eToro is a leading trading platform that allows traders to share their trading strategies or copy from experienced investors. eToro also awards users with perks for sharing their trading strategies. Non-U.S. customers or traders can use eToro to trade forex, exchange crypto and traded securities. eToro offers an exchange-traded fund (ETF) for users residing in the U.S. It was among the first trading platforms that supported and accepted the digital currency of Bitcoin (BTC) in 2014. Now, the platform can support 40+ cryptocurrencies on the online trading site for professional traders.

History Behind eToro

The company was launched by Yoni Assia, David Ring and Ronen Assia in 2007. It was operating under the name RetailFX when it first launched, operating as a forex online broker. This later changed on to eToro, thus started offering stocks, indices and commodities. The company later upgraded in 2010 to be a social innovative platform that also offers users a platform to share ad copy trading strategies from successful traders. This made eToro a leading social trading network in the whole world. When there was a further upgrade in the company’s operation to support BTC in 2014, eToro allowed non-U.S. users to exchange CFDs by buying and selling online. In 2018, eToroX and a crypto wallet were launched on the platform. At this stage, XRP and ETH were now available on the platform.

What is eToro?

eToro is a platform that allows users to trade in digital currencies ranging from Aave (AAVE), Litecoin (LTC), Ethereum (ETH), etc. The most exciting feature of the platform is the ability to copy trading strategies from successful traders. The eToroX contains various favorable features which include fast execution trading processes, margin trading, dollar deposit, etc. These features make the platform suitable for beginners and professional traders.

The eToro trading fees may seem low as compared to other trading platforms, but users need to take note of withdrawal and conversion fees too. Moreover, the fees may differ depending on the location of the user. For withdrawal fees, non-U.S. residents are charged $5 while U.S. customers withdraw for free with a minimum withdrawal of $30. There is a conversion currency fee for non-U.S. residents, which starts from 50 basis points (bps). eToro also charges a $10 fee per month for accounts that have been inactive for more than a year. A fee is also incurred if you want to transfer money from eToro.com to a crypto wallet. eToro has established a secure online site that stores user funds in cold storage to avoid losses or 3rd party hacks. Users are also encouraged to develop a two-factor authentication (2FA) as an added measure of security.

How to Open an eToro Account?

The process of opening an account on eToro is easy and takes a few minutes. The first step is to enter your username, password and email address. eToro will ask you review questions once your account has been confirmed. These questions are used to determine the degree of risk tolerance that you have when it comes to trading. The eToro platform will also ask you to verify your account by requesting your valid ID document, proof of address, etc. this identity verification process usually takes a few days and eToro will notify you once your identity has been verified.

How to Purchase NFTs on eToro?

Buying NFTs on eToro can be a hassle and the process might end up being complex. Here are a few easy steps to follow:

1. Open an eToro account and make sure it has been verified. The next step is to buy Ethereum (ETH) which you can use to buy NFTs. When your Ethereum is ready, transfer it to your digital wallet, i.e. the eToro wallet. To do this, you must head over to ‘portfolio’ on the dashboard and select ‘Ethereum’, and click ‘transfer to wallet’. Make sure you have enough Ethereum to cover the network fees.
2. The next step is to download the MetaMask. It acts as a channel between the NFTs and the Ethereum world of the DeFi. You can access MetaMask on any browser using Google. Or you can also get it as an application on your phone from Play Store or App Store.
3. Once the MetaMask has been downloaded, make sure it is secured with a username, password and a secret recovery phrase. This secret phrase can be used when you have forgotten your login password.
4. Now it’s time to send your Ethereum to MetaMask. Open the eToro wallet and click ‘send’ under Ethereum. Copy the address from your MetaMask and paste it into your eToro app under the address field. Set the amount of Ethereum you want to send and click ‘send’. The transaction can take a few minutes if the Ethereum network is fast, or it can be slow, thus taking up to an hour.
5. The next step is to link to an NFT Marketplace. Most traders and investors prefer the OpenSea NFT Marketplace, which is one of the biggest NFT platforms. Open the OpenSea website and head over to wallets. Under wallets, select ‘MetaMask’ and you will be connected to your wallet. Explore the OpenSea NFT Marketplace and select the digital asset you want to buy.
6. The last step is to buy your NFT. You can either buy your NFT instantly or enter a bid. When you click the ‘Buy Now’ option, you will be asked to do a review and then proceed to ‘checkout’. Click ‘confirm’ and you will be done.If you opt for a bid, click the ‘Make Offer’ button and enter your bid. Make sure that you have converted your Ethereum to WETH (Wrapped ETH). Proceed with your process and wait to win the bid.

Advantages of using eToro

1. eToro is a platform that provides help centers both for the eToro and eToroX customers. These support centers are operated by tickets, phone assistance is not available. The eToro company has employed several managers who protect and look after the accounts of the most active traders (traders with amounts ranging from $5000 and above).
2. eToro has high levels of customer satisfaction ratings since it is a large online trading platform that supports 23 million users daily. The app store rating is also high as compared to other online trading applications. The company had a score rating of 4.1 out of 5 on the Trustpilot score.
3. The company supports several crypto exchange trading strategies that have enabled it to build 15 years of trading and market experience.
4. eToro offers a social trading platform that allows users to interact with one another. Moreover, the company has investors investing in ETFs and stocks.
5. The platform gives users access to 2000+ financial assets which include ETFs, currencies, indices, commodities, etc.
6. There are no hidden charges, fees and commissions when you open a position on a stock or ETF on eToro.

Is eToro the Best Trading Platform?

eToro is rated as one of the best trading platforms because of its copy-trading feature. This is a great feature for retail traders who are interested in crowdsourcing investment ideas. Moreover, experienced traders choose this platform so that they can be rewarded when they share their ideas with beginners. Less experienced traders and investors find this site to be beneficial and user-friendly. The platform has a learning center where videos and articles from experienced investors can be accessed. Beginners also benefit from extra details that can be found next to each symbol when they first click them.