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Crypto Trading Etoro Review South Africa 2021

eToro is a highly-dynamic online trading platform that provides you with the opportunity to utilise trading strategies of successful traders in real-time. With a slick platform and mobile app to boot, you’ll find that eToro caters to your trading preferences.

With our eToro review South Africa, you’ll find a transparent and interactive platform that offers commission-free stock trading, CFD trading, and the possibility of capitalizing on eToro cryptocurrency markets. With a community-based approach, you’ll find like-minded traders willing to share tips and strategies when it comes to eToro crypto trading.

Pros & Cons of eToro
Pros & Cons of eToro
  • A leading global social trading platform
  • Commission-free stock trading
  • Buy and sell a variety of cryptocurrencies
  • Seamless website and trading platform
  • High non-trading fees at eToro crypto trading

Security, Usability, Look & Feel - Our eToro review

In terms of the overall platform, you won’t find all the bells and whistles that you might find at an online platform such as in our Plus500 review. However, the usability and feel of the platform is rather satisfying. This extends to the eToro review South Africa of the mobile app. The app continues to draw traders to the platform and you’ll find a seamless exchange between the desktop platform and the mobile version.

eToro has high-functioning features and trading tools which allow traders to analyse live market data, execute multiple trades, and personalize individual account options. The actual homepage of the website is rather basic, but we rather like this. You have the most important sections of the site and it’s possible to navigate with ease and efficiency.

How To Trade Crypto On eToro

Cryptocurrency trading isn’t always a walk in the park. It takes time to find your feet and understand how best to read all the underlying stats and data in order to execute successful trades. Plus, each platform will operate slightly differently. First off, you’ll need to create a trading account with eToro.

  1. Visit the official platform and click on “Sign Up”. You will need to provide a username, email, and strong password. Be sure to tick the appropriate boxes and click ‘Create Account”.
  2. You will now have an account. However, you need to click on “Complete Profile” in order to finish the verification process and set up your account for unfettered trading access.
  3. Follow the steps outlined in the pop-up box and you will have a complete profile within minutes.
  4. You can make a deposit into your account using a payment option that you prefer and you’ll be able to start trading as soon as your account is credited.

In order to buy and sell crypto on the eToro platform, you’ll need to understand how it works. This will make your life much easier and you won’t find yourself consulting a guide every other minute.

Be sure to read the live updates and news section so as to stay in the loop. In order to make an actual trade, you can click on the “Trade Markets” and click on the crypto you wish to trade with. You’ll find your trade slip and from here, you can limit losses, choose to buy or sell and open the trade once you are satisfied.

Payments - eToro Crypto South Africa deposit options

When it comes to finding your eToro account, you’ll have the option of using a number of payment options. In terms of our eToro crypto South Africa customers, you can do so by using your bank card (credit or debit), PayPal, and Neteller. We recommend using your bank card or PayPal to ensure a safe transfer of funds. Unverified accounts have a maximum account limit of $2,250 or equivalent in ZAR. Minimum first time deposits are usually set at $50 (equivalent in ZAR), but can range up to $10,000 depending on the account type.

In terms of withdrawals, you can use your credit card, PayPal, or make use of a bank transfer in order to withdraw any funds from your eToro account. Withdrawals have been known to take several days to clear and you will incur a fee equivalent to $5 for withdrawals. This applies to any amount over $30 or equivalent in ZAR.

Customer Service of eToro Crypto South Africa

Our eToro crypto review has found that there are a number of communication options available to traders who may have any queries or experience account difficulties. When it comes to our eToro crypto review, we found that it is best to use one of two options, or both. The FAQ section as well as general information provided on the site is usually comprehensive enough to solve any issues. You’ll find that there is a wealth of answers to general questions which come up time and again. If you are experiencing an issue which is more technical in nature, you can always hop on the live chat. The live chat function is available round the clock for the most part.

If you lodge a request to submit a ticket, you might wait up to one week to hear back. This is purely because there are a high number of requests. However, we feel that the waiting time should be reduced in order to provide a better customer experience. Take a look at our FOREX.com review for a broker that also tends to your issues without hesitation.

License & Security - eToro Review

Our eToro review 2021 found that this online broker holds a number of financial licenses and is regulated in Cyprus, the UK, and Australia. As far as these territories go, strict adherence to financial trading laws is expected and upheld, and it is only fair to assume that eToro promotes transparent trading practices and services.

eToro is regulated and authorised by the Financial Conduct Authority in the UK. In Cyprus, eToro is regulated by the Securities & Exchange Commission. In Australia, they are regulated by the Securities and Investment Commission. All in all, it’s clear eToro operates above board. Much like what you’ll come across in our XTB review.

In terms of site security, eToro has established a network and platform that is monitored and encrypted by SSL technology. As such, traders can rest assured that all of their data and funds are securely protected.

Reputation and Feedback of eToro Crypto Trading

eToro has garnered a pretty reliable reputation in recent years. Customers are certainly happy with the commission-free stocks and can gain access to a number of markets that might not be available on smaller online broker sites. Plus, eToro has kept up with the times and has made sure that they offer a range of crypto markets complete with educational resources.

All of these factors have not gone unnoticed by the general public. However, certain customers have had issues withdrawing funds, or have found themselves waiting far longer than they should to access their funds. Others point to a lacklustre customer support team. Ultimately, mixed reviews are bound to crop up, as is the case across online companies.

eToro Crypto

eToro Cryptocurrency Options

The eToro crypto trading options are extensive. For our eToro crypto South Africa customers, an entire world of cryptocurrencies await on this platform. Our eToro review 2021 has managed to outline the process whereby you are able to gain access to cryptocurrencies. However, let’s take a look at what type of crypto you can find.

eToro crypto review found that there are 99 different markets available. Consider that not all of these are different crypto options as many are CFD trading options of crypto against fiat currency. From the get-go, you’ll have access to cryptocurrencies such as eToro Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, Cardano, and more. Added to which, you’ll find all major fiat currencies paired off with cryptos within the crypto trading section. As far as viable markets go, our eToro review 2021 found this to be comprehensive for first-time traders and those with the necessary knowledge required to take advantage of more complex trading options.

The most appealing facet of our eToro crypto review is that they provide access to three ‘platforms’ which facilitates the effective buy, selling, and storing of crypto. It’s possible to use the eToro platform or the eToro exchange to buy and sell crypto or speculate on the price there-of. Added to which, eToro has a digital money wallet which allows you to seamlessly store your cryptocurrency assets without having to link an external wallet to your account. You can store more than 120 cryptocurrencies and exchange over 500 pairs when using the eToro crypto wallet.

Fees at eToro Crypto Trading

When it comes to eToro fees, our eToro crypto South Africa review found much to be excited about and certain factors that may quell your initial excitement. In terms of fees, eToro is well-known for providing commission-free stock trading. However, it is important to realise that, although you aren’t paying commission when trading stocks, you’ll incur non-trading fees that might just outweigh what you might have saved by not paying commission. Plus, we’re more interested in crypto trading fees for the time being.

You can open an account for free and you won’t have to pay any account management fees. However, you will have to pay a $5 fee for withdrawals (or equivalent in ZAR) which can become rather pricey if you make regular withdrawals. In terms of trading with crypto, you will buy and sell and gain ownership of the asset. The trading fee for crypto transactions is a percentage of the spread. For instance, you’ll incur a fee of 1.9% for Bitcoin trades while you can pay up to 4.5% of the spread when trading IOTA. Thus, these fees can vary drastically and you should confirm this before you engage in crypto trading. You will also pay a fee for crypto transfers. If you wish to transfer Ethereum, you’ll pay a transfer fee of 0.006 ETH.

Jurisdictions and Limits - Things to know about eToro crypto

In terms of limitations, our eToro review 2021 has noted that eToro is confined to certain jurisdictions, particularly when it comes to where the online broker is regulated. However, this doesn’t mean that they cannot offer their online trading services to residents of countries outside of these jurisdictions.

In terms of regulatory oversight, our eToro review South Africa found that they are overseen in the UK, Cyprus, Australia, and the US. This means that no independent South African agency has any regulatory power over the broker. However, there’s no reason to feel that eToro enacts different trading practices based on the territory they are servicing. Our FPMarkets review sheds light on another online trader that provides access to a range of markets across the globe.

Other Trading - What else is available at eToro?

In addition to an in-depth crypto trading section, you can also trade in stocks, forex, ETFs, indices, and commodities. This collection of different trading products is more than enough to cater to even the most discerning trader.

You can trade stocks on 17 different exchanges or filter your trading search by industry. There are over 250 ETF trading options available while you can access 15 different major global indices. With almost 50 commodities and 52 currency pairs, you’ll be able to branch out and trade in a diverse selection of assets. Our eToro review 2021 recommends this platform to traders who wish to have access to a sufficient selection of cryptocurrencies as well as a number of alternative assets.

Overall Conclusion - Our final thoughts from our eToro review

eToro has a reputation for implementing high non-activity fees and this is something you should take into account. However, this multi-asset trading platform is user-friendly and easy to work with. Engaging in trades is simple and you’ll have a decent collection of data and tools at your disposal.

With a streamlined registration process and a number of crypto trading options, from coins to crypto crosses, crypto traders will find this platform quite efficient and full of trading options and services. If you wish to keep looking, then head over to our BDSwiss review for more on this online broker. It’s never a bad thing exploring your options before you choose the best possible online platform for your trading activities.

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