eToro in the U.S.A. Review
- Headquarter : United States
- Regulation : FinCEN
- Type of Broker : Market Maker
- U.S. Clients Allowed :
- Minimum Deposit : $50
- Maximum Leverage : No Leverage
- Commissions / Spreads : SPREAD
- Demo Account :
- Islamic Account :
- Segregated Account :
- Managed Accounts :
- Institutional Accounts :
- Deposit Options :
- Withdrawal Options :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : Other
- Platform Languages :
- OS Compatibility :
- Trading Signals :
- Charting Package :
- Market Analysis :
- Chart Trading :
- Automated Trading :
- Scalping :
- Hedging :
- Mobile Alerts :
- E-mail Alerts :
- Trailing Stops :
- Guaranteed Stop Loss :
- Guaranteed Limit Orders :
- Guaranteed Execution :
- One-click Execution :
- OCO Orders :
- Interest on Margin :
- Web-based Trading :
- Mobile Trading :
- Website Languages :
- Support Hours : 24/5
- E-mail Support :
- SMS Support :
- Chat :
Pros and Cons
- Competitive Spreads
- Crypto Wallet Service
- Cryptocurrencies Only
- No Choice of Platforms
eToro is a global multi-asset brokerage which revolutionized the world of social and copy trading. The eToro brand is an established and reliable leader in the global fintech industry, trusted by millions of users worldwide. eToro launched its cryptocurrency trading platform and crypto wallet in the U.S.A. in 2018 and currently offer long-only Cryptocurrency trading in 15 major cryptocurrencies in 40 U.S. states in addition to cryptocurrency wallet services. They plan to expand their range of assets and services offered in 2020. They are headquartered in New Jersey.
A minimum deposit of $50 is required to open an account, with the minimum position size allowed for any single trade fixed at $25.
A demo account offering $100,000 in virtual trading funds is available.
Hedging is not allowed.
There is no choice of platform, clients use the proprietary platform.
Protection from any negative balance event is guaranteed, so depositors will know that they cannot be held liable for losses beyond their capital/ equity investment.
No leverage is offered for trading cryptocurrencies.
In addition to minimum trade sizes, limits are placed upon maximum position sizes regardless of account funding. This is reasonable and in fact essential to the smooth functioning of the service as the cryptocurrencies dealt are backed by crypto assets owned by eToro.
Crypto trading spreads begin at 0.75% of trade value for the benchmark Bitcoin/USD pair which is competitive. There are no hidden fees, and security is tight.
Long-only trading is currently offered in the following 15 cryptocurrencies:
- Bitcoin Cash
- Ethereum Classic
This list includes the 5 largest cryptocurrencies by global market capitalization as at the date of publication.
Transfers of cryptocurrency holdings may be made between the wallet service and the trading platform.
eToro have been market leaders in copy trading since their foundation in 2007, and U.S. clients will eventually be able to use this feature linked to other U.S. based traders. However, at the time of this review, this feature is not yet available.
An integrated wallet app is offered. Clients may transfer their crypto holdings seamlessly from the eToro platform, without worry of remembering multiple credentials or keys. It is possible to store multiple cryptocurrencies, convert between coins on the fly, and send or receive transfers with ease.
eToro in the U.S.A. does not currently provide an educational service but does offer a social trading platform where users educate each other, with scope for the sharing of analysis, trade ideas, and charting.
Bonuses and Promotions
No bonuses or promotions are currently offered.
Depositing funds into an eToro in the U.S.A. account is an easy and secure process. Funding can be done using either wire transfer or bank transfer. Withdrawals are generally made through the same channel that deposits have been made through. The minimum withdrawal value which may be made is $50.
Customer support is available via ticketing or live chat, which is open 24/5 Monday to Friday.
eToro in the U.S.A. offers a well-rounded and professional long-only trading and wallet service covering the 5 largest cryptocurrencies and 10 other major cryptocurrencies, as well as social and copy trading features in which it is a world leader. Users are given convenient access to the rapidly developing cryptocurrency market. We expect to see the offering expand significantly during 2020, making eToro in the U.S.A. a cryptocurrency broker/wallet worth considering for anyone interested in trading or investing in major cryptocurrencies who is resident in the U.S.A.Back to Top
In terms of features, the stand-out strengths of this cryptocurrency platform and wallet service provider’s offerings are:
- Long-only trading and wallet services for 15 major cryptocurrencies.
- Extensive social trading and copy trading features in which eToro is an acknowledged world leader.
- A relatively competitive spread/commission model.
- No leverage means that it is impossible to lose more money than is deposited/invested.
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