Etoro: A Complete Guide for Beginners

What Is eToro?

eToro is one of the reputable online crypto trading companies that started its run in 2008. Initially, the company kick-started its operations as an online forex broker under RetailFX. However, later the company was rebranded as eToro, which opened the doors to a new financial world. The company started offering a bunch of financial instruments in indices and commodities. Operating for nearly a decade, expanding its business, in 2019, the company extended its arms to the cryptocurrency world. Since then eToro’s business has accelerated, and it has turned out to be one of the top crypto copy trading platforms globally, with millions of users to serve. The platform’s distinguishing feature is the inclusion of social networking aspects, which allows users to follow and replicate the trading techniques of successful investors in real-time.

Recently, eToro announced a strong partnership with Twitter, which has skyrocketed its popularity. With this collaboration, all the users of this social media platform will get real-time updates and information about trending stocks, cryptocurrencies, commodities, and much more. 

Who Would Benefit from eToro?

Now that you know what is eToro and how does eToro works, an important question may pop out: who can use this platform to get the best output? In short, the answer is everyone. No matter whether you are just stepping into the world of trading or you are a super-experienced trader, eToro is the perfect match for you. The platform has a smooth interface, and all the features are accessible easily, which makes it tempting for new users. Moreover, its social media integration is one of the most incredible aspects to consider for new traders. On the other hand, eToro’s comprehensive asset selection, which includes cryptocurrencies, equities, commodities, and more, appeals to a wide range of experienced traders.

Fees Charged In eToro

eToro offers a grand range of trading options; therefore, its fee structure varies with the asset. If we consider the case of withdrawals, if you want to cash out your account through Credit Cards, PayPal, or Bank Transfer, the platform charges a standard fee of $5. However, there may be some additional currency conversion fees. On the other hand, if you prefer withdrawal through cryptocurrencies, you will have to pay 0.0005 BTC and 0.006 ETH for Bitcoin and Ethereum withdrawals, respectively.

Coming to buying or selling crypto on the platform. If you are confused about how to sell on eToro or buy your favorite assets, it’s super-easy and similar to other platforms. However, there are some charges associated with the transactions. The platform charges a standard 1% fee on purchasing and selling crypto.

Apart from these charges, the platform also bills overnight fees for CFD positions that remain open after the trading period. This fee depends on the trading asset type. Lastly, the platform also charges an inactivity fee of $10 if your account has been dead for over 12 months.

Etoro's Customer Support

eToro, being one of the most reputable platforms, ensures all users get top-notch customer service. The company has a dedicated team to serve you whenever needed. If you are stuck with any issue, you can simply raise a ticket, and your problem will be addressed as soon as possible. Moreover, on the platform, you also get a comprehensive FAQs section that covers most of the commonly asked questions. So, before connecting to any agent, it’s recommended to look out for this section.

How To Setup an eToro Account?

If you are here, you know how to use eToro. But before using the platform, it’s important to set up an account on the platform. So, here are the super-simple steps:

Step 1: To register, go to the official eToro website at www.etoro.com and click the “Join Now” or “Trade Now” option. Fill up your information and create a new account.
Step 2: Once you are done filling up the registration form, accept all terms and conditions and submit it.
Step 3: Next, complete the verification procedure by submitting identity and proof of residence.
Step 4: Deposit funds utilizing the platform’s numerous payment options.
Step 5: Explore the site, select your chosen assets, and execute trades.

How To Close eToro Account?

Not happy with eToro services? Want to know how to delete eToro account or close it? Here are the steps –

Step 1: Check whether there are any funds in your account, and if so, withdraw them.
Step 2: Contact eToro customer service and request them to close your account.
Step 3: Be prepared to provide documentation as part of the account closing procedure.
Step 4: Your account will be deactivated after the verification process is completed.