methodology, which is the difference between the buy and sell prices of an asset. When it comes to this, eToro stands out as a highly competitive option among other crypto trading platforms. On the eToro platform, the spread for trading all cryptocurrencies is fixed at a competitive 1%. This makes it an attractive option for traders looking to trade in the cryptocurrency market.

Trading Commissions

  • Stocks – No trading commissions, only the spread
  • ETFs – No trading commissions, only the spread
  • Cryptocurrencies – 1% markup on converting CFD to USD
  • Currencies – Built-in spread only
  • Indices – Built-in spread only
  • Commodities – Small spreads plus overnight/weekend rollover fees

Most trading on eToro only involves a spread markup rather than fixed commissions per trade. This helps keep costs low, especially for stock and ETF traders.

Non-Trading Fees

  • Withdrawals – $5 wire fee. $25 minimum for wire transfers.
  • Inactivity – $10 per month charged if no activity for 12 months
  • Conversion – Small fee for converting currencies

There are some miscellaneous eToro fees to be aware of for funding and withdrawing from your account. But overall eToro has transparent fees that are very reasonable compared to other online brokers.

Payment Methods on eToro

eToro offers a variety of convenient deposit options, including popular e-wallets such as PayPalSkrillNeteller, and Webmoney. Keep in mind that in some cases, it may be required to make an initial deposit with a card before being able to use e-wallet options. Bank transfers are also an option, though they may take a week or more to process. In contrast, other deposit methods work instantly. Available deposit options include:

  • Visa or Mastercard
  • PayPal
  • Skrill
  • Neteller
  • Webmoney

The main advantage is the availability of PayPal for depositing and withdrawing funds. This distinguishes eToro from most brokers, who mostly do not offer this payment option.

VISA MasterCard maestro PayPalSkrill Neteller

EToro Minimum Deposit

The minimum trading amount at eToro is $10 USD and the minimum deposit is $50 USD if made via debit card or link to a bank account. The broker offers the possibility to invest in fractional shares, which means that it is possible to invest in a fraction of a share with any amount above USD 10.

Withdrawal from eToro: times and fees

Withdrawal times for eToro depend on the payment method with which you withdraw the amount. According to the official etoro.com website, the approximate time for each payment method is different.

For debit and credit cards, the wait is 10 days. The maximum wait is the same for bank transfers. Cashouts on e-wallets such as Paypal and Skrill take up to 2 days.

However, our experience shows that cashing out times on eToro are usually much shorter. Especially in the case of Visa, MasterCard and e-wallets.

The withdrawal fee at eToro is fixed and amounts to $5.

How to Open an eToro Account?

{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Don’t invest unless you’re prepared to lose all the money you invest.

Sign up for an eToro account by entering your name and e-mail address, choosing a password and clicking on Create Account. You will receive an e-mail with a link to confirm your registration. Once you have clicked on the link, you can register using the username and password provided to access your account on the online platform. It is recommended to confirm the account within 14 days. All documents required to fully confirm your account are:

  • Valid ID (passport, ID card, etc.)
  • Valid proof of address (bank statement, utility bills)

etoro create account screen shot

Verify your eToro account profile and get $10 in crypto

First, to remove the deposit limit, you will need to answer a few questions (this is standard procedure for all platforms and your personal information will be protected). Start by clicking on the ‘Complete Profile’ button and follow the procedure.

Deposit funds

The ‘Deposit Funds’ button will take you to a long list of payment methods available on the authorised platform. The bank transfer may take a few days, but the other methods work mostly instantly. Enter the amount you wish to deposit (the minimum is USD 50), then confirm the transaction value.

etoro recensioni - scelta dei metodi di pagamento

Buy Bitcoin CFD or other cryptocurrencies CFD

To buy Bitcoin – at the platform, go to “Trade Markets” and select the desired virtual currency, from the “Crypto” list. Then select BUY and enter the number of BTC units you wish to trade. Finally, you need to press the “Open Position” button.

przycisk kupowania bitcoinów przez PAyPal

After following the steps, you are now part of the blockchain revolution and can trade online. If you decide the time is right, you can close and reopen your trading position in the desired asset. On the online platform you can use a multiplier (leverage) of 2:1. So, for example, with a $600 position, you are effectively trading with $1,200. With this option, when the price increases, the potential profits are multiplied x2. But be very careful with this trading instrument, because when the price falls, your losses are multiplied by two.

Social Trading Platform – what is it and can it be profitable?

When I used eToro, I discovered their unique Copy Trading tool, which allowed me to replicate the trades of successful investors.

This was convenient for gaining insight from successfull traders, and I found it particularly helpful as a beginner looking to diversify my portfolio.

I easily tapped into the knowledge of accomplished traders and potentially benefited from their strategies.

Copy trading eToro: How does it work?

The successful traders on this platform publicly disclose their trading methods and cryptocurrency portfolio in advance, so that newcomer crypto traders can learn from them.

EToro’s Copy Trading service offers you the possibility to copy and trade stocks automatically based on the movements of other traders.

the ‘CopyTrader‘ function is available on the site, where you can see a list of traders and their annual profit history.

Select the investor you wish to copy and, with one click, you can automatically start mirroring their positions (with the possibility of setting a stop-loss level). This way you limit your potential losses.

The minimum amount to be copied per user is USD 200 and the maximum is USD 500,000. Up to 100 traders can be copied simultaneously. Users can access millions of trader portfolios, statistics and risk assessments even if they are not using CopyTrader.

Smart Portfolios

Smart Portfolios, previously CopyPortfolios, is an eToro feature offering a curated selection of crypto assets and traders for easy diversification. There are three types: Top Trader, Thematic Market, and Partner Portfolios. This allows for simpler, lower-risk crypto management by aligning with top traders’ strategies.

Demo Account

eToro offers its users with valuable opportunies to get started with a free virtual wallet of $100,000 to trade online. This eToro trading demo account allowed us to first test various strategies and become familiar with the trading platform without the risk of losing real money. And  we can also tap into eToro’s social aspect by reaching out to the community and engaging in conversations with top performers to gain insight and knowledge on different trading strategies. This demo account provides a great chance to learn, practice trading, and develop trading skills before start trading with real money.

eToro Club and Membership Tiers

eToro Club is popular investor program available to traders with a minimum balance of $5,000. on EToro’s platform. eToro club members have access to webinarssubscriptionsinvestment advice and more depending on their membership level.

I experienced eToro’s tiered Club membership program firsthand. When my account balance hit $5,000, I was automatically enrolled in Silver membership. I enjoyed having a dedicated account manager and receiving quarterly market analyst reports. As my balance grew, I unlocked more benefits like Diamond membership with a $250,000 balance, which gave me additional subscriptions and VIP access to eToro Diamond events. I found the membership perks easy to access within my account.

EToro Academy

What is the eToro Academy?

The eToro platform allowed us to easily transfer cryptocurrencies to an external wallet through the use of the eToro Money mobile app, available for both iOS and Android devices. The app uses the same login credentials as your eToro trading account, so you can easily access your trades. Once logged in, we could simply navigate to the “Edit Trade” window of the corresponding trade on the eToro platform and find the option to transfer your crypto to your external wallet, providing a secure and easy way to manage your digital assets.

* Unlike other platforms, eToro only allows to transfer cryptocurrencies in one direction. Any crypto assets you transferred from your wallet to the eToro platform cannot be transferred back. * We must wait 60 days to be able to transfer funds from our account to your wallet. Processing of a transfer request by eToro can take up to five business days.

Is eToro good for beginners?

Yes, eToro is a great choice for beginners who are looking to get started with online trading. The platform is designed to be user-friendly and easy to navigate, with a balanced collection of useful tools and advanced trading features.

eToro’s web platform and mobile app are both intuitive and straightforward, making it easy for beginners to start trading.It is important to note, however, that trading is not easy for beginners, and that one should always conduct enough analysis before deciding to copy the trading strategies of other investors.

One should look beyond the absolute returns and consider factors such as the risk score, average number of trades made per week, average profit and loss, and holding time of a particular investor before copying their trades.

eToro provides a lot of useful data in the platform, such as the trader’s statistics, performance and risk, portfolio management service, etc. So, beginners have all the necessary information to make informed decisions.

eToro eligible countries

You may have heard that eToro is banned in a number of countries. The company does not allow investors from a long list of countries to open trading accounts.

Some of the countries that cannot even register on the eToro website include Canada, Hong Kong, Iceland, Portugal and Turkey.

List of countries in which eToro operates:

Australia, Andorra, Angola, Austria, Argentina, Azerbaijan, Bangladesh, Bahrain, Belize, Bolivia, Brazil, Bulgaria, Ecuador, Egypt, Estonia, Germany, Guadeloupe, Gibraltar, Denmark, Dominican Republic, Georgia, Eritrea, India, Ireland, Italy, Spain, Vietnam, Chile, Colombia, Czech Republic, Finland, France, Hungary, Kazakhstan, Kuwait, Mexico, Monaco, Netherlands, New Zealand, Norway, Oman, Poland, Romania, Russia, Saudi Arabia, Slovakia, Switzerland, Thailand.

EToro Customer Service

To give you a better idea as potential eToro customers, here is an overview of the key information you need to know as a trader:

In theory, eToro says that customer service provided is available in all 21 languages offered by the web and mobile trading platforms. We have only tested the customer service in English, as it is not yet available in other languages, but there are predictions that it will be.

eToro users can contact eToro’s customer service via a web-based ticketing system. When we tested it with some basic questions, we usually got answers within 48 hours. On the other hand, we have received feedback from users that eToro often takes up to 14 days to respond in more complex cases, which seems to us to be an extremely long time and low in service.

Live chat is currently only available to members. The lowest level of eToro Club membership is Silver, which can be achieved if you have more than $5,000 of equity in your account

Available customer support

You can contact eToro in the following ways:

  • email

eToro does not offer 24/7 availability, so bear this in mind before asking for help with a question that requires an immediate response.

Quality of eToro’s customer service

We determine the quality of a broker’s customer service based on the speed of response (e.g. if they respond within a few minutes, it’s considered fast, but if they make you wait a long time, it’s considered poor) and the relevance of the response (e.g. whether they understand what you’re asking; whether they give a clear answer to your question or an ambiguous answer that requires further clarification).

Response Time

  • Live chat wait times under 1 minute during business hours
  • Email and phone support response within 24 hours
  • Slowest support via ticket with 1-3 day wait

Security and Regulation – Is eToro Safe?

When sending funds to any financial services company, you need to trust they will keep your money and data secure. Here are some key facts about eToro’s security and regulation:

  • eToro Securities LLC regulated by FINRA and SEC in the United States
  • eToro Europe regulated by CySEC in Cyprus
  • eToro UK regulated by the FCA in the United Kingdom
  • SSL encryption used for data transmission
  • Requires 2-factor authentication for account access
  • Negative balance protection
  • $1 million insurance against brokerage insolvency via Lloyd’s of London
  • ID verification required for enhanced account security

eToro holds various financial licenses and operates under established regulatory bodies. Your funds are segregated from company funds and insured up to $1 million in the event eToro becomes insolvent.

Standard security features like 2FA and SSL help keep your personal information safe. Overall, eToro has implemented robust security measures and protocols.

User Reviews: What Real Users Are Saying

When exploring online trading platforms, getting firsthand user experience is best to understanding their pros and cons.

Recognizing this, we spent deliberate time researching various online sources like Trustpilot, Reddit, and Quora to gather the most helpful and insightful user reviews on eToro. So you don’t have to spend hours in researching.

Our aim is to compile a balanced and informative overview, selecting reviews that genuinely reflect the diverse experiences and opinions of eToro’s users.

From operational aspects to unique features, and from user interface to customer service experiences, these reviews offer a well-rounded perspective, aiding you to find out whether eToro aligns with your trading and investing needs.

Trustpilot Reviews of Etoro

With over 22,000 reviews, Etoro has a TrustScore of 4.4 out of 5 stars on Trustpilot. Here’s a sample of recent feedback:

etoro trustpilot ratings distribution
ecoinomy.eu – bar chart of etoro trustpilot ratings distribution

Positive Etoro Reviews on Trustpilot

Tezza loves trading on eToro, 5 stars:

I love trading with eToro, no hidden fees, all information is clear and concise.

There’s great support from the eToro team whenever there are any questions or queries.

I’ve even received a gift from them on my birthday. That’s caring.

Pratik Shah enjoys an account manager, 5 stars:

I’ve been with eToro for a few years now, and am very happy with the services.
I also have an IG account and wish I had invested all my money via eToro.
Having a dedicated account manager is very helpful and Virgilio is a top guy. He is responsive, and ensures his clients are well looked after.

Mirek – a platinum+ member, 5 stars:

I am with etoro for couple of years now and all my experience was great so far. Good platform, reasonable (almost none) fees but mainly the customer support is excelent! We are in regular contact. They are checking if I have any questions, problems, etc. Since I am Platinum+, tickets to etoro events is a nice bonus.

Critical Reviews on Trustpilot

Jorden on etoro’s refer a friend, 2 stars:

Not a bad trading platform but their referral section is a fat scam. So I referred a friend and then was told 3 weeks later that I wasn’t eligible to refer. Even though I had the option to send referral links because my first deposit over 2 years ago was less than $100

daintree thinks copy trading is a scam, 1 star:

# CopyTrading is a SCAM.
# I linked my trades to Copytraders only to later lose my Capital when the trades were cancelled even though the trades were WINNERS.
# eToro makes it extremely difficult and time-consuming to back-check the Copytraders trades.
# eToros software/ algorithm is a Blackbox and executes commands based on a Bookie/ Casino business model. eToro can’t lose.
# Most of the CopyTraders are fakes and seem to be created by eToro staff or their friends.
# If you need to close a winning trade, eToro will freeze up or not respond.
# eToro takes your capital Deposit with very few questions asked but makes it impossible to withdraw your money.

Rodrigo, 1 star:

People in UK are no longer able to deposit funds in USD, even though all transactions are completed in that currency. Just so they can snatch some ( highly above market) conversion fees.
Withdrawing and closing my account

Key Takeaways from Trustpilot

On Trustpilot, eToro’s reviews showcase a mix of positive and critical feedback from users. Positive aspects highlighted include a clear and concise presentation of information without hidden fees, supportive customer service, and personal touches like receiving gifts on special occasions. Some users appreciate having a dedicated account manager, finding it helpful for managing their investments.

On the critical side, some users express dissatisfaction with specific features like the referral program, feeling misled or encountering eligibility issues. There are concerns about the copytrading feature, with accusations of it being a scam and difficulties in managing or verifying trades. Additionally, users from the UK mention frustrations with currency conversion fees and challenges in withdrawing funds or closing accounts. These reviews provide a diverse perspective on eToro’s platform, reflecting both its strengths and areas where users have faced challenges.

In addition to the varied individual reviews on Trustpilot, it’s important to note that eToro has an overall score of 4.4 out of 5. This score, aggregated from numerous user reviews, indicates a generally positive reception of the platform among its users. Such a high rating suggests that, despite some criticisms and specific issues highlighted by individual users, the majority of eToro’s users find the service satisfactory, if not excellent. This overall score serves as a strong indicator of eToro’s reliability and user satisfaction, reflecting well on its services, user interface, and customer support.

Quora Reviews of Etoro

Diving into the question-and-answer site Quora, current Etoro users have shared their opinions on the platform:

Teekay, Etoro User:

I’ve been using it for almost 3 years now and have nothing negative to say about it.

I’ve invested tens of thousands of dollars throughout the 3 years, and I’ve made thousands of dollars in return.

I find the platform easy to use and really informative at times.

The copy other traders option is amazing for beginners, and it’s free (as it should).

Their fees may not be the cheapest but it’s a great place to start.

Also love their virtual portfolio

Robert, Etoro User:

Etoro is a good broker for beginner, but if you are an experienced trader you can move to other brokers ,the platform of etoro is not that good, you can use metatrader4 to make your analysis, and trade on etoro .

Alice, Former Etoro User:

I didn’t have a great experience with Etoro unfortunately. The spreads seemed high to me, and I found their trading platform lacked some of the features I get with more advanced brokers. It might be good for casual traders but wasn’t for me.

Key Takeaways from Quora

Quora users have shared a range of experiences with eToro, reflecting varied levels of satisfaction:

  1. Positive Experiences: Some users have been using eToro for several years and report a largely positive experience. They appreciate the platform’s ease of use and find it informative, particularly highlighting the ‘copy other investors’ feature as an excellent tool for beginners. These users acknowledge that while eToro’s fees might not be the lowest, the platform’s features, including the virtual portfolio, make it a great starting point for new investors.
  2. Mixed Reviews: Other users suggest that eToro is more suited for beginners rather than experienced traders. They note that while the platform is user-friendly, it may lack some advanced features found in other trading platforms. These users often complement eToro’s services with more sophisticated analysis tools like MetaTrader 4.
  3. Critical Feedback: There are also former users who did not have a great experience with eToro, citing issues like higher spreads and a lack of advanced features in the trading platform. They feel that eToro might be better suited for casual investors but may not meet the needs of more serious or advanced investors.

These Quora reviews collectively offer a comprehensive view of eToro, highlighting its strengths as a user-friendly platform for beginners and its limitations for more experienced traders seeking advanced features.

Reddit Reviews of Etoro Users

Redditors have shared lots of opinions on Etoro in investment subreddits like r/etoro and r/stocks:

Reddit user DrSimonMetin:

I use eToro and personally love it. I’m long term for stocks and crypto. The copy portfolio feature is fantastic and it’s core USP imo. Only downside is the spreads are higher than elsewhere but tbh you end up paying fees no matter where you go and if you long term it is negligible. My ADA is also staked automatically which I love. The benefits are also great as you grow. I’m platinum now and have my own account manager who is very responsive. I get a free WSJ subscription too and no fees on deposits for FX conversion. It really pays off to grow.

Reddit user ytrewq63:

In etoro:

  • you don’t own the share, etoro is the owner.
  • if you want to leave etoro, as you are not the share owner, you cannot transfer your shares to a new broker, you have to sell your shares, transfer the money and buy back the shares.
  • You cannot vote on the share holders meetings, this was an issue for GME and AMC share holders. They made an effort and allow voting for gme.
  • I have no idea if they get PFOF (pay for order flow).
  • You cannot choose in which market you want your shares to be bought / sold.
  • They had some operating issues in January when gme was gama squeezing.
  • There are a lot of posts complaining when they want to withdraw money.

This is all negative and are things we learned while holding gme and amc. I still like them, the app is good (for me) and so far I have no bad experience with them. I bay in etoro and in my bank (that has the same problems).

Reddit user MonteiroG:

I use etoro and my friend uses t212, both are comition free and allow you to buy fractional shares, the main difference os that etoro doesnt lend shares and you actually own them, besides from cfds, in t212 shares are registered in your name and they lend shares, i think you’re safe on both, but id go for etoro PS: in my opinion etoro’s platform interface is better as it is more intuitive and easier to use

Key Takeaways from Reddit

On Reddit, eToro’s reviews are mixed, reflecting a range of user experiences. Key points include appreciation for its copy portfolio feature, useful for long-term investments in stocks and crypto, and various member benefits like responsive account management and subscriptions.

Concerns are raised about share ownership, as eToro holds the shares, which affects users’ ability to transfer them to other brokers and limits shareholder voting rights. Some users also mention operational issues during high-volume trading periods and challenges with cashouts. Despite these concerns, the platform is generally liked for its user-friendly interface and its approach to fractional shares and commission-free trading.

The Verdict: Who is Etoro Best Suited For?

Based on the compilation of user reviews from Trustpilot, Reddit, and Quora, eToro appears best suited for:

  1. Beginner to Intermediate Traders and Investors: eToro is frequently praised for its user-friendly interface, making it a good choice for those new to trading or investing. The platform’s educational resources and the ‘copy trading’ feature are particularly beneficial for beginners who are learning the ropes of trading and investing.
  2. Casual or Part-Timers: Users who engage in trading as a part-time activity or hobby find eToro’s straightforward design and ease of use appealing. The platform offers enough features for casual trading without overwhelming users with complex tools.
  3. Those Interested in Diverse Trading Options: eToro supports a variety of assets, including stocks, cryptocurrencies, and ETFs, which appeals to users looking to diversify their portfolios without needing multiple platforms.
  4. Users Valuing Community and Social Trading: eToro’s unique selling point is its social trading aspect, where users can follow and copy the trades of successful investors. This feature is highly valued by users who appreciate learning from others and enjoy a community-centric trading experience.

However, it may not be the best fit for:

  1. Advanced or Professionals: Users seeking advanced trading tools, lower fees, or more control over trade execution might find eToro lacking. The platform is often described as less suitable for advanced trading strategies or for users accustomed to professional-grade trading platforms.
  2. Traders Concerned with Fee Structures and Spreads: Some users find eToro’s fee structure and spreads to be higher compared to other platforms, which is a deterrent for cost-conscious seekers.

Overall, eToro is favored by those entering the trading world, looking for an easy-to-navigate platform with a strong community aspect, and interested in a multi-asset approach. However, more experienced traders seeking advanced features and lower costs might prefer other platforms.

eToro Review 2024: Is eToro Right for You?

For beginning investors or those looking to add passive income, eToro provides an excellent platform. The copy trading capabilities, social community, and focus on education creates a great environment for starting out.

Even with a few limitations for more advanced users, eToro works nicely for casual stock, ETF, crypto, and currency investing. The mobile app complements the web-based platform for seamless management.

Overall, eToro succeeds in its mission to open global markets in a transparent, simple, and social way. The platform provides the tools needed to progress from new trader to advanced investor over time.

The statistics and information that eToro provides for each user are interesting, but we would prefer them to be more transparent in showing the balance and size of each user’s trades. For example, a profit of $10 could be considered a 100% return on capital of only $10.

eToro is suitable for three types of users:

  • Experienced traders who want to monetise their skills and gain followers
  • New users who want to copy the trades of already successful traders
  • Investors who want to hodl cryptocurrencies without having the technical knowledge to store their own in a hardware wallet.

What do you think of eToro? Now that you know the features, fees and specifications of eToro, you can use them to make the right choice for your needs. If you fit into one of these groups, the advice we can give you is that using eToro’s services might be a good idea.


Winner
eToro-Icon
Hybrid

ecoinomy rating:

9.5/10

Assets Traded Stocks, Indices, ETFs, Currencies, Commodities, Cryptoassets
Max Leverage Up to 30:1 (varies by asset)
Trading Fees Spread 1%
Regulations EU, USA, UK, Austalia, Middle East
Cryptocurrencies 79+ BTC-Coin-IconETH-Coin-IconMIOTA-IconBCH-IconRipple-IconDASH-IconADA-Coin-IconEOS-IconLTC-IconNEO-IconXLM-IconZEC-IconEthereum-Classic-IconBNB-Icon
Payment Methods PayPal, Visa, MasterCard, Skrill, Neteller, SEPA, WebMoney
Number of Users 30 Million+

Security

Fees

Ease of Use

Customer Service


Start here

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.


** eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

Daniel Meyer

Daniel was specifically recruited by Ecoinomy for his high-level expertise in crypto trading platform analysis. With a solid background in blockchain technology and a track record of successful trading, he offers precise, insightful reviews. His approach combines technical knowledge with practical experience, providing valuable, clear guidance for serious investors. Daniel's work is an essential resource for understanding the nuances of various trading platforms, making him a key figure in Ecoinomy's commitment to top-tier cryptocurrency education.