There's no denying the fact that eToro has been immensely successful for its easy-to-use copy-trading platform. Here's a detailed breakdown of the top takeaways for 2021 on eToro. 

  • eToro was initially founded back in 2007, effectively regulated in two tier-1 jurisdictions and one tier-2 jurisdiction. This has contributed enormously to becoming a safe broker (low-risk) for trading Forex and CFDs.
  • eToro is one of the most refined platforms for social copy trading and cryptocurrency trading. Additionally, it provides a user-friendly interface for the convenience of casual investors, including beginners.
  • eToro is a tad more expensive than the other trading alternatives in the market, namely Forex and CFDs. This is even though recently letting go of spreads while introducing zero-dollar commissions for the U.S. stock trading. 

Who Is eToro For?

eToro has been skillfully developed as a graphics-intensive platform to accommodate non-US cryptocurrency traders and customers. This platform's key feature is the element of convenience and ease that is on offer for support during copy trading implementation. It also comes with traders who aim to be copied along with strict adherence to risk-control rules. Such accessibility eventually permits the retail account holders to imitate the best clients' trades and trading strategies in real-time. It's essential to mention that that copy trading in and of the platform offers no guarantee whatsoever.

Is eToro Safe?

eToro can be effectively considered as a low-risk trading platform. The platform doesn't publicly engage in trading, long with no banking operation as well. The platform comes with frontline authorization- two tier-1 regulators providing high trust, one tier-2 regulator providing average confidence, and one tier-3 regulator for low trust. 

Pros Explained

  • eToro provides U.S. customers access to ethereum, Bitcoin, cash, litecoin, and XRP. 
  • It comes with a website and mobile app that has been skillfully developed to be identical and easy to navigate.  
  • eToro provides a communal feeling where you will be able to follow the recommendations of prolific members.

Cons Explained 

  • eToro doesn't charge direct commissions. However, the platform implements trades with specific spreads, varying from coin to coin. 
  • At eToro, cryptocurrencies can be bought at a bare minimum cost of $25, making it challenging for rookie accounts to distribute their account balances. 
  • If you aim to copy any transaction from a leading trader, you must have a high balance. It's essential to mention the most people spend $200 for copied trade.

The breakdown of the platform's pros and cons will detail the vital aspects of the eToro review.

Final Thoughts

It is noteworthy to mention that eToro helps rookie cryptocurrency traders be an effective platform with noticeable convenience. It also comes with minimal research offerings. The beginner might require some additional digging and keyboard exploration to learn more.  

The user experiences are drastically different for both U.S. and non-US customers, as the non-U.S.-based customers can deal with additional assets and stocks from fifteen countries. Additionally, eToro provides the ability to shift crypto holdings to external wallets, which is an underrated and rare feature that appeals to the masses for uses other than trading.