Bringing Crypto to the Masses
In a bid to make the use of cryptocurrencies a mainstream phenomenon, UK-based cryptocurrency trading firm eToro is seriously considering launching digital currency-enabled debit cards in Q2 2020. In doing so, eToro will be joining the likes of Wirex, another UK crypto/banking firm as well as industry titan, Coinbase.
According to images and emails accessed by Business Insider, users will be able to spend their eToro earnings via the card; they will also be able to set up recurring payments through the card.
Understandably, the debit card will initially be launched in the U.K. and depending upon its commercial success, the firm will contemplate exporting the card elsewhere in the world.
With the new debit card, eToro hopes to enhance the customer experience for its almost 12 million strong user base. The firm said that with a crypto-enabled debit card, it will be able to streamline its digital currency offerings even more. The report reads in part:
“By offering users a convenient way to withdraw and spend their funds, eToro is further streamlining
Crypto Trading Space Getting Increasingly Competitive
The entry of eToro in the crypto debit card space should hardly come as a surprise. In recent times, the zero-commission cryptocurrency trading space has become congested with a plethora of market players.
As reported by BTCManager on August 9, 2019, U.S.-based fintech firm Robinhood International Ltd. was approved by U.K. financial watchdog, the Financial Conduct Authority (FCA), to operate as a cryptocurrency broker in the U.K.
Similarly, earlier in the year, crypto trading platform Coinbase stated it was launching its crypto debit card in Spain, Germany, France, Italy, and the Netherlands, in a bid to expand its business footprint across Europe.
On a more recent note, Binance cryptocurrency exchange U.S. subsidiary, Binance.US had announced that its users would be able to purchase digital assets using their debit cards.
eToro Exchange Review | Fees, Security, Pros and Cons in 2019
Today, we will be taking an in-depth look at the features, advantages, and disadvantages of one of the most well-known brokers on the market in our eToro review.
eToro Review: Exchange Overview
eToro started operating in 2006 as a brokerage company, founded by Yoni Assia, Ronen Assia, and David Ring. The company quickly rose to have an international user base and has diversified its list of offerings.
The Assia brothers have experiences in tech fields, such as programming and project management side, and Ring previously worked as a software engineer in Israel.
Yoni Assia still activates as eToro’s CEO, working in the same position since the exchange first launched.
Supported Currencies and Available Countries
eToro supports a variety of financial instruments and assets that can be traded, such as forex, stocks, commodities, indices, ETFs, 47 currency pairs for spot trading, and 1,933 CFDs, including on cryptocurrencies.
The exchange currently offers 16 cryptocurrencies (BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, EOS, NEO, IOTA, TRX, ZEC, BNB, XLM, XTZ), but you can only speculate on the price through CFD contracts, you can’t actually buy and trade with the coins (you can trade on eToroX, but more on that later on in our eToro review).
The platform also supports 19 fiat currencies: EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK, ZAR, JPY, SEK, CNH, TRY, RUB, HUF, MXN, PLN.
eToro’s services can be accessed by residents of the following countries:
|United Arab Emirates||Uruguay||Venezuela.|
While eToro was unavailable for US investors for some time, but now there is a beta version for US residents from the following states:
|District of Columbia||Florida||Kansas||Oregon||Vermont|
eToro is available for web-browser and mobile use, as well. The interface can be used on all desktop operating systems, and the app is compatible with both Android and iOS.
User Interface and Experience
The eToro social trading platform web browser interface is focused on simplicity and ease of use. Experienced traders can also make use of the platform, as the charting features 66 indicators and numerous drawing tools. Even if it does not include backtest functionality, the charting provides performance data from CopyTraders and CopyPortfolios.
The News section actually redirects you to a social forum, where users post the latest events in the crypto news, but it’s not like a regular news aggregator.
Watchlists show the buying and selling percentages in real-time, and they can also be easily customized.
This part of the eToro review will be focusing on their mobile apps for iOS and Android, that can easily be synced, having well-ordered, but with fewer advanced features and limited customization. The indicator list features only five basic types, while the order entry is just like the web version.
Unlike the web version, the watchlist does not have any client positioning data, but custom price alerts and push notifications about market events and account issues can be set.
How to Get eToro
- Go to the official eToro website.
- Click on “Sign up.”
- You can register for an account by creating one, or by using your Facebook or Google+ account.
- Supply the required information if you sign up by completing the form.
- In order to make deposits with real money, you will have to verify your identity and residency by uploading the following documents:
- copy of passport or personal ID;
- copy of your utility bill or bank statement.
How to Use eToro
eToro enables you to copy the trades of other users or invest in a CopyPortfolio.
CopyPortfolio is a portfolio management product that will automatically copy multiple markets or traders based on a fixed investment strategy.
There are currently two types of CopyPortfolios:
- Partner Portfolios – an investment vehicle created by eToro partners;
- Market Portfolios – top performing assets from a specific market.
A cryptocurrency has to meet several requirements to be included in the CryptoPortfolio:
- Minimum market cap of $1 billion;
- Minimum average monthly trading volume of $20 million.
The proportion of the crypto in the portfolio will be determined by the size of its market cap (the minimum is 5%). Should the coin drop below the minimum requirements, the portfolio’s system automatically removes it.
The CryptoPortfolio goes through analys
Our eToro review will now briefly explain how to trade with crypto on eToroX:
- Click the “Trade Markets” link on the left of the screen;
- Click on “Crypto;”
- To place a CFD order:
- Select a currency pair
- Or buy with leverage
- Or take out a short position
- Enter the details of your transaction.
- Open the trade or set the order.
eToro’s Cryptocurrency Wallet
eToro has also developed a crypto wallet for Android but is not actually a truce crypto wallet; instead, it is more like an interface to eToro’s existing platform.
The wallet currently supports Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
On April 26, 2019, eToro launched eToroX, a fully regulated cryptocurrency exchange, where you can actually trade and withdrawal crypto.
eToro Exchange Fees
In our eToro review, we noticed that there are many types of fees when dealing with the exchange.
The account opening requires $200 for international users, while U.S. and Australian users pay $50.
eToro applies fees to a fixed spread of three pips on the EUR/USD, having some of the highest prices when compared to the rest of the brokerage platforms.
Minimum forex, commodity and index spreads are high, with EUR/USD at 3.0 pips and S&P 500 at 75.00 pips. Spreads can also get larger depending on market conditions.
The CFD prices for cryptos are:
The deposit fees are based on the currency you select to make the conversion:
eToro’s non-trading fees are also high. Even if there is an inactivity fee, there are no fees for the account, deposit, and custody.
eToro allows users to deposit and withdrawal fund through a variety of payment methods :
- Credit/debit card;
- Wire transfer;
- China UnionPay;
- Local Online Banking.
If you search online for an eToro review from actual users, the depositing times will vary greatly. Deposits can be instant or can take up to 5 business days. Cryptocurrency transfers in and out of eToro vary on the traffic of the network at that time.
Withdrawals can take from 2 to 8 business days and vary according to the payment method used, with wire transfers being the longest.
There is a $500 minimum when you first make a deposit, which has to be made via wire transfer. There are also limits to how much you can withdraw:
The exchnage is regulated an operates under various licenses that allow it to function in various countries:
- the Cyprus Securities Exchange Commission (CySEC) under the license # 109/10;
- the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139;
- the Financial Conduct Authority (FCA) under the license FRN 583263.
The platform features a two-step login system, although enabling it is optional.
eToro client funds are stored in segregated accounts, and deposits are encrypted through SSL technology.
There are no investor protections if you lose your cryptocurrency funds, except if eToro goes bankrupt, and you have a claim.
There are some protections for users that have experienced loses related to cryptocurrency CFDs if the exchange is not able to pay your earnings. Non-professional investor customers that are protected by the Cypriot Investors Fund with insurance of up to €20,000.
eToro offers customer support on a 24/7 basis, where customers can submit a support ticket to ask help for account problems. The site also features an FAQ section with answers to the most common questions. The only listed phone number is available only for the Australian branch.
There is a live online chat feature available to clients who have registered on the platform.
eToro Exchange Reputation
The exchange also features an eToro review section on their page, where users can post their evaluation on their service. On this page, they have a rating of 4.86 out of 5 based on 1946 reviews.
On Trustpilot, they have a rating of 2,5 out of 5 stars rating. Complaints vary from lack of support response to opening and closing instruments at times when it is most suited for the exchange.
eToro Review: Verdict
eToro is a completely trustworthy trading platform that also offers crypto derivatives, but the prices are considerably higher, and you do not actually trade with crypto, in fact, you speculate on their price.
eToro Exchange Review
eToro is a very useful tool for anyone looking to invest in crypto. It has a variety of trading instruments and is completely regulated. The fact that it does not support a lot of cryptos means that it’s not the ideal place for investors looking to trade less known cryptocurrencies.
Bitcoin and Crypto Volatility Returns With a Vengeance: eToro Market Update
An apparent breakthrough has been achieved in the Brexit negotiations as Prime Minister Johnson and Irish Prime Minister Leo Varadkar were pictured smiling together.
The issue of the Irish border has by far been the main sticking point of Brexit over the last few years but now suddenly it seems that after a closed-door meeting, the two men feel that there is a clear path forward.
Of course, all the rest of us can only speculate what kind of miracle solution was suddenly concocted.
What’s important to note is that this particular issue has not been satisfactorily resolved in any Brexit proposals to date, but equally would not be resolved by a hard Brexit. So now the two men say they have a solution. Great!
Unsurprisingly, the Pound is a happy currency this morning and British Gilt Bonds have seen their largest single-day yield spike ever.
eToro, Senior Market Analyst
- Excited about Trade
- Iran Tanker Hit
- Directionless Volatility
Please note: All data, figures & graphs are valid as of October 10th. All trading carries risk. Only risk capital you can afford to lose.
It seems that us Israeli’s aren’t the only ones who will be out on Monday. Japan will be offline in observance of Health and Sports Day, Canadian Thanksgiving and Columbus Day in the US will have markets down in several key areas so liquidity and trading are likely to be quite thin.
Overall, volatility has leveled off lately, though it hasn’t really calmed down. Here we can see the VIX volatility index is still pretty elevated.
The stock market gains today are brought to you by renewed hopes of both the Brexit negotiations, as mentioned above, but also the US-China trade deal.
Of course, similar to Brexit, we don’t know what’s being discussed and even if there is some sort of deal struck what it might look like. We’ve already seen several times where Trump and Xi delivered short term deals that served to buoy markets but whose real effects didn’t last long at all.
Iran Missile Attack
This time Iran was on the receiving end of the missile.
We still don’t know definitively who was behind the drone attack on Saudi Arabia and we may never know who was behind countless attacks in the Persian Gulf over the last few months. The only thing we do know is that just about all the targets are involved in the production and transportation of crude oil.
Prices were affected this morning but not by very much. The purple circle on this chart is the approximate time that the news broke.
Volatility has returned to the crypto market with a vengeance. Unfortunately, direction has not.
As far as volumes are concerned, we can see that there is some action happening on exchanges over the last few days however, the amount of money being sent on the bitcoin blockchain itself has dropped quite noticeably lately and for the first time since May is now firmly below $1 billion per day.
What’s funny is that the number of transactions hasn’t gone down at all and actually remains extremely stable around 3.75 transactions per second.
Many traders were pretty confused by this
Of course, when you’re zoomed in that much it’s pretty easy to fall on this kind of bull trap. If we zoom out though, this is really just a minor blip, barely even noticeable on the long term graph.
For your entertainment pleasure this weekend. I dug out one of my favorite episodes of What Bitcoin Did, where Peter McCormick interviews crypto pioneer Eric Voorhees.
The two discuss how much life would be better with less government. This is what it means to be a libertarian. Have a listen at this link.
Wishing you a fantastic weekend!
Senior Market Analyst
Your Social Investment Network –
eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority. eToro (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission. eToro AUS Capital Pty Ltd. is regulated by the Australian Securities and Investments Commission, ABN 66 612 791 803, AFSL 491139.
This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
What is Copy Trading? Complete eToro Copy Trading Guide
eToro offers its clients a wide range of trading tools, including copy trading. If you are looking for a safer way to enter the world of leveraged trading, copy trading could be a good fit.
There are numerous ways to trade the financial markets. Most people that use high amounts of leverage in their trading lose money. Platforms that allow the use of high leverage generally have very few clients that actually make money over time.
Copy trading is an innovation that allows traders to look through the track record of other traders, and emulate traders who have a trading style or trading history that makes sense to them. In practice, this kind of strategy has mixed results.
Copy traders who diversify across a few successful traders tend to avoid catastrophic losses, which can help to offset the risk that is inherent to leveraged trading. The copy trading platform at eToro is advanced. eToro has worked to make their copy trading tools fit the needs of both new and experienced traders alike.
eToro Risk Warning: 66% 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.
Copy Trading Brokers
There are a number of Brokers who offer copy trading functionality and more and more are starting to offer this feature. Here are our top picks, taken from our Top Brokers guide.
|Broker||Regulation||Asset Coverage||Leverage||Trading Platforms|
|CySEC (Cyprus)||CFDsETFsForexCryptocurrencySharesCommoditiesIndices||20:1||Proprietary WebMobile Apps|
|ASIC (Australia)FCA (UK)||ForexIndicesPrecious MetalsEnergyCommoditiesCryptocurrencies||30:1 Retail500:1 Professional||Web TraderMetaTrader 4Meta Trader 5cTradercAlgocMirror|
|FCA (UK)CySec (Cyprus)||ForexIndicesCommoditiesSpot MetalsSharesCryptocurrencies||30:1 RetailUp to 1000:1 Professional||MetaTrader 4MetaTrader 5|
Copy Trading at eToro: How it Works
Anyone who joins eToro’s social trading network could become a “Popular Investor”. The results that a trader or investor creates play a big role in building up their popularity.
In order to join eToro’s social trading network, all you have to do is have an eToro account. Once you have successfully opened an eToro account, just opt into the social trading network.
If you want to become “verified” on the social trading network, you will have to display your real name and have personal information checked by the eToro staff.
Choosing a Popular Investor and Strategy
eToro allows traders to sift through Popular Investors by using a range of tools like Gain Percentage, Assets Traded, Profitable Weeks, Geographic Location, and others.
There is no one right way to choose a Popular Investor to follow. Your money will be traded by the Popular Investors you choose, on a totally passive basis. Popular Investors are paid $350 per month once they gain at least 50 followers, and also may receive a discount on their brokerage fees.
One drawback to the platform is that the account value of Popular Investors isn’t disclosed. If you want to trade with an investor who has a lot of money in their account, there is no way to rank Popular Investors based on the size of their holdings.