As mentioned before, with all of these investing platforms there are eToro fees for using their apps and services. Some cost money to use, while others are free but can still carry additional costs in the form of sponsored content or advertisements.
The fee types depend on what level you are signed up at with the platform and what features you use most often.
For example, if you need some quick access to your funds, then there is an incentive to join through their “free” trading service. This way you do not have to pay any transaction or management fees because they cover them!
However, if you want more advanced tools like research or leverage, then those come with higher fees. The difference is that the lower-paid ones are less expensive per trade whereas the more advanced ones are relatively more expensive per activity.
This article will talk about how much each one of these different types of fees matters to you as an investor and what to look out for to avoid being too influenced by the fees.
Who Uses eToro?
Launched in July 2013, eToro has become one of the leading social investing platforms. Now with over 10 million users, it’s got its fair share of admirers.
eToro was originally built to be more than just an online broker that allows you to invest money. The company launched as ‘The People’s Broker’ and offered a wide range of tools for people to manage their finances.
These included live financial calculators, information about different types of investments, and how to save money through ways such as stock picking.
However, as time went by, this focus shifted. Today, most of the features are geared toward helping individuals launch or improve their investment portfolios.
There is still plenty of information available if you’re looking to take control of your savings, but the overall tone is less educational and more sales-focused.
It’s worth noting that while eToro does offer some type of discount to those who use their service, these come at a cost — usually in form of higher fees.
What are eToro Fees?
As mentioned earlier, with most investing platforms there is always an initiation fee to use their tools. This is to make sure that you are really invested in the platform before you can start investing.
With eToro, this is not the case. There are no initial investment fees! You get access to all of their features directly from your device (phone or computer) for free.
This includes checking up on the markets, creating new accounts, trading, and accessing some other features such as Statements that show you how well you are doing and keeping track of your monthly savings.
The only thing that may be needed is an account number which you can easily find by going to www.etoro.com/us.
How Can I Get an eToro Account?
Creating an account with eToro is free. You will need to provide your email address and choose a password as your login details. It is also very important that you check out their website directly, not through our link here because there is an additional fee for that!
On the site, you will be able to set up direct trading or by using one of their many apps (you can add this feature later). Direct trading means you go into your own profile and purchase or sell cryptocurrencies yourself. This way you are in control of your money, which is always a good thing.
With the app method, you can now do it from anywhere as long as you have internet access and use their app! The app makes it easy to track your trades, keep tabs on your portfolio, and find new ways to invest.
How Can I Open a Trading Account?
In this article we will tell you. So you have decided to start investing, or perhaps just begin exploring the world of investment! You will need somewhere to store your money so that you do not lose it, and there are many options for this.
A good option is to use what has become very popular these days- cryptocurrencies. A cryptocurrency is like cash on the internet – users can transfer value from one user to another directly, and completely free!
So How Does Ethereum Fit In?
Ethereum was first launched back in 2015 as an alternative blockchain technology. It now boasts over 5 million daily active users who actively contribute to its community and ecosystem through everything from voting in new features to actually holding and using ether (the currency within the Ethereum network) themselves.
By integrating bitcoin into Ethereum via the mining process, they were able to create their own unique coin with some additional functionality. Since then, Ethereum has seen huge success and continues to grow due to its loyal community.
With all this growth comes opportunity, and eToro is one of the most reputable companies when it comes to investing in crypto. They make it easy to invest in various cryptocurrencies by letting you trade them inside of their app.
How Can I Transfer Funds?
When you first open an account with us, we ask that you verify your identity by providing either:
A valid national ID card or passport
Legal documents such as a driver’s license or birth certificate
This is so that we know who you are and to which countries you will be sending money.
After this, you will need to confirm your bank accounts via our system before you can access your trading tools and start investing. This process usually takes around two days to complete, but depends on how fast your banks respond to our requests!
We also charge a transaction fee per withdrawal for all of our services, including the wallet, broker and app. These fees range from 0% – 2%. You will find them in your My Account section under Settings.
The exact withdrawal costs depend on where the bank is located and what currency they accept.
Can I Pay With a Credit Card?
Yes! You can always use your bank account to deposit money at eToro, or you can use a credit card. There is even an option that allows you to connect your VISA or MASTERCARD in order to deposit directly!
You don’t have to worry about running out of funds either because there are several ways to receive payment beyond direct deposits and cryptocurrencies.
There are many ways to access your eToro account including:
Checking through Google (login via Gmail)
(via Gmail) Using Your Bank Account
Using PayPal as a method of payment
As you can see, there are quite a few ways to access your eToro account. The best way for you to be able to access it easily depends on what type of person you are.
If you prefer using cash then using one of the mentioned methods will work well for you. On the other hand, if you enjoy doing business online then being able to purchase cryptocurrency or transfer crypto into your wallet more easily would be beneficial.
What Are The Exchange Rates?
Whilst most of the features in this app are free, there is an annual fee for some products. The two main ones being the Pro Account IAFT which includes more advanced trading tools, as well as having higher limits to invest with, and Trade Copilot!
The first thing you will notice when you open your account is that there are different colour themes available. You get to choose between Classic (light grey background), Tropical (bright green) or Ocean (blue). We recommend choosing either the classic or tropical theme as they both look good so you can easily identify what element of the app you need to switch off at any time!
There is an additional cost to using certain parts of the app depending on whether you have a pro or standard account. These are called interchange fees and only apply if you use one of the following products:
You have to pay a small amount per transaction to eToro to process them. This is the same no matter how much money you withdraw, it’t be too big or too little! They call these processing charges ‘withdrawal costs’ but we think it sounds way cooler than that.
They are very similar to ATM withdrawal costs, except instead of paying per transaction, there is a flat fee for each individual withdrawal over the limit.
What Are The Withdrawal Fees?
There is an important thing to know about eToro’s withdrawal process. The first step in withdrawing money from your account is usually done through SEPA (Single Euro Payments Area) or CHAPS (Channel for Transfer of Funds Using Standard Protocol).
SEPA and Chaps mean that your bank will transfer the money directly, without going via another company as a middleman. This can be useful if you want to keep things private – most finance companies have their own software which handles these types of transfers.
However, it also means that there is a separate chain involved when making withdrawals, adding some time to the process.
Withdrawals made using either system have a standard fee of $25 + 3% per payment location. This applies whether you are pulling out one thousand dollars or one million!
Fortunately, eToro does not add any such fees to transactions. You get exactly what you pay for — high-quality investing services — so we feel this price is worth it.