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Introduction to eToro
eToro is one of the world’s top online trading platforms and boasts a userbase of over five million traders in an incredible 170 plus countries; it’s truly an international brand. Users favour its simple, straightforward interface over more complicate broker sites. Also, eToro offers CFDs (Contracts for Difference) on a wide range of cryptocurrencies, including, but not limited to Ripple (XRP). Founded in 2007 in Tel Aviv, Israel by brothers Ronen Yoni Assia, along with partner David Ring, eToro was to be the trading platform for the masses.
A Brief History
In 2010, eToro released the eToro OpenBook social investment platform, along with its ‘Copy-Trading’ feature. The eToro OpenBook enables investors to view, follow and copy the network’s top traders automatically. Later that year, eToro released its first Android apps so investors could buy and sell stock via mobile devices.
Between 2007 and 2013, the company raised an astonishing $31.5 million USD in four rounds of funding. In December 2014, eToro raised $27 million USD from Russian and Chinese investors. So, it’s fair to say, the firm has never been too short of capital.
Perfect for Beginners
The founders wanted to create a trading platform which was accessible to everyone so that even the less tech savvy or not so financially experienced could enjoy trading. Over a decade later and eToro has stayed true to its roots; its trading interface is slick-looking and very easy to navigate. Setting up an account takes minutes and the way the system vets your experience is with cool multiple-choice icons (see below) which is a nice touch:
One potential downside to eToro is that the platform only offers CFD trading. However, a notable benefit of using eToro is that the site is really big on what’s called ‘social trading’, which is a service or tool that basically allows you to copy the trading habits of other more experienced traders. In fact, eToro has one of the largest online financial trading communities in the world.
What’s Special About eToro?
There are plenty of things that separate eToro from the rest of the brokerage firms out there. First, they offer a fantastic educational program to all users which is great for newbies who may be a little uneasy about rushing into trading. The program explains things like ‘the spread’ and CFDs and margins etc. so, even if this is all new to you, eToro will guide you through the process gently.
As mentioned, eToro’s online financial trading community is vast and more or less unrivaled. This, again, is great because it allows less experienced traders to learn from those who have been executing CFDs for some time. When looking through some of the discussion boards and comment threads we found a lot of helpful comments and insightful words of wisdom.
Like many other brokerage sites, eToro doesn’t charge fees. Instead, the firm will widen the spread slightly in order to earn their cut. eToro is, by all accounts, very reasonable in this department and most clients say they are pleased with the spreads they’ve been offered and, in many cases, the returns they’ve been able to generate. Also, the platform accepts multiple payment methods (see below):
eToro isn’t just a desktop platform; they also have a mobile application which is compatible with both Android and iOS so you can check your status when you’re out and about which is always handy.
Additionally, eToro is, in the UK, regulated by the FCA and, for UK clients, such the firm go under, the FSCS (Financial Services Compensation Scheme) can offer up to £50,000 in compensation. Outside of the EU, the firm is regulated by CySec, the Cypriot regulating body, and, in the same scenario, non-EU clients can expect to receive as much as €20,000 in compensation.
Here are the three tabs/views you can look at when trading Ripple (XRP) or any other coin:
What eToro Says:
“The world’s leading social investment network. Tap into the wisdom of the crowds to make smarter investment decisions!
Social Trading is about opening the markets to everyone. At eToro we encourage people to connect with one another to discuss, trade, invest, learn and share knowledge across the network. From now on, you don’t need to be a pro to trade like one.”
eToro supports the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Ripple (XRP)
eToro is a fantastic brokerage firm for beginners and experts alike. It’s incredibly quick to set up an account with eToro and begin trading and, for those who are unfamiliar with trading, there is a fantastic support network in place wherein advice can be sought both from eToro itself, via the diligent support team which offers top-notch customer service in English, Spanish, Italian, German, Russian, French, Polish, and Chinese, and from the massive online financial trading community, which consists of other eToro users.Visit Broker