Crypto Trading Etoro Review India 2022
Founded in 2007, eToro has 13 million users in 140 countries around the globe. Offering investors and traders access to purchasing stocks, cryptocurrencies and CFDs (or contracts of companies as opposed to assets) this platform is growing in its popularity with investors.
eToro also offers social trading options, which will be discussed in more depth later in this eToro review. As a company whose underlying motto was to make the world of trading more accessible when it launched over a decade ago, has it helped to make the world of investments easier for those new to trading?
eToro: Pros & Cons
- Low minimum to fund a trading account
- Offers access to 15 different cryptocurrencies
- ‘Copy’ trades of other investors
- Website and app are easy to use
- Oddly, Etoro does not have a trading platform in India
Watch our in-depth review of eToro!
At a cursory glance, it is straightforward; its white background and logos across the page make it very engaging and easy to use, and it feels more like a regular webpage than a trading platform due to this. The mobile app is much the same, with a fast loading time and a simple interface; there is also the option to login using Facebook or Google.
The site’s trading volume was revealed to have hit $1.5 trillion at the end of 2020, with a gross revenue to the site of $600 million.
There is an entire subsection of the site dedicated to education, helping newer investors to develop their confidence, which even includes a Podcast, video tutorials and sections on social trading.
Is the page safe to make payments/trades on? All services, from eToro crypto to the buying of regular stocks are protected by SSL encryption, to keep all your personal information safe, alongside HTTPS.
The accounts are easy to access and the digital wallets for cryptocurrencies are clearly displayed on the ‘cryptocurrency’ section of the homepage.
How to Trade – A simplified guide to eToro trading
Here, we shall show you how to purchase and trade both stocks and cryptocurrencies on eToro; we will also discuss how to social trade.
Buying and trading cryptocurrencies on eToro
- Open an eToro account- it’s free!
- Search the cryptocurrency you want to purchase and trade (for the sake of the review, we will say Bitcoin). Remember to do your research on cryptocurrencies and always be sure that you understand the risks of trading.
- Click on trade and enter your desired amount- the minimum deposit will vary based on the currency you choose.
- Click on open trade and boom! You are trading! Keep an eye on market values using the Trading Platform segment of the site via your computer or mobile app.
- If you want to copy or social trade, pick out the investor(s) you want to mirror (we recommend talking to an investment advisor prior to this!) via your account.
- Set an amount you want to invest (again, minimum fees apply) and hit copy. Then, whenever that trader invests, you will too.
Buying and trading stocks on eToro
Now, onto purchasing regular stocks on this platform.
- Log onto your account and make your deposit- remember, for general stocks the minimum deposit is $200.
- Choose the stock you want to invest in (again, talk to an investment advisor or do your research!) and click trade.
- Click on buy and enter the amount you want to purchase.
- And voila; with eToro, this process is commission-free.
When you are looking to begin trading on Etoro, the platform seems to support numerous options for making deposits and withdrawals. For instance, it supports PayPal for both deposits and withdrawals, alongside regular debit and bank cards, all of which are recommended by the site itself. You can also deposit and withdraw with other e-wallets besides the site’s own eToro wallet.
Depending on your location, the minimum amount for a deposit is $200. For purchasing stocks, there is no commission fee, and as mentioned before, for cryptocurrencies there is a variable fee. There is an inactivity fee of $10 per month, so this site likes its investors to be active.
For withdrawing funds, there is an average wait of 3-5 business days and if you are looking to make a small withdrawal, the lowest amount is $30, which carries the standard $5 fee.
As is the way with eToro generally, the customer service seems on-point. There is a help centre which addresses commonly asked questions about everything from trading to your account and, should you need to, you can talk with a representative 24 hours per day, Monday to Friday, making the website feel more accessible.
Should you need to talk in a bit more depth, the site offers a support ticket and there is an accessible complaints procedure if you are unhappy. You can download the site in multiple languages and yes, it seems that support is available in all of these languages too, helping it feel more like a global platform.
It seems the support section does have a hotline based across the different countries that the platform operates in, but we needed to perform a Google search to find these numbers, which is quite odd.
While we have discussed the safety features of this platform earlier, you will probably want to know about the licences that this exchange had alongside the security features; does it have similar issues discussed in our recent Forex.com review or XM.com.review?
In relation to protecting the investors, as soon as you sign up for an eToro account, you are given free investment insurance worth up to 1 million Euros/ GBP or AUD. There is no need to register for this which is a real bonus and once again, highlights that this platform takes the safety of its investors seriously.
Global licensing to trade is covered too, with everything from FCA to the ASIC and as the platform itself is based in Cyprus, the company itself is regulated by the Cyprus Authorities and Exchange Commission (CySEC).
To protect against underage trading, when you sign up for your eToro account, you must have a valid passport or government-issued ID card as identification.
Reputation and Customer Feedback – How does eToro fair with traders?
As stated earlier, it seems that on average, eToro has a good reputation with traders, regardless of their level of expertise.
However, there have been past incidents of issues in relation to withdrawing funds and customer feedback, similar to issues raised in our recent Prime XBT review or those discussed in the SwissQuote review. But, it seems the site has learned from these errors and now offers a consistent level of support to its users, via FAQs sections or chatting with representatives.
It is also easy to find the complaints section, so the platform is clearly working on improving its overall customer service and reputation with traders.
So, what are the conclusions of our eToro crypto review and the site’s general feel?
The platform is straightforward to use and with this ease of use, it has become popular with investors and traders globally; it is almost a household name in the cryptocurrency market. Like many other platforms, its emphasis is on making trading easier to grasp for many, so it lives up to its original motto.
There is some general confusion surrounding a lack of an eToro crypto review India, or even the sites presence in this country; apparently, if you attempt to set up an account from this country, it will be blocked, which excludes a large chunk of the global market.
However, the platform is sound, has a high trading volume, its customer support is second to none, and its minimal fees make it perfect for those dubious about investing.