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Does eToro Actually Work? A Quick Review

Let me guess. If you’ve heard of eToro and it sparked your interest— chances are, you’ve seen one or a couple of their frisky ads on social media. Probably the one with Alec Baldwin, or the one with the famous Game of Thrones series actor Kristian “Hodor” Narn.

If not, you have to check them out as they’re quite hilarious!

With that said, if you’re interested in using eToro but still quite unsure, we got you covered.

Spoiler: eToro’s features and functionalities work really well.

Buying stocks

eToro’s modern interface is designed in a way that even people who aren’t experts in trading and investing can use their platform without little to no troubles.

And unsurprisingly, buying and selling stocks on eToro is really seamless that you can buy and sell stocks in just a few clicks! Probably even your grandma can do it.

Also, when buying stocks on eToro, you’re paying 0% commissions, which is a huge plus in our book.

Buying bitcoin and cryptocurrencies

It’s literally has the same interface and steps with when you’re buying stocks, so yea, it’s similarly easy and seamless.

Depositing money

A huge advantage eToro has compared to other investing and trading platforms, is that eToro actually accepts PayPal payments; and fortunately, deposits are pretty much instant!

If you don’t have a PayPal account, don’t worry. eToro has a good variety of payment methods for you to choose from:

  • Local Online Banking
  • Credit/Debit card
  • PayPal
  • Skrill
  • Wire Transfer
  • Neteller
  • UnionPay

Payment methods will vary from country to country, but these are mostly the choices.

If you don’t have USD on your PayPal or bank account, don’t worry as whatever your local currency is, it will automatically be converted to USD.

If you want to check yourself which deposit methods are available in the country you’re in, and what stocks and cryptocurrencies you can trade, feel free to create an eToro account. Don’t worry, it’s just going to take you a minute or two. You can even sign up with your Facebook or Google account!

Disclaimer: 75% of retail CFD accounts lose money. Trade with caution.

Withdrawing money

Withdrawing money is easy as well. Though unfortunately, withdrawals aren’t instant.

It won’t take forever though. Based on our experience, it withdrawals can take from as quick as 2 days, to around the longest of more than a week.

Also, withdrawals have a flat fee of $5 per withdrawal. While unfortunate, it’s still a lot cheaper than what it used to be— as eToro used to demand a $25 fee per withdrawal in the past.

While of course, zero fees sound a lot better, $5 isn’t really that bad. Though to save money on fees, we recommend not withdrawing that frequently as eToro won’t be charging fees on parked inactive money on their platform anyway. You can literally leave your money for years.

Withdrawing bitcoin and cryptocurrencies

This is where things get just slightly inconvenient.

To withdraw bitcoin and cryptocurrencies, you’d have to transfer the coins from the eToro trading platform, to the eToro wallet. After you do so, then you can withdraw the coins to your own wallet.

While this is not so bad, it’s just slightly more inconvenient compared to using other crypto-specific exchanges.

This slight inconvenience is a very small price to pay for using a trade-almost-any-asset platform like eToro though. Most crypto-exchanges charge really hefty fees just from trading on their platform, whereas crypto-trading spreads on eToro are slightly lower.

eToro’s mobile app

Not really sure what to say about eToro’s mobile app. It simply just works as well and as seamless as eToro’s web app. Every feature, from trading stocks and cryptocurrencies to depositing and withdrawing funds, is just as easy to use on the mobile app.

If anything, it can be slightly more convenient depending if you prefer using your phone or your computer.

The eToro CopyTrader™

One of eToro’s most notable features that distinguishes it from other trading platforms.

To use it, you literally just click on Copy, and enter a certain amount of money to allocate to a certain trader. And, that’s pretty much it. Your account will then be copying every single trade a certain trader executes.

eToro’s website uptime

the eToro Status page

Unfortunately, eToro’s servers can go down from time to time. Either due to heavy website traffic, due to maintenance reasons, site updates, and such.

This really isn’t necessarily a flaw for eToro though. Pretty much every single website or platform will have it’s downtime from time to time. Heck, even the social media giants like Facebook, Instagram, and YouTube(yes, YouTube is considered a social media site) also go down from time to time.

Final Thoughts

If you’re planning on trading and investing, eToro is definitely one of the best platforms to use due to how easy to use the platform is. If you’re still having doubts, because maybe you think that eToro might be a shady company, they’re actually quite reputable. You can check out our quick research on eToro’s legality here. eToro just garnered a good amount of haters because some people find their social media ads annoying; which we don’t really mind.

Marc Justin

Written by Marc Justin

Wannabee investor, bipolarly-determined entrepreneur, esports enthusiast, ex-Android specialist turned Apple sheep, procrastination specialist.

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