eToro Cryptocurrency Review – Crypto Fees Explained

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eToro is a social crypto trading and investment platform where traders can buy and sell crypto, stocks, currencies and other investment assets. The company began as a general trading platform majoring in forex trading. However, they would later venture into the booming crypto market by adding crypto trading instruments in 2013, which we’ll review here more in detail. Today, the platform offers crypto exchange, wallet, trading, staking, and even crypto copy trading – everything in one platform. Like many other platforms, eToro began offering crypto services with Bitcoin as the only asset on its platform, where they allowed users to buy and add Bitcoin into their portfolio. Today, it has more than 40 crypto coins available for trading. To access the cryptocurrency market, you need an account on the eToro platform but is eToro good for crypto, and are you actually buying real crypto on eToro? Let’s find out!

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.

eToro Pros and Cons

eToro is known for its excellent social copy trading and cryptocurrency trading. It’s user-friendly, feature-rich, and designed to provide a smooth experience through its seamless mobile and web application. In short, it’s relatively straightforward, hence easy to use even for beginners. It gives users numerous choices of buying crypto-assets outright or trading on the crypto price movements.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.

The table below summarises the most prominent advantages and disadvantages of the eToro crypto trading platform.

Pros

  • Perfectly designed for beginners – they have made the crypto trading experience as easy as possible.
  • Demo account – When you get into the eToro platform, you can use the demo account funded with fake money to enable you to experiment with the platform and its various features before deciding to deposit real money in your account. As a new user, eToro gives you up to $100,000 worth of virtual money to mimic market transactions.
  • No commission on unleveraged purchases.
  • Convenient deposit options – PayPal, Credit Card, Wire Transfer, Skrill, Neteller, etc.
  • UK flag For UK residents – Minimum deposit reduced to only $10.
  • Supports 100+ cryptocurrency pairs.
  • Social trading – If social trading excites you, then eToro is one of the leading platforms in this sense.
  • Highly trusted – Has been in the market since 2007. Etoro has been in the market since 2007. It’s also becoming a publicly-traded company making it more regulated.
  • A vast range of assets – It’s an excellent option for one who wants to trade both: crypto and traditional assets. You can diversify your portfolio with crypto assets, stocks, bonds, forex, ETFs, commodities, etc.
  • Margin trading – If you are an experienced trader, you can take advantage of eToro’s margin trading. Margin trading allows you to access various trading instruments with leverage.
  • Learning from experienced/advanced traders – As a newbie, eToro provides you with the opportunity to learn from experienced traders through social trading. They also offer research and insights from seasoned traders, various trading courses, market news etc.
  • A secure hot wallet The platform offers a digital wallet for its users. The wallet supports well over 80 cryptocurrencies and allows users to receive, store, buy, transfer, or convert more than 120 currency pairs. However, you must be a verified user to enjoy the services of an eToro crypto wallet.

Cons

  • Complicated fee structure, which is indicated in a variable spread. We’re taking a closer look at the eToro cryptocurrency fees below.
  • Lack of live customer support – Customer support is not reliably responsive. There’s no telephone customer support as well.
  • Cryptocurrency withdrawal limits – There is no option to withdraw all cryptocurrencies yet.
  • No buyer/seller marketplace for cryptocurrencies.
  • Country limits – eToro is not available in multiple countries, and there may be limits in features and crypto coins that you can buy or trade.
  • Deposit minimums vary from country to country – In most countries where the platform operates, the minimum deposit is 50 USD (EUR).
  • Not possible to transfer coins from the eToro wallet back onto the eToro platform.
  • Only 2 (soon 3) crypto coins are available for staking.

eToro crypto fees

eToro is a brokerage firm, and they do not charge trading fees like other regular crypto exchanges. The platform sets what they refer to as a “spread fee” when selling or buying crypto. Therefore, if you want to sell or margin trade, eToro will charge a percentage of the digital asset purchased. Usually, you pay the spread only when buying a cryptocurrency. There may be some other fees that are not directly related to the trading process so let’s look at them one by one.

eToro cryptocurrency fees.

Deposit fees

The platform does not charge a deposit fee. However, there’s a currency conversion fee that you may need to pay if you’re depositing funds in any other currency than USD. Deposit conversion fees based on the deposit method:

Deposit methodMajor currencies (Except USD)
Wire transfer, Trustly, Sofort and iDEAL.50 pips (0.0050)
Credit Cards, PayPal, Skrill, Neteller, RapidTransfer and others.GBP, EUR & AUD: From 50 – 150 pips (0.0050 – 0.0150)
eToro currency conversion fees when depositing funds.

Deposit example: if you’re depositing 1,000 EUR into eToro account from Germany and using a credit card, you’ll pay approximately 5 USD in conversion fees.

You can reduce conversion fees by 50% if you deposit more than 25,000 USD (Starting from the Platinum account) and up to 100% if you deposit more than 250,000 USD. This applies only to deposits via bank transfer, iDEAL, Sofort and Trustly when funding accounts from AUD, EUR or GBP currency.

In many cases depositing via bank transfer may be the cheapest option, but you may lose some time while funds show up in your account. Usually, it takes around 4-7 business days. If you want to fund your account almost instantly, then a credit card, PayPal, Skrill or Neteller would be a better option.

eToro money wallet fees

If you choose to use an eToro wallet, prepare to pay some fees. eToro charges crypto transfer fees based on the coin you are transferring and the size of the transfer. That is, if you transfer a specific coin from the eToro investment platform to the eToro Money crypto wallet, the fees are calculated according to the amount being transferred and the crypto asset type. Transfer fees are lower for smaller values compared to higher values.

  • Coin transfer fee: 0.5% of the transaction size 
  • Minimum fee: $1 (in units)
  • Maximum fee: $50 (in units)

However, the platform states that the final fee is determined when your transfer request is processed, suggesting that the fee is not fixed. There are no fees from the eToro side when sending or receiving cryptocurrencies. However, there’s a small fee of 0.1% when converting crypto-to-crypto.

Withdrawal fees

When you’re ready to withdraw money from the eToro account to your crypto wallet, you will need to pay a 0.5% fee ($1 minimum and $50 maximum).

If you want to withdraw funds from your eToro account to a bank account, you’ll be charged a 5 USD fee for every withdrawal. Please note, the minimum withdrawal amount is 30 USD.

eToro crypto spread & crypto prices

eToro charges what is commonly known as a spread fee. It’s the main fee you need to evaluate when investing in cryptocurrencies with eToro because if you’re an active trader, this fee may add up quickly. The spread fee differs based on the coin, and it fluctuates according to the market conditions. The spread is paid for each crypto-asset purchase and can change depending on the market circumstances. For example, if you buy $200 worth of ETH, the actual price you will pay is a bit higher, i.e. $201.25.

The table below is a list of the most common crypto-assets and their spread fees on the eToro platform:

Crypto AssetSpread Fee (%)
Bitcoin (BTC)0.75
Ethereum (ETH)1.90
Bitcoin Cash (BCH)1.90
Litecoin (LTC)1.90
Dash (DASH)2.90
XRP (XRP)2.45
Ethereum Classic (ETC)1.90
Cardano (ADA)2.90
MIOTA4.50
XLM2.45
eToro spread fee for the most popular crypto-assets.

Is eToro good for crypto?

In short, yes and no. We need to look at many aspects and whether you’re an advanced or a beginner trader to answer the question. We believe that the eToro platform is a perfect place to begin trading cryptocurrencies due to eToro high-security standards and the social aspect of the platform. Advanced crypto traders may benefit from the same features and tools, but they may lack some less popular coins on the platform. These coins are usually riskier and carry a higher potential for fraud. Therefore, eToro is a good platform for cryptocurrency trading for beginners. It might also be a good option for advanced traders to discuss trading ideas with other traders and if the list of available cryptocurrencies is sufficient for them. However, there’s also a separate platform called ‘eToroX’ for advanced traders.

We consider eToro good because of its:

  • Excellent web and mobile trading platform
  • Great educational tools
  • An easy-to-use platform
  • Safety: regulated by top-tier regulators

Additionally, eToro would work well for you if you want to copy other experienced traders by following their moves through their social trading. The platform also has 40+ established crypto assets to buy, hence a greater selection than most crypto brokerage firms.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.

How to buy crypto on eToro?

Time needed: 15 minutes.

Buying cryptocurrencies on the eToro platform is a simple process that mainly consists of 9 steps. Let’s go through it step by step so that you can own your first cryptocurrency in no time.

  1. Register an account with eToro

    Go to the eToro registration page and sign up for the account. You can use your email, Facebook, or Google account to sign up.
    eToro register account

  2. Verify your e-mail

    If you used e-mail to register on the platform, you must confirm your e-mail. To do this, go to the e-mail address you provided during registration and click on the link sent by eToro.
    Verification email from eToro

  3. Verify your account and identity

    Once you register the account, you can immediately access the trading platform. However, you have to verify your identity and residency by uploading a copy of your passport or personal ID and a copy of a utility bill or a bank statement. There’s also a short questionnaire regarding your trading experience that you must complete. It’s a standard process for a regulated financial institution.

    eToro account verification

  4. Deposit funds into your account

    To buy cryptocurrencies, you need to deposit funds into your account. Your first deposit can be made by credit card, debit card, PayPal, bank transfer, etc. The minimum deposit for most countries is 50 USD but it may vary based on your location. If you want to use your deposit instantly, avoid bank transfer because it usually takes 4-7 business days to settle into your account.
    Depositing money into eToro account

  5. Go to the ‘Discover’ section

    To find your preferred cryptocurrency, go to the “Discover” section. You can see all the available assets that can be traded on the eToro platform. Click on the search function and enter the cryptocurrency you want to buy, i.e. Bitcoin.
    Discover section

  6. Choose a cryptocurrency you want to buy

    When you have found the cryptocurrency you want to buy, click on the “Trade” button.
    Bitcoin on eToro

  7. Choose the amount you want to exchange

    You can either choose the amount you want to exchange for Bitcoin or specify how many units you want to buy from a particular cryptocurrency. You can also purchase part of the cryptocurrency.
    Buy Bitcoin on eToro

  8. Congratulations! You just bought your first cryptocurrency on the eToro platform.

    Please note that you may see a small loss at the very beginning because you pay a spread when you buy cryptocurrencies on the eToro platform. Read more about eToro fees to understand how it works.
    Portfolio section on Etoro

  9. (Recommended) Set your ‘Stop Loss’ and ‘Take profit’

    Cryptocurrency prices are highly volatile, so we recommend setting a ‘stop loss‘ and ‘take profit‘ limits to avoid unpleasant surprises. You can enter the maximum amount you’re prepared to lose and the amount of profit you’d like to take if the particular cryptocurrency increases in value.
    Stop loss and Take profit on eToro

eToro safety

There are multiple measures that eToro takes to protect you from potential fraud when using the platform and when depositing funds into your account.

When depositing funds and using the platform – eToro uses an SSL (Secure Socket Layer) technology to ensure that your personal and credit card (or other information) is protected. Today, this is important with any service you use online, so be very careful if you don’t see a lock symbol in your browser.

eToro Money crypto wallet – eToro uses multi-signature facilities, DDoS protection, and standardization protocols to keep the wallet safe.

One of the major security measures eToro has taken is to separate accounts in the platform from its related bank accounts. Moreover, they only deal with major international banks such as Barclays Bank and Coutts. They are also hailed as one of the most secure platforms in compliance with financial regulation.

The platform also uses both hot and cold wallets to store your crypto assets. According to eToro, they mostly use a cold wallet whenever you leave your crypto assets on your account and just a small portion of your assets on the hot storage for liquidity purposes. The eToro wallet is, however, a hot wallet; thus can be assumed to rely on the overall security of the eToro platform.

eToro regulation

eToro operates under strict regulations. It’s regulated by the top-tier FCA and ASIC, which is a good sign of taking its safety seriously. eToro is generally considered a low-risk platform. For example, it serves UK clients through a unit regulated by the Financial Conduct Authority (FCA). For Australian clients, eToro acts through an Australian Securities and Investment Commission (ASIC) – regulated entity. For the rest of the world, eToro operates under a Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC)For the US market segment, eToro’s online platform is served by eToro USA LLC, which is registered with the FinCEN (Financial Crimes Enforcement Network) as a Money Services Business.

Please note, cryptocurrencies, in general, is still an unregulated asset class in most markets, and the regulation above is mainly directed to the legal entities of eToro and the platform.

Is eToro legit or a scam?

The first question one would ask before opening an account is if eToro is legit or a scam? To ascertain this, you must look at the platform history, regulation and reviews. We have already covered the regulation question above, so we can say with a high level of confidence that eToro is a legit platform with a history in the financial sector for more than a decade.

Judging by the reviews, we’ve noticed that most of the complaints that accuse eToro of being a scam are related to unsuccessful traders who have lost their funds with the platform. We cannot consider these cases as scams because various investment products carry a certain level of risk, and investing in cryptocurrencies or stocks is risky by its nature. You can lose the initial investment when making bad trades, no matter which platform you use. It’s essential to set your expectations straight and educate yourself about investment products to understand the risks involved. I.e. CFD trades carry a much higher level of risk and are not recommended for beginner traders. If you feel comfortable with the risks involved, you can trade CFD’s.

eToro crypto copy trading

Despite being a multi-asset platform offering both stocks and crypto-assets trading and trading CFD assets, eToro for crypto is considered one of the best in the social trading market for its easy-to-use copy-trading features. eToro is one of the first trading platforms to add social trading features, such as CopyTrading and CopyPortfolios, which is also available when trading cryptocurrencies.

Crypto copy trading on eToro
Copy-trading on eToro.

Just like any other crypto trading platform, investing in cryptocurrency on eToro requires some basic knowledge of how the platform works, and you can look at an example of how to buy crypto on eToro above. But one thing you have to be fully aware of is that crypto-assets prices tend to be highly volatile, and hence it’s not unusual to see the price of a crypto asset move 10+% higher in a matter of hours. The implication is that such high volatility presents numerous opportunities for traders and investors.

Many of us don’t have enough time to follow the market trends, crypto fear & greed index, and latest news, so crypto copy trading comes in handy. You can search the platform to find the best eToro crypto trader and copy their trades. This way, you can make your trading process completely passive. Bear in mind that there are no guarantees, and the previous success doesn’t guarantee the same results in the future. We recommend reviewing the performance from time to time to eliminate unpleasant surprises.

Trade cryptocurrency on eToro

Trading cryptocurrency can be challenging for beginners. However, eToro wins with a simple, beginner-friendly platform that anyone can master with just a few trades with a free demo account. eToro crypto trading has specific features that make it favourable for users:

  • Simple platform with a quick sign-up process: It has one of the most accessible platforms to get started with as a crypto trader. All you need is to enter a few personal information, complete a standard questionnaire about trading and verify your identity. The process usually takes less than 10 minutes to complete.
  • Simple and social media-like dashboard: Other than allowing traders to buy and sell crypto assets, the eToro platform is designed so that you can always read what others are saying on the feed. It also lets you interact with other traders freely, informing you what people think about a particular crypto asset. You click on the crypto asset you want to learn about, and you’ll be exposed to what others on the platform are saying about its predictions, reasons, and every other thing. This feature can help you stay on top of the market and not miss the most important news.
  • Easy-to-use and understand: eToro platform has intuitive buy and sell order placement, which is quite friendly to beginners. It also has instant pricing information, making it easy for traders to display multiple charts and access charting tools. You also get access to free sentiment calculator for every cryptocurrency available on the platform. More in-depth analysis is available only to users who have funded their accounts.

eToro crypto exchange

Buying crypto on eToro is a simple process as the platform offers to buy crypto assets and exchange crypto-to-crypto on the wallet. For example, you can exchange USD to Bitcoin (BTC) or BTC to BCH (Bitcoin Cash). You need to consider exchange fees according to the price list when exchanging funds to cryptocurrencies or crypto-to-crypto.

The minimum trade size for crypto on the eToro platform is 10 USD, but if you’d like to move your crypto coins to the eToro wallet, you’ll need to hold at least the minimum amount of crypto coins to do that. The minimum amount is specified in units.

eToroX review

eToro has developed a separate platform for its advanced traders known as eToroX. As an advanced crypto exchange, eToroX currently specializes in stablecoins for most trading pairs. These stablecoins are issued and backed by eToro.

eToroX platform

The platform was formed in 2018 and is a crypto-only exchange. This could be a sign that the parent company, eToro, wants to offer its client base more than a brokerage service but a full exchange. As a centralized exchange, eToroX requires you to register and verify your account, which can be done via eToroX or eToro.com. You can trade different cryptocurrencies and stablecoins on eToroX. The trading fees on eToroX work on a maker-taker model, ranging from 0.1% to 0.03%, depending on the order size.

eToro crypto wallet

Withdrawing crypto from eToro – You have an option to either keep your crypto assets in your eToro account or withdraw and store them in your crypto wallet. eToro users in Europe and the UK can withdraw their crypto-assets from the eToro platform to their eToro crypto wallet. This transfer will include eToro and the blockchain fees, which is usually around 0.5%. The minimum fee is $1, and the maximum is capped at $50. This fee is applied to all crypto assets on the platform.

eToro app

If you’re using the eToro trading platform from a web browser, either on your phone on computer, in that case, the eToro mobile app will provide you with a better user experience and some additional features. These features may come in handy to stay informed with critical notifications about the account and market. The app is in iOS and Android versions, with positive reviews.

Crypto copy trading on eToro

eToro is a pioneer in copy trading, and they introduced the feature even before the cryptocurrencies were available. When eToro introduced cryptocurrency trading in 2013, crypto copy trading was already there. Today, it’s also known as ‘cryptocurrency social trading’. eToro’s copy trading via its CopyTrader feature allows users to copy and trade automatically based on the moves of other traders, most experienced traders.

eToro has capped the minimum amount to copy a user at $200 and the maximum at $2,000,000. As a user, you can copy up to 100 traders simultaneously, which is a great feature that new traders can enjoy as they master the art of trading crypto on eToro.

Other than the option to use eToro’s CopyTrader, you can also view millions of other traders’ portfolios, stats, and risk scores. While copy trading can be an exciting feature in the eToro crypto platform, investing this way can be pretty risky due to the speculative nature of cryptocurrencies. It makes it more of a gamble than just buying your crypto asset and holding it for the long term. This is because most users generally buy and sell crypto in the short term, which is active trading.

eToro virtual (practice) account

eToro provides new users with the option of a virtual demo account with fake money of $100,000 to practice crypto or another asset trading. The virtual account can help you get oriented with the platform while mastering a few trading tricks before starting actual trading. So far, eToro is one of the few crypto brokers with this feature for its users. In other words, a virtual practice account is a more risk-free way to test eToro’s copy trading and portfolio options, as well as to test your crypto trading strategy in action without risking real money.

eToro crypto alternatives

When choosing an alternative, it’s crucial to understand the primary goal of buying or trading cryptocurrencies. I.e. Is it a long term investment, is it short speculation, etc. We have already reviewed Revolut crypto trading features. However, the alternatives listed in the table below are more popular for cryptocurrency trading.

FeatureeToroCoinbaseBinancePlus500
Coins40+ crypto coins130+ crypto assets 500+ crypto assets15+ crypto assets 
Fees0.75%-4.9% spread (depends on the crypto being transacted)0.50% Spread and Trading fee between 1.49% and 3.99% (or $0.99 to $2.99 flat fee).0.1% trading fee and 0.5% fee for instant buy/sell (depends on the amount of the trade).Zero commission trading. Compensation is through the bid-ask spread. Other fees include a $10 inactivity fee, 0.5% currency conversion fee, overnight funding, and guaranteed stop order fee.
Wallet storageKeep coins on an eToro trading platform account, move them to an eToro wallet, or transfer them to your wallet.Keep coins on Coinbase account, Coinbase wallet option, or transfer to your wallet.Keeps coins on Binance account, Binance wallet option or transfer to your wallet.No storage is available as Plus500 is a CFD trading broker, not a cryptocurrency exchange.
Minimum Trade$10.00$2.00$10.00$10.00
eToro registrationCoinbase registrationBinance registrationPlus500 registration
eToro cryptocurrency trading alternatives

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.

How to sell crypto on eToro?

Selling cryptocurrencies on the eToro platform is as easy as buying.

  1. Log into your account or the mobile app version.
  2. Click on your portfolio section.
  3. Click on the crypto asset you wish to sell, either on the online platform or on the mobile trading platform.
  4. Close all or part of the transaction.
  5. Buy something else or withdraw the money.
How to sell cryptocurrencies on eToro
How to sell crypto on eToro.

FAQ about the eToro crypto platform

Is eToro crypto wallet safe?

Yes, the eToro wallet is considered safe because eToro uses multi-signature facilities, DDoS protection, and standardization protocols to keep the wallet safe.

Is eToro a wallet or an exchange?

Since eToro offers its services in multiple regions and countries, the service list may vary from country to country. eToro is mostly a trading platform but it has developed a separate platform called ‘eToroX’, which operates as an exchange.

How many cryptocurrencies are available on eToro?

eToro trading platform offers to buy more than 40 crypto coins, however, there is also a separate crypto exchange developed by eToro called ‘eToroX’ and it supports more than 120 crypto pairs.

How to buy crypto on eToro?

To buy cryptocurrencies, you must have an account with the platform. Once you have arranged the account and verified your identity, you need to deposit at least the minimum amount and find the cryptocurrency you want to buy. See the entire process of how to buy crypto on eToro.

Martin Kaiser

Editor-in-Chief on Globe Funder with more than 10 years of experience in the personal finance and business fields. Martin has developed a strong passion for money management and business model analysis. Martin holds a bachelor's degree in business administration.

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