All Bitcoin and Cryptocurrency enthusiasts will be familiar with eToro. Most bitcoin forum platforms and communities widely discuss this platform. The horned “e” catches billions of eyes online due to the significant exposure of their marketing as well. Here, we review the popular crypto trading platform based on our research.
We can safely say that eToro is one of the top crypto exchange and trading platforms out there. It’s famous among beginner traders, majorly due to its social trading mode.
Despite its popularity, there still many people who wonder whether eToro is a safe bitcoin investment. It is a legit question as there are many scam exchanges out there, and it’s good to be cautious on what trading platform you want to use.
The Copy Trading
eToro’s signature feature, the CopyTrader, has become the major attraction of the platform. The CopyTrader allows you to mirror other traders’ moves for your trades. You’re copying trades of other users, typically the more experienced traders in eToro. You can also choose whom to copy.
Once you click the copy button, you’re automatically copying their trading positions. For beginner traders who are dealing with highly volatile assets, this CopyTrader feature is exceptional.
Not only being the pioneer, but eToro has also become the leading provider to serve copy trading. In eToro, you not only copy moves of successful traders, but you can also set up the stop-loss level so you can limit potential losses when copying.
Remember, cryptocurrency is a highly volatile asset where the price is even more fluctuating than stocks. It doesn’t stop there; you can use CopyTrader to mirror up to 100 traders accordingly.
On the other hand, eToro is an innovative crypto trading platform. You can view valuable information about the successful traders, including their stats, portfolio, overall scores, and bitcoin value history, for your references.
At this point, you can choose the most suitable trader you want to copy for the crypto pair you’re trading. If you’re a non-US resident, then you’d have full access to all traders around the world. It means that you’re allowed to copy trades of traders from other countries as well. US residents may have a more limited option for this social trading feature.
CopyTrader, in fact, not only works to secure profitable crypto trading opportunities based on experienced moves, but it also offers an excellent opportunity to learn crypto trading strategies. What you need to do is find the patron traders in eToro who play trading pairs you desire.
eToro Cryptocurrency Selection
eToro offers a solid option of cryptocurrencies you can choose from. It has more digital currency selections as well as stocks than any comparable competitor in terms of offerings. Major cryptocurrencies are all covered in eToro, and you can also have top altcoin options for your crypto asset diversification. That’s why eToro is the best place to start everything about crypto trading, and even expert traders can’t move on. Non-US residents may have more extensive options but don’t forget to check their insightful resources about each digital currency you want to invest.
eToro Crypto Trading Cost
Something you’d have to consider further about eToro is the cost of crypto trading in the platform. Investors should note that eToro charges trading fees through spreads which means the total amount they would charge would depend on the particular crypto market conditions.
At this point, it also depends on the cryptocurrency pairs you’re trading that can go from 0.75% to 5%. For trading fees, eToro is likely less competitive among other competitors like Binance review or Robinhood, Tradestation, or SoFi. They don’t have CopyTrader. That’s why you should weigh different factors when doing your exchange research.
eToro Digital Wallet
As you know, you can use a digital to store, receive, and send cryptocurrencies. eToro provides users with a built-in digital wallet for free that’s available for Android and iOS users. There would be 5% of BTC to USD converter fees when you want to exchange crypto for fiat currency. It’s more costly than other exchanges. eToro wallet can support different digital currencies and is very easy to use. You can give it a go for a limited number of crypto holdings, but you may also consider a dedicated digital wallet.
Exchanges have been a long-time target of crypto hacking attacks. If you choose to hold your digital coins instead of actively trading them, we recommend getting a hardware wallet or cold storage. Retrieve your holdings to your wallet so you can have control of the private key.
eToro has a partial license in the US, which means it’s not available for crypto trading in some states. For non-US residents, you can use eToro for crypto trading whenever accessible in your country. Investors should note that regulations may vary for each region and country. You should use your discretion and be considerate when making any crypto investment decisions.
Answer To The Question
We’ve reached the point to answer our fundamental question: is eToro safe? Elaborating our reviews and finding above, we can say that eToro is safe for trading and exchange. They have copy trading features that help beginner traders to copy and learn trades of experienced users. However, you should reconsider using a built-in eToro wallet if you want to keep your holdings for a long time. On the other hand, you should be aware of spreads-based trading fees on the platform. Generally speaking, eToro is perfect for crypto trading and beginners.
We’re not in the position to suggest or recommend you to use particular exchanges or trading platforms. However, you can consider safe platforms like eToro as safety and security are the fundamental aspects to conduct crypto trading. There are hundreds of fake and scam websites targeting crypto investors. Some legit platforms still face some security issues, just like riding your car, always safety first for your crypto investment.
You can also check out our other recommended trading platform, for various crypto trading and investment offers.
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