eToro US Review 2024 – Complete Exchange Overview (UPDATED)

eToro US has had a lot of upgrades since it first launched in 2018. In this 2024 eToro US review, we’re breaking down everything you need to know about this popular trading platform.

This eToro review is only for US residents. The distinction is because of the changing finance regulations in the US. If you are not physically located in the United States, we have a separate one for you.

At CryptoManiaks, we’ve done thorough research and tested eToro US firsthand, so you can rely on our insights. Feel free to use the Table of Contents section to scroll to the specific information you want because this 2024 eToro US review is comprehensive and up-to-date.

We’ll cover the pros and cons, platform features, deposit and withdrawal methods, user experience, security, fees, and customer service.

By the end, you’ll have a clear understanding of whether eToro US is the right platform for your trading needs in 2024.

Key Takeaways

• eToro is now available to users in over 50 states in the US.
• They allow the use of over 5 different payment methods.
• The fees vary and are based on your mode of payment.
• You can trade over 3,500 stocks with no trading fees incurred.
• Flexible copy trading feature that is transparent and adjustable.

Pros and Cons of Using eToro in the US

We understand you may not have enough time to read my full eToro US review, so here is an actionable summary of the pros and cons of eToro US.

Pros Using eToro in the US

• User-friendly web navigation
• CopyTrading feature at no charge
• Social trading platform
• Commission-free stock trading
• Available in all 50 States in the US

Cons of Using eToro in the US

• High crypto fees
• Limited crypto assets listings for investors interested in only crypto
• Slow customer service

Background

Launched in 2018, eToro US is a social trading platform tailored for investors in the United States.

It allows users to buy, sell, and trade a diverse range of assets, including stocks, cryptocurrencies, and ETFs.

One of the platform’s standout features is its innovative “CopyTrading” option, enabling users to replicate seasoned investors’ trades. This makes it appealing to beginners and those looking to learn from experts.

Furthermore, eToro US delivers a user-friendly experience by offering tools for traders of all levels.

While there are no commissions on stock trades, users do encounter fees for trading cryptocurrencies and other assets.

The platform also has a community-driven environment, encouraging users to share strategies and engage with fellow traders.

Popular for its simplicity and educational resources, eToro US continues to enhance its offerings to meet the growing needs of retail investors as the platform evolves.

Reputation and Security

eToro US offers strong security features and a dedicated team that specializes in ensuring your investments remain safe while also giving you uninterrupted access at any time.

In this section, we’ll explore the platform’s safety measures, address common complaints, and highlight the expertise of its leadership team.

Security features

eToro US implements multiple layers of protection to safeguard users’ funds and personal data.

Here are the key security features:

• Two-factor authentication (2FA): Adds an extra layer of protection by requiring a second form of verification during login.
• SSL encryption: eToro US uses SSL encryption to secure all data exchanges, ensuring your personal and financial information is safe from hackers.
• Segregated funds: Client funds are kept in separate accounts, so your money isn’t mixed with eToro’s operational funds.
• Regulatory compliance: The platform is regulated by multiple financial authorities to guarantee compliance with strict security standards.

With these features in place, eToro US offers a secure environment for traders. This makes it a reliable option for both beginners and experienced investors.

Complaints received

eToro US has received complaints from users regarding key areas of its services.

Below are the main concerns:

• Withdrawal delays: One of the most common complaints is the slow processing of withdrawals. Users reported waiting longer than expected to receive their funds.
• Account verification issues: Many users have experienced delays or difficulties in getting their accounts verified, leading to frustration, especially when they are eager to start trading.
• Customer support: Several users have expressed dissatisfaction with the quality and responsiveness of eToro US’s customer support, stating that it’s hard to get timely assistance.
• Platform glitches: Technical problems, such as system downtime and slow performance during high trading volumes, have also been a frequent source of complaints.

These complaints suggest that users may face challenges with the platform’s service speed and reliability, especially during critical trading periods.

Team

eToro US has built a solid reputation by guaranteeing both user safety and regulatory compliance. Its team plays a key role in maintaining the platform’s strong standing in the market.

Here’s a quick overview of the team’s strengths:

• Leadership: eToro US is led by experienced executives with fintech and finance backgrounds who keep the company innovative and secure.
• Experience: The team has years of industry experience that helps the platform build trust and transparency.
• Compliance focus: They prioritize compliance with US regulations to provide users with a safer and more reliable trading environment.
• Customer support: eToro US provides customer service through a skilled team that helps users with any issues or questions.

The eToro US team’s commitment to security and innovation makes the platform a trustworthy option for traders in the United States.

eToro US Supported Countries

eToro has made significant strides in 2024 by offering its trading platform to investors across all 50 U.S. states, including New York, Nevada, and Hawaii.

However, eToro US is unavailable in certain U.S. territories including:

• American Samoa
• Guam

These restrictions guarantee that the platform complies with local regulations while offering a secure and regulated trading experience.

Always check eToro US website for the most up-to-date list of supported regions, as availability may change based on jurisdiction.

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eToro US Exchange Features

eToro US offers a variety of tools and functionalities tailored to meet the needs of different types of traders.

These features are why top finance professionals choose eToro US.

Trading Interface

Trading interface

The platform’s trading interface is clean, intuitive, and packed with features to enhance the trading experience.

Key aspects include:

• Virtual portfolio
  This allows users to practice trades and develop strategies without risking real money, making it a perfect tool for beginners and those looking to refine their skills.
• TipRanks research tab
  This aspect aggregates insights from top analysts and institutions, giving users access to expert opinions and market trends in one convenient location.
• One-click trading
  This feature enables users to quickly open positions with preset parameters with just one click.
• Stop Loss and Take Profit
  To help manage risk, eToro US allows users to set automatic price points to close trades. Stop Loss closes a trade when a specified loss is reached, while Take Profit locks in gains once a desired price level is achieved.
• ProCharts
  It is a professional-grade tool that allows users to compare multiple charts across different financial instruments and timeframes.

eToro US’s trading interface is simple and accessible, with streamlined tools that cater to all experience levels for easy navigation and informed trading.

Order Types Available

eToro US provides four main order types designed to suit different trading strategies, divided into two categories for opening and closing trades.

Here’s a simple breakdown:

Opening Trades

• Market Order: Executes a trade at the best available price during market hours.
• Limit Order: Executes a trade once a preset price is reached.

Closing Trades

• Stop Loss (SL): Automatically closes a trade if the price falls to a specified level.
• Take Profit (TP): Closes a trade once the price hits a preset level to secure profits.

Overall, these order types make it easier for traders to navigate market fluctuations.

However, Limit Order, SL, and TP options are available only for crypto trading in the US. This may limit their application for stock and ETF traders.

Asset classes

eToro US focuses on offering a streamlined selection of asset classes tailored to U.S.-based investors.

With a focus on simplicity and accessibility, traders can diversify their portfolios through the following asset types:

• Stocks – Over 3500 socks available for trading
• ETFs – Over 290 exchange-traded funds
• Cryptocurrencies – as of 2024, they only support 3 cryptocurrencies (BTC, BCH & ETH )

This curated range enables traders to engage in diverse markets and adopt flexible investment strategies suited to their goals.

eToro Money Crypto Wallet

The eToro Money Crypto Wallet offers simplicity and security, providing an easy solution for managing digital assets.

Integrated into the eToro Money app, it lets users store multiple cryptocurrencies without the need to remember private keys or recovery phrases. This guarantees convenience and accessibility for beginners.

Key features include:

• Transfer of cryptocurrencies from users’ eToro investment account to the wallet.
• Send and receive crypto easily between external wallets.
• Multi-currency support, lets users hold a range of popular cryptocurrencies.

The wallet’s ease of use and functionality make it suitable for both new and experienced traders.

However, availability is subject to regional regulations and app store access. So, not everyone may be able to use it right away.

Overall, these order types make it easier for traders to navigate market fluctuations.

However, Limit Order, SL, and TP options are available only for crypto trading in the US. This may limit their application for stock and ETF traders.

Asset classes

eToro US focuses on offering a streamlined selection of asset classes tailored to U.S.-based investors.

With a focus on simplicity and accessibility, traders can diversify their portfolios through the following asset types:

• Stocks – Over 3500 socks available for trading
• ETFs – Over 290 exchange-traded funds
• Cryptocurrencies – as of 2024, they only support 3 cryptocurrencies (BTC, BCH & ETH )

This curated range enables traders to engage in diverse markets and adopt flexible investment strategies suited to their goals.

eToro Money Crypto Wallet

The eToro Money Crypto Wallet offers simplicity and security, providing an easy solution for managing digital assets.

Integrated into the eToro Money app, it lets users store multiple cryptocurrencies without the need to remember private keys or recovery phrases. This guarantees convenience and accessibility for beginners.

Key features include:

• Transfer of cryptocurrencies from users’ eToro investment account to the wallet.
• Send and receive crypto easily between external wallets.
• Multi-currency support, lets users hold a range of popular cryptocurrencies.

The wallet’s ease of use and functionality make it suitable for both new and experienced traders.

However, availability is subject to regional regulations and app store access. So, not everyone may be able to use it right away.

eToro Academy

The eToro Academy is an educational platform designed to help users improve their trading skills.

It offers a wide range of free resources, including articles, videos, and podcasts. This makes it accessible to both beginners and experienced traders.

Key features of eToro Academy:

• Video tutorials: Step-by-step guides on trading concepts and platform usage.
• Articles and written guides: In-depth explanations of market trends, asset classes, and investing principles.
• Podcasts: Expert discussions on current market topics and economic developments.

This comprehensive approach makes eToro Academy a valuable tool for traders to improve their understanding of the markets and build confidence in their trades.

User Experience

eToro US offers a smooth and user-friendly experience across its platform, making it accessible for both beginners and experienced traders.

• Accessibility: eToro US offers a seamless experience across desktop and mobile, with a well-designed app that ensures easy access on the go.
• Ease of use: The platform’s clean, intuitive interface makes navigating, buying, selling, and tracking assets effortless, even for beginners.
• Performance & speed: Pages and charts load quickly, with responsive order execution and stable performance even during peak times.
• Registration process: Signing up is simple with basic details required, and the KYC process is quick and straightforward.

Here’s a closer look at the steps involved:

1. Visit the website or download the app: Go to eToro US (website or app).
2. Sign up: Click “Sign Up,” enter your email, create a username and password, or use Google/Facebook.
3. Verify email: Open the confirmation email and click the verification link.
4. Complete profile: Fill in your personal information (name, DOB, address).
5. Verify identity: Upload a government ID and proof of address to complete the KYC process.
6. Fund your account: Deposit funds using a bank transfer, credit card, or PayPal.
7. Start trading: Once verified, you can begin trading.

Like most platforms in this space, eToro US provides a smooth and accessible trading experience with an intuitive interface, quick registration, and reliable performance while prioritizing security and accessibility.

Payments

This section outlines the payment options available on eToro, including the methods for deposits and withdrawals as well as details on limitations.

Let’s explore the specifics!

Deposit and Withdrawal methods

eToro US offers the following deposit and withdrawal methods to make transactions easy and accessible:

Deposit Methods

• Bank transfer: Direct deposits from US bank accounts.
• Debit/credit cards: Visa, Mastercard, and other major cards.
• Online payment systems: PayPal is supported for added convenience.

Withdrawal Methods

• Bank transfer: Withdraw funds directly to your bank account.
• PayPal: Easy access to funds via PayPal.

eToro’s system is designed for both efficiency and ease of use to guarantee users can manage their funds with minimal hassle.

Limitations

When using eToro US, there are certain limitations users should consider when making deposits and withdrawals. Here’s a breakdown:

Deposit Limitations

• Minimum deposit: $100 for most payment methods on your first deposit but you can make a redeposit into the same account with as low as $1
• Maximum limits: Varies based on the funding method and user’s account verification level. It can range from $10,000 to $1,000,000.
• Currency: Only USD is accepted.

Withdrawal Limitations

• Minimum withdrawal: $30, meaning users cannot withdraw less than this amount.
• Fees: $5, applied to each transaction.
• Processing time: This may take 3–5 business days depending on the method.

These limitations are designed to streamline the process while guaranteeing security for both the platform and the user.

Fees

eToro US offers a transparent fee structure, making it easy for users to understand the costs associated with different types of trading. Here’s a breakdown:

Investment Account Fees

• Account opening fee: Free
• Management fees: Free

Stocks and ETFs

• Commission: Free
• Spread fees: Free but spreads may apply depending on your position
• Overnight fees: Free but overnight fees may apply for leveraged positions
• Custody fees: Free

Cryptocurrencies

• Buy/Sell fee: 1%
• Overnight fee: Free for non-leveraged position
• Custody fee: Free
• Crypto transfer fee: 2% up to a maximum of $100 for BTC withdrawals

This fee structure caters to a wide range of traders, with minimal costs for most asset classes.

Customer Service

eToro US provides customer support through multiple channels. While the platform is designed to be user-friendly, the availability and quality of support can vary depending on the issue and time.

Here’s a breakdown:

• Chatbot – eToro US offers a 24/7 automated chatbot for quick assistance
• Live chat: Available 24/7 from Monday to Friday to logged-in users, but response times may be delayed during high-traffic hours.
• Help Center: Offers a comprehensive FAQ section. It’s useful for basic queries but lacks depth for more complex issues.
• Email support: Available 24/7 in multiple languages, including English, French, Spanish, German, Arabic, Italian, and Chinese. Response times may vary.
• Phone support: eToro US does provide phone support at 1-888-271-8365

eToro US’ support hours are from 8:00 AM to 8:00 PM Eastern Standard Time, Monday through Friday. Customers can also open tickets through the Customer Service Center for more complex issues.

eToro US customer service has useful resources, but the lack of faster and more personalized support options may be a downside for some users needing urgent assistance.

eToro US is a strong option for beginners, offering an easy-to-use platform with standout features like CopyTrading and commission-free stock trading.

Its user-friendly interface, combined with access to a range of assets such as stocks, ETFs, and cryptocurrencies, makes it versatile for different types of traders.

However, the platform does have its downsides, including high fees for cryptocurrency trade and the lack of futures or options trading.

eToro US is working around the clock to improve the quality of its customer support, so you can be rest assured of a timely response.

eToro US excels in terms of security by providing features like 2FA and compliance with regulatory standards to guarantee a secure trading environment.

While some users have reported delays in withdrawals and account verification, the platform’s educational resources and community-driven environment offer valuable support for traders looking to improve their skills.

We can easily conclude that eToro US is a solid choice for new investors, though more advanced traders may find its limitations less appealing.

If you are not located physically in the US and want a detailed eToro Review, click here.

Disclaimer: Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. CryptoManiaks is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

FAQ

1. 01.

   Is eToro reliable in the US?

   

   Yes, eToro is reliable in the US. It’s regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC), which ensures it follows strict financial laws. eToro offers a secure platform for trading stocks, cryptocurrencies, and other assets, with features like social trading that lets users copy successful traders. The platform is also protected by encryption and other safety measures. However, like any investment platform, there are risks involved in trading, so users should be informed.

2. 02.

   What are eToro's fees for trading?

   

   eToro charges different fees depending on the type of trading you do. For stocks and ETFs, there are no commission fees, but other trades, like cryptocurrencies, incur a 1% fee. When converting currencies for non-USD deposits, there’s a conversion fee. Withdrawals come with a $5 fee, and inactivity for over a year leads to a $10 monthly charge. Spreads, or the difference between buying and selling prices, also apply to most trades, depending on the asset. eToro’s fees are relatively straightforward, with no hidden charges but varying based on the asset traded.

3. 03.

   How does eToro compare to other brokers?

   

   eToro stands out from other brokers due to its unique social trading feature, which allows users to copy the trades of experienced investors. This makes it user-friendly for beginners. It offers commission-free stock trading and a wide range of assets, including cryptocurrencies, which is a plus for diversified portfolios. However, eToro’s fees for withdrawals and currency conversion can be higher compared to other brokers. While its platform is intuitive, it may lack advanced tools for professional traders.

4. 04.

   What cryptocurrencies can I trade on eToro?

   

   On eToro US, you can trade Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH). These are the only cryptocurrencies available to open new positions. However, it’s important to note that cryptocurrency offerings on trading platforms can change due to regulatory requirements or company decisions. eToro has previously adjusted its cryptocurrency lineup in response to regulatory developments and may do so again in the future. For the most up-to-date information on available cryptocurrencies and any restrictions or changes to trading options, it’s always best to check eToro’s official website or contact their customer support directly before making investment decisions.

5. 05.

   Is eToro user-friendly for beginners?

   

   Yes, eToro is user-friendly for beginners. It has an intuitive interface that makes trading easy to understand, even for those with no prior experience. The platform offers a variety of tools like demo accounts, educational resources, and a clear layout that guides users through the process of buying and selling assets. One of its standout features is “CopyTrading,” which allows beginners to copy the trades of more experienced investors.

6. 06.

   Does eToro offer demo accounts?

   

   Yes, eToro offers demo accounts. These accounts allow users to practice trading with virtual money, simulating real market conditions. It’s a great way for beginners to learn how to trade without risking actual funds. When you sign up, eToro provides a demo account alongside your live account. You can switch between the two at any time. The demo account includes $100,000 in virtual funds, letting you test strategies and get familiar with the platform’s features.