Are you interested in trading cryptocurrencies? These digital assets have taken the world by a storm and have caused a number of changes in the financial landscape. In just over a decade, the cryptocurrency market’s valuation has reached trillions, which explains the massive influx of people in this space. There has also been an exponential increase in the number of brokers facilitating cryptocurrency trading, which means you have plenty of options to choose from. So, why should you check this eToro review? You will come across this multi-asset brokerage, which is quite well-known in the market for its copy trading and social trading services.
Established in 2006, eToro is now operating in more than 140 countries around the world and is catering to millions of people globally. Its headquarters are located in Tel Aviv, Israel and it also has offices registered in Cyprus, the United States, United Kingdom as well as Australia. eToro is classified as a safe broker as it is regulated in multiple jurisdictions and was valued at $2.5 billion in 2020. A wide variety of investment products are available at eToro, which include stocks, commodities, fiat currencies, 15 cryptocurrencies and exchange-traded funds, amongst others.
Some of these can be traded as CFDs, while others are traded as actual assets. This means that eToro offers its clients an extensive list of trading instruments to choose from and covers some of the world’s biggest financial markets. It allows users to diversify their trading portfolio and minimize their risks, while keeping their profits high. eToro is renowned for pioneering the social trading feature, which allows users to enjoy a social media-like environment when it comes to trading. You can connect with other traders in the market, chat with them and follow them.
This allows you to see their performance, what instruments they are trading and also be able to copy their trades with the new features that eToro has incorporated on its platform. It is regarded as an attractive and safe broker for both beginner and experienced traders alike.
You will find that eToro offers a web-based and a mobile platform to its clients. A desktop trading platform is not available here. There are 26 different languages supported by the interface and you will find it modern and polished. This appeals to a young audience and is very easy to use as well. There is a two-step login process to be followed for the web platform as well as mobile trading app. This enhances the security. No matter what version you decide to use, eToro offers you real-time notifications and price alerts. You can also find reports available under portfolio.
eToro also provides its users with a summary of their trades, the fees they have paid and the market value as well. You will also have access to an account statement, which provides you a summary of the trades made in a certain period.
Another important detail that you should know about eToro is that their trading costs are on the low side of the industry. They have low CFD fees and they are mostly incorporated into the spread. No fee is charged for US-listed stocks. The CFD fee for stock indexes like Europe 50 is 3 and S&P 500 is 0.75. The spread charged for cryptocurrencies is between 0.75% and 5%. You will be able to claim ownership of the asset, as long as you are not trading from Australia, since the ASIC does not permit it.
Trading currency pairs might be a tad expensive on eToro because the cost of trading the EUR/USD pair is around 3 pips, which is higher than what most brokers charge. But, there is no deposit fee applicable here and the withdrawal fee for bank transfers is around $5. Inactivity fee of $10 is applicable if you don’t log into your account for a year.
eToro is an excellent choice for both beginner and advanced traders alike for not just crypto trading, but for general trading in the markets as well.