When it comes to online trading platforms, eToro stands front and center with its popularity. Through its sought after social trading features, the multi-billion dollar financial firm is known for breathing new life into automated trading and making it accessible to people all over the world.
Now that eToro offers the same solutions for cryptocurrencies, it is natural for you to wonder if they are worth looking into. This eToro crypto bot review guides you through these services and how they hold up to expectations.
⌛ What is eToro and How Long Has It Been in Business?
Based out of Israel, eToro is an online trading and investment platform that makes it easy for users to buy and sell a variety of financial assets. It has been in operation since 2007, making it one of the oldest solutions of its kind.
Through eToro, you can trade in stocks, options, exchange-traded funds (ETFs), and cryptocurrencies through a single platform. The social trading aspect of eToro also makes it a trailblazer in the industry and allows you to connect with other traders online, while also being able to follow their trading activity.
While you can find these social trading features in other platforms as well, eToro holds the distinction of being one of the first platforms to introduce them to the market.
eToro’s social trading features also mean that you can easily replicate the strategies used by other traders through copy trading. This leads you to the use of eToro’s automated trading bots, which are essentially powered by tried-and-tested strategies from real traders.
Besides being popular enough to garner your interest in this eToro crypto bot review, these eToro features are also quite effective in their results. When you combine this efficacy with a user-friendly interface, competitive prices, and reliable solutions, it results in a straightforward trading bot solution.
💡 How Reputable is eToro?
Being in operation for 16 years, eToro has carved its own niche in the financial service industry. Through the effectiveness, reliability, and transparency of its solutions, the platform has garnered a stellar reputation across multiple continents. This makes it one of the most well-recognized online asset trading platforms.
Specifically looking at eToro’s cryptocurrency trading services, they have not raised major red flags among the platform’s customers. On the contrary, eToro’s solutions have received rave reviews from most of its audience base. While some customers mention that there’s room for improvement in the platform’s services such as resolving the lack of crypto-to-crypto trading pairs, the company maintains its reputation and history of offering modernized solutions.
When you turn to expert reviews for eToro, you may find the same opinions echoed throughout the industry. By remaining free of major controversies, especially when it comes to handling customer funds, eToro has been able to achieve the kind of stature that is unattainable for many major cryptocurrency exchanges and trading bot services.
In turn, this section of the eToro crypto bot review sheds a positive light on the platform. While it is true that eToro could do with improving some of its solutions, it still stands tall in terms of its overall credibility.
👌 Which Exchanges Does eToro Support?
eToro lets you buy and sell assets through its own trading platform. This means that it only allows you to trade your cryptocurrencies through automated bots on its native website instead of third-party exchanges. This makes it similar to those cryptocurrency exchanges that come with their own trading bots built into their trading solutions.
With that being said, eToro does offer a variety of cryptocurrencies for you to trade through its platform. This includes but is not limited to Bitcoin, Ethereum, Litecoin, Stellar, and IOTA.
Out of the 25 cryptocurrencies available on eToro, you can both buy and sell 21 crypto assets on the platform. While you can sell the remaining four cryptocurrencies, namely Algorand, Dash, Decentraland, and Polygon, you cannot buy them through eToro.
With that being said, eToro only allows you to buy and sell your cryptocurrencies on the platform through cash. There are no crypto trading pairs available for manual or automated trading. This makes it a major drawback if you want to benefit from trading crypto-to-crypto pairs.
To help you store your cryptocurrency assets, eToro also offers a crypto wallet. However, you can only transfer select cryptocurrencies through this wallet. This feature is applicable for 8 digital assets including the popular Bitcoin and Ethereum.
Due to this mix of offerings, especially the limitation of available cryptocurrencies and crypto trading pairs, this section of the eToro crypto bot review ends up expecting more from the platform.
💰 How Much Does eToro Cost?
In order to use eToro’s trading bots, you need to pay the platform’s applicable trading fees. Other than that, utilizing the trading bots through copy trading or automated strategies does not have any additional fees tied to them.
This makes the eToro trading bots accessible to even those traders who are working on a tight budget. With a trading fee of 1% on buying and selling cryptocurrency, the platform stays true to its commitment to affordability.
The minimum trading amount of $10 for buying and selling cryptocurrencies adds to this feature and makes you trade your digital assets without breaking the bank. With that being said, using automated strategies requires you to invest a minimum amount that ranges from $200-$500, depending upon the method of investment that you choose.
Besides the trading fees, you also have to be mindful of the wallet fees that are applicable for cryptocurrency transfers. At the time of writing, eToro doesn’t charge anything for receiving or sending cryptocurrency through your wallet. But you may still have to pay the blockchain fees that go to the cryptocurrency network and vary on a case to case basis.
With that being said, eToro does require you to adhere to certain limits for cryptocurrency transfers in and out of your wallet. For example, if you are transferring Bitcoin, you may only transfer up to $2,999 per transaction and up to $200,000 per 24 hours.
These affordable costs bundled with a user-friendly solution makes for a compelling cryptocurrency trading service. As a result, this part of the eToro crypto bot review earns the platform quite some brownie points for standing tall with its affordable offerings.
😎 How Easy to Use is eToro?
eToro is available in the form of a web app as well as a mobile app. You can access the web app through any modern web browser, while the mobile app is available for both iOS and Android.
Whether you use eToro through a computer or a smartphone, you can expect a pain free experience through the platform’s highly intuitive interface. From its modern design to straightforward visualization, eToro has all the tools that make trading a breeze of fresh air.
This makes eToro especially helpful for new users of trading platforms. Even if you have little to no experience with trading cryptocurrencies, you can easily use the platform’s web or mobile apps to buy or sell these digital assets.
To help you easily buy and sell cryptocurrencies, eToro offers its automated trading under two distinct products, Smart Portfolios and CopyTrader.
Smart Portfolios
If you want to simply diversify your investment in cryptocurrencies, you can easily benefit from the Smart Portfolios feature of eToro. The variety of options available under this product give you different choices for automatically buying and selling cryptocurrencies.
Through Smart Portfolios, you can:
- Purchase various cryptocurrencies at once, based on their market cap.
- Automatically rebalance your holdings in Bitcoin and Ethereum.
- Automatically rebalance your monthly portfolio with TheTie sentient AI.
In order to start using Smart Portfolios, you need to invest a minimum of $500. However, you can withdraw your funds at any time.
CopyTrader
In case your aim is to follow the strategies set by successful investors, you can use the eToro CopyTrader feature. This lets you automatically replicate the advanced trading strategies used by experienced traders to potentially increase your gains.
Through CopyTrader, you can:
- Copy the trading strategy of top investors.
- Earn money by sharing your own strategy after becoming a Popular Investor.
- Automatically rebalance and adjust your portfolio.
You can start benefiting from copy trading by choosing any top performing investor. But you need to invest a minimum of $200.
You can access and use these features through the eToro web or mobile app with equal ease, while also continuing to benefit from them with minimal input from your end. This makes the automated trading bot approach quite easy to follow, even when you are a novice trader.
Keeping this in mind, this section of the eToro crypto bot review earns the platform a glowing recommendation for new traders. With that being said, if you are looking for more advanced features or want to have more input on how your trading bots perform, you will have better luck looking elsewhere.
🛡️ What Kind of Security is Offered?
Due to its strict compliance with rules set by regulatory authorities across multiple countries, eToro has established itself as one of the most credible investment platforms out there. In addition to employing financial security measures to protect the funds of its customers, eToro also utilizes additional approaches such as SSL encryption to keep sensitive data safe from bad actors.
In addition to these measures, eToro also offers standard security features such as two-factor authentication (2FA). This additional protection helps you safeguard your account and funds by requiring you to verify your identity through a code that is sent to your mobile device.
This brings eToro on par with many other credible trading bot and cryptocurrency exchange platforms. In some cases, eToro’s policy to follow the regulations set by government agencies makes it go beyond a few of its competitors.
In turn, this part of the eToro crypto bot review paints the platform in a favorable light. You can also learn more about eToro’s offered security from the platform itself in order to get direct answers to your safety concerns.
👨💻 How Good is eToro Customer Support?
Due to its commitment to acknowledge and resolve customer concerns in a timely and satisfactory manner, eToro customer support is one of the best in the market. Through a dedicated customer service center page, you can easily contact the eToro team to register complaints, get answers, and provide feedback according to your convenience.
Whether you are visiting the website as a guest or using its solutions as a customer, the eToro customer service page lets you contact its team through a ticketing system. You can also hold a live chat with the eToro staff to outline any concerns that you might have. While opening a support ticket lets you contact a representative within a few hours, live chat often gets you quick answers on the spot.
Besides its customer service team, eToro also has a detailed help center that holds information about popular topics. If you have a common inquiry, there are high chances that you may find what you are looking for on the help center and don’t have to move forward with contacting the platform’s team.
Whether you choose to use eToro’s cryptocurrency trading bots or its traditional asset investment offerings, this quality of customer service works wonders for a comfortable experience.
💸 How Profitable is eToro?
Similar to other credible platforms, eToro does not make tall claims on its profitability for specific customers. With that being said, the company has shown the general public and stakeholders that it holds its own when it comes to profitability by generating over $400 million in profit for its clients in the past half a decade. This has also earned the firm a whopping $3.5 billion valuation in 2023.
When you are investing in Smart Portfolios or following others’ strategies through CopyTrade, you can expect to earn some profit depending upon market conditions. But if a certain strategy does not yield the results that you want, you can keep switching to different approaches until you find something that works for you.
When performing a detailed eToro crypto bot review, this transparency adds heaps of positive points to the company’s overall profile. This makes it one of the best platforms that you can use for your trading needs from a credibility standpoint.
✅ Is eToro Legit or Scam?
As one of the oldest online trading solutions that provides its services in 76 countries worldwide, there is no doubt about eToro’s legitimacy. The platform follows a policy to adhere to regulatory agency requirements while also educating customers about trading safety and best practices, with these measures further adding to its positive reputation.
If you are looking for a trading platform that is known for its reliability, eToro definitely stands out as one of the best choices in this regard. While its cryptocurrency solutions still lack some features such as crypto trading pairs, the platform does a great job offering legal cryptocurrency trading across the globe.
📢 Conclusion
While eToro definitely has some room for improvement in its cryptocurrency trading services, it does offer a compelling solution for those traders who are either new in the industry or who do not want to spend a lot of time managing their portfolio. If you fall under either of these groups, you may find eToro to be an ideal fit for your needs.