eToro is the biggest social trading network in the world, with more than 13 million members and an assortment of cutting-edge trading and investing tools. It was founded in 2007 by fintech visionaries with the goal of making global markets accessible to everyone. It features commodity, stock, currency, and crypto markets.
In 2018, eToro launched the eToroX crypto exchange with the intention of catering specifically to the requirements of cryptocurrency traders. It was founded by Yoni Assia, who is the CEO of eToro. eToroX provided its customers with a comprehensive product suite and was dedicated to providing secure and trustworthy services that are in accordance with AML, KYC, and any other legislation of a similar kind.
eToroX managed to establish itself as the destination of choice for professional crypto traders, including both brokers and algo traders, as well as entrepreneurial crypto day traders and people with high net worth. However, later, the team decided to merge the eToroX exchange with the eToro platform, this way making eToro an ultimate asset exchange. Thus, eToroX no longer exists.
eToro is restricted in the following countries: Albania, Afghanistan,Bosnia, Belarus, and Herzegovina, Botswana, Burundi, Brunei, Chad, Canada, Cuba, Congo Republic, Ethiopia, Guinea, Guyana, Guinea Bissau, Iran, Japan, Libya, Laos, Mali, Myanmar, Nicaragua, Namibia, North Korea, Puerto Rico, Palau, Serbia, Samoa, Somalia, Syria, Sudan, Turkey, United States, Uganda, US Virgin Islands, Yemen.
Markets
On the eToro crypto exchange, users are able to trade cryptocurrencies for fiat currencies, and vice versa. The deposit can be made using any of the standard payment methods, such as credit or debit cards, PayPal, etc. There are no charges associated with making a deposit or withdrawal.
Credit cards and PayPal are not available for deposits to the eToro balance of users under the FCA regulation.
eToroX presently includes more than 100 eToro trading pairs and more than 30 digital assets, including 17 tokenized versions of fiat and commodities stablecoins. Moreover, it allows margin trading.
Although eToro does not charge any fees for deposits, there are a variety of additional costs that must be paid in order to use the platform. Owners of cryptocurrencies are responsible for the transaction costs that are incurred while using the blockchain. On the other hand, the broker himself takes a cut for trading using the eToro wallet.
When trading one cryptocurrency for another, there is an eToro exchange fee of 0.1%, and conversion rates are determined based on the prices that are currently being offered by eToro.
eToro Wallet transaction costs converting fiat currencies to cryptocurrency are organized differently, and the fees of the third-party supplier Simplex, which account for 4% of the total, make up the bulk of eToro Wallet transaction fees.
The costs for using an eToro wallet are rather modest, coming in at 1% of the transaction value. This implies that the fees for using an eToro wallet to convert fiat currency into cryptocurrencies come to 5%.
- The Simplex charge is 4%.
- The eToro crypto fee is 1%.
eToro cryptocurrency exchange has a respectable range of crypto assets available for trading, and this is just going to grow in the years to come. To be more exact, customers of eToro are able to trade roughly 20 different digital currencies, and there are plans to add over 100 other ERC-20 tokens in the near future.
Other Services
Talking about other services offered by the eToro cryptocurrency exchange, it's important to note that it allows social trading through the CopyTrader service. In essence, this service enables traders to copy trading patterns from others.
Moreover, eToro traders can create their own Watchlist. This allows them to stay up-to-date with the assets they're interested in.
Additionally, there's a staking service offered by eToro. It allows users to stake various assets and earn rewards. As of writing, eToro supports the staking of ADA, TRX, and ETH. Besides, there are three staker levels that determine the amount of yield generated per staking:
- Bronze members and all US users – 75%
- Silver, Gold, and Platinum Club members – 85%
- Diamond, Platinum+ Club members – 90%
Also, the eToro platform overall offers various services, including CFD trading, stock, currency, and commodity markets, eToro Academy, and so on.
About the Company
Yoni Assia and Ronen Assia launched RetailFX in Tel Aviv in 2007. In 2010, the company developed the eToro OpenBook social investing platform and its CopyTrader function.
In 2013, the business added stocks and CFDs to commodities and currencies, with 110 stock offerings (which later grew to 3000 financial products). The same year, eToro UK was permitted to provide services in the UK.
Then, in 2018, eToro released a cryptocurrency wallet and then, later that year, a crypto exchange eToroX. In May 2018, it offered 10 cryptocurrencies. Furthermore, in November 2018, it launched GoodDollar, a non-profit, open-source community effort to tackle global wealth disparity utilizing DeFi technology on blockchain.
In March 2021, it announced plans to combine with FinTech Acquisition Corp V, a SPAC financed by former Bancorp CEO Betsy Z. Cohen, to create a publicly listed firm.
Besides, in August 2022, the eToro crypto exchange agreed to a formal deal to buy Gatsby, a fintech business that specializes in options and stock trading, for $50 million in cash and common shares.
eToro is a multi-asset platform that offers both investing in stocks and crypto assets, 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. 51% 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.
This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
eToro USA LLC does not offer CFDs, 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.
