eToro USA is a good social copy trading broker for US traders. It is regulated by the SEC. Your asset choices are limited, but you can buy many blue-chip stocks and popular ETFs without paying any fees. Since EA and scalping are not allowed, day traders and crypto investors don’t have much to choose from and the spread is high. This eToro USA review will provide you with some general information to follow while investing in cryptocurrency trading.
eToro US Account Types
Two types of accounts exist: a demo account and a real one. Here’s a closer look at the two options:
A demo account, often known as a practise account, is the best place to begin. To open an eToro sample account, all you need is an email address, a password, a username, and a phone number to complete the registration process.
You don’t even have to open a real-money account when you trade with a demo account because you have access to $100,000 in virtual money.
Real eToro USA account
The only way to begin trading for real is to open a real account and begin trading. It requires a $50 deposit to get started. This is everything you need to get started in the stock market.
A real account can be opened in only a few minutes. In order to comply with security and regulatory standards, you must, nevertheless, provide proof of your identity and address. eToro account verification should be a simple process, and you can learn more about it here.
Trading Conditions for eToro US
After a few steps, you can trade on eToro USA. Sign up for a website. Provide your first and last name, date of birth, country of residence, trading experience, and financial goals in your personal account. You must prove your identification after the survey.
A verified user can trade, deposit, and withdraw funds. eToro has no leverage or margin trading; consumers must use their own funds. Customers can’t deposit using cryptocurrency wallets, but they can open an eToro Money virtual wallet to store and spend bitcoin. eToro Money isn’t a trading fund. Support is via tickets exclusively.
Crypto Exchange Markets and Products
CopyTrader and CopyPortfolios are two of the unique copy trading services that eToro offers to its clients. These services are made for both new traders and more experienced ones. Let’s look at them in more depth.
Customers of the eToro cryptocurrency exchange can copy the trades of traders with more experience. To use the service, you must sign up, add money to your account, and then pick the traders you want to copy and subscribe to from a list.
- Users can join or leave a trader’s list anytime.
- You can copy all of a trader’s trades or just the ones after you signed up to copy.
- The user can set Stop Loss and start/stop copying.
- Professionals don’t charge dues.
- Users of eToro can copy trades or have their trades copied.
- Every copier decides how much to use. This number is used to calculate ratios.
- Consider your financial goals and the trader’s risks and trading style when choosing a professional trader to copy.
- You can copy orders and talk to other cryptocurrency traders to learn new strategies with this service.
eToro clients can also take advantage of ready-made portfolios, a feature offered by the company. eToro’s team of experts creates them, gathering numerous trading instruments and tactics from around the world. You must deposit at least $2,000 into your trading account in order to access pre-made portfolios.
- Pre-made cryptocurrency portfolios are beneficial to all levels of bitcoin traders, including beginners.
- Users do not have to conduct their own study into the resources and strategies.
- Auto-balancing and portfolios with different periods of diversification are both offered.
- Depending on the mode of withdrawal, there is a cost.
- Pre-made portfolios can be used free of charge on the crypto exchange.
- eToro does not have a time limit on how long you may keep your portfolio open.
- The user has complete control over when and how it is closed.
Commissions and fees
eToro has low fees and spreads. A currency spread is the difference between buying and selling a currency or financial asset.
A website lists fees. In the US, eToro levies a $5 withdrawal fee, but banks and card issuers may add their own. The broker charges $10/month for inactivity after a year. Unlike other brokers, eToro only levies an inactivity fee on completely idle accounts, so signing in usually avoids it. Exchange rates cost extra. eToro market rates are used for all crypto-to-crypto conversions.
eToro offers a mobile app for iPhone and Android. The web-based platform is adaptable and can be used from any mobile browser, so trading with eToro is easy. It depends on whether you prefer the mobile site or the app, as navigation and functionality differ.
The eToro app can send push notifications when an asset exceeds a defined price.
Social trading and copy trading
The CopyTraderTM technique, developed by eToro, is one of the most commonly used and regarded systems for social trading and copy trading. By following and copying other traders in the network, customers can learn from their successes. eToro is a good place to start if you’re new to trading and interested in copy trading, because many new traders find it an excellent method to learn the ropes and avoid the common pitfalls.
EToro isn’t known for its education and training programmes. A comprehensive and easily searchable help section is available for a variety of topics, including how to use the platform, how to get started trading and investing, and how to deal with typical problems. Copy trading and the management of watch lists are only two of the many topics covered in this section’s educational resources.
On the eToro website, customers can access customer service by email or live chat, and file a support case. From Monday through Friday, assistance can be obtained at any time of the day or night. However, weekend help and a dedicated phone line for the United
Is eToro legal in the US? Is it regulated in the US?
eToro is legally authorized to offer financial services in the US. eToro USA LLC is registered with FinCEN and has been offering cryptocurrencies since 2018. On August 4, 2020, it received an SEC order (#8-70212) and opened an office in Hoboken.